News stories from Wednesday June 24, 1970

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

The Senate has repealed the Gulf of Tonkin Resolution, which was used by former President Lyndon Johnson to escalate the Vietnam war. Anti-war Senator William Fulbright voted against repeal because he resents Senator Robert Dole stealing the motion and proposing it for the Republicans. [CBS] The Pentagon admits that Cambodian officers are flying bombing runs with American pilots, but won't comment on the U.S. Air Force supporting Cambodian troops. The policy would reveal a major shift; U.S. pilots should only be protecting American troops. [CBS] Marine Pvt. Thomas Boyd has been cleared of a charge of murdering Vietnamese civilians. [CBS] The U.S. has proposed a Mideast peace plan: the Lebanese government reports that the plan includes a three-month truce, negotiations, and Israel giving up captured land. Secretary of State William Rogers is expected to discuss the plan and the U.S. jet sale to Israel at a news conference tomorrow. [CBS] The Reuters news agency reported that Soviet pilots are flying missions for Egypt, but claims that they are reconnaissance flights only. Syria attacked Israel today and stated that heavy casualties were inflicted. [CBS] Elliot Richardson was sworn in as Secretary of Health, Education and Welfare; former Secretary Robert Finch was sworn in as a presidential counselor. Health, Education and Welfare agency employees staged an anti-war rally and marched to the White House. [CBS] Draft director Curtis Tarr announced a fair lottery system; numbers and dates will be picked from separate drums and matched. [CBS] Transportation Secretary Volpe suggested nationalizing the railroads to prevent the spread of the effects of Penn Central's bankruptcy. [CBS] Power plant construction in the North is behind schedule, so major shortages of electricity are probable during the summer months; the eastern and southeastern coast would be hardest hit. "Brown-outs" and selective blackouts are expected; the power system needs major reform. [CBS] Harlem Rep. Adam Clayton Powell has lost the Democratic primary in his distirct tto Charles Rangel by 205 votes. [CBS] A bridge between Maine and New Hampshire collapsed, killing four and injuring seven workers. [CBS] A bomb blast ripped the Defense Department building in Ottawa, Canada; it may have been the work of militant French separatists. [CBS] It was announced that Mrs. Nixon will help deliver relief supplies to Peru. [CBS] Negotiations with the Japanese regarding voluntary textile export restraints have fallen through; legal import quotas will now be forthcoming from Congress. America is going protectionist, but trade restrictions cut both ways. The U.S. trade surplus is dropping and free trade is threatened. [CBS]

Stock Market Report

Dow Jones Industrial Average: 692.29 (-5.82, -0.83%)
S&P Composite: 73.97 (-0.79, -1.06%)
Arms Index: 0.76

	Issues	Volume*
Advances	282	2.95
Declines	1,061	8.47
Unchanged	213	1.21
Total Volume		12.63

* 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 23, 1970	698.11	74.76	10.79
June 22, 1970	716.11	76.64	8.70
June 19, 1970	720.43	77.05	10.98
June 18, 1970	712.69	76.51	8.87
June 17, 1970	704.68	76.00	9.87
June 16, 1970	706.26	76.15	11.33
June 15, 1970	687.36	74.38	6.92
June 12, 1970	684.21	74.21	8.89
June 11, 1970	684.42	74.45	7.77
June 10, 1970	694.35	75.48	7.24