News stories from Tuesday November 16, 1982

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

President Reagan defended his economic program against rising congressional criticism, denying that increased military spending would compound the recession and extolling the scheduled 1983 income tax cut. In a speech in New Orleans presaging his coming budget battle with Congress, Mr. Reagan said that "compromise must not mean incremental retreat on principle." [New York Times] More voice in White House decisions will be demanded by House Republican leaders. They agreed to take this tack in light of this month's Democratic election gains. [New York Times] Moving up the 1983 income tax cut from July to January is being considered by Treasury Secretary Donald Regan as a way to stimulate the economy, according to administration officials. They said Mr. Regan was weighing a plan for a tax cut bill in the special congressional session that begins Nov. 29. [New York Times] Agreement to end the football strike was reached after a final day of bargaining, allowing the National Football League season to resume Sunday. Under the accord, each team is to play seven more games in the regular season, which would end Jan. 2, a week later than originally scheduled, and then the playoffs would begin with 16 teams, six more than usual. Super Bowl XVII is to be played as originally scheduled, Jan. 30, at the Rose Bowl in Pasadena, Calif. [New York Times] The Columbia landed smoothly on a concrete runway in southern California's Mojave Desert for the successful conclusion of the space shuttle's first operational mission. Space agency officials hailed the five-day orbital flight as the beginning of regular and more frequent space shuttle operations, with five more missions scheduled in the coming year. [New York Times] A defense of the nuclear arms policies of the Reagan administration was made by the White House national security adviser, William P. Clark. In a letter to the nation's Roman Catholic bishops, Mr. Clark put forward the position that the administration's policies were guided by compelling moral considerations. [New York Times] Edwin Meese was involved in establishing the system to select which young men who refused to register for a military draft would be prosecuted, according to documents made available by the American Civil Liberties Union and introduced in a Los Angeles trial. The case against David Wayte, a former Yale University philosophy student who publicly opposed registration, was dismissed by a federal district judge in part because Mr. Meese, President Reagan's counselor, refused to testify. [New York Times] The jury in the gun-smuggling trial of Edwin P. Wilson began deliberations after a day and a half of testimony by 11 witnesses. The government has charged the former American intelligence agent with orchestrating the smuggling of arms for Libya. [New York Times] A court order against the Yankees has been obtained by New York City in an effort to prevent the team from playing its first three home games in April in Denver instead of at Yankee Stadium. At issue is when construction work now underway in the stadium will be completed. [New York Times] Soviet and Chinese Foreign Ministers met in Moscow for 90 minutes in the highest-level encounter the two countries have had in 13 years. The meeting was held in the context of the gathering of foreign dignitaries for the funeral of Leonid Brezhnev. Tass said the two ministers had reaffirmed an accord to continue the discussions agreed upon last month in Peking. [New York Times] A cooling in Iraqi-Soviet ties was suggested by President Saddam Hussein. Speaking at a news conference in Baghdad, he said that the Iraqi-Soviet treaty of friendship and cooperation "has not worked" during the war with Iran, and he indicated he was moving gingerly toward improving relations with the United States. [New York Times] Bonn's most-wanted terrorist fugitive was arrested by the police outside Hamburg where he was digging an underground arms dump. Thirty-year-old Christian Klar was seized only five days after the capture in a Frankfurt suburb of two other remaining leaders of the Red Army Faction. [New York Times] The biggest group of human skeletons surviving from Roman times has been unearthed at Herculaneum, a town buried in the same volcanic eruption that destroyed Pompeii, anthropologists reported. They said the finding of more than 80 skeletons was providing new insights into the instantaneous deaths suffered by victims of the eruption of Vesuvius 1,900 years ago. The human remains are expected to yield a rich lode of scientific information about the lives and health of typical Roman citizens. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1008.00 (-13.43, -1.31%)
S&P Composite: 135.42 (-1.61, -1.17%)
Arms Index: 1.38

	Issues	Volume*
Advances	349	14.43
Declines	1,334	76.26
Unchanged	298	12.22
Total Volume		102.91

* 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 15, 1982	1021.43	137.03	78.89
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