News stories from Wednesday April 29, 1981

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

Economic optimism among Americans appears to be rising, according to a New York Times/CBS News Poll. It found that this was helping President Reagan gain broad support, even from critics of his tax cut plans and from those who believe his proposed spending cuts would hurt them personally. The survey found a level of optimism matched only occasionally in the last five years. [New York Times] A close House vote on the budget proposed by President Reagan is in prospect. In an effort to win the support of Democratic conservatives for an alternative budget, Democratic leaders in the House agreed to restore $6.5 billion in military funds. [New York Times] On his 100th day as President, Mr. Reagan spent three hours in the Oval Office as his staff released schedule announcements showing he was continuing to increase his workload. [New York Times] A Chicago school desegregation plan that severely restricts and delays busing and would leave hundreds of schools predominantly white, all black or all Hispanic was submitted to a federal court. The plan divided school board members along racial lines, with the six white and Hispanic members reluctantly supporting it and the five black members opposed. [New York Times] A major egalitarian energy discovery in Louisiana may make not only the rich richer but many poor blacks and Cajuns millionaires. A region called the Tuscaloosa Trend, which cuts a 20-mile-wide path across the state, might eventually generate more than $250 billion from natural gas and oil, according to specialists. [New York Times] Arson and 28 counts of murder were charged against a 25-year-old former busboy as a result of the fire that swept the Stouffer's Inn in Harrison, N.Y., last December, killing 26 business executives. The suspect, Luis Marin, was indicted by a Westchester County grand jury, arrested outside his home in Port Chester, arraigned and held without bail. [New York Times] A corporate move into a blighted area was announced by Pitney Bowes. The leading manufacturer of postal equipment said that it would build a $100 million corporate headquarters on 10 acres in the most depressed sector of Stamford, Conn. [New York Times] A curb on military aid to El Salvador was approved by a 26-to-7 vote of the House Foreign Affairs Committee. The bill would require the White House to provide assurances that "indiscriminate torture and murder" by Salvadoran security forces was being brought under control. [New York Times] The flow of arms to Salvadoran rebels from Cuba has increased after a lull and is moving on new routes, according to Reagan administration officials. They said that the weapons were being transported by truck from Honduras. In the past, the major route for arms went through Nicaragua. [New York Times] The Polish Communist Party's Central Committee added a miner and a metal-worker to the ruling Politburo as rank-and-file delegates had urged, Warsaw Radio reported. The radio quoted Stanislaw Kania as saying that the election of two workers to the Politburo was "the first step toward introducing representatives of the working class into the highest party authorities." [New York Times] Concern about the fighting in Lebanon was expressed by Secretary of State Alexander Haig. The Reagan administration did not criticize Israel for its shooting down of two Syrian helicopters Tuesday, but it sought to dissociate the United States from the Israeli action, apparently in an effort to maintain some leverage as a possible intermediary.Syria moved antiaircraft missiles into eastern Lebanon in apparent response to Israel's downing of the two Syrian helicopters there. But the Syrians were said to have suspended helicopter attacks on Christian positions near the town of Zahle. [New York Times] Increased stature for the P.L.O. was indicated in an announcement made by Chancellor Helmut Schmidt of West Germany. As he ended a visit to Saudi Arabia, he said that the Palestine Liberation Organization would participate in a meeting next fall between foreign ministers of the Arab world and the Common Market nations. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1004.32 (-12.61, -1.24%)
S&P Composite: 133.05 (-1.28, -0.95%)
Arms Index: 1.21

	Issues	Volume*
Advances	418	11.17
Declines	1,157	37.52
Unchanged	348	4.65
Total Volume		53.34

* 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*
April 28, 1981	1016.93	134.33	58.21
April 27, 1981	1024.05	135.48	51.08
April 24, 1981	1020.35	135.14	59.90
April 23, 1981	1010.27	133.94	64.20
April 22, 1981	1007.02	134.14	60.65
April 21, 1981	1005.94	134.23	60.29
April 20, 1981	1015.94	135.45	51.01
April 16, 1981	1005.58	134.70	52.95
April 15, 1981	1001.71	134.17	56.03
April 14, 1981	989.10	132.68	48.39