News stories from Monday November 15, 1982

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

Money market accounts at banks and other savings institutions were approved by federal banking regulators, who decided to let consumers begin opening the accounts on Dec. 14 with minimum initial deposits of $2,500. The government-insured accounts, authorized by Congress, will have no ceiling on the interest they can earn, making them directly competitive with the money market mutual fund accounts. [New York Times] The draft registration law is invalid, a federal district judge ruled in Los Angeles. In dismissing a draft resister's prosecution as illegally discriminatory, the judge also challenged the legality of the statute on the ground that President Carter's order establishing the process in 1980 was improperly enacted. [New York Times] The Columbia's most important tasks have been completed, but the space shuttle's fifth mission had a disappointing failure. The astronauts' spacesuits malfunctioned, forcing cancellation of what would have been the first space walk by Americans in nearly nine years. Flight controllers told the astronauts to head home tomorrow morning as scheduled. [New York Times] Republican governors fixed blame for their election losses by citing unemployment, budget deficits, high military spending, loose talk on Social Security and the Republicans' inattention to minority groups and women. Occasioally, they blamed the Democrats. Richard Wirthlin, President Reagan's poll taker, cited poor organization and a waste of money on television commercials. [New York Times] Hearing loss resulting from noise is causing deep concern in this country and abroad. In trying to track a suspected Soviet submarine last month, the Swedish navy had difficulty finding sailors who could hear well enough to operate the listening devices. A navy captain said the hearing of many young people has apparently been permanently damaged by years of hearing loud rock music. [New York Times] Washington-Bonn unity on a basically conservative approach to relations with the Soviet Union were expressed by President Reagan and Chancellor Helmut Kohl. After two hours of talks at the White House, they issued a joint statement expressing their willingness to increase cooperation with the new Soviet leadership but only "if Soviet conduct makes that possible." [New York Times] Leonid Brezhnev was buried in front of the Kremlin Wall after a state funeral exceeding in pomp and scale anything seen in the Soviet Union since the death of Stalin in 1953. The ceremonies brought to Moscow the largest gathering of foreign dignitaries since the Communists seized power in 1917. [New York Times] Vice President Bush met briefly with the new Soviet leader, Yuri Andropov. The meeting was described by the American side as "frank, cordial and substantive" and by the Russians as an exchange "on the fundamental matters of Soviet-U.S. relations." Neither side offered details. [New York Times] The K.G.B. under Yuri Andropov consolidated its internal security role and remained one of the most pervasive and feared of Soviet institutions. During his 15-year tenure, the K.G.B.'s functions were made more sophisticated and effective. [New York Times] Washington-Paris differences over the Soviet natural gas pipeline to Western Europe continued. The Reagan administration insisted again that "substantial agreement" by France and other key allies on a broad economic policy toward Moscow had enabled President Reagan to lift sanctions against companies aiding the pipeline project. But President Francois Mitterrand said again that Mr. Reagan's announcement was premature and that negotiations were continuing. [New York Times] A Salvadoran criminal court judge ordered five former national guardsmen to stand trial in the 1980 murder of four Roman Catholic churchwomen from the United States. The judge conducted the equivalent of a nine-month grand jury inquiry. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1021.43 (-18.49, -1.78%)
S&P Composite: 137.03 (-2.50, -1.79%)
Arms Index: 1.37

	Issues	Volume*
Advances	422	14.12
Declines	1,265	57.99
Unchanged	282	6.79
Total Volume		78.90

* 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 12, 1982	1039.92	139.53	95.08
November 11, 1982	1054.73	141.76	78.39
November 10, 1982	1044.52	141.16	113.24
November 9, 1982	1060.25	143.02	111.23
November 8, 1982	1037.44	140.44	75.22
November 5, 1982	1051.78	142.16	96.55
November 4, 1982	1050.22	141.85	149.38
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