News stories from Friday May 5, 1972

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

Communist forces regrouped around Hue, South Vietnam. Cloud cover could protect North Vietnam from U.S. air strikes. South Vietnamese troops are trying to drive the enemy from Highway 14 between Kontum and Pleiku in the Central Highlands.Survivors of a U.S. gunship shot down Tuesday near An Loc were rescued, but many crewmen from downed planes are not. Planes which were built for night use are now making day runs and are sitting ducks due to flying at low altitudes. [CBS] The Pentagon may send Marine ground troops into South Vietnam. A Defense Department spokesman said that men who are currently off-shore could be sent in to protect U.S. forces as they are being withdrawn. [CBS] President Nixon may resume bombing of North Vietnam, though that resumption could cause the cancellation of his trip to Russia. [CBS] Fighting broke out between Indian and Pakistani troops in Kashmir. Both sides accused the other of breaking the cease-fire. [CBS] An Eastern Airlines jet from Allentown, Pennsylvania, was hijacked to Dulles Airport outside of Washington by a man who demanded money and parachutes. The hijacker released 48 passengers at Dulles Airport after $300,000 and six parachutes were delivered to him. The plane then took off for New Orleans, but returned to get different denominations of bills. An FBI plane is following the hijacked plane. [CBS] Wholesale prices were up 0.1% overall in April, but wholesale food prices were down 2.9%. The unemployment rate dropped 0.6%, from 6.1% to 5.5%. Seasonally adjusted, the unemployment rate was stable at 5.9%. [CBS] George Wallace won the Tennessee presidential primary and he is now in third place in the delegate race. George McGovern is still first and Hubert Humphrey is second. Wallace is now in North Carolina. Terry Sanford, the liberal ex-governor of North Carolina and current president of Duke University, is on the ballot in North Carolina and is vying with Wallace for votes. Sanford compared his progressive administration in North Carolina with Wallace's protest administration in Alabama; Wallace is calling on his supporters to "send them a message" on taxes, busing, and other issues. [CBS] The Republican national committee announced that its 1972 convention has officially been moved from San Diego to Miami Beach. [CBS] Patrick Buchanan, the aide who prepares President Nixon's daily news digest, accused network news operations of being dominated by a single point of view and a single political ideology. Buchanan said that he would like to see rebuttals to TV commentators, and the appearance of some conservatives on network television newscasts.The Justice Department stated that no antitrust action against television news is being contemplated, and the White House announced that Buchanan speaks only for himself. Republican party chairman Robert Dole says that Republicans have been treated fairly by the networks, though he is unhappy with coverage of the Vietnam war and the positive attention being given to Democrats such as antiwar leader John Kerry, who is a candidate for congress from Massachusetts. Dole also criticized the reluctance of TV news to air the real problems of America. [CBS] Stating that moral judgments are involved, President Nixon rejected two key recommendations of his commission on population control: abortion on demand and birth control for minors. [CBS] The FTC is fighting to discourage misleading ads. The manufacturers of Ocean Spray Cranberry Juice Cocktail had advertised it as having more food energy than orange juice or tomato juice. Now their ads will state that "food energy" actually means calories. [CBS] In January 1972, a 19-year-old college student from Philadelphia bought $200,000 worth of stock without putting up any money. The New York Stock Exchange has disciplined 10 officials of the involved brokerage firms with suspensions and fines. [CBS] An Alitalia airliner with 112 persons on board crashed into a mountain while approaching the airport at Palermo, Sicily. [CBS] Senator William Proxmire has recently undergone hair transplant treatments. Last night, two hold-up men stopped him near his home and threatened to kill him if he didn't hand over his wallet. He refused, claiming that he is a terminal cancer patient, and the robbers turned and walked away. [CBS]

Stock Market Report

Dow Jones Industrial Average: 941.23 (+3.92, +0.42%)
S&P Composite: 106.63 (+0.38, +0.36%)
Arms Index: 1.02

	Issues	Volume*
Advances	763	6.05
Declines	632	5.12
Unchanged	338	2.04
Total Volume		13.21

* 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*
May 4, 1972	937.31	106.25	14.79
May 3, 1972	933.47	105.99	15.90
May 2, 1972	935.20	106.08	15.37
May 1, 1972	942.28	106.69	12.88
April 28, 1972	954.17	107.67	14.16
April 27, 1972	945.97	107.05	15.74
April 26, 1972	946.94	106.89	17.71
April 25, 1972	946.49	107.12	17.03
April 24, 1972	957.48	108.19	14.65
April 21, 1972	963.80	108.89	18.20