News stories from Friday January 14, 1972

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

Favorable economic indicators: the Commerce Department predicts expansions of industrial plants; car sales and retail sales are up; the prime rate has been cut. But in discouraging news the gross national product dropped and the Labor Department reported that the wholesale price index rose, so a rise in consumer prices is predicted. [CBS] An 8.3% wage increase for aerospace workers was accepted by the Pay Board. Most workers at the McDonnell-Douglas plant in In Long Beach, California, are unhappy with the size of the increase and they blame President Nixon, but a strike is unlikely. [CBS] Communist claims of victory at the Long Cheng CIA base in Laos were premature, but North Vietnam's missile bases near the DMZ are a concern in Quang Tri province, where U.S. troops have mostly been withdrawn. South Vietnam controls the fire bases along with some U.S. Marine advisors. The morale of South Vietnamese troops is low; villagers and refugees fear the future and are voluntarily resettling near Saigon. [CBS] It is feared that the U.S.-Israel aid agreement will cause a break in the Mideast peace talks and interruption of the cease-fire. [CBS] The Atomic Energy Commission announced a new nuclear power plant for Rogersville, Tennessee. It will be the first "fast-breeder" plant, which produces fuel. [CBS] Health, Education & Welfare Secretary Elliot Richardson endorsed a report calling for the payment of Social Security benefits to housewives, and Richardson's department will grant maternity leaves of up to three years to its employees. The HEW "women's action staff" drafted the report. [CBS] Democratic party chairman Lawrence O'Brien repudiated Alabama Governor George Wallace, saying that Wallace's campaign is favorable to President Nixon. Another third-party race by Wallace is feared by Democrats. [CBS] Business in New Orleans is being boosted by the Super Bowl; hotels are filled. Bourbon Street has toned down for the Super Bowl crowd and price-gouging is being discouraged. [CBS] King Frederik IX of Denmark has died. Princess Margarethe becomes Queen and succeeds her father. [CBS] Col. Buzz Aldrin resigned from the Air Force. [CBS] An air traffic control spokesman stated that tragedy was narrowly averted when West German Chancellor Willy Brandt's plane almost collided with an Eastern Airlines jet. [CBS] The Senate held a hearing on runaway children. Reverend Fred Eckhardt blamed movies and television for part of the problem, by its glamorization of hippie communes. Eckhardt says that a terrible life is in store for teenage runaways. [CBS]

Stock Market Report

Dow Jones Industrial Average: 906.68 (+1.50, +0.17%)
S&P Composite: 103.39 (+0.40, +0.39%)
Arms Index: 0.77

	Issues	Volume*
Advances	824	8.25
Declines	616	4.76
Unchanged	322	1.95
Total Volume		14.96

* 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 13, 1972	905.18	102.99	16.41
January 12, 1972	910.82	103.59	20.97
January 11, 1972	912.10	103.65	17.97
January 10, 1972	907.96	103.32	15.32
January 7, 1972	910.37	103.47	17.14
January 6, 1972	908.49	103.51	21.10
January 5, 1972	904.43	103.07	21.35
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