News stories from Friday July 2, 1971

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

It is being reported that the Soyuz II cosmonauts were reportedly killed by depressurization of the spacecraft during re-entry; the depressurization was caused by a loose hatch. In Moscow, a funeral procession was hein Red Square, followed by the burial of cremation urns in the Kremlin wall. Apollo 10 astronaut Thomas Stafford represented President Nixon at the funeral. [CBS] Former Secretary of State Dean Rusk admits underestimating the determination of North Vietnam. Speaking at the University of Georgia, Rusk said the policy in 1965 was to use enough force in South Vietnam to prevent being overrun, but he underestimated North Vietnam's tenacity. Rusk believes that North Vietnam has not seriously negotiated since 1968 because of division within America.Defense Secretary Melvin Laird ordered all secret government papers removed from the custody of the Rand Corporation. [CBS] Defense Secretary Melvin Laird said that American forces could be withdrawn from South Vietnam by the end of the year, but much equipment would have to be left behind. [CBS] South Vietnamese forces are rebuilding Fire Base Fuller. U.S. bombers and artillery bombed enemy positions near the DMZ. U.S. command in Saigon said that the air raid into North Vietnam on Wednesday was in retaliation for an enemy rocket attack. [CBS] The U.S. is sending two envoys to Egypt to propose procedures for talks on reopening the Suez Canal. [CBS] The unemployment rate in June was down to 5.6%; critics noted that the figure is seasonally adjusted. [CBS] The isolation and extraction of a human cancer virus was announced by researchers in Houston. [CBS] The "Ecology Corps" began training its first 500 men; the corps is composed of conscientious objectors, and was proposed by California Governor Ronald Reagan. Corps members will be assigned duties such as fighting forest fires. [CBS] The FDA said that tons of fireworks have been seized under a new federal law as the 4th of July approaches. [CBS] The FTC announced that ITT's Continental Baking Company will run commercials admitting that Profile bread doesn't help people lose weight. [CBS] New York City police have linked the shooting of Italian-American Civil Rights League founder Joseph Colombo to an underworld power struggle in the Italian community; Colombo is still in critical condition. [CBS] Three members of a British submarine crew were rescued from their sunken submarine. [CBS] A Braniff Airlines plane was hijacked en route to San Antonio, Texas; hijackers got $100,000 for releasing the passengers in Monterrey, Mexico and then flew to a Caribbean Island. [CBS] British Parliament member Bernadette Devlin announced that she is four months pregnant, and unmarried. [CBS]

Stock Market Report

Dow Jones Industrial Average: 890.19 (-2.84, -0.32%)
S&P Composite: 99.78 (0.00, 0.00%)
Arms Index: 0.99

	Issues	Volume*
Advances	679	4.40
Declines	640	4.10
Unchanged	341	1.47
Total Volume		9.97

* 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*
July 1, 1971	893.03	99.78	13.09
June 30, 1971	891.14	99.70	15.41
June 29, 1971	882.30	98.82	14.46
June 28, 1971	873.10	97.74	9.81
June 25, 1971	876.68	97.99	10.58
June 24, 1971	877.26	98.17	11.36
June 23, 1971	879.45	98.41	12.64
June 22, 1971	874.42	97.59	15.20
June 21, 1971	876.53	97.87	16.49
June 18, 1971	889.16	98.97	15.04