News stories from Friday July 23, 1982

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

Consumer prices rose 1 percent in June, the second month in a row that the annual inflation rate returned to double-digit levels, the Labor Department reported. As in May, when consumer prices were also up 1 percent, the June increase in the Consumer Price Index resulted from an increase in gasoline prices, combined with higher food costs and a baffling rise in housing prices. Medical costs also continued to rise. [New York Times] A revenue-raising bill approved by the Senate would recover for the government in three years $99 billion of the tax cuts Congress approved a year ago. Before passing the bill at an all-night session, the Senate adopted a surprise floor amendment that would halve business deductions for meals other than those on overnight business trips. There was some doubt that the House, which has yet to consider raising the revenues required by the congressional budget resolution, would accept the limit on meal deductions -- or, indeed, many other of the Senate provisions. [New York Times] Expansion of a charity fund maintained by federal employees to include such conservative groups as the Right to Life and the Right to Work organizations was voted by the $87 million fund's advisory panel, setting off intense political controversy. The advisory panel at the same time unsuccessfully sought to exclude the Planned Parenthood group, which has been a beneficiary of the charity fund for 14 years. [New York Times] The first group of Haitian refugees of the nearly 2,000 at various camps ordered freed by a a federal judge left an immigration detention center in Miami. The release process is expected to take several days because the refugees need sponsors. About eight were expected to be freed on the first day at the Miami center, which has been holding 407 Haitians. [New York Times] Raising the drinking age to 21 in all states will be sought by the National Transportation Safety Board, which said it is convinced that there is an "irrefutable" link between drinking and highway deaths among youths. It announced that it would call on the governors and state legislatures to raise the drinking age to 21. [New York Times] Israeli planes attacked Palestinian neighborhoods in west Beirut for the second straight day after Palestinian guerrilla raids behind Israeli lines in southern Lebanon. The P.L.O. press agency, Wafa, said 56 people were killed or wounded in the Israeli attacks. The attacks appear to reflect a mounting Israeli frustration with the failure of American mediation efforts to obtain a peaceful withdrawal of the 6,000 P.L.O. fighters trapped in west Beirut by Israeli forces. [New York Times] Syria's President called on the U.S. to resolve the "major problem" in Lebanon, which is how to end the Israeli occupation, rather than concentrate on the evacuation of the Palestinians from west Beirut. This was the main point of four hours of talks in Damascus between President Hafez al-Assad and Philip Habib, the American special envoy to the Middle East. President Assad restated his government's rejection of the American plan to transfer the besieged Palestinian fighters to the Syria, official sources said. [New York Times] Direct contacts with the P.L.O. by American officials probably would be authorized if American peacekeeping forces were sent to Beirut and if the troops' security was threatened, administration officials said. [New York Times] An unpublicized round of talks on the possibility of a political solution in Afghanistan was completed by the United States and the Soviet Union, administration officials said. They said they did not have a full report on the results of the discussions but there were no signs of any breakthrough leading to the withdrawal of the 100,000 Soviet troops estimated to be in Afghanistan. [New York Times] All commercial whaling operations will be banned starting in 1986, after a 25-to-7 vote by the International Whaling Commission, which was hailed as a major victory by conservationists. The United States voted for the ban. Voting against it at a meeting in Brighton, England, were Brazil, Iceland, South Korea, Japan, Norway, Peru and the Soviet Union. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 830.57 (-1.43, -0.17%)
S&P Composite: 111.17 (-0.30, -0.27%)
Arms Index: 1.09

	Issues	Volume*
Advances	652	17.65
Declines	754	22.25
Unchanged	469	7.38
Total Volume		47.28

* 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 22, 1982	832.00	111.47	53.86
July 21, 1982	832.19	111.42	66.77
July 20, 1982	833.43	111.54	61.05
July 19, 1982	826.10	110.73	53.03
July 16, 1982	828.67	111.07	58.77
July 15, 1982	827.34	110.47	61.08
July 14, 1982	828.39	110.44	58.03
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