News stories from Monday December 28, 1970

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

A Trans Caribbean Airways plane crashed in the Virgin Islands when it overran a runway and hit a hill. Two people are dead, seven are missing and 44 were hurt. [CBS] Two tankers sunk in the Atlantic. Twenty-one crewmen are missing from a Panamanian ship and rescue efforts are also underway on a Finnish vessel; the Coast Guard rescued 31 crewmen. High seas wrecked the ship. [CBS] Israel stated that it is ready to resume peace talks and is confident of continued U.S. military aid. The Israelis raided a Palestinian camp; 14 Arabs and one Israeli were killed. [CBS] Many are continuing to protest the death sentence for two Soviet Jews who were convicted of a hijack plot last week. The Vatican and many Western nations have appealed for clemency. Jews protested outside the Soviet embassy in Washington. [CBS] Spain sentenced six Basque separatists to death and nine to prison; one woman was acquitted. General Francisco Franco may commute the sentences. Basques want independence from Spain.The government can hold anyone for six months without charges under the Emergency Act. Protest has been suppressed and the government is seeking increased authority. [CBS] Canada arrested Paul and Jacques Rose and Francis Simard for the kidnap and murder of Labor Minister Pierre Laporte. [CBS] The Senate killed the welfare reform bill and is now working on Social Security; the supersonic transport is still blocked. [CBS] Rep. Mendel Rivers (D, South Carolina) died today following heart surgery. Rivers was an autocrat who loved the military and was a very powerful man in Congress. His successor as committee chairman, Edward Hebert (D, Louisiana), will be less unyielding. Still, Hebert says that the military is his top priority and it must be strong. Hebert trusts Pentagon experts and he stated that President Nixon is doing his job as well as possible. [CBS] Defense Secretary Melvin Laird announced that the 1971 draft call will be lower than 1970, adding that an all-volunteer Army is possible by mid-1973 if Congress allocates the money. [CBS] The Nixon administration denounced North Vietnamese films of POWs as propaganda. [CBS] Communists attacked in South Vietnam, Laos and Cambodia. [CBS]

Stock Market Report

Dow Jones Industrial Average: 830.91 (+2.53, +0.31%)
S&P Composite: 91.09 (+0.48, +0.53%)
Arms Index: 0.84

	Issues	Volume*
Advances	909	7.64
Declines	429	3.02
Unchanged	284	1.64
Total Volume		12.30

* 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*
December 24, 1970	828.38	90.61	12.14
December 23, 1970	823.11	90.10	15.40
December 22, 1970	822.77	90.04	14.51
December 21, 1970	821.54	89.94	12.69
December 18, 1970	822.77	90.22	14.36
December 17, 1970	822.15	90.02	13.66
December 16, 1970	819.07	89.72	14.24
December 15, 1970	819.62	89.66	13.42
December 14, 1970	823.18	89.80	13.81
December 11, 1970	825.92	90.26	15.79