News stories from Monday February 22, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Most South Vietnamese forces are stalled 17 miles inside Laos; U.S. General Clayton Abrams, U.S. ambassador Ellsworth Bunker and South Vietnam President Nguyen Van Thieu attended a conference in Saigon concerning the situation in Laos.
North Vietnam continued its attack on a South Vietnamese outpost, and three American helicopters were shot down. Twenty-five U.S. copters have been destroyed over Laos during the current operation, including six in a single rescue mission.
[CBS] - Lt. William Calley testified in his own defense at the My Lai trial. Calley's testimony concerned his past, his duty in Vietnam, and his reactions to combat. Calley will testify about the My Lai incident tomorrow. [CBS]
- Egypt stated that its offer to sign a peace treaty becomes invalid without a positive Israeli response. Egypt's offer includes a demand for Israel's withdrawal from occupied territory. [CBS]
- Britain announced that it will lift its embargo on arms sales to South Africa and will sell that country seven helicopters. Several African nations protested. [CBS]
- More than 80 people have been killed by tornadoes in the Mississippi delta region. The towns of Inverness and Little Yazoo are nearly totally destroyed. The White House has declared the region a disaster area. [CBS]
- The Supreme Court upheld an appeals court ruling affirming the Army Corps of Engineers' authority to block coastal construction which might damage fish or wildlife. The Court agreed to hear an appeal seeking to stop development of the $35 million Walt Disney Ski Resort in California, and agreed to hear a case challenging state laws which allow merchandise to be repossessed without a hearing. [CBS]
- An industrial-labor committee announced that it would launch an advertising campaign to counteract opposition to the SST. [CBS]
- Administration sources predict that there will be a wage and price freeze on the construction industry within 48 hours; the freeze is expected to be short and selective. Labor Secretary Hodgson is recommending a freeze lasting between 30 days and three months. [CBS]
- President Nixon submitted a bill for federal aid to college students to Congress, emphasizing aid to students of low income families. [CBS]
- A Senate committee began hearings on national health care plans. Senator Edward Kennedy asked what in the administration's program will halt the rising costs of the present health system. Health, Education and Welfare Secretary Elliot Richardson replied that he's unconvinced that anyone's proposals -- including Kennedy's -- will be able to halt rising costs. Labor leaders will present the Kennedy-sponsored health plan tomorrow. [CBS]
- The Pentagon announced a draft call for 2,100 doctors, dentists and osteopaths for July, the first such call since 1969. [CBS]
- In the Army post exchange corruption hearings, a Senate committee heard testimony that William Crum paid kickbacks to a U.S. general. Crum's former business manager testified that 90% of post exchange officials are dishonest, and he told of a general in Vietnam who receives $1,000 per month from Crum. Military brass are scheduled to testify next week. [CBS]
|
Stock Market Report
Dow Jones Industrial Average: 868.98 (-9.58, -1.09%)
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 19, 1971 | 878.56 | 96.74 | 17.86 |
| February 18, 1971 | 885.06 | 97.56 | 16.65 |
| February 17, 1971 | 887.87 | 98.20 | 18.72 |
| February 16, 1971 | 890.06 | 98.66 | 21.35 |
| February 12, 1971 | 888.83 | 98.43 | 18.47 |
| 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 |