News stories from Wednesday January 27, 1971

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

The Commerce Department reported that the index of leading economic indicators increased 1.4% in December; the Labor Department reported a 0.6% increase in January wholesale prices. The Nixon administration insists that the large wholesale price increase was due to unpredictable farm prices. Economic advisor Paul McCracken stated that he was generally reassured by the figures. [CBS] American soldiers -- in civilian clothes -- recovered damaged helicopters from the Phnom Penh airport. Their action raises the question of whether U.S. troops are forbidden in Cambodia or not. The State Department claims that the soldiers wore civilian clothes at the request of the U.S. ambassador to Cambodia in order to avoid the impression of American advisors being present in Cambodia.Defense Secretary Melvin Laird testified at a closed session of the Senate Armed Services Committee. Senator John Stennis said that increased North Vietnamese activities in Cambodia have forced the U.S. to increase its support, and if the Cambodian situation worsens it will be necessary to reexamine the law limiting U.S. activity in Cambodia. Senator George McGovern said that he is fed up with "old men dreaming up wars for young men to die in." The chairman of the Joint Chiefs of Staff, Admiral Thomas Moorer, stated that the limitation on U.S. air strikes in Cambodia is slowing our withdrawal from South Vietnam. [CBS] There was heavy fighting in towns 15-20 miles from Phnom Penh, Cambodia. [CBS] Heavy snow fell throughout the eastern United States. [CBS] Six people were killed and 20 injured on U.S. Route 99 in a chain reaction pile-up near Bakersfield, California. [CBS] The State Department will question the World Court regarding U.S. fishing rights off of the Pacific coast of South America. The U.S. is prepared to resume negotiations with Peru, Ecuador and Chile over the territorial waters' limit dispute. [CBS] The U.S. protested to the Soviet Union regarding the roughing-up of Associated Press correspondent James Peipert by five men in Moscow. [CBS] East Germany held up traffic to West Berlin to protest West German officials who were meeting in West Berlin. East Germany maintains that West Berlin is not part of West Germany. [CBS] The Nixon administration will split its revenue sharing legislation into seven bills and send them to House committees other than Ways and Means, which is opposed to revenue sharing. [CBS] The Justice Department is appealing recent court rulings limiting the government's use of wiretaps. [CBS] Apollo 14 astronauts are undergoing tests to determine their reactions in an emergency. Astronaut Alan Shepard, the first American in space 10 years ago, overcame ear trouble to join the Apollo 14 mission. Shepard said that it was difficult to be involved in the space program while he wasn't able to fly; he wasn't sure until recently that he could fly again. [CBS] A court injunction ordered Milwaukee police to discontinue their strike; police there have returned to work. [CBS] There was a medical miracle in Lima, Ohio, where 7-year-old Matt Winkler became the first person ever to survive rabies. [CBS]

Stock Market Report

Dow Jones Industrial Average: 860.83 (-5.96, -0.69%)
S&P Composite: 94.89 (-0.70, -0.73%)
Arms Index: 0.80

	Issues	Volume*
Advances	456	6.65
Declines	971	11.33
Unchanged	261	2.67
Total Volume		20.65

* 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 26, 1971	866.79	95.59	21.38
January 25, 1971	865.62	95.28	19.05
January 22, 1971	861.31	94.88	21.68
January 21, 1971	854.74	94.19	19.06
January 20, 1971	849.95	93.78	18.33
January 19, 1971	849.47	93.76	15.80
January 18, 1971	847.82	93.41	15.40
January 15, 1971	845.70	93.03	18.01
January 14, 1971	843.31	92.80	17.60
January 13, 1971	841.11	92.56	19.07