News stories from Wednesday June 3, 1970

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

President Nixon's Indochina fact-finding delegation left today. The delegation is comprised of supporters of the President's Asian policy, though presidential assistant Bryce Harlow claims that the group is impartial. [CBS] Graduation speakers at the service academies discussed the war. Naval grads were told that President Nixon's Cambodian invasion was courageous. Defense Secretary Melvin Laird told Air Force graduates that he wants troop withdrawals sped up. Vice-president Spiro Agnew spoke at West Point.Twenty percent of the service academy graduates will be in Vietnam by next year. [CBS] Opponents of the war won the first major test debate on Indochina. The Senate defeated an amendment to permit troops in Cambodia for as long as American POWs are there; that vote was just a warm-up for the Cooper-Church amendment. [CBS] The House refused an amendment to raise the national debt ceiling, but won't allow military spending to be cut. [CBS] American reporters are still missing in Cambodia; the newsmen's jeep was found gutted. Four bodies were uncovered, one is believed to be George Syvertsen. Their Cambodian driver escaped from the Viet Cong and reported that the others are prisoners. Syvertsen would be the first American reporter to be killed in Cambodia. [CBS] Cambodian fighting was light. A North Vietnam-besieged garrison near the DMZ was relieved; there were heavy South Vietnamese casualties. [CBS] Laos' Prince Souvanna Phouma is asking for aid for his anti-Communist forces; the Laotian army is ineffective and Laos already receives much U.S. aid. [CBS] There was heavy fighting in the Mideast. Israel and Egypt downed each other's jets. Israel hit Jordan and killed children on the anniversary of Six Day War; this war's end is not in sight. Israeli troops are seeking Arab guerrillas in Lebanon. The Soviet presence in the Mideast is a new danger. [CBS] 2,500 Peruvian earthquake survivors huddled in a sea of mud; 30,000 people have been killed in the disaster as entire cities have disappeared beneath mud. [CBS] George Wallace won the Alabama governor primary; he will have no Republican opponent in the November general election. Wallace used the black "bloc" vote against Albert Brewer. Brewer said that Wallace ran a "nigger, nigger, nigger" campaign. Wallace denied that race was an issue. [CBS] The California primary results are in: Jesse Unruh faces Governor Ronald Reagan in November; John Tunney opposes George Murphy for the U.S. Senate. [CBS] Postmaster General Winton Blount said that he sees little chance of Congress raising first class postage rates from six cents to eight cents. [CBS] Richard Mellon, the financier and philanthropist, has died at age 70. [CBS] President Nixon is reportedly displeased with George Wallace's win in Alabama. Wallace's likely presidential effort in 1972 may yield a House run-off election; electoral college reform is unlikely. [CBS]

Stock Market Report

Dow Jones Industrial Average: 713.86 (+4.25, +0.60%)
S&P Composite: 78.52 (+0.68, +0.87%)
Arms Index: 0.71

	Issues	Volume*
Advances	994	12.13
Declines	391	3.40
Unchanged	197	1.08
Total Volume		16.61

* 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*
June 2, 1970	709.61	77.84	13.48
June 1, 1970	710.36	77.84	15.02
May 29, 1970	700.44	76.55	14.63
May 28, 1970	684.15	74.61	18.91
May 27, 1970	663.20	72.77	17.46
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