News stories from Friday September 4, 1970

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

The unemployment rate has risen to 5.1%, the highest level in the last six years; inflation is hurting wage increases. AFL-CIO president George Meany blamed the Nixon administration. [CBS] Israeli Foreign Minister Abba Eban hinted that Israel may take military action against United Arab Republic surface-to-air missiles. Prime Minister Golda Meir will visit the United States in two weeks. Israel is unhappy with U.S. slowness to react to United Arab Republic cease-fire violations. [CBS] 10 North Vietnamese divisions are reportedly massing for an offensive in South Vietnam. In Srang, Cambodia, Communists held off government troops then evacuated from the town. [CBS] Saigon police warned disabled veterans that they'll be shot if they continue to protest against the government. [CBS] An East German court tried Americans Jack Strickland and Lyle Jenkins for aiding escapes to the West; both were sentenced to prison terms of up to four years. [CBS] Ralph Nader charges that General Motors knew the Corvair was unsafe from the beginning; he wants all 600,000 recalled. Transportation Secretary John Volpe is investigating. [CBS] The Federal Bureau of Mines revoked a law requiring Washington approval to close mines; local inspectors can now do it. [CBS] The Interstate Commerce Commission rejected a 15% increase in the railroad freight rate. [CBS] The Florida Republican Senate primary features former Supreme Court nominee judge G. Harrold Carswell. Carswell says that Florida needs a conservative Senator and that it's his duty to run; he wants liberals out of the Senate. Governor Claude Kirk backs Carswell.Carswell's main opponent, Rep. William Cramer, stated that President Nixon asked him to run; Cramer claims that he is conservative. George Balmer, the third GOP candidate in the race, wants busing stopped and prayer in schools; Balmer is the most conservative of the three. [CBS] The Soviet Union reported finding a United States space capsule, and is returning it. [CBS] Soviet ballerina Natalya Makarova has been granted political asylum in London. [CBS] The Nixon administration is reviewing college loan funds and may not release ¼ of the money. [CBS] Senator Gordon Allott denounced the Campus Unrest Commission, stating that they lack objectivity. [CBS] The Black Panther convention in Philadelphia will draw up a radical national constitution. Panther Huey Newton says that blacks weren't considered in the current U.S. constitution, so a new one will be written. A Philadelphia policeman was killed last week, but no Panthers are suspected. Police commissioner Frank Rizzo says that the Panthers are at war with the police and that revolutionary killers should be shot.The conference is being held at Temple University; riots are feared. [CBS] An Army group recommends the abolition of reveille and morning formation. [CBS]

Stock Market Report

Dow Jones Industrial Average: 771.15 (+5.88, +0.77%)
S&P Composite: 82.83 (+0.74, +0.90%)
Arms Index: 0.55

	Issues	Volume*
Advances	1,039	12.18
Declines	345	2.21
Unchanged	227	0.98
Total Volume		15.37

* 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*
September 3, 1970	765.27	82.09	14.11
September 2, 1970	756.64	80.96	9.71
September 1, 1970	758.15	80.95	10.44
August 31, 1970	764.58	81.52	10.74
August 28, 1970	765.81	81.86	13.82
August 27, 1970	759.79	81.08	12.44
August 26, 1970	760.47	81.21	15.97
August 25, 1970	758.97	81.12	17.52
August 24, 1970	759.58	80.99	18.91
August 21, 1970	745.41	79.24	13.42