News stories from Tuesday May 12, 1970

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

Fierce tornadoes hit Lubbock, Texas, where 20 people were killed and $100 million worth of damage was left in the tornado's wake. Many homes and large buildings were destroyed. Looters are causing further problems but the National Guard is keeping the peace. [CBS] Defense Secretary Melvin Laird stated that Americans are pulling out of Cambodia and that there will be no U.S. ground combat missions in South Vietnam after next summer; only security forces will remain. All Americans are to be out of Cambodia by June 30. [CBS] Retired General James Gavin fears that the situation in Cambodia could lead to a U.S.-China confrontation. He thinks that military men are seeking a military victory, and Gavin wants a civilian to be in charge of the troop withdrawal process. [CBS] U.S. and South Vietnamese ships blockaded Cambodia's coast in order to halt the flow of Communist supplies. South Vietnam's Mekong River flotilla is now 50 miles past Phnom Penh, picking up Vietnamese refugees with no enemy resistance. [CBS] Israel attacked Lebanon hard; their tanks and jets met some Arab opposition. The U.N. Security Council immediately demanded that Israel withdraw, but the mission was over so Israeli forces were already leaving. [CBS] The Senate unanimously confirmed Supreme Court nominee Harry Blackmun. Blackmun says that he is "troubled" by the power of his new job; he didn't tell reporters much except that he's overwhelmed. [CBS] The National Guard is in Augusta, Georgia, after racial violence there. The murder of a prisoner in the city jail sparked a series of arsons in which 30 business were burned. Five blacks died in the riots. Black and white leaders are seeking the cause of the trouble. A black leader threatened more violence if action is not taken. [CBS] Ralph Nader's team declared that air pollution is "contrived anarchy" and that corporations control the government. Nader accused Senator Edmund Muskie of tailoring the Clean Air Control Bill to industry specifications, which the Senator denied. [CBS] University of Maine students protested the war today by giving blood to be sent to soldiers in Vietnam; 2,300 donors showed up. [CBS] The Selective Service said that student deferments for schools which are currently closed are valid if the students had no control over the closure. [CBS] The AFL-CIO executive council accused the Nixon administration of bad economic policy, and claimed that the economy is in recession. The union wants controlled interest rates, more construction and wage-price controls. [CBS] It was announced that the 1976 Summer Olympics will be held in Montreal and the Winter Olympics will be in Denver, Colorado. The Soviet Union opposed the choice of Denver, wanting the winter games to be held in Moscow instead. [CBS] Attorney General John Mitchell said that he would support legislation to protect newsmen's confidential sources. John and Martha Mitchell will appear on "60 Minutes" tonight. [CBS] President Nixon announced in February that he was abolishing the federal Board of Tea Tasters in order to save $125,000; the tea industry was upset. Now Welfare Secretary Robert Finch says that he will reappoint the 1969 board to set tea standards. [CBS]

Stock Market Report

Dow Jones Industrial Average: 704.59 (-5.48, -0.77%)
S&P Composite: 77.85 (-0.75, -0.95%)
Arms Index: 1.63

	Issues	Volume*
Advances	432	2.24
Declines	879	7.42
Unchanged	259	1.20
Total Volume		10.86

* 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 11, 1970	710.07	78.60	6.65
May 8, 1970	717.73	79.44	6.93
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