News stories from Friday April 16, 1971

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

The White House defended the FBI as charges of spying on congressmen continued, calling those charges a political attempt to create fear and intimidation among the public. The FBI admits that its agents were at Earth Day rallies last year to watch troublemakers in the crowds, but not to spy on Senator Muskie; Rep. Boggs did have a tap on his phone but the FBI says there is no way of knowing who put it there. The FBI maintains that it was legal and proper to use an informer in preparing the bribery case against Rep. John Dowdy.Campaigning in Manchester, New Hampshire, Senator Muskie claimed that the FBI was present at 40 to 60 Earth Day rallies. At a speech in Mississippi, Muskie said that if he is elected President, he would request the resignation of FBI director J. Edgar Hoover. [CBS] Members of the U.S. ping-pong team met with Chinese Premier Chou En-lai. Chou was careful to discuss only relations between the Chinese and American people, not governments. The Chinese used diplomacy at the ping-pong matches -- although the Chinese are the best ping-pong players in the world, they purposely fielded a team that the Canadian players were able to beat. Red Chinese radio broadcast China's support of blacks in the U.S. for choosing armed resistance to the "fascist" U.S. government. [CBS] South Vietnamese forces launched a drive in the Ashau Valley. North Vietnamese POWs revealed that American B-52s have wiped out most of three Communist battalions around Fire Base No. 6. [CBS] A U.S. Marine hearing officer recommended that Sgt. Jon Sweeney be tried for desertion and aiding the enemy. [CBS] Pope Paul met with British rock musicians; John Bedson, a drummer, asked why the Pope can't order Catholics not to fight in wars. [CBS] India accused West Pakistan of savage butchery against East Pakistani rebels and charged that West Pakistan's claims of interference by India was made to divert attention from its own atrocities. [CBS] South Florida is experiencing its worst drought in a quarter century; it has been 200 days since the last significant rain in Miami. An Indian rain dance yielded results in Texas, though the drought continues. Five inches of rain fell in some areas near Abilene, however the rain must continue in order for farmers to save their crops and cattle. [CBS] Commerce Secretary Maurice Stans urged Interior Secretary Morton to approve the building of the Alaska oil pipeline. [CBS] Pollution from the last oil well was finally halted, ending a 137-day battle to control offshore oil rig fires in the Gulf of Mexico. [CBS]

Stock Market Report

Dow Jones Industrial Average: 940.21 (+2.04, +0.22%)
S&P Composite: 103.49 (-0.03, -0.03%)
Arms Index: 0.67

	Issues	Volume*
Advances	702	9.70
Declines	720	6.67
Unchanged	277	1.92
Total Volume		18.29

* 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
Date	DJIA	S&P	Volume*
April 15, 1971	938.17	103.52	22.54
April 14, 1971	932.55	103.37	19.44
April 13, 1971	927.28	102.98	23.20
April 12, 1971	926.64	102.88	19.41
April 8, 1971	920.39	102.10	17.59
April 7, 1971	918.49	101.98	22.27
April 6, 1971	912.73	101.51	19.99
April 5, 1971	905.07	100.79	16.04
April 2, 1971	903.04	100.56	14.52
April 1, 1971	903.88	100.39	13.47