News stories from Tuesday July 6, 1971

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

President Nixon met with steel industry negotiators and presented them a 54-page analysis of the steel industry. Presidential adviser George Shultz said that Nixon emphasized both sides in the steel industry negotiations, stressing the need of a constructive settlement to make the industry more competitive worldwide.The President met with news executives in Kansas City, Missouri, and warned of growing decadence in America. [CBS] The Treasury Department reported that the national debt increased $26 billion in the last fiscal year; congressional experts reported that the budget deficit will exceed $23 billion. [CBS] Several U.S. banks raised their prime interest rate from 5.5% to 6%; House Banking Committee chairman Wright Patman urged President Nixon to cancel the increase. [CBS] At the Paris Peace Talks, Viet Cong negotiator Madame Nguyen Thi Binh said that the Communists' peace proposal is not inflexible. [CBS] Typhoon Harriet halted the Vietnam war in the northern province of South Vietnam; U.S. planes continued bombing enemy positions. [CBS] New union president Frank Fitzsimmons addressed the Teamsters convention in Miami Beach, Florida. Fitzsimmons criticized government wage controls without price controls and asked where the plans are for a peacetime economy; he said that the union negotiates not only wages, but dignity and pride. [CBS] New Orleans district attorney Jim Garrison filed charges against the two federal attorneys who filed charges against him last week. [CBS] Los Angeles Mayor Sam Yorty is acting as a disc jockey on a morning radio show. Yorty is substituting for one week for a popular deejay. [CBS] Apollo 15 astronauts have been moved into isolation to prevent them from catching any diseases before their July 26 flight. [CBS] Jazz trumpeter Louis Armstrong died today at the age of 71. [CBS]

Stock Market Report

Dow Jones Industrial Average: 892.30 (+2.11, +0.24%)
S&P Composite: 99.76 (-0.02, -0.02%)
Arms Index: 0.78

	Issues	Volume*
Advances	728	5.36
Declines	626	3.59
Unchanged	298	1.46
Total Volume		10.41

* 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 2, 1971	890.19	99.78	9.96
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