News stories from Monday October 26, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The U.N. General Assembly heard a debate between the United Arab Republic and Israel. UAR Foreign Minister Mahmoud Riad denounced U.S. aid to Israel as encouraging force, not peace. Israeli Foreign Minister Abba Eban called for UAR cease-fire violations to be addressed before peace talks resume. [CBS]
- Israel reported that the United Arab Republic surface-to-air missile system on the Suez Canal is one of the world's most advanced; there are now 30-40 SAMs where only a few existed before the cease-fire; there has been an increase in Soviet advisers to the UAR as well. [CBS]
- 6,000 South Vietnamese moved against Communist forces in Cambodia. [CBS]
- General Eugene Forrester got a Silver Star for action in Vietnam. Soldiers now charge that they were ordered to invent heroic acts so the general would receive a medal, and Pentagon investigators are recommending withdrawing the award. Forrester was unaware of the farce. [CBS]
- President Nixon met with Romanian President Nicolae Ceausescu. The U.S. wants Romania to be independent from Moscow. The two leaders discussed trade and Red China; Ceausescu has influence in Hanoi. [CBS]
- The USSR charged General Edward Scherrer and General Claude McQuarrie with violating Soviet air space. The Soviets are still holding the two Americans. [CBS]
- Massachusetts Institute of Technology professor Paul Samuelson received the Nobel Prize for Economics for making economics a more exact science; Samuelson is critical of President Nixon's economic policies. Samuelson says that unemployment is the major American economic problem, but he admitted that inflation was inherited from Lyndon Johnson's administration. [CBS]
- President Nixon signed a bill extending veterans' loans to those serving after 1955; the bill will cost $18.9 million per year. [CBS]
- Vice President Spiro Agnew vowed that President Nixon will appoint a southern strict constructionist to the Supreme Court, and said that judge Clement Haynsworth was a victim of anti-southern bias. [CBS]
- Six Republican Senators campaigned for Senator Charles Goodell in New York. [CBS]
- The California Senate race is close; the Nixon administration is supporting the Republican.
Senator George Murphy is facing Democratic Rep. John Tunney. Tunney is a Yale graduate and a friend of the Kennedy family. Tunney has called for environmental protection and denounced Murphy's acceptance of money from Technicolor while serving in the Senate. Murphy says that he supports having the FBI investigate bombings. Tunney said that his father was a gentlemanly prize fighter and Murphy is a discourteous candidate. Tunney is ahead in the polls.
[CBS] - Arson is suspected in a fire at a Bank of America branch at the University of California-Irvine which caused $125,000 damage. Political slogans were written on the walls. [CBS]
- State prosecutor Seabury Ford and professor Glenn Frank pleaded guilty to violating the ban on discussing the Kent State University indictments. [CBS]
- Draft director Curtis Tarr stated that certain men who are holding deferments can drop them at will and enter the lottery pool late in the year to avoid induction. [CBS]
- President Nixon ordered low-lead gas to be used in government vehicles wherever possible and asked states to do the same; the President's car is excepted. [CBS]
- The President has ordered the government to release information on consumer goods bought by federal agencies. Consumer adviser Virginia Knauer had complained that too little information is available. [CBS]
- The FTC will begin testing the tar and nicotine content of all cigarettes, and tobacco companies will list that content in their ads. [CBS]
- 115 pounds of heroin were seized in Paris, France, worth $20 million in the United States. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 756.43 (-2.95, -0.39%)
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* |
| October 23, 1970 | 759.38 | 83.77 | 10.27 |
| October 22, 1970 | 757.87 | 83.28 | 9.00 |
| October 21, 1970 | 759.65 | 83.66 | 11.33 |
| October 20, 1970 | 758.83 | 83.64 | 10.63 |
| October 19, 1970 | 756.50 | 83.15 | 9.89 |
| October 16, 1970 | 763.35 | 84.28 | 11.30 |
| October 15, 1970 | 767.87 | 84.65 | 11.25 |
| October 14, 1970 | 762.73 | 84.19 | 9.92 |
| October 13, 1970 | 760.06 | 84.06 | 9.50 |
| October 12, 1970 | 764.24 | 84.17 | 8.57 |