News stories from Wednesday June 10, 1970

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

President Nixon has shuffled his cabinet again. Labor Secretary George Shultz will head the new Office of Management and Budget. The President believes that the new office will simplify government and bring business management to the executive branch. Shultz is now the President's number one economic adviser, a powerful position. Shultz opposes wage and price controls.Former Undersecretary of Labor James Hodgson now heads the Labor Department and FTC chairman Caspar Weinberger is the new budget director under Shultz; former budget director Robert Mayo is now a counsel to the President. The White House shuffle is believed to be only just beginning. [CBS] Education commissioner James Allen has been fired. Allen was the only high Nixon administration official to speak out against the war and was fired, contrary to a White House statement two weeks ago; more Department of Health, Education and Welfare resignations and terminations are expected. [CBS] The White House has reformed its welfare reform plan; national health insurance is to replace Medicaid, and food stamps are now in the plan.A federal anti-poverty agency has granted the National Urban Coalition $2 million for medical help for the poor. [CBS] American Maj. Robert Perry was killed in guerrilla-government crossfire in Amman, Jordan, and 30 foreign reporters are being held hostage there. Arab commandos demand that Jordan halt its shelling of Palestinian refugee camps, and the guerrillas claim that the CIA is on the government's side to replace King Hussein with his brother Hassan Bin Talal. [CBS] Senator Thomas Mclntyre was the only dove on the recent Indochina fact-finding tour. Pennsylvania Governor Raymond Shafer praised the tour and the Cambodian invasion. McIntyre says he doubts that the invasion will have any long-term benefit, and he fears escalation of the war. Senator John Tower claims that the invasion has shortened the war. [CBS] Senator William Fulbright charged that the Army staged a 5,000-man invasion show in Vietnam for Defense Secretary Melvin Laird last year; the Pentagon reports that it was just a training exercise and Laird was aware of that. [CBS] Puerto Ricans are protesting the Navy's use of Culebra Island for target practice. The Navy owns one-third of the island and shells it; the residents are protesting the frequent explosions and claim that economic development on the island is impossible. The Navy plans to increase target operations there. [CBS] Democratic Congressman John McMillan is in a run-off with Negro doctor Claud Stephens in South Carolina. Four other blacks won seats in the state legislature after winning their primaries and facing no opposition in November. [CBS] The Mississippi highway department has taken down welcome signs bearing black and white clasped hands in Fayette, Mississippi; Mayor Charles Evers is upset. [CBS] Georgia Governor Lester Maddox is recovering following a kidney stone operation. [CBS] The New York police department seized a suspect in the bombing of a police headquarters; eight were injured in the blast. The AP got a letter from the Weather Underground group claiming credit for the bombing. [CBS] Gun collector William Thoresen III was shot to death in his home; he had just been cleared of a 1967 illegal weapons charge. Police are questioning Thoresen's wife. [CBS] Fairchild Hiller Corporation, an aerospace company, is protesting NASA's contract award to General Electric, claiming that G.E. got an extra week to bid and used Fairchild's innovations; government auditors are investigating. [CBS] Six female Penn-Central Railroad employees sued the railroad, claiming sex discrimination; they were reassigned as freight checkers. [CBS]

Stock Market Report

Dow Jones Industrial Average: 694.35 (-5.81, -0.83%)
S&P Composite: 75.48 (-0.77, -1.01%)
Arms Index: 1.73

	Issues	Volume*
Advances	382	1.29
Declines	878	5.14
Unchanged	267	0.82
Total Volume		7.25

* 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 9, 1970	700.16	76.25	7.05
June 8, 1970	700.23	76.29	8.04
June 5, 1970	695.03	76.17	12.45
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