News stories from Tuesday December 1, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon attacked wage and price increases in his second inflation alert. The President blamed the United Auto Workers for higher wages and General Motors for price increases. Economic adviser Paul McCracken warned of more unemployment and inflation if wages and prices are not stabilized. The government also wants lower interest rates and lowered the home mortgage interest rate ceiling to 8%. [CBS]
- The Chrysler Corporation raised prices an average of $15 per car. [CBS]
- Communists launched a rocket attack on a South Vietnam base. Terrorists bombed the American embassy in Phnom Penh, Cambodia; there were no injuries from the bombing. The Nixon administration is not upset, and is using the incident to push aid for Cambodia through Congress. Allies beat back Communists near Phnom Penh. [CBS]
- U.S. negotiator David Bruce told Hanoi that we'll free our POWs one way or another, and he denounced North Vietnamese treatment of American POWs. The United Nations urged immediate repatriation of all ill or wounded POWs. [CBS]
- Lt. William Calley's trial resumed in Fort Benning, Georgia. Robert Maples testified that he saw Calley herd Vietnamese civilians into a ditch and shoot them. [CBS]
- Vietnam veterans are participating in an inquiry into war crimes. Vets are telling of atrocities in Vietnam and being given rewards for killing; the Pentagon will investigate the charges. Dr. Benjamin Spock organized the inquiry. [CBS]
- Israel reported sinking a United Arab Republic spy boat; the boat was also smuggling hashish. [CBS]
- Western European defense ministers pledged more money for their own defense to ease NATO's burden on the United States. [CBS]
- Warsaw Pact nations will meet in East Berlin to examine East-West Berlin tensions. East Germans are harassing traffic to West Berlin. [CBS]
- Two people were killed in an explosion on a Shell Oil rig near New Orleans. Survivors jumped 75 feet from the platform into the water. An oil slick is spreading toward a wildlife refuge. [CBS]
- An oil slick is also approaching the Pennekamp coral reef underwater park off the coast of Florida. An Italian tanker is being sought for causing the slick. [CBS]
- The Senate Public Works Committee questioned assistant Attorney General William Ruckelshaus about his appointment as Environmental Protection Agency director. Senator Edmund Muskie used the opportunity to denounce the Nixon administration's environmental policy. Ruckelshaus said that he will hold the auto industry to pollution standards. [CBS]
- The Senate passed a bill to create a consumer protection agency to represent consumers against government and businesses. [CBS]
- The National Highway Safety Bureau wants cars with reduced power, horns and flashing lights that go off when a car exceeds 85 m.p.h., and speedometers that won't go above 85. [CBS]
- President Nixon appointed Clark MacGregor as chief White House lobbyist; Bryce Harlow has left the White House staff. [CBS]
- It was revealed that presidential adviser Henry Kissinger has had Secret Service protection for a month because he is a possible kidnap victim. [CBS]
- President Luis Echeverria Alvarez was inaugurated in Mexico. Alvarez vowed increased employment and a better economy. [CBS]
- Pope Paul criticized Australia for its laws which limit non-white immigration. The Vatican also denounced Italy's divorce law. [CBS]
- NASA reported that there may be life on other planets; a meteorite was found which contained amino acids. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 794.29 (+0.20, +0.03%)
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* |
| November 30, 1970 | 794.09 | 87.20 | 17.70 |
| November 27, 1970 | 781.35 | 85.93 | 10.13 |
| November 25, 1970 | 774.71 | 85.09 | 13.49 |
| November 24, 1970 | 772.73 | 84.78 | 12.56 |
| November 23, 1970 | 767.52 | 84.24 | 12.72 |
| November 20, 1970 | 761.57 | 83.72 | 10.92 |
| November 19, 1970 | 755.82 | 82.91 | 9.28 |
| November 18, 1970 | 754.24 | 82.79 | 9.85 |
| November 17, 1970 | 760.47 | 83.34 | 9.45 |
| November 16, 1970 | 760.13 | 83.24 | 9.16 |