News stories from Thursday February 11, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- On Wall Street, the stock market is booming despite an economy generally in the doldrums. Volume and prices rose during the last two weeks on the stock exchange but a long market slump prior to that has driven out many small investors; large investors account for 60% of stock that changes hands. New York Stock Exchange vice president William Freund says that the two major factors affecting stock prices are interest rates and corporate profits -- the decline in interest rates and rising profits lead to rising stock prices. [CBS]
- The was little ground fighting during South Vietnam's attack in Laos today, but 12 American helicopters have been shot down in the operation so far. There are reports of U.S. "advisers" in Laos despite the Pentagon and White House insisting that no U.S. ground forces are in Laos. [CBS]
- New ambassador-at-large David Kennedy will tour South Vietnam to study postwar economic development problems. [CBS]
- John Connally was sworn in as the new Secretary of the Treasury. Nixon aides consider getting Connally as Treasury Secretary to be a master stroke. The President is planning visits to parts of the U.S. to sell his revenue sharing and government reorganization plans. [CBS]
- President Nixon participated in an international ceremony comprising 62 nations which signed a treaty banning nuclear weapons from the ocean floors. Soviet ambassador Anatoly Dobrynin stated that now is the time to solve other disarmament questions and that the Soviet Union would welcome a treaty limiting strategic arms. [CBS]
- An Israeli newspaper reported that United Nations peace mediator Gunnar Jarring has proposed that Israel withdraw from the Sinai desert, retain the Gaza Strip, and return the Strait of Tiran to Egypt. [CBS]
- Palestinian guerrillas and Jordanian government troops battled on the outskirts of Amman. [CBS]
- The Associated Press reported that the Lithuanian sailor who was returned to a Soviet ship after attempting to defect to the U.S. has not yet been punished. The ship commander is reported to be in a labor camp, however. [CBS]
- The death toll from the Los Angeles earthquake is approaching 60. Eighty thousand residents of the San Fernando Valley are still evacuated from their homes below a damaged dam. There are traffic jams on freeways due to collapsed bridges and cracks in the pavement. Damaged power equipment may cause power a crisis in the summer. [CBS]
- The judge in Charles Manson's trial finally allowed Manson to fire his attorney. [CBS]
- A federal grand jury indicted three soldiers on charges of blowing up a power station at Camp McCoy, Wisconsin, along with a telephone exchange and waterworks. [CBS]
- Rep. Gerald Ford's campaign funds were questioned in an Associated Press story. Ford now admits that he didn't include funds which he turned over to the Republican national headquarters in an accounting report. [CBS]
- Health, Education and Welfare Secretary Richardson announced that 55 welfare investigators will look into the administrative procedures of various state and local welfare programs. [CBS]
- The teachers' strike in Newark, New Jersey is a battle between the two-thirds white teachers' union and black activists at City Hall. The union feels threatened by the "Committee for a Unified Newark" which is led by poet and playwright LeRoi Jones, who has influence at City Hall. Jones stated that Newark needs its teachers to be predominately black, reflecting the fact that most students are black. The teachers union president's car was fire-bombed, and white strikers have been assaulted by blacks. [CBS]
- Senate doves are attempting to limit executive power to commit American troops to battle. Senators are challenging the assumption of the President's right to commit U.S. forces without congressional approval. Senator Jacob Javits has introduced a bill to prevent the commitment of American forces for more than 30 days without Congress' approval. Now that the Gulf of Tonkin resolution has been repealed, the Formosa resolution may be repealed next. Helping defend Taiwan from Red China is a clear case of intervention in a civil war. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 885.34 (+4.25, +0.48%)
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* |
| February 10, 1971 | 881.09 | 97.39 | 19.04 |
| February 9, 1971 | 879.79 | 97.51 | 28.25 |
| February 8, 1971 | 882.12 | 97.45 | 25.59 |
| February 5, 1971 | 876.57 | 96.93 | 20.48 |
| February 4, 1971 | 874.79 | 96.62 | 20.86 |
| February 3, 1971 | 876.23 | 96.63 | 21.68 |
| February 2, 1971 | 874.59 | 96.43 | 22.03 |
| February 1, 1971 | 877.81 | 96.42 | 20.65 |
| January 29, 1971 | 868.50 | 95.88 | 20.96 |
| January 28, 1971 | 865.14 | 95.21 | 18.84 |