News stories from Monday July 27, 1970

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

Israel has responded to the United States' Mideast peace proposal. Israeli Ambassador Yitzhak Rabin feels that the United Nations is too ineffective to supervise a cease-fire, and. Israel demands that Jordan include the Palestinian guerrillas in the cease-fire. Israel will begin indirect talks with the Arabs once their conditions are met. [CBS] Allies reported that the Communists have retreated back to South Vietnam after their Cambodian offensive, lacking food and ammunition due to strikes on their sanctuaries. UPI reports that allied planes strafed the Angkor Wat temples and killed civilians; the sacred temples weren't supposed to be attacked. [CBS] South Korea's defense minister reported that President Nixon has agreed to delay U.S. troop withdrawal; the Pentagon had said that the pullout from South Korea would start this year. [CBS] Portuguese dictator Antonio Salazar has died at 81; Salazar kept his country out of World War II. [CBS] Benjamin Davis, Cleveland's top police officer, resigned and blasted his boss. Davis said that he didn't have administration support for programs but gave no specific reason for his resignation. [CBS] Linda Kasabian testified at Charles Manson's murder trial. Manson's attorney claimed that Kasabian is insane and noted that she lived a hippie lifestyle. Her testimony was delayed, and will be lengthy. [CBS] Defense Secretary Melvin Laird announced a new policy to curb defense spending. Congress and the public have criticized military contract cost overruns; now the "Fly Before You Buy" approach will put the economic burden on companies instead of the government.President Nixon and economic adviser Paul McCracken will work on next year's budget; a deficit is likely again. [CBS] The U.S. House of Representatives voted to end anonymous voting; their votes on the issue were anonymous. [CBS] Senator Richard Schweiker wants improved military induction medical tests; he claims that the Army is inducting medically-deficient men. [CBS] Health, Education and Welfare Secretary Elliot Richardson said that desegregation will be judged by educational standards, not racial balance, and it must be handled locally. [CBS] The brother of Martin Luther King's assassin was arrested in Savannah, Georgia for shooting a 16-year-old boy who was taking records from the office of a white supremacist. The attorney for Jerry Ray believes that the boy was working for the FBI. The victim is in fair condition; Ray is free on $5,000 bond. The FBI claims that the boy doesn't work for them. [CBS]

Stock Market Report

Dow Jones Industrial Average: 730.08 (-0.14, -0.02%)
S&P Composite: 77.65 (-0.17, -0.22%)
Arms Index: 1.24

	Issues	Volume*
Advances	625	2.82
Declines	636	3.57
Unchanged	299	1.08
Total Volume		7.47

* 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 24, 1970	730.22	77.82	9.52
July 23, 1970	732.68	78.00	12.46
July 22, 1970	724.67	77.03	12.46
July 21, 1970	722.07	76.98	9.94
July 20, 1970	733.91	77.72	11.66
July 17, 1970	735.08	77.69	13.87
July 16, 1970	723.44	76.34	12.20
July 15, 1970	711.66	75.23	8.86
July 14, 1970	703.04	74.42	7.36
July 13, 1970	702.22	74.48	7.45