News stories from Wednesday May 24, 1972

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

The U.S. and USSR signed a treaty for a joint space venture. American and Soviet space ships will dock in Earth orbit in 1975. Secretary Brezhnev and President Nixon discussed Vietnam; Brezhnev suggested that U.S. return to the Paris Peace Talks. Nixon placed a wreath on the Soviet tomb of the Unknown Soldier.Agreements regarding strategic arms limitations, trade and perhaps Vietnam & the Mideast are yet to come from the summit meeting. [CBS] The joint U.S.-Soviet space mission involves docking in Earth orbit and is scheduled for June 15, 1975. Compatible docking will enable the two countries to rescue each other in space. Even the smallest details must be fully explained for the venture to be a success; differences in customs, even food, pose challenges. [CBS] Pat Nixon attended the Moscow circus and personally congratulated the stars. Mrs. Nixon is finding it hard to break away from the crowd for personal contact with the people. Soviet security police, sometimes with force, are preventing this. [CBS] President Nixon summoned the top negotiator from the Strategic Arms Limitation Talks in Helsinki to Moscow for strategic arms talks. Senator Barry Goldwater and Rep. John Ashbrook criticized the President's arms limitations moves, but the State Department says that the SALT agreement would be in the best interests of both nations. Senator Henry Jackson stated that Russia is ready to deploy a 50-megaton missile. [CBS] U.S. jets staged more massive raids on North Vietnam. Two power plants in the Red River Delta near Hanoi were bombed, as were fuel storage areas near Haiphong and Dong Hoi. U.S. jets shot down four MiGs; North Vietnam claims that 14 American jets were downed. More U.S. B-52's are being sent to Vietnam (via Guam) from Carswell AFB in Texas, and other aircraft are standing by. [CBS] B-52's and American warships pounded Quang Tri province in South Vietnam, softening Communist-held areas for invasion by South Vietnamese marines. One battalion made an amphibious landing and two other battalions were airlifted in. The counter-offensive is being made in order to ease enemy pressure on Hue and to cut supply lines. American helicopters were shot down at Quang Tri and Hue, killing their crews. [CBS] In Heidelberg, West Germany, bombs exploded at the U.S. Army headquarters in Europe. Three Army personnel were killed and five other Americans were injured. Two weeks ago in Frankfurt a similar bombing killed an Army colonel. [CBS] In Belfast and Londonderry, drives are underway to bring peace to Northern Ireland. Two opposing wings of the IRA are nearly waging a shooting feud. [CBS] George Wallace invited reporters to his Holy Cross Hospital room. Wallace is weak, but he is determined to continue his presidential campaign. The governor's accused assailant, Arthur Bremer, was arraigned in federal court in Baltimore under heavy guard. His attorney entered a plea of "not guilty" as Bremer continued to smirk. The judge set a 30-day limit for preparation of defense motions. [CBS] George McGovern won primaries in Rhode Island and Oregon and is now shifting his campaign to California; McGovern now has 487 delegates. George Wallace remains second and Hubert Humphrey is third. [CBS] The Senate passed an education bill which would place a freeze on court-ordered busing until 1973. [CBS] The defense rested in the murder-kidnapping trial of Angela Davis. [CBS] Former Apollo astronaut Donn Eisele was sworn in as director of the Peace Corps in Thailand. Astronauts James Irwin and Edgar Mitchell announced their resignations from the space program and the armed services. Irwin, a devout Baptist, will spread the word of Jesus Christ. [CBS] The agreements between Washington and Moscow were planned before the summit, and are being completed in rapid succession. Cooperation in space efforts is important not for scientific achievements, but for the realization it brings that man is alone in the solar system. Perhaps the knowledge that Earth is the only suitable home for mankind will encourage protection of the environment. A United Nations conference on the environment will open soon in Sweden. [CBS]

Stock Market Report

Dow Jones Industrial Average: 965.46 (+3.16, +0.33%)
S&P Composite: 110.31 (+0.53, +0.48%)
Arms Index: 0.81

	Issues	Volume*
Advances	764	9.35
Declines	661	6.56
Unchanged	347	1.96
Total Volume		17.87

* 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 23, 1972	962.30	109.78	16.41
May 22, 1972	965.31	109.69	16.03
May 19, 1972	961.54	108.98	19.58
May 18, 1972	951.23	107.94	17.37
May 17, 1972	941.15	106.89	13.60
May 16, 1972	939.27	106.66	14.07
May 15, 1972	942.20	106.86	13.60
May 12, 1972	941.83	106.28	13.99
May 11, 1972	934.83	105.77	12.90
May 10, 1972	931.07	105.42	13.87