News stories from Thursday July 29, 1982

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

The House approved a spending bill that probably set the stage for another presidential veto. The $13.8 billion supplemental spending measure, which was approved 282 to 111, provides only $362.6 million for military programs, $2.1 billion less than the administration sought. [New York Times] An accord with G.M. on emissions was announced by the Environmental Protection Agency. The agency said it was dropping efforts to force General Motors to recall nearly 700,000 cars that failed to meet emission standards under the Clean Air Act and that, in return, the company had agreed to produce 2.3 million cars meeting more stringent emission standards than required by law over the next several years. [New York Times] Administration officials faced anger and ridicule from Senators of both parties when they stressed the Reagan administation's firm opposition to an emergency program of unemployment benefits. The proposal would extend the maximum duration of benefits, now 39 weeks, to an entire year. [New York Times] The uranium enrichment business might be turned over to private industry. The possibility that the government might relinquish the business was raised in a memorandum signed by the White House counsel, Edwin Meese. [New York Times] Civil rights advocates agreed at a five-day conference in Gary, Ind., to pursue new strategies designed to shift the focus of the movement from political to economic advancement for minority groups. The 700 civil rights leaders said the movement should use boycotts to gain greater influence in businesses. [New York Times] Varsity basketball was dropped by the University of San Francisco, which has won the national collegiate championship twice. The university is under investigation for violation of recruiting rules of the National Collegiate Athletic Association. [New York Times] A painting brought $3.25 million, the highest ever paid for an American work of art. The work is "The Gallery of the Louvre," a painting completed in 1832 by Samuel F.B. Morse, the inventor of the telegraph and Morse code and one of the most celebrated painters of his day. The painting was bought by Daniel Terra, President Reagan's Ambassador at Large for Cultural Affairs. [New York Times] Some progress in talks on Lebanon is being made by Ambassador Philip Habib, but major hurdles remain in working out an agreement for the departure of Palestinian forces from west Beirut, according to Reagan administration officials. They said that Egypt, Syria and Jordan had agreed to accept the Palestinians, but that details of a withdrawal had not been resolved. [New York Times] Guerrillas vowed to fight on in interviews at a Palestinian bunker near the front in west Beirut. The Palestine Liberation Organization is not expected to withdraw from the city unless it gains a political concession that advances its cause. [New York Times] Arab nations endorsed a withdrawal of the Palestinian guerrrilla forces from Lebanon for the first time. The endorsement was announced by the Arab League after two days of talks in Jidda, Saudi Arabia, between the foreign ministers of Saudi Arabia, Kuwait, Syria, Algeria, Lebanon and a representative of the Palestine Liberation Organization. [New York Times] Indian-American accords were reached by Prime Minister Indira Gandhi and President Reagan. Meeting in a buoyant mood in Washington, they agreed to increase scientific, economic and cultural cooperation and resolved a long dispute over India's nuclear program. [New York Times] El Salvador's election was aided this year by the C.I.A., according to the Director of Central Intelligence, William J. Casey. He said the agency had supplied invisible ink used to stamp the wrists of voters to prevent them from voting more than once. [New York Times] Salvadoran leaders were defended by senior Reagan administration officials. In testimony before a House committee, they asserted that the Salvadoran government had made "marred, but real" progress in advancing human rights and land reform and that American military aid was required for the government to resist "Marxist guerrillas." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 812.21 (+0.38, +0.05%)
S&P Composite: 107.72 (-0.01, -0.01%)
Arms Index: 0.75

	Issues	Volume*
Advances	533	21.17
Declines	892	26.65
Unchanged	413	7.86
Total Volume		55.68

* 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 28, 1982	811.83	107.73	53.84
July 27, 1982	822.77	109.43	45.73
July 26, 1982	825.44	110.36	37.73
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