News stories from Monday February 1, 1971

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

The decision was made to go ahead with Apollo 14's moon landing after astronauts examined the docking mechanism; space center analysts found nothing wrong with the docking probe. The probe must work in order to redock after the moon landing. [CBS] Soviet Premier Kosygin says that Laos has been "invaded", but Laotian officials claim no knowledge of the allied forces' impending attack. The news blackout about the invasion continues. Senator Hubert Humphrey stated that the administration's attempt to justify U.S. involvement in Cambodia and Laos doesn't make sense. Ellsworth Bunker, U.S. Ambassador to South Vietnam, is on his way back to Washington for talks with President Nixon. [CBS] In Danang, South Vietnam, a fuel dump burned following a North Vietnamese rocket attack. The lack of recent rocket attacks is really only due to North Vietnam's decision, not better security in South Vietnam. [CBS] Former prisoners of war commented on the recent North Vietnam film of American POWs, saying that the films differ from the normal POW routine. They said that the films were staged, and answers to interview questions were pre-written. [CBS] The Middle East cease-fire expires on Friday. Israel charged that Egyptian planes flew over Israel-occupied territory near the Suez Canal today. Secretary of State Rogers is appealing to Egypt to extend the cease-fire. [CBS] Traffic to West Berlin was normal again after six days of harassment by East Germany. Economic losses as a result were estimated at $1.5 million. [CBS] President Nixon sent his economic goals to Congress. He predicted a drop in unemployment to 4.5% by mid-1972 along with a reduction in the rate of inflation to 3%. Former economic advisor Walter Heller called those goals "impractical." [CBS] The New York Times reported that John Connally illegally received $225,000 while Governor of Texas. The Senate Finance Committee today reopened hearings concerning Connally's nomination as Secretary of the Treasury. Connally claims that the money was payment for work done before he became Governor. [CBS] Georgia Governor Jimmy Carter named David Gambrell to replace the late Senator Richard Russell. The U.S. Navy is naming submarines for Russell and for former Rep. Mendel Rivers. [CBS] Lockheed Aircraft Corporation has decided to accept a $200 million loss from manufacturing the C-5A aircraft. [CBS] The federal government is threatening to crack down on Detroit for not acting fast enough to cease polluting Lake Erie. Federal water quality administrator Francis Mayo noted that the government has already given Detroit 180 days notice, and any further breach will result in court action. Mayor Roman Gribbs says that the federal government has not given Detroit sufficient money. [CBS] President Nixon's consumer advisor Virginia Knauer warned the advertising industry that it must improve advertising quality or face government reforms. [CBS] Members of the Organization of American States walked out of a meeting to protest a weak anti-terrorism resolution. [CBS] The Census Bureau reported that the U.S. divorce rate in 1970 was up 33% over the 1960 rate. [CBS] Ecuador is demanding that the U.S. withdraw its military mission. The action is a protest against coercive measures in the dispute of the territorial waters' limit. [CBS]

Stock Market Report

Dow Jones Industrial Average: 877.81 (+9.31, +1.07%)
S&P Composite: 96.42 (+0.54, +0.56%)
Arms Index: 0.70

	Issues	Volume*
Advances	1,005	14.20
Declines	452	4.49
Unchanged	229	1.97
Total Volume		20.66

* 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 29, 1971	868.50	95.88	20.96
January 28, 1971	865.14	95.21	18.84
January 27, 1971	860.83	94.89	20.64
January 26, 1971	866.79	95.59	21.38
January 25, 1971	865.62	95.28	19.05
January 22, 1971	861.31	94.88	21.68
January 21, 1971	854.74	94.19	19.06
January 20, 1971	849.95	93.78	18.33
January 19, 1971	849.47	93.76	15.80
January 18, 1971	847.82	93.41	15.40