News stories from Wednesday September 29, 1982

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

The President blamed the Democrats for the nation's economic troubles, which have resisted his prescriptions for the last year. Mr. Reagan, speaking at a Republican rally in Richmond, termed the 14-month recession the "tragic penalty" of the previous "Democratic monopoly" of the federal government. [New York Times] President Reagan was accused of lying and falsely blaming the Democrats for the recession. Charles Manatt, chairman of the Democratic National Committee, said that the slump was "due to the conflicting monetary and fiscal policies of the Reagan administration" beginning in July 1981 and offered a nine-page statement of statistics to back his view. [New York Times] An interim spending bill needed to keep the federal government operating in the fiscal year that begins Friday was approved in the Senate by a vote of 72 to 26. In the process, the Senators rejected efforts to use the spending bill to make major changes in national policy. The Clinch River breeder reactor and the MX missile barely survived challenges, while Democratic efforts to provide new funds for public service jobs and extended unemployment benefits were narrowly rejected. [New York Times] A record number of bankruptcies this year is clogging the courts, prompting congressional debate and, some economists say, impeding a recovery. The number of personal bankruptcies is expected to exceed 440,000 for the second successive year, the most since the Depression. [New York Times] Major aid for thrift institutions is expected to gain final congressional approval before the current session ends this weekend. A Senate-House conference approved landmark legislation to give the savings institutions broad new investment and lending powers similar to those of commercial banks. The troubled institutions have sought the authority for two years in efforts to survive under the pressure of uncommonly high interest rates. [New York Times] Handicapped children were upheld by a House subcommittee that unanimously approved a resolution rejecting a package of new regulations proposed by the Department of Education. Many members of Congress and the public have maintained that the proposed rules would severely hamper efforts to provide an adequate education for the nation's four million handicapped children. [New York Times] As U.S. Marines arrived in Beirut, statements by President Reagan and other administration officials left uncertainty about the precise nature of the Marines' mission and how long they would stay. Mr. Reagan told Congress the Marines would be in Beirut "only for a limited period." But later he said they would leave Beirut only when the Lebanese authorities said they themselves could insure the nation's security. [New York Times] The Marines landed by ship and helicopter and took control of the Beirut International Airport minutes after the last Israeli soldiers withdrew from the area. About 800 Marines arrived today, and 400 more are expected tomorrow, joining the French and Italian contingents of about 1,100 men each that make up the multinational peacekeeping force. [New York Times] The three-nation force is likely to stay in Beirut until all other foreign troops leave Lebanon, according to the Italian and French foreign ministers. They appeared to support President Reagan's statement Tuesday on the projected length of stay. [New York Times] The operation in the refugee camp of Shatila that resulted in the massacre of more than 300 Palestinian men, women and children was directed by the top right-wing Phalangist military commanders and involved the elite corps of the Phalangist militia, according to Phalangist and Western sources in Beirut. [New York Times] Syrian involvement in the murder of Bashir Gemayel nine days before he was to be inaugurated as Lebanon's President was suggested by Defense Minister Ariel Sharon, who cited information obtained by Israel. He said that Lebanese were also apparently involved in the deaths of Mr. Gemayel and other Phalangists. [New York Times] China's first nuclear power station is under construction and is to be operating in 1988. The station is reportedly being built near Shanghai. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 906.27 (-13.06, -1.42%)
S&P Composite: 121.63 (-1.61, -1.31%)
Arms Index: 1.54

	Issues	Volume*
Advances	409	10.63
Declines	1,102	44.04
Unchanged	397	7.88
Total Volume		62.55

* 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*
September 28, 1982	919.33	123.24	65.90
September 27, 1982	920.90	123.62	44.83
September 24, 1982	919.52	123.32	54.59
September 23, 1982	925.77	123.81	68.24
September 22, 1982	927.61	123.99	113.09
September 21, 1982	934.79	124.88	82.89
September 20, 1982	916.30	122.51	58.52
September 17, 1982	916.94	122.55	63.94
September 16, 1982	927.80	123.77	78.89
September 15, 1982	930.46	124.29	69.67