News stories from Wednesday May 27, 1970

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

Today's 32-point stock market rise may be a fluke; the rally is not solid and may drop back. The scheduled meeting between President Nixon and business leaders was a partial cause of the market's rally. Forty-three business leaders will attend the White House meeting tonight. Most are political backers of the President, who will use the meeting to try to restore business' faith in the economy. [CBS] It was announced that Preisdent Nixon will speak at Billy Graham's Knoxville Crusade in Tennessee. [CBS] Lebanon ordered a crackdown on guerrillas as a strike hit Beirut. Protestors are on strike against Israel and against the lack of government protection against Arab guerrillas. Israel has set up patrols inside the country. Morocco and Algeria will ask the U.S. not to sell jets to Israel. [CBS] American planes bombed North Vietnam under a "protective reaction" policy after five American helicopters were lost in South Vietnam and Cambodia. In Cambodia, six Americans were wounded and one was killed in a hill assault. A major Communist supply depot was captured. [CBS] The Senate Rules Committee ruled that Senator Mark Hatfield's free mailing privilege was misused for sending antiwar letters; he must pay the post office $2,175. [CBS] Defense Secretary Melvin Laird said that he hopes for increases in Vietnam troop withdrawals this year. [CBS] Cambodia is allying with its neighbors. Thailand is giving aid and South Vietnamese troops will stay until the Communists have been defeated. South Vietnam President Nguyen Van Thieu says that South Vietnam won't "occupy" Cambodia. He wants the Communists' border sanctuaries to be wiped out and needs American support to accomplish that goal. [CBS] Some Soviet officers were arrested for leading a subversive political movement. They may have backed a campaign for intellectual freedom. [CBS] The U.S. 4th Circuit Court of Appeals overturned the Charlotte, North Carolina, busing order. Some schools may stay segregated as long as integration efforts are made. The former desegregation plan was deemed by the court as being too extreme. [CBS] The chancellor of Fordham University has quit in order to become the dean of a small black school in the south. Father Leo McLaughlin wants race relations to be improved. [CBS] A survey showed that 80% of businesses won't hire long-haired men. In Monterey, California, the state unemployment office won't pay benefits to long-hairs because they claim that long hair restricts employability. [CBS] The Oregon state legislature rejected allowing 19-year-olds to vote, using the college campus disorders as the reason for the rejection. [CBS] NASA reported that the pre-launch countdown procedure is what caused Apollo 13's eventual flight trouble. [CBS] Military reservists who were used during the Post Office strike have been declared exempt from one year of military service. [CBS] The House approved $290 million for development of the supersonic transport. [CBS]

Stock Market Report

Dow Jones Industrial Average: 663.20 (+32.04, +5.08%)
S&P Composite: 72.77 (+3.48, +5.02%)
Arms Index: 0.43

	Issues	Volume*
Advances	1,312	16.07
Declines	191	1.01
Unchanged	126	0.36
Total Volume		17.44

* 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 26, 1970	631.16	69.29	17.03
May 25, 1970	641.36	70.25	12.66
May 22, 1970	662.17	72.25	12.17
May 21, 1970	665.25	72.16	16.71
May 20, 1970	676.55	73.52	13.02
May 19, 1970	691.40	75.46	9.48
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