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Friday July 16, 1971
. . . where the 1970s live forever!

News stories from Friday July 16, 1971

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

  • President Nixon announced that he will visit the People's Republic of China. Henry Kissinger arranged the trip by secretly visiting China and meeting with Premier Chou En-lai. While in China, Nixon is expected to meet Communist party leader Mao Tse-tung; his visit will take place no later than May of 1972. [CBS]
  • Most countries stated their approval of President Nixon's announced trip; South Vietnam and Nationalist China object to the visit. Taiwan ambassador James Shen said that he doesn't think this is the kind of action one ally should take toward another without consultation; he thinks the trip will have an adverse effect on Nationalists on the Chinese mainland, and it will be a feather in the cap for the Communist Chinese leaders.

    Senator Hubert Humphrey said that if President Nixon uses his office to promote peace and security throughout the world, it's a small price to pay for his re-election; Senator William Fulbright said that the President has a chance to improve his relations with Congress by consulting with them on the problems of renewing relations with China; Senator Vance Hartke said that if Nixon can go to China for peace, he can go to Paris to stop the Vietnam war.

    Chinese radio quoted chairman Mao Tse-tung, after Nixon's announcement, calling on the people of the world to unite to defeat American aggressors. [CBS]

  • The President's announcement reflects a shift in international politics. President Nixon may lose the support of the far right if the conclusion of the Vietnam war is unfavorable.

    The People's Republic of China is expected to gain a seat in the United Nations, while Taiwan is expected to lose its U.N. seat. China fears Soviet military power and Japanese economic power; Nixon appears to be more worried about the Soviet threat, especially to Italy. [CBS]

  • East Germany released six Americans it had held between 6-22 months. [CBS]
  • The Gross National Product was up 8% for the second quarter of the year; inflation increased at a rate of 4.2%. [CBS]
  • The UTU has struck the Union Pacific and Southern railroads; other railroads put work rule changes into effect. West coast longshoremen, copper miners and telephone workers continued their strikes. [CBS]
  • Agriculture Secretary Clifford Hardin declared the sleeping sickness epidemic which is killing horses in Texas a national emergency, and he released funds for mosquito spraying and horse vaccinations. Officials in Texas and Louisiana blame the epidemic on the federal government's refusal to institute an early vaccination program. [CBS]
  • Oklahoma Senator Fred Harris announced himself as an "exploratory candidate" for the Democratic presidential nomination. [CBS]
  • Former West Virginia governor W.W. Barron was sentenced to 12 years in prison and fined $50,000 for bribing a juror. [CBS]
  • A UPI poll indicates that Army enlistments are holding steady despite the expiration of the draft law. [CBS]
  • Jeanne Holm has become the first female Air Force general. [CBS]
  • A private survey shows that the number of black babies who were adopted by whites in America between 1968 and 1970 tripled from 700 to 2,200; 40,000 non-white children remain orphans. [CBS]

Stock Market Report

Dow Jones Industrial Average: 888.51 (-0.36, -0.04%)
S&P Composite: 99.11 (-0.17, -0.17%)
Arms Index: 1.08

Total Volume13.88
* 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
July 15, 1971888.8799.2813.08
July 14, 1971891.2199.2214.36
July 13, 1971892.3899.5013.54
July 12, 1971903.40100.8212.02
July 9, 1971901.80100.6912.64
July 8, 1971900.99100.3413.92
July 7, 1971895.88100.0414.52
July 6, 1971892.3099.7610.44
July 2, 1971890.1999.789.96
July 1, 1971893.0399.7813.09

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