News stories from Friday December 10, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Alternatives in the MX basing plan would be sought by President Reagan, who is pressing for Senate approval of the missiles' production. Mr. Reagan said he was "perfectly willing to sit down" with Congress and see whether there are alternatives to his plan for closely spaced basing of the missile. At a White House news conference, the President demonstrated his resolve to fight for the MX in Congress, where the House on Tuesday turned down financing for production of the first missiles. [New York Times]
- Producer prices rose six-tenths of 1 percent in November, more than they have increased most months this year, the Labor Department reported. Surges in prices for natural gas and home heating oil and smaller increases in gasoline prices caused much of the increase. Producer prices indicate eventual changes in consumer prices. [New York Times]
- The private-enterprise Olympiad planned in Los Angeles by organizers whose goal is not to rely on public funds for the 1984 Summer Games say that their private-financing plans are proceeding and that they expect to end the two-week event with a surplus. The organizers, a group of business and professional people, won approval from the city council to bid for the Olympics with the stipulation that they do not rely on tax dollars. [New York Times]
- Mandatory busing in Louisiana's East Baton Rouge school system would be replaced under a plan the Justice Department filed with federal district court in Louisiana. A lawyer for the N.A.A.C.P. called the new plan a "segregationist manifesto." [New York Times]
- A filibuster against the gas tax rise proposed to provide money for the repair of highways and bridges began in the Senate by a small group of conservatives. The opponents charged that the proposed increase of 5 cents a gallon would be regressive, and ultimately destroy as many jobs as would be created under the program it would finance. [New York Times]
- Freeman Gosden died in Los Angeles of heart failure. He was the Amos in "Amos 'n Andy," the radio comedy in Negro dialect, one of radio's longest-running programs, broadcast by NBC starting in 1929. He was 83 years old. His partner, Charles Correll, who played Andy, died 10 years ago. [New York Times]
- An income tax for Connecticut was rejected by a bipartisan commission after a nine-month study. It recommended instead that the state expand its existing tax structure to solve its fiscal problems. Voting 13 to 11, the commission turned down a personal income tax that would have been coupled with limits on state spending and reductions in existing taxes. [New York Times]
- Steps to resolve a crisis over European subsidies for farm exports were agreed upon by the United States and the Common Market. The disagreement has threatened to undermine the Atlantic alliance. "First of all, there will not be an agricultural trade war," said Secretary of Agriculture John Block, who has been most outspoken in criticizing the subsidies. [New York Times]
- A sea treaty was signed by 117 nations, but the United States and other major industrial nations did not sign at the ceremonies in Jamaica. The treaty, which codifies law for the seas, is a major step in the governance of sea lanes and ocean resources. President Reagan has firmly rejected the treaty, chiefly because of its seabed mining provisions, but the others that did not sign have not ruled out signing later. [New York Times]
- The Western allies signaled Moscow that they were willing to develop trade and human relations. A communique signed by the United States and its European allies told the new Soviet leadership that a chance was at hand to rebuild a climate of international trust. [New York Times]
- The right of nations to reject direct satellite television broadcasting from abroad was affirmed by the General Assembly of the United Nations in a 108-to-13 vote. Thirteen Assembly members abstained. The television programs opposed by the Assembly would be broadcast directly to residences. [New York Times]
- Nicaragua blamed U.S. "agression" for the deaths of 75 Nicaraguan children who were killed Thursday in the crash of an army helicopter while being evacuated from combat zones in northern Nicaragua. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 1018.76 (-9.20, -0.89%)
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 9, 1982 | 1027.96 | 140.00 | 90.31 |
| December 8, 1982 | 1047.09 | 141.81 | 97.43 |
| December 7, 1982 | 1056.94 | 142.72 | 111.62 |
| December 6, 1982 | 1055.65 | 141.77 | 83.89 |
| 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 |