News stories from Friday June 5, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The unemployment rate has increased to 5% due to job losses. Even higher unemployment and interest rates are expected. President Nixon is considering wage and price controls as prices are rising.
The President has told the Treasury Department to publish at least one optimistic economic story each day.
[CBS] - The Pentagon granted a $1.3 billion supersonic bomber contract to North American Rockwell, and General Electric will get $400 million to develop the engines. The worst proposal got the contract; the decision was political more than economic, but it will aid California's employment situation. [CBS]
- Boeing showed Congress a supersonic transport mock-up. The second SST design is better than the first, but it still has problems. The jets will have major noise and runway problems, but Transportation Secretary John Volpe wants SST development and he refuted ecologists' charges. Senate debate begins next month. [CBS]
- North Korea claims that it sunk an American spy ship; the U.S. denies it. A South Korean ship was captured by North Korea. [CBS]
- Communists are fighting for Set Bo, Cambodia; their advance is a major threat to Phnom Penh. Saigon reported that Communists canceled their May general offensive due to the Cambodian drive; the enemy knows allied plans one to four days in advance. [CBS]
- Reporter George Syvertsen's death has been confirmed; Gerald Miller and Welles Hangen are still missing after a Communist ambush last week. [CBS]
- Israeli jets hit Egypt; Arabs held anti-Israel rallies. [CBS]
- The Danish government arrested a Polish hijacker who was seeking political asylum there. [CBS]
- Hijacker Arthur Barkley is in custody. Federal officials shot out the hijacked plane's tires and captured Barkley. Mrs. Barkley says that her husband is an All-American who wouldn't hurt anybody; he was just upset over his $471 income tax case. [CBS]
- President Nixon named Henry Cabot Lodge as U.S. envoy to the Vatican. [CBS]
- The death estimate in the Peru earthquake is now up to 50,000; the U.S. has sent a helicopter for rescue operations. [CBS]
- Two Naval intelligence officers have been reassigned because of their anti-war views. [CBS]
- Ten people were convicted of raiding the Chicago Selective Service headquarters and burning draft records. [CBS]
- Mississippi Governor John Bell Williams gave a televised report on the Jackson State College shootings. Williams reported that sniper fire sparked a police volley, and he claimed that three snipers shot at the police, who defended themselves. Lafayette, Mississippi mayor Charles Evers denounced the Governor's speech. A federal probe is underway. [CBS]
- A San Francisco federal judge charged New York Times reporter Earl Caldwell with contempt for refusing to testify before the grand jury in the Black Panther case; Caldwell claims that his testimony would jeopardize the confidentiality of a news source. [CBS]
- The Republic of San Marino ratified a nuclear non-proliferation pact; their army has 180 men. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 695.03 (-11.50, -1.63%)
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 4, 1970 | 706.53 | 77.36 | 14.38 |
| June 3, 1970 | 713.86 | 78.52 | 16.60 |
| 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 |