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News stories from Monday January 28, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Former Nixon campaign scheduling director Herbert Porter pleaded guilty to being involved in the Watergate cover-up. Prosecutor Richard Ben-Veniste revealed that Porter lied to the FBI during the early stages of the Watergate investigation. Judge William Bryant will review Porter's background further before deciding on a sentence.
White House aide Stephen Bull appeared before the grand jury which is investigating the 18-minute tape erasure. Bull testified that he has no idea how the tape was erased and insisted that he's not the one responsible for the erasures. Questioned about the internal White House probe into the 18-minute erasure, Bull stated that no such investigation was in progress at the White House, to his knowledge. [CBS]
- Senate Watergate Committee chairman Sam Ervin postponed his committee's hearings at the request of the U.S. attorney in New York. The trial of Maurice Stans and John Mitchell could be prejudiced by the hearings. Senator Lowell Weicker said that he believes Watergate hearings are unlikely to continue in the future, but chief counsel Sam Dash insisted that the investigation is proceeding normally and hearings will once again take place. The committee has encountered difficulty enforcing subpoenas, including one for President Nixon's friend, Bebe Rebozo. [CBS]
- A former White House official said that White House speechwriters and political aides listened to the Watergate tapes or read transcripts from them. Speech writer John Andrews said that he quit his job because of the Watergate policy in the White House. Assistant press secretary Gerald Warren refused to comment about who had access to the tapes. [CBS]
- Lawyer Frank DeMarco conceded that the deed which is on file pertaining to President Nixon's gift of his vice-presidential papers to the National Archive is a copy, but DeMarco insisted that the date on the deed is unimportant. [CBS]
- President Nixon is at Camp David, Maryland, working on his state of the union speech. Today at the White House, Mrs. Nixon entertained the wives of religious broadcasters at a luncheon, and spoke with a CBS reporter about the President. Mrs. Nixon said that the President sleeps well, but he doesn't sleep long hours. Questioned about other rumors regarding President Nixon's restless nights, she stated that her husband is in good health. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 853.01 (-6.38, -0.74%)
S&P Composite: 96.09 (-0.54, -0.56%)
Arms Index: 0.88
| Issues | Volume* |
|---|
| Advances | 635 | 5.60 |
| Declines | 792 | 6.14 |
| Unchanged | 364 | 1.67 |
| Total Volume | 13.41 |
* in millions of sharesArms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish.
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| Market Index Trends |
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| Date | DJIA | S&P | Volume* |
|---|
| January 25, 1974 | 859.39 | 96.63 | 14.85 |
| January 24, 1974 | 863.08 | 96.82 | 15.98 |
| January 23, 1974 | 871.00 | 97.07 | 16.89 |
| January 22, 1974 | 863.47 | 96.55 | 17.33 |
| January 21, 1974 | 854.63 | 95.40 | 15.63 |
| January 18, 1974 | 855.47 | 95.56 | 16.47 |
| January 17, 1974 | 872.16 | 97.30 | 21.04 |
| January 16, 1974 | 856.09 | 95.67 | 14.93 |
| January 15, 1974 | 846.40 | 94.23 | 13.25 |
| January 14, 1974 | 840.18 | 93.42 | 14.61 |
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