News stories from Friday November 6, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Labor Department reported that the unemployment rate is now up to 5.7%. The Bureau of Labor Statistics and the White House blamed the UAW strike against General Motors for the increase. Unemployment was up 0.1% last month and the expected decrease in wholesale prices didn't materialize.
The Nixon administration must improve its economic policies. Unemployment was 3.5% when Nixon took office; now he wants to loosen federal spending and ease loans.
[CBS] - UAW leaders met and may reach a strike settlement with General Motors soon. [CBS]
- The United Arab Republic and Israel said that they'll continue the cease-fire. In Israel, two bombs hit Tel Aviv; crowds attacked Arabs. Israeli troops are on alert but won't shoot unless the Arabs do. [CBS]
- Former United Arab Republic President Gamal Abdel Nasser was honored in Cairo. Arabs ended their 40-day period of mourning for Nasser; leaders are considering their next move against Israel. Arabs feel that only the U.S. and USSR can impose peace on the Mideast. [CBS]
- The Soviets may free the two American generals and a major whose plane made an emergency landing in the Soviet Union two weeks ago. The U.S. State Department expelled a Soviet reporter, forbids the sale of oil refining equipment to Poland, and snubbed a Bolshevik celebration; President Nixon is taking a hard-line approach to get the U.S. officers freed. [CBS]
- The U.S. launched a satellite designed to warn Americans 30 minutes ahead of a Communist missile attack. [CBS]
- Army Sgt. James Hobson was found innocent of trying to blow up a military training center in Germany, but was convicted of disobeying an order. [CBS]
- Italy and China have established diplomatic relations. The Nationalist Chinese ambassador to Italy denounced recognition of Communist China, and the Taiwanese delegation left Italy. [CBS]
- Ethiopian Emperor Haile Selassie is visiting Italy. [CBS]
- Assistant Attorney General William Ruckelshaus was appointed to head the Environmental Protection Agency. [CBS]
- Sailors rescued 14 crewmen from the ship "Caribbean Mist" which sank in a storm in the Atlantic; three or four men are still missing. [CBS]
- Four men sailed from Ecuador to Australia on a raft made of balsa wood. They lived on rainwater and fish during the 7,000 mile trip. [CBS]
- San Francisco cable cars are halted by a strike. Workers won't return until charges are dropped against three operators who were arrested for a scuffle last night. [CBS]
- Detroit police are seeking a man who gave a boy Halloween candy with heroin in it; the boy died. [CBS]
- Deposed Soviet Premier Nikita Khrushchev will publish his memoirs in Life magazine. [CBS]
- Air India stewards and stewardesses started a scruffy strike for higher pay. The men won't shave and the women won't comb their hair or smile. [CBS]
- The federal government is suing General Motors for not telling truck owners of defective wheels. The government is seeking a notification order and a $400,000 fine. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 771.97 (+0.41, +0.05%)
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 5, 1970 | 771.56 | 84.10 | 10.80 |
| November 4, 1970 | 770.81 | 84.39 | 12.18 |
| November 3, 1970 | 768.07 | 84.22 | 11.76 |
| November 2, 1970 | 758.01 | 83.51 | 9.47 |
| October 30, 1970 | 755.61 | 83.25 | 10.52 |
| October 29, 1970 | 753.56 | 83.36 | 10.44 |
| October 28, 1970 | 755.96 | 83.43 | 10.66 |
| October 27, 1970 | 754.45 | 83.12 | 9.68 |
| October 26, 1970 | 756.43 | 83.31 | 9.20 |
| October 23, 1970 | 759.38 | 83.77 | 10.27 |