News stories from Monday July 6, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The financial threats to Medicare are even more serious than the problems facing the Social Security system, according to the trustees of both programs. The three cabinet members reported that taxes for Medicare already imposed by Congress, including two increases not yet in effect, will be able to keep the medical insurance system solvent for only eight to 10 more years. [New York Times]
- Deeper cuts in housing subsidies than those sought by the Reagan administration have been made by Congress in actions that would save $54 billion over four years. In addition, the budget reductions would require public housing tenants to pay up to 30 percent of their adjusted income for rent. They now pay up to 25 percent. [New York Times]
- A tactical counterattack over taxes has been started by the Democratic leaders of the House. They have mounted a major public relations campaign on behalf of their alternative tax reduction plan. But, recalling their budget defeats, they acknowledge they face an uphill struggle against President Reagan. [New York Times]
- Criticism of nuclear reactor practices has been made in a Department of Energy study. A panel found that the department had not applied to the 35 reactors it owns many of the safety precautions recommended as a result of the 1979 reactor accident at the Three Mile Island plant. The panel concluded that the deficiencies gave cause for concern. [New York Times]
- New hearings for 85 Haitians who were ordered deported will be held by the Justice Department. Attorneys for the Haitians alleged that the earlier proceedings were flawed by violations of the aliens' rights. [New York Times]
- The biggest merger in history is planned by E.I. du Pont de Nemours. The huge chemical company said it had agreed to acquire Conoco, the nation's ninth largest oil concern, for $7.3 billion. If the merger is approved by the government and shareholders of both companies, Du Pont, now the 15th largest American company, would take seventh place. [New York Times]
- Iranian authorities executed 27 people, all described as leftists. It brought to 130 the number of people put to death since the revolutionary authorities began a crackdown on political opponents 17 days ago. [New York Times]
- moves to protect Britain's police were pledged by the government after a weekend of rioting in London and Liverpool that badly injured hundreds of officers and was described by a cabinet minister as "the most worrying situation of its kind this country has ever seen." [New York Times]
- Isabel Peron was freed on parole by an Argentine court. The former President and widow of Juan Peron has been under house arrest since she was overthrown by military leaders five years ago. Lawyers for Mrs. Peron said she would likely stay in Argentina for a day or two before leaving for Panama or Spain. [New York Times]
- Soviet firmness on Afghanistan was reported by Lord Carrington, Britain's Foreign Secretary, after discussions with Foreign Minister Andrei Gromyko. The British minister indicated that Moscow had reacted coolly to a Western European proposal to end the Soviet intervention. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 949.30 (-9.89, -1.03%)
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* |
| July 2, 1981 | 959.19 | 128.64 | 45.09 |
| July 1, 1981 | 967.66 | 129.77 | 49.07 |
| June 30, 1981 | 976.88 | 131.25 | 41.55 |
| June 29, 1981 | 984.59 | 131.89 | 37.93 |
| June 26, 1981 | 992.87 | 132.56 | 39.24 |
| June 25, 1981 | 996.77 | 132.81 | 43.91 |
| June 24, 1981 | 999.33 | 132.66 | 46.65 |
| June 23, 1981 | 1006.66 | 133.35 | 51.84 |
| June 22, 1981 | 994.20 | 131.95 | 41.79 |
| June 19, 1981 | 996.19 | 132.27 | 46.42 |