News stories from Monday May 18, 1970

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

Communists made their deepest plunge ever into Cambodia, the South Vietnamese retook Takeo, and South Vietnamese troops and American advisers have been fighting in Laos. Defense Secretary Melvin Laird reported that the U.S. fighting in Laos doesn't violate the treaty or the constitutional amendment barring action in Laos. U.S. Senators are increasing their moves to cut off funds for fighting in Cambodia. [CBS] Health, Education and Welfare Secretary Robert Finch's illness prevented his meeting with dissatisfied employees today. A statement issued by undersecretary John Veneman defended Finch's civil rights and other policies. The staff is disappointed; morale is low. [CBS] Senator William Fulbright claims that the success of the Cambodian invasion has been small. Clark Clifford, who was Lyndon Johnson's Secretary of Defense, says that he opposes the Nixon' administration's Cambodia policy. Clifford believes that extending the war will prolong the killing, escalation has always proven to be bad, and President Nixon hasn't learned from history. [CBS] China won't attend the Warsaw talks as a protest against the U.S. involvement in Cambodia. A Peking broadcast vowed a 100-year fight against the enemy if necessary. [CBS] British Prime Minister Harold Wilson called a general election for June 18; the Labour Party is favored. [CBS] An Ohio coroner reported that all Kent State victims were killed by military-type ammunition, and he dispelled claims of sniper shooting. [CBS] Attorney General John Mitchell flew to Jackson, Mississippi, to investigate the student killings. Investigators are checking conflicting reports -- the police claim that there was sniper fire, blacks say that the police barrage was completely unprovoked. Blacks are boycotting schools and marched on the Governor's mansion today. [CBS] The Congressional Black Caucus charged that President Nixon is alienating Negroes. They are disgusted with the administration's policies and with the President's refusal to meet with black Congressmen. [CBS] Federal Reserve Board chairman Arthur Burns stated that the economy may need temporary wage and price restraints, but not controls. A curb on government spending is what is needed most. Budget director Robert Mayo reported slight deficits in the next two budgets. Housing Secretary George Romney returned 25% of his $60,000 a year salary to the government to aid the fight against inflation. [CBS] It was reported that the military spends $3 billion per year for spying, excluding CIA and State Department operations. [CBS] Neil Armstrong has quit as an astronaut in order to head NASA's aeronautics program. [CBS] Chicago is accusing the city of Milwaukee of polluting Lake Michigan. Illinois Attorney General William Scott vowed to file a lawsuit against Milwaukee. Milwaukee Mayor Henry Maier claims that germs in the water are filtered out. Milwaukee's water is 400 times dirtier than state and federal standards allow; courts will settle the matter. [CBS] Teamsters approved a contract for a $1.10 per hour raise over 39 months. The Chicago area is not covered under the contract. [CBS] National Airlines ended its ground personnel strike by agreeing to a 33% pay increase over three years. [CBS]

Stock Market Report

Dow Jones Industrial Average: 702.81 (+0.59, +0.08%)
S&P Composite: 76.96 (+0.06, +0.08%)
Arms Index: 1.40

	Issues	Volume*
Advances	735	3.54
Declines	588	3.96
Unchanged	252	0.79
Total Volume		8.29

* 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 15, 1970	702.22	76.90	14.57
May 14, 1970	684.79	75.44	13.92
May 13, 1970	693.84	76.53	10.72
May 12, 1970	704.59	77.85	10.85
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