News stories from Tuesday May 19, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon reported a budget deficit and wants a tax on leaded gasoline. Decreased federal revenues could cause a $1½ billion shortage this year. The President wants a gas tax to make up the loss and he admitted fears of recession and unemployment. The economy is the Democrats' best campaign issue. [CBS]
- Attorney General John Mitchell declared that wage and price controls are not part of the administration's economic strategy. [CBS]
- The Senate debated the cutoff of Cambodian war funds. Conservative Republicans think the amendment to eliminate funding is a political issue and they accused Democrats of wanting credit for withdrawal. Sponsors claim that the bill is non-partisan. 47% of Senators are for, 31% against the Cooper-Church amendment; compromise is unlikely. [CBS]
- Communists shelled 60 allied bases to celebrate Ho Chi Minh's birthday. The 20,000 South Vietnamese soldiers in Cambodia are planning for a long stay. They want Highway 1 to be kept open and are sharing its defense with Cambodian troops. The U.S. is involved in operations beyond the 21-mile limit. South Vietnamese troops made their deepest Cambodian penetration yet. [CBS]
- Swedish trade minister Gunnar Lange opened the U.S. Trade Center exhibit by criticizing President Nixon's war policy. Jerome Holland, the U.S. Ambassador to Sweden, said that the President is committed to peace. [CBS]
- President Nixon will meet with 15 black university administrators tomorrow. Civil rights leader Whitney Young has linked the Jackson State killings to remarks by President Nixon and Vice President Agnew, stating that Mississippi police interpret the federal administration's statements as license to shoot. Jackson State students refused to allow the removal of evidence from campus, because they fear that the investigators are biased. [CBS]
- The Senate passed a bill protecting federal employees from unnecessary investigation of their political, religious, sexual and financial activities. [CBS]
- Welfare Secretary Robert Finch is in satisfactory condition, but still in the hospital. Supreme Court Justice Thurgood Marshall has pneumonia. [CBS]
- Supreme Court Chief Justice Warren Burger doesn't want there to be an overreaction to court disorders, such as those of the Black Panthers or the "Chicago 7". Burger believes that fundamental rights must not be suspended in order to restore discipline. [CBS]
- President Nixon authorized government records on Supreme Court Justice William O. Douglas to be made available to the committee looking into Douglas' impeachment. [CBS]
- Israeli Foreign Minister Abba Eban renewed his Mideast peace proposal. Israeli jets hit Egyptian targets in the Suez. [CBS]
- The Swiss are tired of the invasion of foreign residents; a proposed law will limit the number of foreigners in the country. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 691.40 (-11.41, -1.62%)
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 18, 1970 | 702.81 | 76.96 | 8.28 |
| 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 |