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Tuesday December 7, 1982
. . . where the 1970s live forever!

News stories from Tuesday December 7, 1982

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

  • The MX missile was threatened as the House voted 245 to 176 to delete funds to produce the weapons in 1983. Fifty Republicans joined 195 Democrats in denying the funds for the $26 billion program to build 100 of the intercontinental weapons. Although the House vote was not the final congressional action, it was a severe setback for President Reagan. [New York Times]
  • The administration accused Moscow of trying to influence the congressional debate over the MX missile with warnings that the Soviet Union would match any new missile produced by Washington. [New York Times]
  • Cuts in Medicare and Medicaid benefits were proposed by the Reagan administration. The proposals would tighten the fee schedule for physicians and make other changes to lower the expected cost of the two federal health programs by $5.2 billion in the next fiscal year. [New York Times]
  • A substitute public works job bill was proposed by Senate Democrats. The 46-member Democratic caucus called for a three-year, $17.9 billion program that would be more expensive and wide-ranging than the highway jobs program adopted earlier today by the House. [New York Times]
  • Barney Clark suffered several seizures while talking with his doctors. The physicians controlled the seizures with drugs and later determined that Dr. Clark, the recipient of the world's first permanent artificial heart, had not suffered a stroke. [New York Times]
  • The execution of a murderer in Huntsville, Tex., by injection of a lethal dose of anesthetics, the first such execution in the United States, sharpened the debate over the moral validity of the death penalty and over whether it can be administered in a humane manner. In reply to criticism, Gov.-elect Mark White of Texas said that "the harshness of the crime is being responded to by a harsh sentence." [New York Times]
  • A town that rejected flood Insurance issued by the federal government was inundated by an overflowing river. The Mayor of the St. Louis suburb of Times Beach said: "We took a gamble and we lost. We lost the entire town." [New York Times]
  • A broadcasting tower toppled as workers in Missouri City, Tex., were lifting an antenna onto its 1,800-foot-high pinnacle. Five men were hurled to their deaths and three workers on the ground were injured. [New York Times]
  • Indians, citing historic water rights, have been at increasing odds with state governments and private interests over the control of the West's scarce water supplies, and more than 50 lawsuits are pending over the conflicting claims. But next week, the heads of three national Indian groups will join Western governors and business officials to seek formulas for out-of-court settlements. [New York Times]
  • Family therapy for alcoholism is being adopted by an increasing number of rehabilitation centers across the nation. Therapists who treat the family as a whole believe that the practice raises the long-term recovery rates of alcoholics and helps family members as well. [New York Times]
  • Fiscal austerity in New Jersey was ordered by Governor Thomas Kean to help close a projected $150 million deficit in the current budget. The executive order cut all state programs and department budgets by 3 percent, starting Jan. 1. At the same time, Mr. Kean said for the first time that he would approve a 1-cent increase in the state sales tax. [New York Times]
  • A police case involving a diplomat who has been secluded in North Korea's mission in Manhattan for nearly three months rather than face charges of sexual abuse has become an international issue. North Korean and American officials are intransigent over their conflicting definitions of diplomatic immunity, and the issue is now being brought before a United Nations committee. [New York Times]
  • The toll in an Ulster bomb attack rose to 11 British soldiers and 5 civilians killed. Sixty-six people were injured in the explosion that ripped through a crowded disco-bar in the town of Ballykelly and hurled a concrete roof onto a dance floor. [New York Times]
  • Pakistan made a nuclear pledge to the United States, according to administration officials. They said that President Zia ul-Haq had told President Reagan that his government did not seek to acquire or make nuclear weapons but wanted nuclear technology for peaceful objectives. [New York Times]
  • U.S. efforts to curb nuclear arms were questioned by Senator Gary Hart, Democrat of Colorado, and Representative Richard Ottinger, Democrat of New York. They said the administration's decision to permit France to provide nuclear fuel for an American-supplied reactor in India "appears to circumvent" Congress's right to review changes in nuclear cooperation agreements. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1056.94 (+1.29, +0.12%)
S&P Composite: 142.72 (+0.95, +0.67%)
Arms Index: 0.77

Total Volume111.62
* 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
December 6, 19821055.65141.7783.89
December 3, 19821031.36138.6971.57
December 2, 19821033.11138.8277.60
December 1, 19821031.09138.72107.84
November 30, 19821039.28138.5493.47
November 29, 19821002.85134.2061.07
November 26, 19821007.36134.8838.81
November 24, 19821000.00133.8867.15
November 23, 1982990.99132.9372.92
November 22, 19821000.00134.2274.96

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