News stories from Monday October 18, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Chrysler said it prefers a strike to granting the immediate hourly wage increase sought by the United Automobile Workers. Thomas Miner, the automaker's chief negotiator, said that a walkout "could ruin us" within weeks, but he added, "there is simply no more money available" for a pay increase now. [New York Times]
- Shrinking benefits for the jobless were indicated by the Labor Department. It said that nine more states, including California, had become ineligible for extended unemployment benefits. The duration of benefits has already been reduced in 13 states, including Massachusetts and New Jersey. [New York Times]
- An expanded military use of space is the subject of a momentous debate. Many military planners and their political allies tend to take for granted the strategic value of space and its ultimate exploitation. Other officials worry that a major extension of the arms race into space might be a waste of resources and could upset the present balance of nuclear terror, making the world more vulnerable to nuclear war. [New York Times]
- Support for a nuclear freeze appears to be widespread throughout the country, but the issue seems to have become important in only a handful of congressional races, according to political analysts in both major parties. They now believe that the issue is probably limited in impact to no more than nine contests, five for the House and four for the Senate. [New York Times]
- "Primary leads" in Tylenol deaths were identified by the head of the team investigating the murder of seven Chicago area residents by cyanide laced capsules. The chief investigator said that agents seeking a Missouri couple suspected of trying to extort $1 million from Johnson & Johnson, Tylenol's corporate parent, under threat of further poisonings were also the key leads in the deaths. [New York Times]
- The Supreme Court declined to hear a constitutional challenge to a 1968 law that makes deliberate mutilation of the American flag a federal crime. The only member who voted to accept the case was Associate Justice William Brennan, who called the law "the very definition of a censorship statute." [New York Times]
- Bess Truman died of congestive heart failure at her home in Independence, Mo. The 97-year-old widow of President Truman was the nation's oldest former First Lady. [New York Times]
- A minute of "silent contemplation and introspection" would be required in New Jersey's public schools at the start of each day under a bill that won final approval in the Trenton legislature, but Governor Kean declined to say whether he would sign the measure. The bill contains no mention of prayer in the schools, which has repeatedly been found unconstitutional by federal and state courts. [New York Times]
- President Amin Gemayel urged the world's governments to help rid Lebanon of all foreign forces. In an emotion-filled speech to the United Nations General Assembly, the new Lebanese leader said his nation had suffered for eight years from "competing ideologies in the Arab world, the Palestinian armed and uncontrolled presence" and "recurring Israeli invasions and incursions." Later, addressing the Security Council, Mr. Gemayel singled out Israel as the chief obstacle to peace in Lebanon. [New York Times]
- Israel's borders are all secure for the first time in history, Prime Minister Menachem Begin said in an address to a new session of Parliament. He said the situation was the result of his government's policies. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 1019.22 (+26.12, +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 15, 1982 | 993.10 | 133.57 | 80.29 |
| October 14, 1982 | 996.87 | 134.57 | 107.50 |
| October 13, 1982 | 1015.08 | 136.71 | 139.80 |
| October 12, 1982 | 1003.68 | 134.44 | 126.30 |
| October 11, 1982 | 1012.79 | 134.47 | 138.53 |
| 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 |