News stories from Thursday May 28, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The stock market went up 21 points. The 53 point rise over the past two days leaves the market 54 points below the level preceding President Nixon's speech on Cambodia. World stock markets also jumped, parallelling the New York exchange. [CBS]
- President Nixon reassured business leaders on the economy and Cambodia. Spiro Agnew reflects the administration's optimism: the Vice President claims that our involvement in Cambodia will speed peace and economic recovery, and he blamed Democrats for the economic slump. [CBS]
- UAW president Leonard Woodcock is demanding higher wages for auto workers, and he stated that he lacks confidence in President Nixon. [CBS]
- The Senate will hold a test vote on cutting funds for Cambodia. Senator Robert Dole predicted that President Nixon would veto the Cooper-Church bill if it is passed, because it would tie the President's hands. Dole further stated that, if necessary, the Presdient would ignore the bill. [CBS]
- Rep. Silvio Conte reported that Secretary of State William Rogers censored his own House testimony on Cambodia in order to spare the White House even though there was no national security basis for the unjustified whitewash. [CBS]
- Communists cut the highway from Phnom Penh to Angkor Wat; Cambodian troops repulsed an enemy attack on Prey Veng. Thailand resumed diplomatic relations with Cambodia and may send troops there to help fight the Communists. [CBS]
- The U.S. wants a clarification regarding Egyptian military aid from the Soviet Union. Lebanese and Israeli border fighting continued. [CBS]
- Paris street fights are raging, with students opposing the police after some leftist newspaper editors were jailed. [CBS]
- FBI director J. Edgar Hoover congratulated former Kentucky Governor Albert B. Chandler for punching a long-haired student. Chandler later apologized to the student. [CBS]
- Some key Justice Department civil rights lawyers quit, opposing the efficacy of the department. The administration denies that there is a morale problem. [CBS]
- Four New York City attorneys and nine Washington lobbyists are suspected of the unethical handling of Oriental immigration. The suspects received $750 per illegal immigrant. The Justice Department may investigate. [CBS]
- Tricia Nixon invited 2,000 underprivileged youths to the White House for a concert, where she served punch and cookies to the guests. The White House unveiled two new portraits, including one of Dolly Madison; the President compared her to Mrs. Nixon. [CBS]
- President Nixon visited the University of Tennessee in Knoxville with Billy Graham. Nixon wants George Wallace to be damaged in the Alabama governor's race; he spoke near the Alabama border for Graham's Baptist crusade. The President also wants Tennessee Senator Albert Gore to be beaten in the November election. The administration maintains that the President's trip is "non-political." [CBS]
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Stock Market Report
Dow Jones Industrial Average: 684.15 (+20.95, +3.16%)
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 27, 1970 | 663.20 | 72.77 | 17.46 |
| May 26, 1970 | 631.16 | 69.29 | 17.03 |
| May 25, 1970 | 641.36 | 70.25 | 12.66 |
| May 22, 1970 | 662.17 | 72.25 | 12.17 |
| May 21, 1970 | 665.25 | 72.16 | 16.71 |
| May 20, 1970 | 676.55 | 73.52 | 13.02 |
| May 19, 1970 | 691.40 | 75.46 | 9.48 |
| May 18, 1970 | 702.81 | 76.96 | 8.28 |
| May 15, 1970 | 702.22 | 76.90 | 14.57 |
| May 14, 1970 | 684.79 | 75.44 | 13.92 |