News stories from Tuesday August 11, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon vetoed the education and housing bills as inflationary, for costing $1 billion too much. Each bill is $500 million over the President's budget request. The House will try overriding the education bill veto tomorrow. [CBS]
- The House Ways and Means Committee has introduced a bill to set import quotas on textiles, shoes and other products if needed; a veto is likely. [CBS]
- South Vietnam claims that its forces killed 250 Communists in a major battle for Fire Base O'Reilly. Massive U.S. air strikes pinned down the North Vietnamese unit. [CBS]
- Pvt. George Hardin failed in his second attempt to hijack a plane from Saigon to Hong Kong; a crewman was wounded. Hardin was captured. [CBS]
- The Israelis hit Lebanese guerrillas along the Jordanian border. Arab terrorists raided Israel across the Jordan River. [CBS]
- Senate supporters of expanding the anti-ballistic missile program predicted victory in tomorrow's vote. President Nixon wants the anti-ballistic missile in order to help the U.S. bargaining position at the Strategic Arms Limitation Talks with the Soviets. Three key votes will decide the measure. [CBS]
- Army nerve gas rockets are en route to the North Carolina coast for disposal at sea. [CBS]
- The British Navy admits dumping the toxic materials which are now washing ashore on the Isle of Wight; they also dumped German nerve gas in the 1950's. [CBS]
- Former Vice President Hubert Humphrey spoke to the American Bar Association and denounced left & right-wing extremists as spoiling chances for social progress. [CBS]
- Southern Christian Leadership Conference leader Ralph Abernathy claims that the FBI is tapping his phone; he denied a Time magazine report that tapes of Martin Luther King's conversations were used to get King to tone down his criticism of the FBI. [CBS]
- The FBI has nabbed Reverend Daniel Berrigan. Berrigan is to serve a three-year sentence for destroying draft records; he played cat and mouse with police at antiwar rallies. Berrigan says that he will continue his antiwar resistance. [CBS]
- President Nixon has nominated Federal Trade Commission critic Miles Kirkpatrick to head the FTC. [CBS]
- Inmates in New York City's prison rioted for a second day to protest conditions there; Mayor John Lindsay vowed to make an investigation, and promised no reprisals against the prisoners. [CBS]
- The President's pornography commission report denies that pornography increases sex crimes, but a psychologist told Congress that evidence contradicts the report. [CBS]
- Environmental adviser Russell Train agrees that deadlines to speed the fight against pollution should be set. He will oppose the supersonic transport if it is bad for the environment. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 712.55 (-1.37, -0.19%)
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* |
| August 10, 1970 | 713.92 | 76.20 | 7.58 |
| August 7, 1970 | 725.70 | 77.28 | 9.37 |
| August 6, 1970 | 722.82 | 77.08 | 7.56 |
| August 5, 1970 | 724.81 | 77.18 | 7.66 |
| August 4, 1970 | 725.90 | 77.19 | 8.31 |
| August 3, 1970 | 722.96 | 77.02 | 7.65 |
| July 31, 1970 | 734.12 | 78.05 | 11.64 |
| July 30, 1970 | 734.73 | 78.07 | 10.43 |
| July 29, 1970 | 735.56 | 78.04 | 12.58 |
| July 28, 1970 | 731.45 | 77.77 | 9.04 |