News stories from Wednesday August 11, 1982

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

The framework of an antitrust accord between the American Telephone and Telegraph Company and the Justice Department was accepted in a 178-page opinion by federal district judge Harold Greene, but he insisted on major modifications before granting formal approval.A.T.& T.'s 22 operating companies would retain some of their basic businesses, and customers would get a break on future rate increases if the changes sought by Judge Greene in the proposed settlement of the antitrust suit against the Bell System go through. Specialists said the most significant changes sought by the judge would probaby provide the local companies with millions of dollars of additional revenue. [New York Times] The nuclear arms control policies approved by President Reagan have come under criticism from a bipartisan group of 21 Senators and from six former senior arms control officials. A resolution sponsored by the Senators says that Mr. Reagan's policies and actions "have caused anxiety at home and abroad." [New York Times] The President defended more taxes before friendly audiences in Billings, Mont., which is celebrating its centennial with Hollywood-style pageantry. Mr. Reagan warned Montanans that a failure by Congress to approve a three-year tax increase of $98.9 billion would lead to "larger budget deficits, higher interest rates and higher unemployment." [New York Times] A supplemental appropriation totaling $9 billion that provides funds for federal agencies until Sept. 30 won final approval in the Senate. On a voice vote, the Senate completed 22 hours of debate on the bill and sent it to a House-Senate conference. President Reagan, who opposes funds provided for some social programs, has threatened a veto. [New York Times] Environmentalists were upheld and the Reagan administration was rebuffed in Congress. A House committee set tougher standards for the emis-sion of some airborne pollutants suspected of causing cancer and birth defects, and the House voted to retain a law that allows the states to set controls on farm chemicals that exceed national standards. [New York Times] Michigan Republicans moved right in a primary upset, choosing Richard Headlee, a conservative, as their nominee for governor over James Brickley, a moderate who has been Lieutenant Governor for eight years. The Democratic nominee for governor is Representative James Blanchard. [New York Times] An explosion aboard a plane approaching Hawaii from Japan killed a Japanese youth and injured at least four other passengers. The Pan American Airways jumbo jet carrying 285 people landed safely at Honolulu half an hour after the explosive device went off. [New York Times] Nearly perfectly preserved bodies of two Eskimos who apparently died in their home in northern Alaska about 150 years ago have been found by a team of archeologists. Five other bodies were also found in the home, along with tools, kitchen implements, clothing and other belongings, placed exactly as they were when the family was alive. [New York Times] An accord on Lebanon seemed near as the special American envoy, Philip Habib, pressed his efforts for an agreement on the evacuation of Palestinian fighters from Beirut. Mr. Habib met twice with Prime Minister Menachem Begin and then returned to Beirut. A high Israeli official said that two points remained to be settled, but he added that neither involved principle and that both could be resolved by tomorrow, when Mr. Habib is to return to Jerusalem. [New York Times] Israeli tanks advanced into strategic positions in northern Lebanon as Israeli bombers and artillery struck at Palestinian areas in west Beirut for the third successive day. [New York Times] The military weakness of the P.L.O., the lack of Arab support for the Palestinians in the battle of Beirut and United States diplomatic pressure were cited by Arab diplomats at the United Nations to explain the decisions of Syria and others to accept Palestinian fighters. [New York Times] A new Mideast negotiating plan is being shaped by the Reagan administration. Officials describe the plan as an expanded version of the Camp David peace process developed by the Carter administration. [New York Times] The Senate upheld the use of arms as well as other means to prevent any extension of Cuban influence in the Western Hemisphere. The provision was passed by a 68 to 28 vote. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 777.21 (-2.09, -0.27%)
S&P Composite: 102.60 (-0.24, -0.23%)
Arms Index: 1.36

	Issues	Volume*
Advances	567	13.94
Declines	795	26.66
Unchanged	474	8.44
Total Volume		49.04

* 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*
August 10, 1982	779.30	102.84	52.65
August 9, 1982	780.35	103.08	54.56
August 6, 1982	784.34	103.71	48.65
August 5, 1982	795.85	105.16	54.69
August 4, 1982	803.46	106.14	53.44
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