News stories from Friday February 12, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Eight more U.S. helicopters were shot down while supporting South Vietnam's attack into Laos; 26 have been shot down since the start of the operation. Laotian Premier Souvanna Phouma fears that Communist China may invade Laos, but President Thieu of South Vietnam is encouraged by the progress of the operation. Thieu says he is ready for serious negotiations whenever North Vietnam is, but South Vietnam will continue to fight until then.
Laos guerrilla radio reported finding six American bodies among dead South Vietnamese troops in Laos; U.S. officials denied the presence of any American ground forces or advisers in Laos. Senator Hart charged that the Nixon administration is treating Congress and the public like "gullible dupes."
[CBS] - Cambodian Premier Lon Nol will be flown to Hawaii for treatment for a stroke he suffered earlier in the week. Deputy Premier Sisowath Sirik Matak will direct the government and the war in his absence. [CBS]
- The death toll in the Los Angeles earthquake passed 60. One survivor of the V.A. hospital collapse spent 58 hours trapped under a sink. City officials say that enough water has been drained from the reservoir behind the damaged dam to allow 80,000 evacuated residents of the San Fernando Valley to return to their homes. [CBS]
- The Federal Reserve Board lowered the discount interest rate from 5% to 4.75%. [CBS]
- The Senate Banking Committee is considering reopening the confirmation hearing of William Casey, who is the nominee for director of the Securities and Exchange Commission, in order to examine charges of Casey having sold unregistered stock. [CBS]
- A labor organization reported that foreign imports eliminated 100,000 jobs for U.S. workers. The report calls for import quotas. [CBS]
- Britain is ready to negotiate with the U.S. to save Rolls Royce's production contract for Lockheed Aircraft jet engines; 6,500 workers are being laid off at Lockheed's plant in Burbank, California. [CBS]
- President Nixon's cousin supports the California Rural Legal Assistance program which is opposed by California Governor Ronald Reagan. Philip Milhous and his wife receive Social Security and welfare; CRLA's assistance enables them to afford pay for someone to care for them. Milhous said that sickness and poor business deals have resulted in his family's current financial condition. CRLA is doing good by helping the poor and uninformed understand the laws. [CBS]
- J.C. Penney, owner of the department store chain, died today at the age of 95. [CBS]
- Detergent makers are now removing enzymes from laundry products, but sales have already been reduced due to concern about the safety of enzymes. [CBS]
- Palestinian guerrillas and Jordanian government forces reached a cease-fire agreement after more fighting today. [CBS]
- An NAACP report stated that black soldiers encounter more discrimination in West Germany than in the United States. [CBS]
- A trial is underway in Saigon for Col. Gerald Curley, who is accused of the use and possession of marijuana and transferring it to enlisted men. [CBS]
- The Army is launching a $3 million television ad campaign aimed at recruiting spring graduates as part of the plan to achieve an all-volunteer army. [CBS]
- The Selective Service recommends allowing 6,000 conscientious objectors to serve in the Peace Corps, Teachers Corps or VISTA. [CBS]
- Joseph Para, the first American deserter to be deported from Sweden, was sentenced at Fort Gordon, Georgia, to 18 months of hard labor, and he will lose all pay and receive a dishonorable discharge. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 888.83 (+3.49, +0.39%)
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 11, 1971 | 885.34 | 97.91 | 19.26 |
| 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 |