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Tuesday October 12, 1982
. . . where the 1970s live forever!

News stories from Tuesday October 12, 1982

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

  • More interest rates declined. Four of the nation's largest banks announced cuts of a full percentage point in their prime lending rates, to 12 percent, the lowest level in more than two years. Other leading banks indicated they would follow suit, and many bankers predicted that interest rates on consumer loans would begin declining. The stock market retreated a bit after a four-day rally, but credit markets remained buoyant. [New York Times]
  • Military recruiting has surged across the country, largely because of the 15-month recession, which has in effect made the armed services a major American job program. [New York Times]
  • The question of tax exemptions for racially discriminatory private schools was argued before the Supreme Court. The Justice Department joined lawyers for two of the schools in contending that Congress never authorized the Internal Revenue Service to deny tax exempt status to schools that practice discrimination. [New York Times]
  • Support for mandatory busing, but only as a last resort, for ending school segregation was reaffirmed by the United States Commission on Civil Rights. Clarence Pendleton, who was appointed chairman of the bipartisan agency by President Reagan, abstained. [New York Times]
  • Ten environmental groups accused the Reagan administration of jeopardizing the health of Americans and the quality of American life. The groups issued a 66-page report, "Hitting Home," designed to document their charges that the administration's policies were diminishing the environment. [New York Times]
  • Mediation of the pro football strike was arranged by the federal government. Sam Kagel, a 73-year-old mediator and arbitrator from San Francisco, was chosen to mediate the three-week players' walkout, and he met with both sides. [New York Times]
  • Toby Moffett is drawing not only traditional Democratic voters but also unexpected support from moderates and even conservatives in the campaign for Senator from Connecticut, according to a statewide poll by the New York Times. The poll found that despite having a favorable job performance rating, Senator Lowell Weicker, the two-term Republican, trailed Representative Moffett, the Democratic candidate, 43 to 38 percent among the state's voters. Lucien DiFazio, the Conservative Party candidate, had 9 percent, with 9 percent undecided. [New York Times]
  • Mario Cuomo promised that if he is elected Governor of New York on Nov. 2 he would "use all the powers of my office" to persuade the legislature to enact a cap on the state budget, with the savings earmarked to reduce taxes and to rebuild crumbling public works. Lt. Governor Cuomo, the Democratic-Liberal candidate, made the statement in a 46-page report on his economic priorities. [New York Times]
  • Polish shipyard workers struck in Gdansk for a second day, and fierce battles raged again in the streets between riot policemen and workers demanding a reinstatement of the outlawed independent trade union Solidarity. The authorities ordered the shipyard "militarized," subjecting the workers to military rules and discipline. [New York Times]
  • Washington's peace plan is unacceptable because it does not provide for an independent Palestinian state, according to Yasser Arafat, the leader of the Palestine Liberation Organization, but he said the plan had "some positive elements." Mr. Arafat spoke at a news conference in Amman after nearly 12 hours of talks over four days with King Hussein of Jordan. [New York Times]
  • A new government in Japan was in prospect as Prime Minister Zenko Suzuki said he would resign soon. The announcement came amid rising criticism of his leadership, but there was no explanation for his unexpected decision. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1003.68 (-9.11, -0.90%)
S&P Composite: 134.44 (-0.03, -0.02%)
Arms Index: 1.06

Total Volume126.31
* 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
October 11, 19821012.79134.47138.53
October 8, 1982986.85131.05122.26
October 7, 1982965.97128.80147.08
October 6, 1982944.26125.9793.57
October 5, 1982907.19121.9869.77
October 4, 1982903.61121.5155.65
October 1, 1982907.74121.9765.00
September 30, 1982896.25120.4262.61
September 29, 1982906.27121.6362.54
September 28, 1982919.33123.2465.90

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