News stories from Thursday December 31, 1970

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

The U.S. is about to enter its second decade of involvement in Vietnam; the war began on January 1, 1961. The Viet Cong massacred 20 South Vietnamese soldiers in their camp today after a sentry let the V.C. enter. [CBS] Algeria released two new interviews with American POWs in North Vietnam. Col. Roger Ingvalson denounced the Vietnam war, and Capt. Paul Brown said that the U.S. is destroying Vietnam and should withdraw. The two POWs were selected by North Vietnam for propaganda purposes. [CBS] The USSR commuted the sentences for two Jews from death to 15 years in prison for their attempted hijacking. [CBS] Polish Communist party leader Edward Gierek admitted that the Polish economy is bad. The government is giving money to people who have been hardest hit by recent food price increases. [CBS] Congress killed reform of school desegregation, the Senate passed a food stamp bill, and the supersonic transport bill has been abandoned but another bill will fund the program for three more months. The House passed a bill allowing the President to increase the pay of federal employees at will; a 6% increase is expected. [CBS] President Nixon signed the clean air bill which requires non-polluting cars by 1975. Senator Edmund Muskie sponsored the bill but wasn't invited to the White House signing ceremony. President Nixon claimed credit for the bill although a White House spokesman later acknowledged that Muskie had led the floor battle in the Senate. [CBS] The Labor Department reported that wholesale prices were up 0.1% in December. [CBS] The FCC ruled the major television networks out of the cable television business last year. CBS then organized "Viacom International" to handle cable TV but the FCC got a restraining order against it. CBS president Frank Stanton says that the new corporation is complying with FCC rules. [CBS] The U.S. Bureau of Mines reported that the Hyden, Kentucky, coal mine where 38 men died violated safety laws and federal inspections had been neglected. The government says that there are not enough inspectors. [CBS]

Stock Market Report

Dow Jones Industrial Average: 838.92 (-2.40, -0.29%)
S&P Composite: 92.15 (-0.12, -0.13%)
Arms Index: 0.90

	Issues	Volume*
Advances	658	5.84
Declines	693	5.56
Unchanged	304	2.00
Total Volume		13.40

* 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*
December 30, 1970	841.32	92.27	19.14
December 29, 1970	842.00	92.08	17.75
December 28, 1970	830.91	91.09	12.29
December 24, 1970	828.38	90.61	12.14
December 23, 1970	823.11	90.10	15.40
December 22, 1970	822.77	90.04	14.51
December 21, 1970	821.54	89.94	12.69
December 18, 1970	822.77	90.22	14.36
December 17, 1970	822.15	90.02	13.66
December 16, 1970	819.07	89.72	14.24