News stories from Thursday November 4, 1982

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

Democratic electoral gains continued as late tabulations showed they had captured 11 more state legislative houses, nearly erasing gains made by the Republicans since the mid-1970's. The Democrats will control both houses of the legislatures in 34 states, along with 34 governorships. The Republicans will control only 10 legislatures and 16 governorships. [New York Times] Campaign money counted heavily in the overall results of House elections, according to a New York Times computer analysis of election returns and campaign spending reports. Officials of both parties agreed that spending advantages played a critical role in victories by Republicans, particularly incumbents, in close races. [New York Times] A further rise in unemployment was predicted by leading economists as government figures showed that more than 4.68 million Americans, a record number, drew unemployment checks in mid-October.. [New York Times] Wrangling over Social Security in the new Congress is expected to be partisan and protracted. Senator Bob Dole, the Republican chairman of the Senate Finance Committee, asserted that the House Democratic leadership should explain how the Democrats plan to bolster the pension system's finances in advance of the release of recommendations to be made by a bipartisan commission. [New York Times] A new change in the MX missile plan has been developed by the Air Force, and the Pentagon asserts that the modification of the "closely spaced basing" plan would make the missile silos nearly invulnerable to airburst explosions of even very powerful nuclear weapons. Pentagon sources expressed hope that the modified plan would be more acceptable to members of Congress and other critics so construction of the first MX missiles could begin. [New York Times] Tamper-resistant packaging rules governing all non-prescription drugs were approved by the federal government. The regulations give manufacturers wide discretion in designing protective barriers and labels that warn consumers not to buy products with damaged seals. [New York Times] John De Lorean has been offered millions of dollars for movie rights to his life story, according to his wife, Cristina. Mr. DeLorean, a former General Motors executive and maverick entrepreneur, has been charged with cocaine trafficking. [New York Times] King Hussein believes that all nations seeking peace in the Middle East must make bold new moves to achieve a settlement. The Jordanian monarch is known to be eager to become an active participant in the American-sponsored peace process if the United States can get Israel to modify its position. [New York Times] A top Spanish general was murdered by two gunmen on a Madrid street. The police said they believed that the assassins, who escaped, were Basque separatist extremists. The victim was Gen. Victor Lago Roman, commander of the elite Brunete First Armored Division. [New York Times] Britain was rebuffed as the United Nations General Assembly approved a resolution urging London and Buenos Aires to negotiate their dispute over control of the Falkland Islands. The United States was among the 90 countries voting in favor of the resolution, which is strongly opposed by Britain on the ground that it does not insure self-determination for the islanders. [New York Times] The crowds returned in Teheran as Iran celebrated the third anniversary of the fall of the American Embassy and the seizure of 52 hostages. But the faces were fewer and less fanatical, the voices not so loud, and most belonged to schoolchildren. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1050.22 (-15.27, -1.43%)
S&P Composite: 141.85 (-1.02, -0.71%)
Arms Index: 1.46

	Issues	Volume*
Advances	940	59.02
Declines	824	75.54
Unchanged	257	14.79
Total Volume		149.35

* 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 3, 1982	1065.49	142.87	137.01
November 2, 1982	1022.08	137.49	104.77
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