News stories from Thursday May 13, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Boeing chairman William Allen estimated that it would cost $1 billion to restart the SST project because Boeing must reestablish hundreds of subcontracts if the SST project is revived.
The House vote to revive the SST yesterday was the result of a well-organized campaign led by Rep. Gerald Ford.
[CBS] - President Nixon asked Congress to guarantee the $250 million loan to Lockheed Aircraft. [CBS]
- Lt. William Calley has been confined to his apartment since being convicted. Those who write to Calley receive a letter and petition to sign favoring his pardon. Calley has received $20,000 in donations. [CBS]
- No progress was reported as the fourth year of the Paris Peace Talks began. [CBS]
- South Vietnamese forces repulsed North Vietnamese attacks in the Ashau Valley in heavy fighting. [CBS]
- The Nixon administration is mustering opposition to Senator Mansfield's amendment to cut U.S. troop strength in Europe by half. President Nixon held a meeting with a bipartisan group of supporters and warned that the amendment could jeopardize negotiations with Russia on mutual troop reductions in Europe as well as the Strategic Arms Limitation Talks. [CBS]
- China Premier Chou En-lai said that President Nixon's visit to China could favorably affect U.S.-China relations. [CBS]
- President Sadat of Egypt is facing a struggle for power after five ministers resigned; the situation is reportedly tense. [CBS]
- Henry Ford II said that pollution and safety standards could force a $600 increase in the cost of a car by 1975. [CBS]
- The price of gold rose again; the value of the U.S. dollar declined slightly. [CBS]
- Britain's negotiator with the Common Market predicts British membership by 1973, but the government must still convince the British people to go along with joining. The U.S. supports the Common Market because of the hope of a politically-united Europe resulting from economic unity. [CBS]
- The Senate approved the use of girls as pages, elevator operators, and police. [CBS]
- The Commerce Department reported that first quarter gross national product figures are larger than originally believed; corporate profits were up sharply. [CBS]
- 13 Black Panthers have been acquitted of charges of bombing police stations and department stores, and murdering policemen. [CBS]
- Despite opposition to the recent Supreme Court ruling in busing, the Nixon administration will advise an Austin, Texas, judge to order more busing there. [CBS]
- The Army named three blacks for promotion to Brigadier General; the first black Navy admiral, Samuel Gravely, has been named chief of Pentagon communications. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 936.34 (-1.12, -0.12%)
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 12, 1971 | 937.46 | 102.90 | 15.14 |
| May 11, 1971 | 937.25 | 102.62 | 17.73 |
| May 10, 1971 | 932.55 | 102.36 | 12.81 |
| May 7, 1971 | 936.97 | 102.87 | 16.49 |
| 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 |