News stories from Tuesday June 22, 1982

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

John W. Hinckley was committed to a federal mental hospital in Washington for psychiatric examination to determine whether he should go free amid widespread outrage over his acquittal. Federal district judge Barrington Parker ordered that the man who shot President Reagan and three other men be hospitalized and set Aug. 9 for a hearing on whether he "is entitled to release." [New York Times] Two members of the jury that unanimously found Mr. Hinckley not guilty by reason of insanity said they believed that he was legally sane at the time of the shootings, but that the other jurors had pressured them to accept his insanity defense and acquit him. The two jurors said that quarrels among the jurors and a desire to end the deliberations had prompted them to give in to the 10 others. [New York Times] Mr. Hinckley's acquittal prompted anger in Congress and demands for revision of the law that permits criminal defendants to plead not guilty by reason of insanity. Many legislators urged a sharp narrowing of the circumstances under which such a plea could be made. [New York Times] Consumer prices rose 1 percent in May, the Labor Department reported, pushing the Consumer Price Index, at least temporarily, back to a double-digit annual rate. The spurt in the index, which translates to a compound annual rate of 12 percent, was powered primarily by higher prices for gasoline and also jumps in prices for housing and food. [New York Times] The bitter budget battle wound down after five months of controversy as the Democratic-controlled House reluctantly approved a Republican-sponsored compromise, 210 to 208. The Senate gave tentative approval to the compromise, 51 to 45. [New York Times] Plots to steal computer data were reported by Attorney General William French Smith. He said that 18 Japanese businessmen had been charged with conspiring to steal confidential information from the International Business Machines corporation and transport it to Japan. [New York Times] Genetic screening of workers at 59 leading American corporations is planned within the next five years. The companies informed Congress of their plans in anonymous questionnaires. [New York Times] A halt in Houston's unbridled growth was ordered by the City Council. It imposed stringent controls on developers to block them from hemming in highways with skyscrapers and cutting off streets with shopping centers. In a shift, the new rules, which require building setbacks and manageable block lengths, were endorsed by major developers. [New York Times] Cheaper energy for New England is in prospect. Quebec said it was ready to accelerate greatly its delivery of low-cost electricity to the six-state region from a huge new hydroelectric complex, and Nova Scotia said it had strong evidence of a major new offshore natural gas field. [New York Times] A major Israeli offensive led by planes and tanks began in Lebanon in an apparent effort to drive Syrian and Palestinian forces from the Beirut-Damascus highway. Israeli jets and artillery also bombarded Palestinian camps and residential areas in west Beirut. [New York Times] Israel announced a new cease-fire after the day-long fighting at the request of Philip Habib, the special American envoy. [New York Times] A U.S.-Israeli confrontation occurred on Capitol Hill shortly before Prime Minister Menachem Begin ended his American visit. The Israeli leader met with 36 Senators, and many of them strongly criticized Israel's policies in Lebanon and the West Bank. Participants termed the closed meeting highly emotional. [New York Times] A rift in Argentina's junta deepened as the army named a retired general as President despite opposition by the air force and navy. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 799.66 (+9.71, +1.23%)
S&P Composite: 108.30 (+1.10, +1.03%)
Arms Index: 0.50

	Issues	Volume*
Advances	821	35.43
Declines	583	12.57
Unchanged	448	7.29
Total Volume		55.29

* 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*
June 21, 1982	789.95	107.20	50.36
June 18, 1982	788.62	107.28	53.80
June 17, 1982	791.48	107.60	49.23
June 16, 1982	796.90	108.87	56.28
June 15, 1982	801.27	109.69	44.97
June 14, 1982	801.85	109.96	40.10
June 11, 1982	809.74	111.24	68.61
June 10, 1982	798.71	109.61	50.93
June 9, 1982	795.57	108.99	55.77
June 8, 1982	802.23	109.63	46.82