News stories from Monday November 23, 1970

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

A U.S. Army-Air Force team failed in an attempt to rescue American POWs in North Vietnam because the POWs had been moved to another camp. Defense Secretary Melvin Laird described the rescue mission which took place 20 miles from Hanoi; there were no serious casualties. The White House asked North Vietnam not to retaliate for the attack. President Nixon helped plan the raid. [CBS] In Paris, the North Vietnamese delegation said that President Nixon is using "gangster tactics" and is violating North Vietnam's sovereignty. North Vietnam will now boycott the peace talks, and they vowed military retaliation. Secretary of State William Rogers said that the White House and Pentagon (excluding the State Department) planned the raid because the State Department feared that the peace talks would be hurt.There was a sharp reaction from Senate doves, led by William Fulbright who denounced the invasion as extending the war. Senator Robert Dole called the raid a success because it showed concern for the POWs. [CBS] Israel charged that United Arab Republic planes flew over Israeli territory. [CBS] Guinea Marxists claim they are fighting against Portuguese invaders; Portugal denied the report. The U.N. has sent observers. [CBS] The Senate failed to override President Nixon's veto of the campaign spending bill. The bill would have limited television and radio political expenses to 7 cents per vote. The White House vowed to make broad reforms even without the bill. [CBS] The House Ways and Means Committee shelved the President's proposal to tax leaded gasoline. [CBS] The Supreme Court ruled that innocent defendants can plead guilty in order to avoid a trial and a stiffer sentence. By refusing to hear a Washington, DC case, the Court effectively ruled that tenants can withhold rent if a landlord lets apartments become run down. [CBS] Medical authorities say that hyperactive kids can be calmed by adult stimulants. Dr. Leo Hollister reported that two California schools currently give 30% of their students drugs in order to quiet them. [CBS] The temperature fell to -21 degrees at Cut Bank, Montana; there is heavy snow along the Rocky Mountains. [CBS] Rescue teams are reaching some of the East Pakistan disaster victims, but helicopters are needed to reach the more isolated victims. American Ambassador Joseph Farland reported that devastation is extensive. [CBS] The Federal Home Loan Bank Board will make $1 billion available for mortgages for next year. [CBS] The Penn Central Railroad asked the federal government for a $200 million loan, otherwise it may have to suspend rail operations. [CBS] The United Auto Workers is asking Ford Motor Company to match the General Motors-UAW contract. G.M. plants have resumed operations. [CBS] Key witnesses spoke at Lt. William Calley's trial. Hugh Thompson testified that he flew over My Lai, saw the dead and wounded victims, and evacuated some Vietnamese civilians. Gary Garfolo stated that he saw Calley at the scene of the massacre. [CBS]

Stock Market Report

Dow Jones Industrial Average: 767.52 (+5.95, +0.78%)
S&P Composite: 84.24 (+0.52, +0.62%)
Arms Index: 1.05

	Issues	Volume*
Advances	899	7.10
Declines	488	4.05
Unchanged	280	1.58
Total Volume		12.73

* 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*
November 20, 1970	761.57	83.72	10.92
November 19, 1970	755.82	82.91	9.28
November 18, 1970	754.24	82.79	9.85
November 17, 1970	760.47	83.34	9.45
November 16, 1970	760.13	83.24	9.16
November 13, 1970	759.79	83.37	11.89
November 12, 1970	768.00	84.15	12.52
November 11, 1970	779.50	85.03	13.52
November 10, 1970	777.38	84.79	12.03
November 9, 1970	777.66	84.67	10.89