News stories from Wednesday December 8, 1971

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

India and Pakistan continued fighting despite the United Nations plea for a cease-fire. India captured Camilla and Daudkandi en route to Dacca, East Pakistan. Indian troops are in Chandpur, Akhaura, Sylhet and Jessore. In the West, Pakistanis attacked Indians east of the Tawi River in Kashmir. [CBS] India announced its recognition of Bangladesh as the official government of East Pakistan. In Calcutta, Bengali refugees celebrated and cheered Soviet support at the Russian consulate, and jeered at the U.S. consulate. [CBS] U.S. jets attacked three North Vietnamese missile and anti-aircraft sites which fired on U.S. planes that were flying over the Ho Chi Minh trail in Laos. Communists attacked seven miles south of Phnom Penh, near Cambodian Premier Lon Nol's residence. [CBS] California Senator John Tunney, a friend of Edward Kennedy, today endorsed Edmund Muskie for the Democratic presidential nomination. California state assembly speaker Robert Moretti also supports Muskie, and Senator Alan Cranston is considering backing Muskie. A Muskie campaign telecast on the eve of the 1970 election which stressed peace and Democrat party unity is cited as creating Muskie's image, which features a homespun style and moderate message. Muskie had a change of heart about the Vietnam war, and believes that admitting his error regarding U.S. involvement in Vietnam had a "cleansing effect". [CBS] The House passed the foreign aid bill. Senate Majority Leader Mike Mansfield refuses to permit Senate consideration of the bill until a deadline to halt the Vietnam war is included. [CBS] Senator William Proxmire endorsed Supreme Court nominee William Rehnquist. In a letter to Senator James Eastland, Rehnquist confirmed his support of the Supreme Court's school desegregation decision and said that his memo supporting segregation was written based on the views of former Supreme Court Justice Robert Jackson. Senate Republican leader Hugh Scott moved to end debate on the issue. [CBS] The conference of prison officials in Williamsburg, Virginia, agreed to recruit more prison employees from minority groups and to establish a code of rights for prisoners. [CBS] Commuter car pools are being encouraged in order to lessen traffic. Traffic is a problem on the picturesque Oakland Bay Bridge. Cars with one person are discouraged by having three express lanes without charge available only for vehicles with three or more occupants. Computer printouts with possible riding partners will be made available to area residents. [CBS] The General Accounting Office reported that federal government executives lunch lavishly at taxpayer expense. Executives refuted the charge. [CBS] At the United Nations, China blamed the U.S. and the Soviet Union for the Mideast crisis. [CBS] East Germany rejected a proposal to partially reopen the Berlin Wall. Berlin Mayor Klaus Schuetz said that the impasse ends any hope for opening the wall by Christmas. [CBS] President Nixon recommended income tax deductions for retirement funds. [CBS] Sickle-cell anemia is a disease which afflicts the Negro race. The Senate has appropriated money to fight that disease. [CBS] Dallas International Bank is giving Brownie automatic shotguns to depositors. [CBS]

Stock Market Report

Dow Jones Industrial Average: 854.85 (-2.55, -0.30%)
S&P Composite: 96.92 (+0.05, +0.05%)
Arms Index: 0.98

	Issues	Volume*
Advances	748	7.74
Declines	615	6.25
Unchanged	330	2.66
Total Volume		16.65

* 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*
December 7, 1971	857.40	96.87	15.25
December 6, 1971	855.72	96.51	17.48
December 3, 1971	859.59	97.06	16.76
December 2, 1971	848.79	95.84	17.78
December 1, 1971	846.01	95.54	21.04
November 30, 1971	831.34	93.99	18.32
November 29, 1971	829.73	93.41	18.91
November 26, 1971	816.59	91.94	10.87
November 24, 1971	798.63	90.33	11.87
November 23, 1971	797.97	90.16	16.84