News stories from Wednesday December 22, 1971

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

President Nixon signed a bill extending his economic control to April, 1973. He predicted that inflation would be defeated in 1972. [CBS] The Cost of Living Index rose 0.2% in November. The Price Commission announced its policy on rents: a 5% increase over May, 1970, rents is permissible. Taxes, services and improvements can be included. Conflict on the Pay Board over wages is predicted, notably regarding the aerospace workers' contract. Organized labor has threatened a walkout on that issue. [CBS] Austrian Ambassador Kurt Waldheim was approved as the new Secretary General of the United Nations. Homage was paid to retiring Secretary General U Thant. Thant said that the Secretary General needs a deputy to assist him. [CBS] Bangladesh leaders returned to Dacca, where they were greeted by a massive crowd which grew unruly and frenzied. Sheik Mujibur Rahman is now under house arrest rather than imprisoned. [CBS] Victory over Pakistan has increased the popularity of Indian Prime Minister Indira Gandhi. In New Delhi, Mrs. Gandhi expressed optimism regarding India-U.S. relations. [CBS] Leaders from Egypt, Syria and Libya met in Cairo. [CBS] Ohio Governor John Gilligan endorsed Senator Edmund Muskie for the Democratic presidential nomination, saying that that people are tired of "being had". Muskie noted that he hasn't got the nomination wrapped up yet, but he is leading in most polls. [CBS] Illinois state's Attorney Edward Hanrahan will seek re-election despite the withdrawal of Democratic party support. Hanrahan denied the charges against him and said that failing to run would be the best propaganda for the Black Panthers. [CBS] John Fitzpatrick of Cleveland, Ohio, was stabbed to death waiting with children in a department store's Santa Claus line. A suspect has been arrested. [CBS] U.S. jets fired missiles at a radar base in North Vietnam. [CBS] The Defense Department charged North Vietnamese Communists with withholding mail from American POWs. [CBS] The Federation of American Scientists says that detection techniques are so much improved that on-site inspection of underground nuclear testing is not necessary. The U.S. is believed to have detected a Soviet underground nuclear test. [CBS]

Stock Market Report

Dow Jones Industrial Average: 884.86 (-3.46, -0.39%)
S&P Composite: 101.18 (-0.62, -0.61%)
Arms Index: 1.07

	Issues	Volume*
Advances	597	6.79
Declines	847	10.30
Unchanged	299	1.85
Total Volume		18.94

* 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 21, 1971	888.32	101.80	20.46
December 20, 1971	885.01	101.55	23.81
December 17, 1971	873.80	100.26	18.27
December 16, 1971	871.39	99.74	21.07
December 15, 1971	863.76	98.54	16.89
December 14, 1971	855.14	97.67	16.07
December 13, 1971	858.79	97.97	17.02
December 10, 1971	856.75	97.69	17.51
December 9, 1971	852.15	96.96	14.71
December 8, 1971	854.85	96.92	16.65