News stories from Wednesday August 4, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Efforts for a balanced budget gained as the Senate approved a proposed constitutional amendment that would require Congress to adopt a balance for every year in peacetime. The 69-31 vote, two more than the two-thirds required, marked a major triumph for President Reagan and his conservative allies in both parties. [New York Times]
- A key job-training program to replace the Comprehensive Employment and Training Act, which expires Sept. 30, was approved by a 356-to-52 vote in the House. The program, which is expected to cost $3.8 billion, stresses job training rather than the creation of public service jobs. [New York Times]
- Auto safety restraints were upheld by a federal appeals court in a ruling that can be overturned only by the Supreme Court. The decision, requiring that all new cars sold after September 1983 must be equipped with air bags or automatic seat belts, was a major setback for the Reagan administration, which had rescinded the scheduled regulation. [New York Times]
- Utah sheep ranchers were upheld by a federal district judge who ordered a new trial to consider their 1953 charges that radioactive fallout from above-ground atomic tests caused the deaths of thousands in their herds. The judge ruled that officials and attorneys for the government deliberately concealed evidence, pressured witnesses and engaged in deceit at the first trial in 1956. [New York Times]
- A judge was removed from the case involving a libel suit by a southern California resort against Penthouse magazine. Last month, the judge, Kenneth Gale of the Los Angeles Superior Court, overturned a jury's verdict holding that a 1975 article did not libel two founders of the Rancho LaCosta resort. Penthouse accused Judge Gale of bias and sought to have him disqualified. [New York Times]
- A major decline in school crime by students against teachers and other staff members in New York City was reported for the first time in the decade that the teachers' union has kept such statistics. The union reported that, in the school year ended in June, there was a drop of 22 percent, to 2,730 from 3,534, in physical assaults, robberies, larcenies and other reported crimes. [New York Times]
- Israeli forces rained shellfire all across west Beirut as Israeli armored units pushed toward Palestinian refugee camps and neighborhoods on the southern outskirts of the city. The state-run Beirut radio said civilian casualties were "in the hundreds." The day-long pounding by Israeli planes, gunboats and artillery brought to a halt the American-led negotiations for a peaceful withdrawal of the 6,000 Palestinian fighters trapped in west Beirut. [New York Times]
- President Reagan appealed directly to Prime Minister Menachem Begin to observe a cease-fire in Beirut. Mr. Reagan made the appeal as the administration weighed the possibility of imposing unspecified sanctions against Israel in the deepening Lebanon crisis. [New York Times]
- Israel's firmness in pressing the siege of west Beirut was affirmed explicitly by a government official and unmistakably by Prime Minister Menachem Begin. The government made clear it would continue its assault on the city as it saw fit, regardless of international opinion. [New York Times]
- Mass arrests in Kenya have been carried out since the attempt Sunday to overthrow the pro-Western government of President Daniel arap Moi. Those held were said to total more than 3,000, including the entire 2,100-member air force and people accused of taking part in looting and violence in Nairobi. [New York Times]
- The Iran-Iraq war is deadlocked after two weeks of intense fighting, thousands of casualties and three major Iranian offensives into southern Iraqi territory, according to American officials. Despite the heavy losses of troops and equipment, the conflict is expected to continue and even intensify in coming weeks. [New York Times]
- United States and Honduran troops are conducting a joint two-week military exercise near the Nicaraguan border amid rising tensions between Honduras and Nicaragua. A Western diplomat said "there's a growing concern" about the possibility of war between the two countries. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 803.46 (-12.94, -1.59%)
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* |
| August 3, 1982 | 816.40 | 107.83 | 60.48 |
| August 2, 1982 | 822.11 | 108.98 | 53.48 |
| July 30, 1982 | 808.60 | 107.09 | 39.27 |
| July 29, 1982 | 812.21 | 107.72 | 55.67 |
| 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 |