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Tuesday April 18, 1972
. . . where the 1970s live forever!

News stories from Tuesday April 18, 1972


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

  • President Nixon ordered a pause in the bombing of Hanoi and Haiphong in North Vietnam, a move perhaps designed to get the Paris Peace Talks underway again. Secretary of Defense Melvin Laird denied the bombing halt in his testimony before the Senate Foreign Relations Committee, saying that all options remain open. Senator William Fulbright criticized the Nixon administration's emphasis on a military victory and accused the President of abandoning efforts for a negotiated settlement; Laird denied that a military victory is the goal.

    The Soviet Union protested the U.S. bombing of Haiphong, claiming that four Soviet merchant ships were hit. The U.S. replied that countries which are supplying arms to North Vietnam must share the responsibility for air attacks. The Soviet Union will continue to assist North Vietnam, however. [CBS]

  • A lull in ground fighting in South Vietnam was reported. U.S. B-52s raided Communist positions near An Loc. There was heavy ground action in Cambodia on Highway 1 from Phnom Penh to Saigon; Prey Veng and Svay Rieng were shelled. A ship convoy of ammunition was ambushed on the Mekong River. The guided missile frigate Warden and the destroyer Buchanan were hit by enemy fire in the Gulf of Tonkin; two sailors were killed. [CBS]
  • The renewed bombing of North Vietnam has stirred up antiwar demonstrators again. University of Maryland students demonstrated in College Park, where a protest escalated from the campus into the streets, blocking traffic. Rock-throwing students were met with tear gas. At Stanford University, students broke windows on campus; at Columbia University, a noontime rally spurred 500 marchers, and 1,500 students skipped classes. Strikes are scheduled at 100 campuses on Friday. [CBS]
  • The White House has decided to accept presidential aide Peter Flanigan's offer to give limited testimony on the ITT affair. Senate Judiciary Committee chairman James Eastland read a letter from Flanigan. Senators Bayh, Kennedy and Tunney objected to the questioning being limited to specific areas, but Senator Ervin was mollified by Flanigan's offer and now may back Richard Kleindienst's confirmation as Attorney General. Senator Edward Gurney says that Flanigan's offer to testify has saved Kleindienst's nomination. [CBS]
  • Price Commission chairman Jack Grayson told the Joint Economic Committee of Congress that 10% of the nation's largest companies have been making excessive profits in violation of the price control program. Grayson said that food prices have increased 9% since November and therefore controls on food prices are being considered. He insisted, however, that Phase II of the economic plan is working. Committee chairman Senator William Proxmire disagrees. [CBS]
  • Apollo 16 astronauts patched a problem in the guidance system, and are continuing their journey to the moon. [CBS]
  • The government ordered a Delaware power company to switch to low-sulfur fuel within 12 days as a test of the new anti-pollution law. The Delmarva Power and Light Company and Getty Oil had protested that the order could cost $6 million a year. Failure to comply would allow the Environmental Protection Agency to seek a $25,000 per day fine. [CBS]
  • An East African Airways jet crashed in Addis Ababa, Ethiopia, during take-off, killing 36 persons. [CBS]
  • Former President Lyndon Johnson is recovering satisfactorily from his recent heart attack. [CBS]
  • President Nixon greeted the touring Chinese table tennis team at the White House. [CBS]
  • The Supreme Court upheld a Massachusetts loyalty oath to oppose the overthrow of the government, after a decade of striking down such required pledges; President Nixon has obtained the kind of Supreme Court he wanted. [CBS]
  • A telephone repairman in Spain somehow hooked into the line feeding astronauts' voices to Houston from a Madrid tracking station. In Houston, the voice of the singing Spanish repairman came through to Mission Control. [CBS]


Stock Market Report

Dow Jones Industrial Average: 968.92 (+2.33, +0.24%)
S&P Composite: 109.77 (+0.26, +0.24%)
Arms Index: 0.80

IssuesVolume*
Advances7659.91
Declines6877.15
Unchanged3362.35
Total Volume19.41
* 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
DateDJIAS&PVolume*
April 17, 1972966.59109.5115.39
April 14, 1972967.72109.8417.46
April 13, 1972965.53109.9117.99
April 12, 1972966.96110.1824.69
April 11, 1972962.60109.7619.93
April 10, 1972958.08109.4519.47
April 7, 1972962.60109.6219.90
April 6, 1972959.44109.4222.83
April 5, 1972954.55109.0022.96
April 4, 1972943.41108.1218.11


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