News stories from Friday May 8, 1970

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

President Nixon is facing his seventh "crisis", the Cambodia situation and student reaction to it. 438 colleges are either closed or on strike, and thousands are in Washington for a protest. The President will hold a news conference tonight. The movement to end the war is growing. [CBS] 250 State Department employees have urged Secretary of State William Rogers to seek a new policy for Indochina. Education Secretary James Allen says that if the Nixon administration's attitude does not change, many will resign. [CBS] The Justice Department expects 100,000 demonstrators tomorrow in Washington. The White House has decided to open the ellipse for the protest; volunteer marshals will keep the peace and practice crowd control. Rally coordinator Ronald Young said that the demonstrators won't attack the police, instead they will ask officers to join in the protest. [CBS] The House released FBI director J. Edgar Hoover's testimony in which he stated that last November's Washington rally was Communist-planned. [CBS] In New York City, construction workers beat up antiwar protesters, broke police lines, stormed city hall and derided Mayor John Lindsay for mourning the Kent State victims. They then raised the flag from half-staff. [CBS] At Ohio State University, students protested U.S. intervention in Cambodia, the presence of the National Guard on campus, and the Kent State shootings. The rally was peaceful. [CBS] North Vietnamese troops battled the South across the demilitarized zone and attacked South Vietnamese towns and killed civilians. Americans probed the captured base in Cambodia but don't think it's the sought-for Communist headquarters. [CBS] South Vietnamese president Nguyen Van Thieu vowed to continue operations in Cambodia. [CBS] President Nixon ignored the last antiwar rally in Washington but is taking a different approach now. The president is trying to console students, change his image and explain his position on Cambodia. Vanderbilt University chancellor Alexander Heard has been appointed as a special campus adviser to the administration. [CBS] University of Wisconsin president Fred Harrington has resigned to become a professor. Harrington says that the National Guard's presence on his campus didn't affect his decision. [CBS] Vice President Spiro Agnew spoke on a taping of the the "David Frost Show". Agnew spoke softly, calling the Kent State shootings murder, but not first degree. [CBS] Former President Harry Truman turned 86 years old today. [CBS] The state of Illinois dropped the charges against the surviving Black Panthers from the Chicago shootout. A surprise raid by police had killed two and wounded four Panthers; the government dropped the charges today for lack of evidence. Only one Panther fired a shot but there were 50 police shots. Two police were wounded: one was cut by glass and one was shot by another cop. [CBS] Federal agents seized 92 pounds of pure heroin in Texas worth $25 million on the street. Four persons were arrested. [CBS]

Stock Market Report

Dow Jones Industrial Average: 717.73 (-5.34, -0.74%)
S&P Composite: 79.44 (-0.39, -0.49%)
Arms Index: 1.30

	Issues	Volume*
Advances	485	1.99
Declines	810	4.32
Unchanged	269	0.62
Total Volume		6.93

* 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 7, 1970	723.07	79.83	9.53
May 6, 1970	718.39	79.47	14.38
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