News stories from Wednesday January 5, 1972

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

The Pay Board refused to grant the 12% pay raise in the aerospace worker's union contract; labor leaders were angered by the decision and threatened court action. The business and public members of the board voted against the raise. UAW president Leonard Woodcock said that he was shocked by the board's action.Workers at Lockheed Aircraft are affected by the board's decision. The local union president said he is disappointed, but workers who were interviewed expressed their satisfaction with more moderate raises and stated that they are glad to have jobs. [CBS] President Nixon authorized the development of a "space shuttle" by NASA. Reusability of the shuttle is said to be a major cost-saving factor in orbital missions. [CBS] The Apollo 16 moon flight may be postponed due to technical difficulties. [CBS] The FDA is moving to restrict the use of hexachlorophene. Hexachlorophene kills skin bacteria but has been found to cause brain lesions. The manufacturers of Physohex say that their product is being damned too soon and they feel that the risk of brain lesions doesn't outweigh the risk of staph epidemics in newborn nurseries. [CBS] Rep. John Byrnes of Wisconsin, a member of the House Ways and Means Committee, announced that he won't seek re-election. [CBS] Automobile sales topped 10 million in the U.S. for the first time ever in 1970. [CBS] U.S. Steel announced price cuts. [CBS] Twenty-five people were injured yesterday when their plane hit turbulence over Houston. The FAA blames thunderstorms. [CBS] Federal agents seized 248 pounds of heroin in Miami. [CBS] A elementary school teacher in Washington, DC was shot by her estranged husband in front of students in her classroom; the husband has been charged with homicide. [CBS] A U.S. jet fighter over North Vietnam on a "protective reaction strike" destroyed a Communist missile site. An Air Force chopper rescued another rescue team that had been shot down in South Vietnam. [CBS] Syndicated columnist Jack Anderson, citing classified documents, says that the purpose of the U.S. Naval task force that was sent to the Indian Ocean during the India-Pakistan war was to make India divert ships and planes from East Pakistan. The task force is still there, however, even though the war has ended. [CBS]

Stock Market Report

Dow Jones Industrial Average: 904.43 (+12.20, +1.37%)
S&P Composite: 103.07 (+0.98, +0.96%)
Arms Index: 0.76

	Issues	Volume*
Advances	1,138	15.96
Declines	379	4.02
Unchanged	228	1.37
Total Volume		21.35

* 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*
January 4, 1972	892.23	102.09	15.19
January 3, 1972	889.30	101.67	12.57
December 31, 1971	890.20	102.09	14.04
December 30, 1971	889.07	101.78	13.81
December 29, 1971	893.66	102.21	17.15
December 28, 1971	889.98	101.95	15.09
December 27, 1971	881.47	100.95	11.89
December 23, 1971	881.17	100.74	16.00
December 22, 1971	884.86	101.18	18.93
December 21, 1971	888.32	101.80	20.46