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Friday December 4, 1970
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News stories from Friday December 4, 1970


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

  • President Nixon will make his address on the economy tonight. In a reversal of policy, Nixon wants deficit spending for the next two years. The President also wants oil prices to drop, federal mediators to pressure labor unions for smaller wage increases, and ease of credit to help reduce unemployment. [CBS]
  • The Labor Department reported that the unemployment rate was up 0.2% to 5.8% last month; manufacturers were hit hardest. Average earnings were down 66 cents a week. Negro unemployment was down, but the rate was up for whites; women were hit hard too. The AFL-CIO and Democrats are demanding changes, but the White House says it won't change policy and also pointed out that the defeat of the supersonic transport by Democrats in the Senate hurt the employment situation. [CBS]
  • British diplomat James Cross said that the worst part of his captivity was not seeing the sun for 60 days. Police are seeking information on his kidnappers, and they probed the house where Cross had been held. [CBS]
  • A conspiracy to kidnap government officials was uncovered in Ireland; as a result, suspects can now be jailed without trial. The action is aimed at the IRA. [CBS]
  • New York City police arrested six members of the SDS-Weather Underground following an attempted bank robbery. [CBS]
  • A congressional medical panel reported that $1 billion a year is needed to fight cancer. Senator Ralph Yarborough introduced a bill to set up a federal cancer research agency. [CBS]
  • Assistant Welfare Secretary James Farmer plans to resign; he was formerly a civil rights leader. William Ruckelshaus was sworn in today as director of the Environmental Protection Agency. [CBS]
  • Choppy seas are breaking up the oil slick off the north Florida coast. Two Navy ships broke rules by dumping the sludge which caused the slick. [CBS]
  • Firefighters pumped seawater onto the burning Shell oil platform in the Gulf of Mexico. [CBS]
  • The Pentagon announced plans to move nerve gas from Okinawa, Japan, to Johnston Island. [CBS]
  • Saigon reported that U.S. troop withdrawals from Vietnam are ahead of schedule. Fighting was light in South Vietnam and Cambodia today. [CBS]
  • There was strong testimony today against Lt. William Calley. Dennis Conti said that he saw Calley and Paul Meadlo kill Vietnamese civilians; the jury was shown a photograph of children's bodies. Under cross-examination, Conti denied being a drug user. [CBS]
  • Two American soldiers received death sentences for murdering a Korean couple. John Blount and James Walters killed a dope peddler and his wife in Seoul, South Korea. Both claim that they can't remember the incident due to having used drugs. Korean courts are harsh and public opinion is against the men, however the soldiers have a good chance for reversal or reduction of their sentence on appeal. [CBS]
  • The State and Transportation Departments gave the White House conflicting reports on the rejection of a Soviet sailor's defection; the administration wants more information. Coast Guard Rear Admiral William Ellis, Capt. Fletcher Brown and Commander Ralph Eustis are suspended during the investigation. [CBS]
  • The United Nations charged that Portugal did in fact invade Guinea two weeks ago; Portugal denied the report. [CBS]
  • Pope Paul ended his tour of East Asia and returned to Rome. The Pope held an outdoor mass in Hong Kong. [CBS]
  • Labor organizer Cesar Chavez was jailed in California for ignoring court orders about his union's lettuce boycott. Chavez ordered his followers to continue the boycott. [CBS]
  • Fire ripped through a New York City office building, trapping some workers inside; three people were killed. [CBS]
  • In Havre de Grace, Maryland, a nuclear reactor was moved. The 800-ton reactor was hauled through the streets as sand and wood protected the pavement; power lines had to be restrung. A water line burst from the pressure. [CBS]


Stock Market Report

Dow Jones Industrial Average: 816.06 (+7.53, +0.93%)
S&P Composite: 89.46 (+0.56, +0.63%)
Arms Index: 0.68

IssuesVolume*
Advances91010.36
Declines4843.75
Unchanged2741.85
Total Volume15.96
* 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
DateDJIAS&PVolume*
December 3, 1970808.5388.9020.48
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


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