News stories from Thursday July 2, 1970

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

The summer labor surplus affects unemployment statistics; the unemployment rate has dropped although 1.3 million more were jobless in June than in May. One in three black youths is jobless; the overall June unemployment rate was 4.7%. [CBS] The Interstate Commerce Commission is investigating Penn Central's bankruptcy at the request of the Senate. [CBS] North Vietnam and the Viet Cong are unimpressed by President Nixon's appointment of David Bruce as the U.S. Paris Peace Talks representative; the Communists say they won't negotiate until U.S. troops leaves Vietnam. [CBS] Fighting in South Vietnam was heavy; the ARVN claimed a victory near the demilitarized zone. The Thai air force hit Communist artillery in Cambodia. [CBS] Former Joint Chiefs of Staff chairman General Earle Wheeler has retired. Wheeler was a military strategist, but did not have an outstanding war record; he was JCS chairman longer than anyone in history. Admiral Thomas Moorer is the new chairman. [CBS] An Atlanta federal judge halted My Lai court-martial proceedings against Sgt. Esequiel Torres until other courts rule on constitutional questions. [CBS] Health, Education and Welfare Secretary Elliot Richardson gave three school districts 30 days to meet desegregation guidelines or lose federal funds; Florida, South Carolina and Texas are affected. [CBS] House Speaker John McCormack has denied knowledge of influence peddling from his office. McCormack was unhappy about testifying against former administrative assistant Martin Sweig for perjury and conspiracy. The Speaker denied knowledge of Sweig's activities but admitted that influence peddler Nathan Voloshen used his office. McCormack said that it's a courteous practice for representatives and aides to intercede with government agencies. [CBS] Preparations are being made for the "Honor America" rally on Saturday in Washington, DC. Billy Graham will be the key speaker. Graham said that the purpose of the day to praise the good points of the United States; donations are pouring in. [CBS] New York's new abortion law is now in in effect; the patient and doctor make the decision, which must occur before the 24th week of pregnancy. The law includes no residency or hospital requirements, and doctors fear that having too many out-of-state applicants will cause a shortage of hospital beds. An abortion reform leader charged the medical profession with reserving abortions for the elite at $600-800. [CBS] The Interior Department warned that mercury and pesticides are endangering the bald eagle. [CBS] Attorney General John Mitchell urged lenience toward political protesters. In San Francisco, Mitchell praised American freedoms and said that he wants rights to be preserved and encouraged; better too much than not enough freedom. [CBS] Queen Elizabeth read the Conservative Party program to the new Parliament; the platform tightens controls on non-white immigration. [CBS]

Stock Market Report

Dow Jones Industrial Average: 689.14 (+1.50, +0.22%)
S&P Composite: 72.92 (-0.12, -0.16%)
Arms Index: 1.63

	Issues	Volume*
Advances	559	2.47
Declines	651	4.70
Unchanged	333	1.28
Total Volume		8.45

* 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*
July 1, 1970	687.64	73.04	8.61
June 30, 1970	683.53	72.72	9.28
June 29, 1970	682.91	72.89	8.77
June 26, 1970	687.84	73.47	9.16
June 25, 1970	693.59	74.02	8.20
June 24, 1970	692.29	73.97	12.63
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