News stories from Wednesday June 23, 1982

Summaries of the stories the major media outlets considered to be of particular importance on this date:

A trade confrontation between the United States and Western Europe appeared imminent. The Reagan administration said that any foreign company that violated a new embargo on American pipeline technology could be barred from obtaining any American merchandise or data. Washington seeks to delay a pipeline that would carry natural gas from Siberia to Western Europe. [New York Times] TV broadcasting will be expanded under final rules for direct satellite-to-home transmission approved by the Federal Communications Commission. Viewers who place a disk antenna two and a half feet in diameter on a roof will be able to receive 30 or more television channels, possibly within four years. [New York Times] A new budget won final approval in the Senate after a five-month debate on national priorities. The party-line vote of 54 to 45 was a victory for the Reagan administration and Republican legislators and a defeat for the Democrats, particularly liberals, who lost the battle over new reductions in social programs. [New York Times] Modification of "new federalism" was announced by the White House. It said that the Reagan administration was now urging a takeover of the primary welfare program by the states in return for a state-federal financing program for Medicaid that would let the states establish the rules for medical care. The key welfare program involves aid to families with dependent children. [New York Times] Access to criminal trials for the press and the public was reaffirmed by the Supreme Court. By a vote of 6 to 3, the Justices declared unconstitutional a Massachusetts law requiring courtrooms to be closed during testimony by young rape victims. [New York Times] Speeding new drugs to the market is the objective of changes in regulations proposed by Richard Schweiker, the Secretary of Health and Human Services. He said that the proposed changes, which require approval by the federal budget office, should make new drugs available as much as six months earlier than under present regulations. [New York Times] The Democrats' goal of presenting their party as a unified force may face its hardest test soon on issues involving military spending and arms control, according to Charles Manatt, chairman of the Democratic National Committee. Party officials will consider the issues at a weekend conference in Philadelphia. [New York Times] Evolution is at issue among New York City's Board of Education officials. Three high school biology textbooks have been rejected for use in the schools because of what the officials say is an inadequate treatment of the Darwinian theory. The publishers of two of the books were also told their books were additionally unacceptable because of what school officials termed an uncritical endorsement of the creationism theory, which is based on the Bible. [New York Times] Israeli forces attacked Syrians just south of the Beirut-Damascus road as a cease-fire announced by Israel collapsed. The Israelis used planes, tanks and artillery in intense, day-long exchanges of fire, and fighting was reported in at least nine places along the highway. The American Embassy is closing tomorrow, and all Americans in Lebanon have been urged to leave. [New York Times] Israel said heavy fighting was continuing at Beirut as well as along the Beirut-Damascus highway. An Israeli military spokesman said that Syrian and Palestinian forces had first broken the cease-fire. [New York Times] Britain's policy on arms is different from that of most of the 114 other countries that have addressed a special session of the United Nations General Assembly. Prime Minister Margaret Thatcher said that aggressive nations, not weapons, make wars, and added that "nuclear weapons have kept the peace between East and West" for 37 years, deterring each side from an attack. [New York Times] Firmness on the issue of sovereignty in the Falklands was expressed by Prime Minister Thatcher. After a one-hour meeting with President Reagan, she affirmed that Britain would not agree to any Argentine role in the future disposition of the islands and said that President Reagan backed London's position. [New York Times] American military advisers were encountered in a combat area of El Salvador. Their presence is an apparent violation of State Department rules governing their mission. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 813.77 (+14.11, +1.76%)
S&P Composite: 110.14 (+1.84, +1.70%)
Arms Index: 0.56

	Issues	Volume*
Advances	1,036	46.69
Declines	426	10.67
Unchanged	413	5.35
Total Volume		62.71

* in millions of shares

Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.

Market Index Trends
Date	DJIA	S&P	Volume*
June 22, 1982	799.66	108.30	55.29
June 21, 1982	789.95	107.20	50.36
June 18, 1982	788.62	107.28	53.80
June 17, 1982	791.48	107.60	49.23
June 16, 1982	796.90	108.87	56.28
June 15, 1982	801.27	109.69	44.97
June 14, 1982	801.85	109.96	40.10
June 11, 1982	809.74	111.24	68.61
June 10, 1982	798.71	109.61	50.93
June 9, 1982	795.57	108.99	55.77