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Tuesday July 6, 1971
. . . where the 1970s live forever!

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 has 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 has 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

IssuesVolume*
Advances7285.36
Declines6263.59
Unchanged2981.46
Total Volume10.41
* 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
DateDJIAS&PVolume*
July 2, 1971890.1999.789.96
July 1, 1971893.0399.7813.09
June 30, 1971891.1499.7015.41
June 29, 1971882.3098.8214.46
June 28, 1971873.1097.749.81
June 25, 1971876.6897.9910.58
June 24, 1971877.2698.1711.36
June 23, 1971879.4598.4112.64
June 22, 1971874.4297.5915.20
June 21, 1971876.5397.8716.49


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