News stories from Friday December 3, 1982

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

The jobless rate rose four-tenths of a percentage point to 10.8 percent, setting another post-World War II record, the Labor Department reported. About 165,000 people were dropped from payrolls in November, bringing the total number of unemployed to nearly 12 million, according to the Bureau of Labor. Statistics. The rate's increase was far more than many economists had expected. [New York Times] The unemployed will not benefit generally from the road repair and construction bill being considered in Congress, and the measure will provide hardly any special assistance to those industries and regions with the worst unemployment, economists say. [New York Times] The South's economic gains over the last two decades are being reversed by the recession. Half of the Deep South states have unemployment of 10 percent of more, most of them for first since they started keeping employment records. State and local governments have ordered spending cuts that are eliminating or reducing programs ranging from capital improvements to education. [New York Times] Barney Clark's condition improved after the surgery Thursday that made him the first human to have an permanent artificial heart implanted, his physicians said. They said that the polyurethane heart, which has beaten about 200,000 times since it was implanted, had dramatically improved Dr. Clark's condition and that there were no complications. [New York Times] 26 British deaths linked to Oraflex, an anti-arthritis drug, were not disclosed by Eli Lilly & Company, its manufacturer, when it sought the Food and Drug Administration's approval to market the drug in the United States, investigators for the federal agency said. Sales of the drug were suspended in the United States in August. [New York Times] Rupert Murdoch said he reached agreement with 11 unions at The Boston Herald American that would keep the tabloid from shutting down. He announced the labor agreement minutes before the paper was to close. Mr. Murdoch recently agreed to buy the Hearst paper. [New York Times] A new federal policy on cancer being drafted by the Reagan administration would change the way federal regulatory agencies protect the public from cancer-causing substances. Administration and industry officials say that the new policy is need to reflect recent advances in science and to provide more flexibility in regulating carcinogens. [New York Times] A cool reception in Colombia was given to President Reagan by its President and the people in the street. In contrast to the smooth exchanges that had marked the President's Latin American tour since he left Washington for Brazil on Tuesday, President Belisario Betancur used luncheon toasts to air differences over Central American insurgencies, aid, trade and narcotics. Mr. Reagan was also jeered by crowds in the streets. [New York Times] Covert activities in Central America begun by the United States a year ago with limited aims have become the most ambitious paramilitary and political action operation prepared by the Central Intelligence Agency in nearly a decade, intelligence officials say. The C.I.A. has devoted a large proportion of its special operations staff to the Central American effort. It has more than 150 agents based in Honduras and dozens more in neighboring countries, according to intelligence sources. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1031.36 (-1.75, -0.17%)
S&P Composite: 138.69 (-0.13, -0.09%)
Arms Index: 1.07

	Issues	Volume*
Advances	726	27.93
Declines	813	33.36
Unchanged	416	10.25
Total Volume		71.54

* 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*
December 2, 1982	1033.11	138.82	77.60
December 1, 1982	1031.09	138.72	107.84
November 30, 1982	1039.28	138.54	93.47
November 29, 1982	1002.85	134.20	61.07
November 26, 1982	1007.36	134.88	38.81
November 24, 1982	1000.00	133.88	67.15
November 23, 1982	990.99	132.93	72.92
November 22, 1982	1000.00	134.22	74.96
November 19, 1982	1021.25	137.02	70.30
November 18, 1982	1032.10	138.34	77.62