News stories from Friday September 3, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The unemployment rate went up to 6.1% for August due to declining steel production; unemployment was up for adult whites and teenagers. Labor Secretary James Hodgson said that the figures reflect the need for the actions which were taken in the new economic policy; the sooner that spending increases, the sooner unemployment will drop. [CBS]
- The Cost of Living Council ruled that most teachers won't receive raises because of the freeze. President Nixon is reportedly opposed to a tax on excess profits. [CBS]
- Vice President Nguyen Cao Ky of South Vietnam has threatened to destroy President Nguyen Van Thieu; U.S. State Department officials are discounting Ky's threats. Secretary of State William Rogers noted that neither South Vietnamese nor American elections are pristine and pure. Rogers also defended the investigation of the leak of the U.S. Strategic Arms Limitation Talks negotiating position to the New York Times. [CBS]
- The Berlin agreement has been signed. East and West Germany must still negotiate the implementation of the agreement, which concedes that West Berlin is not part of West Germany and recognizes East Germany as a state. U.S. Ambassador Kenneth Rush said that the agreement indicates the Soviet Union's desire to move from confrontation to negotiation. The USSR conceded its responsibility for keeping access routes open; West Berliners will be able to visit East Berlin for the first time in five years. [CBS]
- Secretary of State Rogers reiterated U.S. policy toward having both Chinas in the United Nations. The U.S. will introduce a resolution to give Taiwan's Security Council seat to the People's Republic of China, and will keep both Chinas in the General Assembly. Taiwan remaining in the United Nations would increase the chances of reunification. [CBS]
- Several people were hurt in a struggle to subdue a hijacker on an Eastern Airlines flight from Chicago. [CBS]
- In Cuba, the worst of the Havana slums are being torn down and residents are moving to brand new apartments outside the city; families live rent-free in furnished, three bedroom apartments. The new apartments take six months to construct; a labor shortage and a lack of construction materials prevents even more from being built. The Cuban government's goal is new, furnished, rent-free homes for every family. [CBS]
- Col. Oran Henderson's trial continued in Fort Meade, Maryland, as 15 more witnesses testified. [CBS]
- Talk show host Merv Griffin announced that he wants to quit his show. [CBS]
- A Surgeon General advisory committee's report maintains that the more violence a child sees on TV, the more likely he'll be to use violence. [CBS]
- The Atomic Energy Commission established new pollution regulations for its 96 nuclear power plants. [CBS]
- Over 26 million people in East Pakistan have lost their homes as the result of natural disasters and civil war in the past year. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 912.75 (+12.12, +1.35%)
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* |
| September 2, 1971 | 900.63 | 99.29 | 10.69 |
| September 1, 1971 | 899.02 | 99.07 | 10.77 |
| August 31, 1971 | 898.07 | 99.03 | 10.43 |
| August 30, 1971 | 901.43 | 99.52 | 11.14 |
| August 27, 1971 | 908.15 | 100.48 | 12.49 |
| August 26, 1971 | 906.10 | 100.24 | 13.99 |
| August 25, 1971 | 908.37 | 100.41 | 18.28 |
| August 24, 1971 | 904.13 | 100.40 | 18.70 |
| August 23, 1971 | 892.38 | 99.34 | 13.04 |
| August 20, 1971 | 880.91 | 98.33 | 11.89 |