News stories from Wednesday August 22, 1973

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

Today in San Clemente, President Nixon met with the press for his first news conference in five months. Although at the start of the conference the President announced Secretary of State William Rogers' resignation and his replacement by Henry Kissinger, almost all of the news conference dealt with the Watergate scandal. [CBS] Secretary of State William Rogers will return to private law practice. President Nixon praised Rogers for a job well done urged Congress to quickly confirm Henry Kissinger. Kissinger will retain his current post as foreign policy adviser and add Secretary of State duties. [CBS] In Judge John Sirica's court today, President Nixon's lawyer defended the President's refusal to make the White House tapes public. Lawyer Charles Wright and special Watergate prosecutor Archibald Cox argued their cases for and against the release of the White House tapes. Outside the courtroom, Cox said that the grand jury will continue its Watergate probe even without the White House tapes. Sirica's decision will be issued next week. [CBS] President Nixon publicly supported Spiro Agnew for the first time since the Maryland corruption investigation began. During his press conference, the President reaffirmed his confidence in the Vice President and refused to comment on any possible indictment. [CBS] The Maryland grand jury issued indictments of the committee responsible for organizing the Agnew fundraising dinner last year. [CBS] Republican Robert Bauman won the Maryland special election to Congress. The returns were intensely watched to determine the possible impact of Watergate on Republican candidates for office. [CBS] The Cost of Living Council has proposed new food price regulations during Phase IV. Council director John Dunlop said that food prices will increase, but wholesalers and retailers will absorb the increased costs rather than the consumer. [CBS] The New Mexico manhunt for Edwin Gaudet ended peacefully. Gaudet turned himself over to authorities at his wife's request. He refused to comment on allegedly making threats to President Nixon's life. [CBS] Emory Swank, the U.S. ambassador to Cambodia, signed an agreement to help rebuild Neak Luong hospital after it was mistakenly hit by U.S. bombers. [CBS]

Stock Market Report

Dow Jones Industrial Average: 851.90 (-5.94, -0.69%)
S&P Composite: 100.53 (-0.36, -0.36%)
Arms Index: 1.10

	Issues	Volume*
Advances	452	2.99
Declines	872	6.35
Unchanged	401	1.43
Total Volume		10.77

* 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*
August 21, 1973	857.84	100.89	11.48
August 20, 1973	867.40	101.61	8.97
August 17, 1973	871.84	102.31	11.11
August 16, 1973	872.74	102.29	12.99
August 15, 1973	874.17	103.01	12.04
August 14, 1973	870.71	102.71	11.74
August 13, 1973	883.20	103.71	11.33
August 10, 1973	892.38	104.77	10.87
August 9, 1973	910.49	105.61	12.88
August 8, 1973	902.02	105.55	12.44