News stories from Friday January 8, 1971

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

The unemployment rate went up to 6%, the highest rate in nine years. DNC chairman Lawrence O'Brien says that he is appalled and depressed by the figures. President Nixon blamed the previous administration for the current economic problems. [CBS] United Nations mediator Gunnar Jarring met with Israeli officials in Jerusalem. Israel wants peace negotiations to be held closer to the Middle East, and an unlimited cease-fire. President Sadat of Egypt agreed to an unlimited cease-fire only if Israel withdraws from occupied territory. [CBS] The USSR protested an explosion at the Soviet Cultural Center in Washington, DC; the U.S. condemned the act. The government fears for the safety of Americans in the Soviet Union. [CBS] Defense Secretary Laird is in Vietnam. Electricity output has been cut in Phnom Penh, Cambodia, due to the fuel shortage; fuel may be airlifted from Saigon. [CBS] The British ambassador to Uruguay was kidnapped by guerrillas. No terms for his release are yet known. Brazil released 70 political prisoners in hope of obtaining the release of Swiss ambassador Giovanni Bucher. [CBS] The federal government canceled its cutoff of welfare money to California, saying that Governor Reagan has now agreed to comply with the welfare law. Reagan said that the matter is tied up in court and the federal government is trying to cover up its own blunder. [CBS] A three-year-old girl fell into a construction shaft in Lomita, California. [CBS]

Stock Market Report

Dow Jones Industrial Average: 837.01 (-0.82, -0.10%)
S&P Composite: 92.19 (-0.19, -0.21%)
Arms Index: 1.06

	Issues	Volume*
Advances	717	6.10
Declines	681	6.14
Unchanged	286	1.87
Total Volume		14.11

* 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 7, 1971	837.83	92.38	16.46
January 6, 1971	837.97	92.35	16.96
January 5, 1971	835.77	91.80	12.60
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