News stories from Wednesday July 28, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The federal budget deficit for fiscal 1971 was reported as $23.2 billion; President Nixon had promised a balanced budget at the start of the year. The Commerce Department reported a $362 million trade deficit for June; the index of business indicators was down 0.5% for June. [CBS]
- Senate debate continued on the Lockheed Aircraft loan. The Senate failed to obtain the two-thirds vote needed to end the filibuster; the vote was 59-39. The next vote will take place on Friday. [CBS]
- Stock swindler Edward Wuensche testified before a Senate committee that counterfeit and stolen securities are a $200 million per year racket, and told of banks in which the president is just a figurehead for organized crime. [CBS]
- In Casper, Wyoming, nine-year-old Kevin Dye has been found; he had been hiding for 10 days in the woods and lost 25 pounds during that time. Dye's mother said that because her son is mentally retarded and an epileptic, the family has learned to live through crises involving him. [CBS]
- The Commerce Department introduced standards for flame-proofing children's sleepwear; Senators Warren Magnuson and Frank Moss protested the one-year delay before the standards take effect. [CBS]
- Apollo 15 astronauts wore blindfolds, but still described seeing flashes as reported by astronauts on earlier flights. [CBS]
- William F. Buckley and 10 other prominent conservatives withdrew their support for President Nixon due to his planned trip to China. [CBS]
- Vice President Agnew met with President Nixon and Secretary of State Rogers upon returning from his world trip. Agnew's trip was significant only because of his statements attacking black leaders in America, and controversy over the cost of the trip. [CBS]
- Assistant Secretary of State Joseph Sisco arrived in Israel for discussions on reopening the Suez Canal. [CBS]
- Mohammed Abdel Khalek Mahgoub, the Sudanese Communist party leader, was hung today following a trial in which a prosecution witness failed to implicate Mahgoub in the attempted coup. [CBS]
- Students returning from a trip to the People's Republic of China brought a tape of their conversation with Premier Chou En-lai; Chou said that he intends to discuss ending the Vietnam war with President Nixon, and he won't accept a "two China" policy. [CBS]
- U.S. Paris Peace Talks negotiator David Bruce will attend tomorrow's session, but will be replaced by William Porter next week. [CBS]
- South Vietnam police cracked a heroin and opium smuggling ring between Thailand and South Vietnam. Soldiers who request extended tours of duty in South Vietnam are being tested for heroin addiction.
U.S. troops and helicopters have been ordered to withdraw from bases at Tay Ninh and Lai Khe due to lax South Vietnamese security.
[CBS] - Jurors have been chosen for Capt. Ernest Medina's trial. The jury consists of five men; the prosecution needs four of the five jurors to agree in order to obtain a guilty verdict. Medina has pleaded not guilty to the charges against him pertaining to the 1968 My Lai massacre. [CBS]
- The U.S. Board of Parole denied parole for Daniel and Philip Berrigan. [CBS]
- In Jersey City, N.J., sister Margaret Murtha has been jailed for contempt of court until she agrees to testify concerning her knowledge of a murder. [CBS]
- In Britain, the Labor Party executive committee and the trade union congress general council voted to oppose joining the European Common Market. [CBS]
- Britain's Prince Charles parachuted into the English Channel to complete his RAF pilot training. [CBS]
- National Academy of Sciences president Dr. Philip Handler corrected a report that was made yesterday; he stated that 31,000 cases of smallpox were reported throughout the world last year. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 872.01 (-8.69, -0.99%)
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 27, 1971 | 880.70 | 97.78 | 11.56 |
| July 26, 1971 | 888.87 | 98.67 | 9.93 |
| July 23, 1971 | 887.78 | 98.94 | 12.37 |
| July 22, 1971 | 886.68 | 99.11 | 12.57 |
| July 21, 1971 | 890.84 | 99.28 | 11.92 |
| July 20, 1971 | 892.30 | 99.32 | 12.54 |
| July 19, 1971 | 886.39 | 98.93 | 11.43 |
| July 16, 1971 | 888.51 | 99.11 | 13.87 |
| July 15, 1971 | 888.87 | 99.28 | 13.08 |
| July 14, 1971 | 891.21 | 99.22 | 14.36 |