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Tuesday August 31, 1982
. . . where the 1970s live forever!

News stories from Tuesday August 31, 1982

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

  • The worst auto sales since 1961 prompted General Motors to announce a lowering or freezing of the prices of half its 1983 model cars. The price reductions of $250 to $500 are concentrated on General Motors' newest lines of front-wheel drive compact and midsize cars. [New York Times]
  • Troubles for Republican candidates in the November congressional elections are indicated by surveys taken by both major parties. Both Republicans and Democrats say that President Reagan and the G.O.P. candidates will have difficulty in winning the broad coalition of support that coalesced for Republican conservatives in 1980. [New York Times]
  • A major effort to woo female voters is being made by the Reagan administration in advance of the congressional elections. The White House has created a council to coordinate issues concerning women, it has appointed three women to high administration posts and it plans to issue studies on womens' problems. [New York Times]
  • Balanced budget rules in 49 states have resulted in oblique variations of accounting methods and frequent juggling of money among funds. The balance required in every state except Vermont hat also led to some controversial practices. This year, New York delayed paying $1.2 billion in income tax refunds to meet its budget requirement. [New York Times]
  • No major influx of illegal aliens from Mexico developed as classes resumed at public schools in Texas. An influx had been expected to result from a Supreme Court ruling that illegal aliens were entitled to free public education in this country. [New York Times]
  • The slain son of a witness was an undercover informant for the special prosecutor in the new investigation of Labor Secretary Raymond Donovan, according to law enforcement officials. They said that the victim, Nathan Masselli, had secretly cooperated in the inquiry into allegations that Mr. Donovan had met with organized crime figures and had known of illegal payoffs. Officials have not found concealed electronic devices that Mr. Masselli carried. [New York Times]
  • The major crime families of New York and Philadelphia have formed an alliance to share the wealth pouring into Atlantic City from casino gambling, according to law enforcement officials. One key official reported that the mobsters had "set up a kind of free-trade zone." [New York Times]
  • Widespread protests by Poles prompted the riot police to fire barrages of tear gas at throngs in Warsaw and several other cities. The government reported clashes lasting up to four hours between the police and thousands of people demonstrating at the behest of leaders of the suspended union Solidarity. [New York Times]
  • An opening in Swiss bank secrecy was expected by officials in Washington. They said that Swiss bankers had agreed for the first time to relax their rigid secrecy laws to give American officials access to details about customers who use accounts in Swiss banks to evade United States securities laws. [New York Times]
  • A softening of trade sanctions against the Western European companies that violate the American embargo on aid for the planned Soviet natural gas pipeline has been recommended by four senior officials of the Reagan administration, according to an administration official. He also said the high officials had told President Reagan that the sanctions should be applied evenhandedly. [New York Times]
  • A Syrian MiG-25 was shot down near Beirut, the Israeli military command announced. It said the craft had been on a photographic reconnaissance mission, and warned that no Syrian aircraft would be permitted to fly over Israeli-held territory. [New York Times]
  • About 600 more Palestinian guerrillas and the remaining 1,000 Syrian army troops left west Beirut by land and sea. More than 12,000 Palestinians have been withdrawn since Aug. 21, and Lebanese and Israeli officials said the withdrawal might be completed tomorrow. [New York Times]
  • Cuba disrupted U.S. radio programs by broadcasting news and music programs tor four hours on five AM frequencies. The broadcasts were apparently a response to the Reagan administration's plan to transmit radio programs to Cuba. The plan has been approved by the House and is now being considered by the Senate Foreign Relations Committee. [New York Times]
  • A boycott of all Mexico City stores was urged for today in unsigned leaflets in a protest against what was termed the "financial chaos" gripping the country, but it was only partly successful. The boycott was called for the eve of President Jose Lopez Portillo's final State of the Union address. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 901.31 (+8.01, +0.90%)
S&P Composite: 119.51 (+1.85, +1.57%)
Arms Index: 0.75

Total Volume86.36
* 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
August 30, 1982893.30117.6659.56
August 27, 1982883.47117.1174.39
August 26, 1982892.41118.55137.28
August 25, 1982884.89117.58106.19
August 24, 1982874.90115.34121.65
August 23, 1982891.17116.11110.30
August 20, 1982869.29113.0295.88
August 19, 1982838.57109.1678.26
August 18, 1982829.43108.53132.68
August 17, 1982831.24109.0492.86

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