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Thursday December 3, 1970
. . . where the 1970s live forever!

News stories from Thursday December 3, 1970

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

  • British diplomat James Cross, who was held by French separatists for two months, is now free. Police in Montreal sealed off a four-block area and negotiated with the Quebec Liberation Front; the kidnappers received safe passage to Cuba in exchange for Cross. The kidnappers and their families who are free to go to Cuba does not include those who murdered Pierre LaPorte. Barbara Cross said that her husband lost 20 pounds during his ordeal. [CBS]
  • The Senate rejected funding the supersonic transport; the environment was the key issue. Senator William Proxmire said that the revelation of supersonic effects on the environment changed minds. Senator Barry Goldwater stated that opponents of the SST did a good propaganda job, and Senator Henry Jackson said that the Senate hurt American technology and cost 30,000 jobs by scrapping the SST. [CBS]
  • Democrats announced that they want a temporary wage and price freeze. [CBS]
  • The Senate Appropriations Committee approved the defense budget, but attached a clause banning U.S. ground troops from Cambodia. [CBS]
  • Lt. William Calley's trial continued. Alan Boyce pleaded the fifth amendment yesterday but testified today after receiving a promise that his testimony wouldn't be used against him. Boyce said that he saw Sgt. David Mitchell -- not Calley -- fire into a ditch full of Vietnamese civilians. Paul Meadlo pleaded the fifth amendment; the judge had Meadlo confined. [CBS]
  • Two American transports with 128 men on board are missing in South Vietnam. Fighting was light today in Vietnam and Cambodia. [CBS]
  • A young girl surprised President Nixon while receiving a public service award. As he was praising "upright American youth", college student Debra Jean Sweet told the President that she can't believe in him as long as the Vietnam war continues, adding that it felt good to tell him to his face. Nixon said that he's doing his best, then hurried off. [CBS]
  • Harvard psychiatrist Charles Levy suggests a "reverse boot camp" for Vietnam veterans to readjust them to peaceful society. He believes that the men fear their own capability for violence, and withdraw from people. [CBS]
  • The Justice Department is suing the state of Alabama for refusing to issue a marriage license to an interracial couple. [CBS]
  • Lithuanian sailor Simas Kudirka was refused asylum in America last week. Now the White House says that all defectors in the future will receive asylum until their cases are judged. There may be Coast Guard court-martials and State Department dismissals as a result of the Kudirka case. [CBS]
  • A New York judge issued an order for Angela Davis to be extradited to California to stand trial. [CBS]
  • The fire on the Shell Oil platform in the Gulf of Mexico is spreading from well to well; there are 22 wells on the platform. The fire has caused $22 million in losses, and there is danger of water pollution after the fire is snuffed. [CBS]
  • Navy Secretary John Chafee has ordered Naval ships to stop dumping sludge at sea; dumping is what caused the oil slick off the Florida coast. [CBS]
  • President Nixon said that the U.S. won't reduce its forces in Europe until the Soviet Union reduces theirs. [CBS]
  • An associate of former United Arab Republic President Gamal Abdel Nasser reported that Nasser purposely delayed his response to the Mideast cease-fire request for six weeks in order to move missiles nearer to the Suez Canal. [CBS]
  • The Carnegie Higher Education Commission reported that many universities are in financial trouble due to economic and student unrest. [CBS]

Stock Market Report

Dow Jones Industrial Average: 808.53 (+5.89, +0.73%)
S&P Composite: 88.90 (+0.42, +0.47%)
Arms Index: 1.35

Total Volume20.48
* 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
December 2, 1970802.6488.4817.96
December 1, 1970794.2987.4720.17
November 30, 1970794.0987.2017.70
November 27, 1970781.3585.9310.13
November 25, 1970774.7185.0913.49
November 24, 1970772.7384.7812.56
November 23, 1970767.5284.2412.72
November 20, 1970761.5783.7210.92
November 19, 1970755.8282.919.28
November 18, 1970754.2482.799.85

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