News stories from Monday December 6, 1982

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

The House approved 5-cent-a-gallon increase in the gasoline tax to help finance a program to repair highways and create jobs. The gasoline tax was part of a four-year, $71.2 billion program to repair highways and bridges and assist mass transit. Despite the support of both Democratic and Republican congressional leaders, the bill had earlier run into some opposition in the House. [New York Times] The highway renewal program being debated by the House has been promoted as a "jobs" bill by congressional leaders, but many legislators on both sides of the aisle acknowledge it will do little to ease the 10.8 percent unemployment rate. As a result, Democrats have been trying to shape a second measure to deal more directly with the jobless by bolstering job-retraining programs. [New York Times] Taxing some Social Security benefits is favored by Dan Rostenkowski, the Democratic chairman of the House Ways and Means Committee, and backed by the Speaker of the House, Tip O'Neill, according to committee aides. They said that, under the proposal, the revenue derived from making Social Security benefits partly subject to taxation would be returned to the fund from which benefits are paid. [New York Times] A major change in banking practices was approved by federal banking regulators. They authorized commercial banks and savings institutions to offer a checking account that pays unlimited interest rates to customers who maintain a minimum balance of $2,500. [New York Times] Dr. Barney Clark rested comfortably while listening to a tape recording of Handel's "Messiah" four days after his dying heart was replaced by the world's first permanent artificial heart. On Sunday night, the retired dentist snored heavily as he slept for three hours, his longest stretch of sleep since the surgery was performed in Salt Lake City. [New York Times] Separation of abortion activities from all family planning services financed by the federal government is required under new rules prepared for hospitals and clinics by the Department of Health and Human Services. The Public Health Service Act authorizes the government to distribute money for family planning services, but says that none of the money may be used for abortions. [New York Times] An inquiry on Boston's government by a United States Attorney has raised many questions about the 15-year-old administration of Mayor Kevin White. Sources familiar with the inquiry said that federal agents were investigating accusations of abuses in the award of disability pensions to city workers and reports that money had been extorted from contractors doing business with the city. [New York Times] The President cited Japan's attack on Pearl Harbor 41 years ago tomorrow as evidence of the nation's need for effective deterrence as he led a vigorous last-ditch campaign to save the threatened MX missile program. Mr. Reagan invited 76 Representatives to the White House and lobbied them in behalf of the program in advance of a key vote on the MX in the House tomorrow or Wednesday. [New York Times] Moscow, decrying the MX missile, warned that if Washington began deploying the intercontinental ballistic weapon, the Soviet Union would respond by deploying an equally effective missile. [New York Times] Cuts in France's conventional forces are planned, according to Gen. Jean Delaunay, the army chief of staff. He said there would be no increase in military spending from 1984 to 1988 and that more than 30,000 men and two divisions would be eliminated from France's army, which now numbers about 314,000 men. [New York Times] Quebec was rebuffed by Canada's Supreme Court, which rejected the province's claim to a veto over federal constitutional issues. The ruling set the stage for a heightened dispute between the federal authorities and Quebec's separatist leaders. [New York Times] Ian Smith faced rising pressure from the Zimbabwe authorities, who are angered by criticism he expressed about them while he was in the United States. The former Prime Minister and his wife were taken from their farm and escorted to their suburban home, which was searched room by room for four hours. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1055.65 (+24.29, +2.36%)
S&P Composite: 141.77 (+3.08, +2.22%)
Arms Index: 0.38

	Issues	Volume*
Advances	1,031	61.66
Declines	592	13.30
Unchanged	321	8.92
Total Volume		83.88

* 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 3, 1982	1031.36	138.69	71.57
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