News stories from Friday May 7, 1971

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

The unemployment rate went up to 6.1% for April. Economists predict a moderate economic recovery with more unemployment and inflation, and less productivity than President Nixon wants. Retail sales were up 1.8% for March. [CBS] West Germany will let the Deutschmark float and asked other Common Market countries to let their currencies float also. [CBS] The U.S. has removed restrictions on dollar transactions with the People's Republic of China. [CBS] Secretary of State Rogers met with Israeli leaders. Israel said that it might allow a token number of Egyptian troops to cross the Suez Canal as part of an agreement to reopen the canal. Rogers will meet with the Pope and Italian leaders tomorrow. [CBS] Two U.S. planes destroyed North Vietnamese antiaircraft guns today. A cease-fire in South Vietnam begins tonight in honor of Buddha's birthday. [CBS] The customs bureau is cracking down on soldiers who bring narcotics back from South Vietnam. 170 soldiers have been caught with heroin at Travis Air Force Base this year. Customs inspectors will now open every package of military mail. [CBS] The Army has ordered an investigation into ex-soldier Danny Notley's charges of American troops killing South Vietnamese civilians two years ago; Notley refused to divulge the names of the other soldiers who were involved. [CBS] The Pentagon announced that the destruction of germ warfare weapons will begin on Monday. [CBS] French President Pompidou flew in the Concorde SST. He said that everything great is criticized and vowed that France will go ahead with production of the plane. [CBS] President Nixon urged Americans to observe Mother's Day on Sunday. [CBS] President Nixon welcomed farm leaders to the White House and said that most countries would like to have the U.S. farm surplus problem. [CBS] The worst drought since the 1930's continues in the Southwest. Farmers are being forced to sell cattle at low prices because it is not economically feasible to continue feeding them. [CBS]

Stock Market Report

Dow Jones Industrial Average: 936.97 (-0.42, -0.04%)
S&P Composite: 102.87 (-0.36, -0.35%)
Arms Index: 0.91

	Issues	Volume*
Advances	459	5.04
Declines	931	9.30
Unchanged	295	2.15
Total Volume		16.49

* 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*
May 6, 1971	937.39	103.23	19.30
May 5, 1971	939.92	103.78	17.27
May 4, 1971	938.45	103.79	17.31
May 3, 1971	932.41	103.29	16.12
April 30, 1971	941.75	103.95	17.49
April 29, 1971	948.15	104.63	20.34
April 28, 1971	950.82	104.77	24.82
April 27, 1971	947.09	104.39	21.25
April 26, 1971	944.00	103.94	18.86
April 23, 1971	947.79	104.05	20.15