News stories from Wednesday July 8, 1970

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

Israel is charging that there are 8,000 Soviet advisers in Egypt; the United Arab Republic denies that the Soviets are acting in a military capacity and claims that Israel is seeking more U.S. military aid.Soviet influence is growing in the Mideast; the flow of Arab oil may be affected. [CBS] Some think that the Mideast is more dangerous than Indochina. The United States can't stand increased Mideast intervention and wants talks with Russia. Soviet influence is growing, which may affect the flow of Arab oil; oil companies fear violence. Europe and Japan get 75% of their oil from the Mideast. [CBS] U.S. and North Vietnamese troops clashed near Khe Sanh, South Vietnam. [CBS] The White House denounced the methods being used at South Vietnam's Con Son prison. [CBS] The U.S. is considering troop withdrawals from South Korea. [CBS] Three nights of racial violence have jarred Asbury Park, New Jersey. The seaside resort has been torn up by blacks. State troopers were called in; 44 blacks were treated for gunshot wounds. Residents say that the troopers are provoking violence, but Mayor Joseph Mattice claims that "outside forces" are fomenting the trouble. [CBS] President Nixon has asked Congress to give American Indians control of their own government funds. [CBS] 14 Senators have asked the FCC to require networks to broadcast anti-war views. McGovern-Hatfield amendment supporters want air time to present their case. Senator Charles Goodell believes that the amount of television time given to the President should be matched by dissenting views. [CBS] The FTC reported that 85% of movies shown on television are cut to fit time spots and to remove questionable material. [CBS] The Senate has puts a $20,000 ceiling on farm subsidies. [CBS] A recent national survey showed the need for a $33-37 billion anti-water pollution fund for the next six years; only $1.25 billion is now allocated. [CBS] 65 Soviet transport planes of relief supplies for Peru have been delayed in Russia. [CBS] Spiro Agnew watches are a financial success. "Dirty Time, Inc." of Anaheim, California is no longer underground; the firm is Dr. Hale Dougherty and his family. They didn't expect their business to boom as it has. Dr. Dougherty ignores the political aspect of his business, and Mrs. Dougherty says that she likes Agnew as Vice President.The Vice President's office has ordered 17 of the company's watches; Agnew stated that he hopes sales of the watches will benefit the families of POWs. [CBS]

Stock Market Report

Dow Jones Industrial Average: 682.09 (+12.73, +1.90%)
S&P Composite: 73.00 (+1.77, +2.48%)
Arms Index: 0.52

	Issues	Volume*
Advances	936	8.42
Declines	354	1.65
Unchanged	270	0.90
Total Volume		10.97

* 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 7, 1970	669.36	71.23	10.47
July 6, 1970	675.66	71.78	9.34
July 2, 1970	689.14	72.92	8.44
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