News stories from Thursday July 1, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A $21 billion revenue raising bill was approved in part by the Senate Fi-nance Committee. The measure, backed by the Reagan administration, would increase taxes on cigarettes and telephone service and reduce tax deductions for medical expenses and casualty losses. The panel also approved the imposition of a 10 percent withholding tax on most dividend and interest payments. [New York Times]
- The House adjourned for a 10-day Fourth of July holiday without acting on an emergency spending bill. As a result, 300 federal workers face half-time, half-pay schedules. [New York Times]
- Male students cannot be excluded from a state-run nursing school, under a 5-to-4 ruling by the Supreme Court. The decision, written by Associate Justice Sandra Day O'Connor, agreed with a federal appeals court that the refusal of the Mississippi University for Women to admit a male applicant to its nursing school had violated his constitutional right to equal protection of the law. [New York Times]
- Circumstantial evidence can be used to prove that an electoral system was created or maintained for discrimination against black voters, under a 6-to-3 ruling by the Supreme Court. The Justices affirmed two lower court decisions that an at-large election system in a rural Georgia county was unconstitutional. [New York Times]
- Starch blockers must not be sold any longer, under an order by the Food and Drug Administration. It said that the reputed diet aids, which have swept the country in recent months, were not approved and possibly dangerous drugs. The agency said use of the pills had prompted many complaints from consumers, who said they had suffered nausea, vomiting, diarrhea and stomach pains. [New York Times]
- A major federal land sale that is expected to raise hundreds of millions of dollars is being pressed by the Reagan administration. Edwin Harper, a senior official, identified 307 parcels totaling 60,000 acres of property, including a slice of Waikiki Beach in Honolulu, that is to be sold "to reduce the national debt." [New York Times]
- The Columbia's cargo doors worked perfectly in a second closing-and-opening test, reassuring the two space shuttle astronauts that a structural warping seen Wednesday was a temporary phenomenon caused by thermal conditions. [New York Times]
- Deep cuts in California services are in prospect four years after the state's voters rebelled against rising property taxes and approved Proposition 13. The new budget mandates the first decline in spending from one year to the next in 39 years. [New York Times]
- The wedding of 4,000 members of the Unification Church was held amid flags and balloons in Madison Square Garden. Most of the followers of the Rev. Sun Myung Moon had been selected for each other by the church leader. The white-carpeted floor of the vast arena was a sea of grooms dressed identically in blue suits and brides in identical satin and lace gowns made by the church. [New York Times]
- Britain criticized the United States for trying to block contracts signed by foreign companies to supply parts for a pipeline to carry natural gas from Siberia to Western Europe. The rebuke was expressed in the House of Commons by Prime Minister Margaret Thatcher, the Reagan administration's staunchest backer in Europe. [New York Times]
- Negotiations in Beirut were snagged in a maze of details and disagreements over how and when the Palestinian guerrillas should leave Lebanon. The slow pace of the talks intensified fears that Israeli forces might resume bombardments or perhaps assault western Beirut. [New York Times]
- A hero of Nicaragua's revolution has become the dominant leader of exiles who seek to topple the three-year-old Sandinist government. Only two months ago, the leader, Eden Pastora Gomez, denounced the radicalism of his former colleagues. [New York Times]
- Alexander Haig slipped out of Washington for a long Independence Day weekend, leaving even some of his closest aides uncertain how much longer he would officially remain Secretary of State. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 803.27 (-8.66, -1.07%)
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 30, 1982 | 811.93 | 109.61 | 65.27 |
| June 29, 1982 | 812.21 | 110.21 | 47.00 |
| June 28, 1982 | 811.93 | 110.26 | 40.70 |
| June 25, 1982 | 803.08 | 109.14 | 38.74 |
| June 24, 1982 | 810.41 | 109.83 | 55.86 |
| June 23, 1982 | 813.77 | 110.14 | 62.70 |
| 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 |