News stories from Friday October 1, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A mandatory balanced budget plan was decisively rejected by the House shortly before Congress adjourned for the election campaign. The vote in favor of the proposed constitutional amendment to require a balanced budget in peacetime was 236 to 187, but this fell 46 votes short of the two-thirds necessary for approval. [New York Times]
- An alert against the use of Tylenol was issued by the Food and Drug Administration. It warned consumers across the nation to stop using Extra-Strength Tylenol capsules until investigators could trace the source of cyanide-tainted capsules that have killed six persons in the Chicago area. A second batch of contaminated capsules was found in the Chicago area and the manufacturer expanded its recall to include more than 264,000 bottles of 50 capsules each. [New York Times]
- Medical investigators in two cities near Chicago were alerted to the Tylenol link in the sudden deaths by two firefighters who became increasingly suspicious as they monitored police radio calls at home on their days off. Their detective work, matching the characteristics of the deaths, led to the nationwide recall. [New York Times]
- Sales of Tylenol, the nation's largest-selling nonprescription pain reliever, will suffer some lingering damage from the deaths in Illinois, according to industry analysts, even though there has been no suggestion of malfeasance or neglect by the maker, Johnson & Johnson. [New York Times]
- The first elected black Governor in the nation's history may be chosen in California, according to three public opinion polls. They show Mayor Tom Bradley of Los Angeles, the Democratic nominee, with a lead varying from 9 to 22 percentage points over Attorney General George Deukmejian, the Republican candidate. [New York Times]
- Helmut Schmidt was ousted as Chancellor of West Germany by Parliament, which replaced him with Helmut Kohl, leader of the conservative Christian Democratic Party. Mr. Kohl became the sixth Chancellor as Parliament voted no-confidence in Mr. Schmidt. [New York Times]
- Iranian troops opened a new offensive along the Iranian-Iraqi border about 100 miles northest of Baghdad. American intelligence sources reported that Iraqi forces were holding their ground just inside Iran and had lashed back with several counterattacks. [New York Times]
- The effort to blame Israel for the massacre of Palestinians in west Beirut is "unbelievable, fantastic and totally despicable," Prime Minister Menachem Begin said in a letter released by the Israeli Embassy. Mr. Begin wrote that hours after the slaying of Lebanese President-elect, Bashir Gemayel, he expressed concern over the possibility of "revenge" against the Palestinians. [New York Times]
- A broader U.S. deployment in Beirut is said to be sought by the Lebanese government. It is reportedly urging American officials to deploy their 1,200-man Marine peacekeeping contingent in an area significantly larger than the one it now controls around Beirut International Airport. The Lebanese seek to put pressure on the Israelis to withdraw their forces entirely from the Beirut area. [New York Times]
- Washington's Mideast peace plan was assailed by Soviet Foreign Minister Andrei Gromyko. Speaking in the United Nations General Assembly, he termed the American initiative a "diktat" that demonstrated "hostility toward Arabs." [New York Times]
- Curbing technology sales to Moscow, long sought by the Reagan administration, is expected to be pressed anew. Defense and Commerce Department officials said the administration planned to ask key allies next week to make more than 100 changes, including many additions, in the list of sophisticated equipment barred from export to Communist nations. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 907.74 (+11.49, +1.28%)
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 30, 1982 | 896.25 | 120.42 | 62.61 |
| September 29, 1982 | 906.27 | 121.63 | 62.54 |
| 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 |