News stories from Wednesday July 14, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Accord on an urgent appropriation of $5.5 billion was reached by House and Senate conferees without White House assurances that the bill would not face a presidential veto. An administration spokesman said he was uncertain whether Mr. Reagan would approve the money bill. [New York Times]
- A peak in military spending growth will occur this summer, and the growth rate will then begin to slow, according to Pentagon estimates. In absolute terms, military spending is set to rise, but the rate of increase will almost certainly be less than the 7.6 percent above inflation that has been projected for this fiscal year. [New York Times]
- Subsidies to Amtrak are not justified on the ground of energy efficiency or national security or to provide transportation for the poor, according to the Congressional Budget Office. In a 85-page report, the agency said the federal subsidies mostly benefit high-income travelers. [New York Times]
- Patrick Murphy was censured by the executive committee of the International Association of Chiefs of Police. The panel accused Mr. Murphy, a former New York City Police Commissioner, of having made "inflammatory" statements, including one in which he deplored a small-town domination of the association that led it to oppose reforms. [New York Times]
- Raymond Donovan smiled broadly as he disclosed honors being planned for him by the General Pulaski Memorial Committee of New York and New York City's sanitation workers union. The Labor Secretary, in a confident mood since being cleared by a special prosecutor of accusations of corruption, insisted that by weathering the ordeal he had become "a political asset" to Republicans. [New York Times]
- Love Canal area is "habitable" despite the nearby dumping of 21,800 tons of toxic waste in the 1940's and 1950's, according to the federal Public Health Service. The agency made the finding on the abandoned area near Niagara Falls on the basis of a long-awaited study by the Environmental Protection Agency. [New York Times]
- P.L.O. leaders welcomed statements made Tuesday by Secretary of State-designate George Shultz on the Palestinian issue. Guerrilla leaders expressed guarded hope that a shift in American policy toward the P.L.O. might be in prospect. [New York Times]
- Approval of Mr. Shultz as the 60th Secretary of State was voted unanimously by the Senate Foreign Relations Committee after generally cordial hearings. [New York Times]
- Iranian forces have advanced six to 10 miles into Iraq in the initial phase of an invasion, according to Pentagon officials. They said that Iranian armored units appeared to be driving toward Basra, Iraq's second largest city, 19 miles from the frontier, and that fragmentary reports indicated they were meeting fierce but limited resistance. [New York Times]
- Washington seeks Saudi aid in persuading Arab countries to accept the 6,000 Palestinian soldiers in beseiged west Beirut, according to Reagan administration officials. They said the President, in a letter to King Fahd, had urged that Syria be asked to take most of the Palestinians. [New York Times]
- The invasion of Lebanon is backed by virtually all American Jews, accord-ing to Israeli officials and major Jewish organizations, but there is rising evidence of disagreement as the Israeli attacks go on and the casualties mount. Israel's backers say they believe that American dissenters have become more vociferous, but not more numerous. [New York Times]
- The new strongman In Guatemala is Gen. Efrain Rios Montt. Four months after being swept into power by a coup he did not plan, the general has dissolved a three-member junta, named himself President and Defense Minister and suspended a broad range of civil liberties. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 828.39 (+4.19, +0.51%)
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 13, 1982 | 824.20 | 109.45 | 66.16 |
| July 12, 1982 | 824.87 | 109.57 | 74.70 |
| July 9, 1982 | 814.12 | 108.83 | 65.87 |
| July 8, 1982 | 804.98 | 107.53 | 63.27 |
| July 7, 1982 | 799.66 | 107.22 | 46.91 |
| July 6, 1982 | 798.90 | 107.29 | 44.35 |
| 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 |