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Friday August 28, 1970
. . . where the 1970s live forever!

News stories from Friday August 28, 1970

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

  • The House approved President Nixon's minimum family income plan, but the Senate is stalling. The President compromised and agreed to a one year delay for the program, presidential adviser Daniel P. Moynihan has stressed the urgency of passing the bill. [CBS]
  • The Senate rejected a 7% cut in the Defense Department budget. [CBS]
  • Vice President Spiro Agnew told Cambodian Premier Lon Nol that the United States will aid his country; the Vice President is currently in Thailand. The U.S. will pay 12,000 Thai mercenaries $400 each as mustering out pay; 12,000 troops were withdrawn from South Vietnam. [CBS]
  • Indochina is quiet after heavy battles last week. At Prek Tamak, Cambodia, government forces beat back the Communists; morale is high. U.S. aircraft continue to support Cambodian troops. [CBS]
  • Israelis fought Arab guerrillas today. Israel stated that it will accept U.S. troops as Mideast peacekeepers. [CBS]
  • Soviet Communist party leader Leonid Brezhnev wants better relations with China, and he denied strengthening ties with the West. The Soviet Union and China are both massing troops on their border.

    Soviet Premier Alexei Kosygin will attend the U.N.'s 25th birthday in New York City. [CBS]

  • The Penn Central Railroad asked a federal judge to defer their taxes for one year; the railroad owes $85 million in taxes. [CBS]
  • The Wenatchee National Forest is ablaze in Washington state with the worst fires in the history of the park; a logging town is threatened. [CBS]
  • Former President Lyndon Johnson donated land in Austin for a nursing home; President Nixon revoked it and later returned it under pressure from Johnson. [CBS]
  • The American Legion convention opened in Portland, Oregon, with no incidents. [CBS]
  • The Treasury Department is investigating the prices of Japanese televisions; they cost less in the United States than they do in Japan. [CBS]
  • The Agriculture Department expanded DDT restrictions to cover food, livestock and timber. [CBS]
  • Federal agents have found dangerous levels of mercury in seized Tennessee moonshine. [CBS]

Stock Market Report

Dow Jones Industrial Average: 765.81 (+6.02, +0.79%)
S&P Composite: 81.86 (+0.78, +0.96%)
Arms Index: 0.59

Total Volume13.82
* 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
August 27, 1970759.7981.0812.44
August 26, 1970760.4781.2115.97
August 25, 1970758.9781.1217.52
August 24, 1970759.5880.9918.91
August 21, 1970745.4179.2413.42
August 20, 1970729.6077.6410.17
August 19, 1970723.9976.969.87
August 18, 1970716.6676.209.50
August 17, 1970709.0675.336.94
August 14, 1970710.8475.187.85

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