News stories from Thursday July 8, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Hopes for peace in Vietnam were dampened at the Paris talks. U.S. negotiator David Bruce announced that the Communists refused a U.S. proposal for a restricted session next week. Communist negotiators are demanding a response to the proposal they made last week, and expressed their willingness to meet with presidential adviser Henry Kissinger. [CBS]
- U.S. helicopters airlifted South Vietnamese forces into Cambodia for a drive on Svay Rieng; South Vietnamese commandos raided an enemy supply dump in northern South Vietnam; Thailand has begun withdrawing troops from South Vietnam. [CBS]
- Israeli soldiers found the rocket launcher which was used in an attack on a Tel Aviv, suburb yesterday; Palestinian guerrillas claimed responsibility for the attack, which hit a hospital. Defense Minister Moshe Dayan said that the incident doesn't affect the cease-fire. Israel has used violent retaliation in response to previous terrorist attacks. [CBS]
- The court-martial of an American officer for participating in an antiwar demonstration in Britain began today. Capt. Thomas Culver demonstrated outside the U.S. embassy in London. He said that his case involves challenging a new regulation which infringes on the first amendment rights of servicemen. [CBS]
- The Strategic Arms Limitation Talks resumed in Helsinki, Finland. The Los Angeles Times and West German magazine Der Spiegel reported that a defecting Russian scientist has provided helpful information on Soviet missiles to U.S. negotiators at the SALT talks. However, British officials maintain that the defector is only an electronics expert, and he has not been questioned by American officials. [CBS]
- Chief economic adviser Paul McCracken told a congressional hearing that inflation and unemployment problems cannot both be solved this year. [CBS]
- The proposed loan to Lockheed Aircraft is facing criticism. Senator Birch Bayh told the Senate Banking Committee that if it is willing to underwrite Lockheed Aircraft, it should be willing to do the same for hospitals, colleges and medical schools. Economist John Kenneth Galbraith said that approval of the loan would prove that the military-industrial complex is alive in Washington, and he urged the committee to reject the loan. [CBS]
- The Associated Press reported that 10 states are cutting back welfare payments. [CBS]
- Frank Fitzsimmons was elected president of the Teamsters union. [CBS]
- A "red tide" has hit the west coast of Florida. An organism gives off a red toxin which is poisonous to fish; workers removed dead fish from beaches between St. Petersburg and Fort Myers. [CBS]
- The Atomic Energy Commission made an underground nuclear test in Nevada; the test was designed to tap underground natural gas. A Las Vegas hotel reported feeling a shock wave from the test.
A suit has been filed to halt a 5 million ton underground nuclear test that is planned for Amchitka Island this fall.
[CBS] - A wake was held in New York City for deceased jazz trumpeter Louis Armstrong; his funeral will be tomorrow. [CBS]
- The state of Illinois filed a suit to obtain the estate of deceased Illinois Secretary of State Paul Powell, including $800,000 which was found in shoe boxes; it is believed that the money was gained through a conflict of interest. [CBS]
- The Berkeley, California, city council repealed hair style rules for police. [CBS]
- The black unemployment problem dominated the NAACP convention in Minneapolis. In the host city, black unemployment fluctuates between 25-40%; it is reported at 25% in San Francisco. NAACP labor director Herbert Hill says that unemployed black youths in cities constitute the greatest potential for urban unrest in America.
The President's Commission on Civil Disorders reported that black ghetto unemployment was the major cause of the 1967 riots. Detroit urban league spokesman Francis Kornegay predicts that black unemployment will be the worst in nine years in Detroit, and warned that frustration may result in physical retaliation.
[CBS] - The Philippine government announced the discovery on Mindanao Island of a lost tribe which has been cut off from civilization for centuries, and is still living in the Stone Age. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 900.99 (+5.11, +0.57%)
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 7, 1971 | 895.88 | 100.04 | 14.52 |
| July 6, 1971 | 892.30 | 99.76 | 10.44 |
| 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 |