News stories from Friday July 2, 1982

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

The N.A.A.C.P. is not liable for losses of white merchants during a seven-year boycott by black residents of Claiborne County, Miss., the Supreme Court ruled, 8 to 0. The decision also releases 91 individual participants from liablity. [New York Times] The jobless rate in June did not change from May, remaining at 9.5 percent of the total labor force, the highest level in 40 years, the Bureau of Labor Statistics reported. The bureau also reported another decline in factory jobs last month along with a continuing increase in unemployment among adult males. [New York Times] Congress' goal to simplify the income tax with markedly lower tax rates from top to bottom while discouraging tax evasion is reflected in a $21 billion tax bill approved by the Senate Finance Committee by 11 to 9. The committee's chairman, Senator Bob Dole, Republican of Kansas, said that floor action in the Senate later this month would show that there was less Democratic opposition to to the bill than the nine "no" votes, all from Democrats, would suggest. [New York Times] Millions of acres of public land containing billions of dollars of minerals, energy sources, timber and other resources are to be sold to private owners under policies adopted by the Reagan administration. This could be the most extensive transfer of public property to private ownership ever made by the government. [New York Times] A rehearsal for entering space from the Columbia was made by the space shuttle's commander, Capt. Thomas Mattingly. He put on his full pressure suit and rehearsed other procedures for going outside the craft, which is scheduled to be done on the next shuttle flight. [New York Times] The death penalty cannot be imposed on a person who was an accomplice to a crime that results in murder but "did not kill or intend to kill," the Supreme Court ruled, 5 to 4, on constitutional grounds. [New York Times] Talks in Beirut have been fruitless, according to a senior official of the P.L.O. The negotiations, begun three weeks ago by the Palestine Liberation Organization, the Lebanese government and the American special envoy, Philip Habib, were aimed at a settlement in the war between Israel and Palestinian guerrillas. Dr. George Habash, head of the Popular Front for the Liberation of Palestine and a founder of the P.L.O., said the guerrillas were ready for a battle in Beirut, partly because they felt that if they can hold the Israelis off long enough they will be in an even better negotiating position than they are now. [New York Times] Israeli military action in Beirut was very much alive among Israeli options, Defense Minister Ariel Sharon said, although Israel would much prefer to negotiate the departure of the Palestinian guerrillas. [New York Times] The destruction of Palestinian homes by the Israeli army has followed the cease-fire in Lebanon two weeks ago. Many fathers and older brothers are "in Israel" the people say, meaning that they have been arrested as guerrillas and taken to Israel for questioning. [New York Times] An option paper on Taiwan policy prepared after months of talks with China has been submitted by the State Department to President Reagan in the hope that it will result in a new joint statement on American-Chinese relations, an official said. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 796.99 (-6.28, -0.78%)
S&P Composite: 107.65 (-1.06, -0.98%)
Arms Index: 1.66

	Issues	Volume*
Advances	536	10.28
Declines	854	27.18
Unchanged	421	6.30
Total Volume		43.76

* 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*
July 1, 1982	803.27	108.71	47.89
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