News stories from Monday July 26, 1982

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

Soaring health care expenditures were reported by the government, which said that Americans spent $287 billion for care last year, representing a record 9.8 percent of the gross national product. The government, in its annual survey, said that health care spending from all sources averaged $1,225 a person. Of that amount, $524, or 42.8 percent, was spent by federal, state and local governments. [New York Times] A rural migration by young doctors is occurring for the first time in American medical history. Highly trained young physicians, many of them specialists, are moving in large numbers to small cities, towns and rural areas. A major factor, according to some manpower specialists, is an oversupply of doctors in many cities. [New York Times] An inquiry into six Japanese concerns is under way in the Justice Department, according to Japanese and American officials in Tokyo. They said the investigation centered on pricing irregularities by the companies, which sell sophisticated semiconductor computer chips. [New York Times] The number of poor is likely to rise by four million this year, returning the poverty rate to its level before the Great Society programs were begun in the 1960's, according to specialists. The consensus is that the recession and high unemployment will probably help force more Americans into poverty status this year than in 1981, when 14 percent of Americans were classified as poor. [New York Times] 1970 census figures may be used in disbursing $2.4 billion to the states for educating poor children, under a ruling by a three-judge federal appeals panel. New York and 10 other states contend that 1980 census figures should be used on the ground that they stand to lose more than $100 million if the calculations are based on 12-year-old figures. [New York Times] The U.S.-Soviet grain accord would be renewed for one year under an authorization that administration aides expect President Reagan to announce this week. Under the expected announcement, Moscow would continue to be obligated to buy a fixed amount of American grain for the year beginning Oct. 1. [New York Times] The first domestic hijacking in China was officially acknowledged by the Peking authorities. The Chinese passengers and crew members fought a desperate midair battle with the five hijackers, who reportedly blew a hole in the side of the plunging airliner before being subdued. [New York Times] A big Palestinian ammunition dump in west Beirut was apparently destroyed by Israeli jets attacking Palestinian-controlled sectors for the fifth successive day. The jets scored three direct hits on the ammunition cache, buried behind a once-fashionable department store and a few hundred yards from the Soviet Embassy. The rockets and bullets under the dirt field exploded for 90 minutes. [New York Times] Blunt statements on the P.L.O. were issued by the White House and the State Department. They said the United States would not recognize or negotiate with the Palestine Liberation Organization until the group recognized Israel "in a clear and unequivocal way." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 825.44 (-5.13, -0.62%)
S&P Composite: 110.36 (-0.81, -0.73%)
Arms Index: 1.30

	Issues	Volume*
Advances	482	9.23
Declines	951	23.59
Unchanged	440	4.92
Total Volume		37.74

* 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 23, 1982	830.57	111.17	47.28
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