News stories from Wednesday May 6, 1970

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

North Vietnam may be launching a major counter-offensive in the demilitarized zone; the Allies opened three drives into Cambodia. Few soldiers in Vietnam want a Cambodian mission, and some won't go. Morale is very low and supplies are bad -- the men hesitate, but go. [CBS] The House rejected legislation to restrict the Southeast Asian war. [CBS] The first direct American arms shipment to Cambodia has been made. [CBS] Secretary of Defense Melvin Laird and Secretary of State William Rogers declared that they support President Nixon's Cambodia decision, and denied reports to the contrary. [CBS] North Vietnamese and Viet Cong representatives canceled a peace talks session in Paris due to the allied offensive. [CBS] Student unrest is growing in Saigon. The army is guarding the city, and schools are closed. Americans are barred from the city, and the curfew has been tightened. [CBS] California Governor Ronald Reagan closed all state schools for four days due to the situations regarding Cambodia and Kent State. Students went on strike before Reagan's closure, as President Nixon's actions have united radicals, moderates and faculty. Students have planned demonstrations for when schools reopen.Boston University, Brown University and Tufts University have canceled classes for the year. The Kentucky Governor ordered the National Guard to the University of Kentucky campus with live ammunition and bayonets. A bomb threat from the University of Texas closed the state capitol in Austin. [CBS] Ohio National Guard general Robert Canterbury stated that he knows shots were fired at Kent State Guardsmen, but doesn't know from where; half of the Guard has left the campus. Senators Mike Mansfield and Hugh Scott asked President Nixon for a commission to investigate the shootings. Nixon met with six "straight" Kent State students in Washington today; the students said that the President is concerned and well-informed. They denied the sniper report and said that the Guard was not surrounded or threatened. [CBS] Secretary of the Interior Walter Hickel told President Nixon that his administration's policies do not show concern for young people. Hickel criticized Vice President Spiro Agnew's derision which alienates students and creates trouble. [CBS] The antiwar movement was lagging before President Nixon's decision on Cambodia, but now the national protest over Cambodia and Kent State is increasing. A march is planned around the White House. Security forces closed the area but protestors are coming anyway. [CBS] The Senate wants a government corporation to insure continuation of long-range passenger train service. A bill to keep inter-city lines open is expected to receive House passage. [CBS] Alabama Governor Albert Brewer led George Wallace in the Democratic primary but a run-off is needed. Ohio upsets: Robert Taft beat Governor James Rhodes for the Republican Senate nomination; Democrat Howard Metzenbaum beat John Glenn. Glenn was defeated by a large political advertising campaign, and Glenn claimed that he was heavily outspent. Metzenbaum will use the same tactic in the general election race. [CBS] British Prime Minister Harold Wilson says that a united U.S. is needed more than a free Indochina. The North Vietnamese have violated Cambodia's neutrality for years, and Europe believes that Indochina is not worth fighting over -- their position is to just let the Communists take it. [CBS]

Stock Market Report

Dow Jones Industrial Average: 718.39 (+8.65, +1.22%)
S&P Composite: 79.47 (+0.87, +1.11%)
Arms Index: 0.54

	Issues	Volume*
Advances	937	10.55
Declines	416	2.55
Unchanged	244	1.29
Total Volume		14.39

* 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
Date	DJIA	S&P	Volume*
May 5, 1970	709.74	78.60	10.58
May 4, 1970	714.56	79.37	11.45
May 1, 1970	733.63	81.44	8.29
April 30, 1970	736.07	81.52	9.88
April 29, 1970	737.39	81.81	15.80
April 28, 1970	724.33	80.27	12.62
April 27, 1970	735.15	81.46	10.24
April 24, 1970	747.29	82.77	10.41
April 23, 1970	750.59	83.04	11.05
April 22, 1970	762.61	84.27	10.78