News stories from Tuesday November 2, 1982

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

A strong Democratic tide swept across the nation, with Republican Representatives and other officeholders defeated from New England to the Southwest in midterm elections fueled by dissatisfaction over President Reagan's economic record. The Democratic trend was strongest in the House races, where some Republican incumbents believed to be secure suffered unexpected defeats. [New York Times] Democrats scored major gains in House races across the country and seriously damaged President Reagan's ability to push the rest of his legislative program through Congress. After campaigning strongly against Mr. Reagan's economic program, the Democrats apparently gained at least 20 seats in the House, enough to take effective control from the coalition of Republicans and conservative Democrats that gave Mr. Reagan key victories in the last two years. [New York Times] In about 15 Senate races, incumbent Democrats and Republicans won re-election, but some moderate Republicans were locked in close contests against strong challenges. Democrats appeared unlikely to gain control of the Senate, but the Democratic trend suggested thay could be in a position to block the Republicans' legislative agenda. [New York Times] The Democrats won a majority of the 36 governorship elections. The Democrats rode a strong vote in depressed areas that appeared likely to cost Republicans at least half their 16 statehouses at stake. [New York Times] Lt. Gov. Mario Cuomo claimed victory in an extremely close governor's race in New York as Senator Daniel Patrick Moynihan won a second term by a record margin, defeating his Republican opponent, Florence Sullivan. Mr. Cuomo, a Democrat-Liberal, led by a narrow margin over his Republican-Conservative opponent, Lewis Lehrman, who had led in the running tally until well over half the votes had been counted. [New York Times] Frank Lautenberg, a New Jersey businessman making his first political race, was elected to the United States Senate, upsetting Representative Millicent Fenwick, his Republican rival, who has served in the House since 1974. Mr. Lautenberg, a 58-year-old Democrat, had strongly attacked President Reagan's policies. [New York Times] Incumbents won in Connecticut as Senator Lowell Weicker turned back a Democratic challenger to win a third term while Gov. William O'Neill defeated his Republican opponent to win his first full term. Mr. Weicker won a narrow victory over Representative Toby Moffett, but Governor O'Neill piled up such a big early lead that his opponent, Lewis Rome, conceded defeat just 37 minutes after the polls closed. [New York Times] Abruptly announcing his retirement, Mayor William J. Green of Philadelphia said he would not run for re-election next year. His announcement added further confusion to the outlook for the 1983 campaign, and cheered the backers of former Mayor Frank Rizzo, considered a sure candidate for his old post. [New York Times] The National Council of Churches has taken unusual steps to rebut magazine and broadcast reports that its leaders say have unfairly linked it with leftist political and social programs. People interviewed in the reports characterize the council as more interested in Marxist political theory than in preaching the Gospel. [New York Times] U. S. aid to El Salvador will end unless it curbs human rights "abuses" by its security forces, the American Ambassador warned. The Ambassador, Deane Hinton, who threatened in an interview to seek a cutoff in United States military aid, blamed El Salvador's "rotten" legal system for a wave of murders and other violence by rightist extremists. [New York Times] Iran opened its third offensive of the year, striking at Iraqi troops holding Iranian territory along the central front west of Dizful. Iran reported major gains, but Iraq said its forces had repulsed the Iranians. [New York Times] Emergency powers in Lebanon to allow the new government to rule by decree for eight months were sought in Parliament. Prime Minister Shafik al-Wazzan said the powers would enable the government to act quickly "to revise taxation laws, increase the treasury's resources and launch a reconstruction campaign." [New York Times] New U.S.-British differences came to light at the United Nations when Washington said it would back an Argentine resolution urging Britain and Argentina to negotiate their dispute over the Falklands. Britain strongly opposes the draft resolution on the ground that it prejudges the outcome in Argentina's favor. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1022.08 (+16.38, +1.63%)
S&P Composite: 137.49 (+2.02, +1.49%)
Arms Index: 0.62

	Issues	Volume*
Advances	1,353	83.35
Declines	357	13.57
Unchanged	263	7.84
Total Volume		104.76

* 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*
November 1, 1982	1005.70	135.47	73.52
October 29, 1982	991.72	133.71	74.87
October 28, 1982	990.99	133.59	73.59
October 27, 1982	1006.35	135.28	81.66
October 26, 1982	1006.07	134.48	102.07
October 25, 1982	995.13	133.32	83.72
October 22, 1982	1031.46	138.83	101.13
October 21, 1982	1036.98	139.06	122.46
October 20, 1982	1034.12	139.23	98.68
October 19, 1982	1013.80	136.58	100.85