News stories from Wednesday November 17, 1982

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

Edwin P. Wilson was found guilty of smuggling four pistols and an M-16 automatic rifle to Libyan agents overseas in 1979. Mr. Wilson, a former American intelligence agent who made millions of dollars selling arms, explosives and expertise to Libya, is being held on bail totaling $60 million and faces additional trials on federal charges of aiding Libya. [New York Times] Advancing the 1983 income tax cut is under increasing consideration in the Reagan administration. President Reagan said he was weighing a request to Congress to move up the 10 percent personal income tax reduction to January from July in an effort to spur economic recovery. [New York Times] A higher federal gasoline tax is sought by Representative James Howard of New Jersey, who is chairman of the House Public Works and Transportation Committee. He said he would urge Congress in its post-election session to approve a four-year highway and mass transit bill financed in part by increasing the federal gasoline tax by 5 cents a gallon to 9 cents. [New York Times] Women's votes cost Republicans a few key elections this month, according to indications from polls conducted by the television networks among people who had just voted. While the number was small, party strategists are worried about the tendency of women to vote for Democrats more than men do. As Republican governors met in Kansas City, some defeated by women's votes, the issue stirred frustration, argument and concern about 1984. [New York Times] The right of Roman Catholic bishops to speak out on the issue of nuclear weapons was defended by 24 former government officials, prominent scientists and scholars. In a letter, the group said, "there is increasing evidence that we cannot rely on governments to act on this matter in a timely fashion." [New York Times] The cause of Lyme disease has been identified, according to researchers. They say they believe it is a bacterium they isolated in the skin of patients. Lyme disease, which often causes debilitating arthritis and sometimes meningitis, became a disturbing medical mystery when it was first identified in 1975. [New York Times] The Soviet-Chinese talks could lead to a mutual pullback of troops from the Soviet-Chinese border, according to Viktor Afanasyev, the editor of Pravda, who is a key member of the Central Committee of the Soviet Communist Party. His comment was reported by Japanese and Soviet journalists now conferring in Moscow. [New York Times] Reagan administration strategists have privately expressed concern about the improving Soviet-Chinese relations. They believe that both nations are serious about easing tension along their long frontier and that this could lead to a mutual reduction of border forces. [New York Times] Argentina rebuffed President Reagan in rejecting an offer to meet with its President during his coming visit to South America, according to sources in Brasilia and Washington. Brazilian officials acted as intermediaries in Mr. Reagan's initiative. [New York Times] Washington urged Central America to bar the import of "major offensive weapons" and to reduce the number of foreign troops in the region. Secretary of State George Shultz also told the Organization of American States that it would be "devastating" if Latin American countries adopted protectionist policies because of their faltering economies. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1027.50 (+19.50, +1.93%)
S&P Composite: 137.93 (+2.51, +1.85%)
Arms Index: 0.51

	Issues	Volume*
Advances	1,166	65.49
Declines	428	12.35
Unchanged	375	6.60
Total Volume		84.44

* 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 16, 1982	1008.00	135.42	102.91
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