News stories from Tuesday July 6, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A proposed flat-rate income tax is "very tempting" and "worth looking into," President Reagan remarked. The simplified tax would replace the 12-step tax rate schedule with a single rate ranging from 10 to 20 percent of income for all Americans who pay income taxes and would eliminate all or most deductions. [New York Times]
- Republicans began a TV campaign designed to persuade voters that President Reagan is responsible for the 7.4 percent increase in Social Security benefits that took effect this month. Democrats denounced the $1 million campaign as distorted, noting that Mr. Reagan had sought to delay the cost-of-living increase. [New York Times]
- Continuing high interest rates, persisting for at least several more years, are expected by a growing number of economists. The phenomenon would prompt more business bankruptcies, spur the postponement or cancellation of investment in factories and equipment and speed a shift from basic industry to sectors promising quicker rewards. [New York Times]
- A debate over dismissal of teachers prompted tension and anger at the annual convention of the American Federation of Teachers. After the nearly hour-long debate, the conferees rejected a proposal that would have endorsed the principle of dismissing experienced white teachers so that the jobs of newer black teachers could be safeguarded. [New York Times]
- The Cardinal Cody inquiry ended with no issuance of indictments. A federal prosecutor said that the government and a grand jury had found no evidence to substantiate asssertions that the late Archbishop of Chicago had improperly diverted church funds for personal use. [New York Times]
- An American peacekeeping offer for Lebanon was confirmed by President Reagan. He said he had "agreed in principle to contribute a small contingent" of United States troops as part of a multinational force for "temporary peacekeeping" in Beirut if a settlement was reached there. Earlier, Israeli officials said that the American plan included French participation in a peace force of about 1,600 troops. [New York Times]
- The P.L.O. spurned a U.S. offer to evacuate Palestinian guerrillas from west Beirut on ships of the Sixth Fleet. But Yasser Arafat, the chairman of the Palestine Liberation Organization, said he did not oppose American participation in a proposed multinational peace force in Lebanon. [New York Times]
- Deep concern over U.S. involvement in any peacekeeping force in Lebanon was expressed by key members of Congress. At the same time, strong doubts were raised by officials of the administration that its peace offer would ever be put into effect. [New York Times]
- An inquiry into Argentina's seizure of the Falklands and the policies and actions of the British government preceding the invasion will begin soon, Prime Minister Margaret Thatcher announced. The six-member investigative committee will be headed by Lord Franks, a member of the Liberal Party. [New York Times]
- Ethiopians would not be deported under a new policy of the State Department. Reacting to resolutions in both chambers of Congress and an appeal by an unusual coalition of blacks, conservatives and liberals, the department proposed that more than 15,000 Ethiopian exiles be allowed to remain in this country and not face deportation proceedings. [New York Times]
- Nicaraguan rulers face deep trouble three years after they toppled the Somoza government. The Sandinists are trying to cope with a stagnant economy and increasing armed threats from abroad at a time when Nicaraguans are openly disillusioned with the revolution. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 798.90 (+1.91, +0.24%)
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 2, 1982 | 796.99 | 107.65 | 43.76 |
| 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 |