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Monday August 9, 1982
. . . where the 1970s live forever!

News stories from Monday August 9, 1982


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

  • Lyn Nofziger rejoined the Reagan administration. In a move that reflected growing concern over the administration's political standing, President Reagan enlisted the leading conservative political tactician to lead the tight for an administration-backed bill to raise federal taxes by $98.5 billion. Mr. Nofziger dismissed his previous opposition to the measure as "pure stupidity." Last week, Mr. Nofziger joined 21 other conservative Republicans in a public statement that condemned the tax increase bill as a betrayal of supply-side economics and Mr. Reagan's principles. [New York Times]
  • John W. Hinckley is mentally ill and dangerous, according to the finding of federal district judge Barrington Parker. At a Washington hearing attended by the 27-year-old presidential assailant, the judge cited "clear and convincing evidence" for committing Mr. Hinckley to a mental hospital indefinitely. [New York Times]
  • Cities Service's stock fell nearly $7 a share -- nearly 20 percent of its value -- in hectic trading amid reports that the Allied Corporation had discussed buying the company. The Cities Service stock dropped to $30.375. [New York Times]
  • An avowed racist was at the scene of the 1980 shooting of Vernon Jordan, had a motive for shooting the civil rights leader and later boasted of having wounded him, a federal prosecutor charged at the opening of the trial of Joseph Paul Franklin in South Bend, Ind. Mr. Franklin's court-appointed attorney asserted that the defendant provided the federal government's need for a "convenient" scapegoat. [New York Times]
  • Relations between Jewish groups and the Reagan administration have been erratic, but White House aides say the days of strain and misunderstanding have passed. Jewish leaders say they believe that access to senior policymakers is improving and that Mr. Reagan's general policies toward Israel merit support. [New York Times]
  • Increased government secrecy is challenged by the House Committee on Government Operations. In a report to be issued this week, the panel says it can find no justification for President Reagan's order giving federal officials broader authority to withhold information from the public on the ground of security. [New York Times]
  • A reindustrialization of New England is exemplified by the renaissance in Lowell, Mass. In the 1920's, the textile mills closed and the city withered. But prosperity returned with the rapid growth of the high technology industry. Wang Laboratories Inc. has 5,500 people on its payroll, more employees than any of the old mills had. [New York Times]
  • After 55 hours of deliberation over seven days, a jury was unable to reach a verdit on a murder charge against two men accused of killing a New York City police officer last year. But the jury found the two former Black Panthers guilty of attempted murder in the wounding of the slain officer's partner. The decisions were described by defense and prosecution attorneys as "logically inconsistent" and an "apparent compromise verdict." [New York Times]
  • Israeli planes attacked positions held by Palestinian fighters in Beirut and in the hills east of the city as the American special envoy, Philip Habib, completed detailed proposals for evacuating the 6,000 to 9,000 Palestinians from Lebanon. What was described as a "comprehensive" plan was submitted to the Israeli government. [New York Times]
  • The peace plan for Beirut calls for the arrival of the first contingent of a multinational peacekeeping force at the start of an evacuation of the Palestinian military units trapped in Beirut. Israel has insisted repeatedly that most of the Palestinians must have left Lebanon before the arrival of the peacekeeping force. [New York Times]
  • Israeli forces harassed U.S. military personnel near Beirut over the weekend, State Department officials said. They said that Israel had apologized for the actions by Israeli warplanes, patrol boats and troops. [New York Times]
  • A kosher restaurant was attacked by terrorists who killed six persons and wounded 22 in a precisely executed raid in a predominantly Jewish neighborhood in Paris. The police said that five or six unidentfied men hurled a grenade into the restaurant, opened fire on patrons with submachine guns and fled on foot, firing at passers-by, doorways and cars. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 780.35 (-3.99, -0.51%)
S&P Composite: 103.08 (-0.63, -0.61%)
Arms Index: 0.86

IssuesVolume*
Advances40214.00
Declines1,10733.13
Unchanged3677.43
Total Volume54.56
* 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
DateDJIAS&PVolume*
August 6, 1982784.34103.7148.65
August 5, 1982795.85105.1654.69
August 4, 1982803.46106.1453.44
August 3, 1982816.40107.8360.48
August 2, 1982822.11108.9853.48
July 30, 1982808.60107.0939.27
July 29, 1982812.21107.7255.67
July 28, 1982811.83107.7353.84
July 27, 1982822.77109.4345.73
July 26, 1982825.44110.3637.73


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