News stories from Monday October 11, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Dow Jones industrials rose 25.94 more points, closing beyond the 1,000 level for the first time since mid-1981 as investors' conviction grew that interest rates would continue to drop. The influential blue-chip industrial average closed at 1,012.79, bringing its four-day rally to 110.96 points, in a turnover of 138.5 million shares, the second biggest ever. [New York Times]
- Unemployment is sweeping Texas, which has long been regarded as the state of perpetual boom. Tens of thousands of workers have been laid off in recent weeks in the vast oilfields of east Texas, in the Houston plants that make drilling bits and pipe, in the semiconductor factories around Dallas and in retail stores along the Mexican border. [New York Times]
- President Reagan urged voters in the well-to-do Dallas suburb of Irving not to focus on the 10.01 percent unemployment rate but on the boom in the securities markets. He called the boom "a vote of confidence in America's future." [New York Times]
- Pressures on a freshman Republican seeking re-election in a recession were described by Senator David Durenberger of Minnesota after he watched government officials giving free powdered milk to his needy constituents. He said the campaign was turning not on his record, but on "Reaganomics, unemployment, the program we just visited and on $8 million to $10 million of advertising by my opponent," Mark Dayton, a wealthy Democrat. [New York Times]
- A gunman surrendered after a three-day standoff at an Amtrak sleeper car in Raleigh, N.C. The gunman, identified as a 29-year-old Colombian, was charged with murdering his sister and her infant son. [New York Times]
- New studies of the lobster suggest it is one of the most complex and, in a sense, most sophisticated of living creatures. A biologist at the Marine Biological Laboratory in Woods Hole, Mass., has found that the American lobster has a taste system, for example, that is a million times more sensitive than man's. [New York Times]
- Shipyard workers in Gdansk, the birthplace of Poland's independent trade union Solidarity, struck to protest the outlawing of the union, and the protest spread quickly to factories and the streets. Clashes between demonstrators and riot policemen continued for many hours, with the protesters burning barricades and the police hurling volleys of tear gas and concussion grenades. [New York Times]
- A throng of Sikh militants armed with swords and spears stormed Parliament House in New Delhi in a protest over the deaths of 34 Sikhs in police custody. Four persons were reported killed and five wounded and at least 60 policemen were said to be injured. Varying reports said the demonstrators totaled 3,000 to 5,000 members of a group that seeks greater Sikh autonomy within India. [New York Times]
- The talks on Middle East peace between King Hussein of Jordan and Yasser Arafat, the head of the Palestine Liberation Organization, reflect key differences on major issues and will probably not achieve a formula for a settlement, according to officials close to the negotiations. [New York Times]
- Henry VIII's prized ship was raised to the surface a mile off Portsmouth, England, with most of her oak frame intact. The salvaging project took 17 years and cost about $7 million. The vessel, the Mary Rose, sank during a clash with the French in 1545 as King Henry watched. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 1012.79 (+25.94, +2.63%)
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* |
| October 8, 1982 | 986.85 | 131.05 | 122.26 |
| October 7, 1982 | 965.97 | 128.80 | 147.08 |
| October 6, 1982 | 944.26 | 125.97 | 93.57 |
| October 5, 1982 | 907.19 | 121.98 | 69.77 |
| October 4, 1982 | 903.61 | 121.51 | 55.65 |
| October 1, 1982 | 907.74 | 121.97 | 65.00 |
| 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 |