News stories from Tuesday January 5, 1971

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

United Nations mediator Gunnar Jarring renewed his efforts for Mideast peace. Yosef Tekoah, the Israeli representative, discussed the possibility of Jarring going to Jerusalem for talks with Foreign Minister Eban. Mohammed el Zayyat of Egypt reportedly accused Israel of playing for time while still occupying Arab territory. If there is no progress, Arabs may go to the U.N. Security Council. [CBS] The Soviet press complained that Russians in the U.S. are targets for pro-Israeli demonstrators, and that the U.S. is cooperating with the demonstrators. The Soviet government sent a note to Washington saying that it can no longer guarantee the safety of American citizens in the USSR. The State Department was concerned and shocked by the threat and stated that our government will act to prevent further incidents with Russians in the United States. [CBS] Chile became the third nation in the Western hemisphere to establish diplomatic relations with Red China. Nationalist China severed diplomatic ties with Chile as a result. [CBS] CBS asked viewers who recognized anyone in last night's film of POWs to call their local military base. There have been many telephone calls, but no definite identifications.Secretary of Defense Melvin Laird said that North Vietnam is failing to treat American POWs according to the rules of the Geneva Convention; Secretary of State Rogers stated that North Vietnam is maneuvering POWs in a way that is inhumane. However, critics feel that the Nixon administration is exploiting the POWs to justify continued U.S. presence in Vietnam. The administration's prisoners of war policy has an important by-product: it deflects criticism by focusing on a safe issue -- the release of POWs. [CBS] A U.S. fighter-bomber was lost over Laos. Defense Secretary Laird left for his tour of Vietnam. Laird stated that the U.S. will meet the May troop ceiling of 284,000. [CBS] President Nixon was disappointed with the last Congress and today he expressed his goals for the next one. Nixon attacked Congress' legislative record and pushed his revenue sharing plan. He also assured cabinet members that their jobs are safe. [CBS] Labor Secretary Hodgson appealed for legislation dealing with national transportation strikes. He proposed that the President be given the power to force settlements. [CBS] Congress gave back a tax loophole to the wealthy that had been denied a year ago. [CBS] The FBI has begun investigations of possible fraud and bribery in federal housing programs. There are examples of speculators who were able to make a 1,000% profit. [CBS] A federal judge in Chicago criticized the Army for spying on civilians, but dismissed a lawsuit on the grounds that no one's rights were violated. [CBS] Four people were formally charged in last year's murder of the Canadian Minister of Labor. Even if convicted, they couldn't receive the death penalty in Canada. [CBS] Angela Davis was arraigned in San Rafael, Calif., on charges of murder, kidnapping and conspiracy. Davis has five lawyers to defend her, and claims that she is innocent. A "Free Angela" demonstration was held outside the San Rafael Civic Center. [CBS] John Wayne had to be restrained from going after a group which was protesting California Governor Ronald Reagan's second inaugural. [CBS]

Stock Market Report

Dow Jones Industrial Average: 835.77 (+5.20, +0.63%)
S&P Composite: 91.80 (+0.65, +0.71%)
Arms Index: 0.86

	Issues	Volume*
Advances	1,043	8.79
Declines	401	2.92
Unchanged	201	0.89
Total Volume		12.60

* 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*
January 4, 1971	830.57	91.15	10.01
December 31, 1970	838.92	92.15	13.39
December 30, 1970	841.32	92.27	19.14
December 29, 1970	842.00	92.08	17.75
December 28, 1970	830.91	91.09	12.29
December 24, 1970	828.38	90.61	12.14
December 23, 1970	823.11	90.10	15.40
December 22, 1970	822.77	90.04	14.51
December 21, 1970	821.54	89.94	12.69
December 18, 1970	822.77	90.22	14.36