News stories from Tuesday August 17, 1982

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

The decline in interest rates, a prime objective of the Reagan administration, finally appeared to be underway. The drop that has been building since late June had a rousing affect on the stock and bond markets. The Dow Jones industrial average soared to its best single-day advance in history, and trading volume on the exchange was almost a record. [New York Times] The $88.3 billion tax bill got some new support following appeals by President Reagan and House Democratic leaders, but leaders of both parties in the House estimated they were still more than 50 votes short of passage. While many members of Congress reported continuing opposition from constituents, the recovery of financial markets and endorsements from influential business groups seemed to change the atmosphere. [New York Times] Revision of the immigration laws that include a new system of fines and prison terms for employers who knowingly hire illegal aliens was approved by the Senate, 81 to 18. [New York Times] Joseph Paul Franklin was acquitted of charges that he had violated the civil rights of Vernon Jordan, the former president of the National Urban League, by shooting him in Fort Wayne, Ind., on May 29, 1980. He is serving four life sentences on state and federal charges for the murders of two black joggers in Salt Lake City on Aug. 20, 1980. [New York Times] A federal appeals court struck down one of the Reagan administration's major changes in rules controlling air pollution from factories. The proposal treated each factory as existing in a bubble and regulated only the pollution rising from the bubble. [New York Times] Enten Eller was convicted of failing to register for the draft, was placed on probation for three years and ordered to register within three months or face prison. The trial of the 20-year-old honor student at Bridgewater College, Harrisonburg, Va., was the first since mandatory registration was revived two years ago. [New York Times] Drastic changes in wildlife reserves are feared by conservationsists opposing an increase in their economic development sought by Eugene Hester, the deputy director of the Fish and Wildlife Service, who proposes such uses as timber cutting, hydroelectric generation and commercial fishing. [New York Times] No evidence to support charges of sexual misconduct by members of Congress, made by former congressional pages, has been found by the Justice Department in an investigation begun in July, department officials said. A related criminal investigation into possible narcotics violations by members of Congress and their staff members is continuing, the officials said. The House Ethics Committee is continuing its own investigation of the sexual misconduct charges. [New York Times] A series of movie-lot accidents have killed or maimed nearly a dozen actors, stuntpeople and camera operators during the last few years. Nobody paid attention until the helicopter accident that decapitated the actor Vic Morrow and killed two children on a movie set three weeks ago, according to Robert Marta, chairman of the safety committee of Camera Union Local 659. "The helicopter accident would have been hushed up if it hadn't been for the kids." he said. [New York Times] The 1976 murder convictions of Rubin "Hurricane" Carter and John Artis were upheld in a 4-to-3 decision by the New Jersey Supreme Court. The court said their rights to a fair trial had not been violated. Mr. Carter, who was a ranking middleweight boxer, and Mr. Artis were twice convicted of the 1966 slayings of three persons in a tavern in Paterson, N.J. Defense lawyers plan a new appeal. [New York Times] The P.L.O. guerrilla evacuation plan may need another day before a final accord can be announced, officials involved in the negotiations said in Beirut. Prime Minister Shafik al-Wazzan indicated that the outstanding differences could be worked out by early Wednesday before a scheduled meeting of the Lebanese cabinet, which is expected to formally set the withdrawal date and ask for French, American and Italian troops to oversee the evacuation. [New York Times] A U.S. arms cutback to Taiwan pledged by the Reagan administration was based on "the full expectation" that China would fulfill its promise to seek reunification with Taiwan by peaceful means, President Reagan said. Taiwan expressed "profound regret" over the communique signed by the United States and China. The Foreign Ministry said the communique contradicted "the letter and spirit" of the Taiwan Relations Act. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 831.24 (+38.81, +4.90%)
S&P Composite: 109.04 (+4.95, +4.76%)
Arms Index: 0.24

	Issues	Volume*
Advances	1,564	88.91
Declines	155	2.12
Unchanged	211	1.83
Total Volume		92.86

* 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 16, 1982	792.43	104.09	55.42
August 13, 1982	788.05	103.85	44.72
August 12, 1982	776.92	102.42	50.04
August 11, 1982	777.21	102.60	49.04
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