News stories from Thursday May 15, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Under the cover of aerial and naval gunfire, 200 marines were lifted by helicopters today off an island in the Gulf of Siam, completing the military rescue of the merchant ship Mayaguez and her crew that had been seized by Cambodian forces. There was no immediate information from the Defense Department on casualties suffered in the 14-hour rescue operation. [New York Times]
- The attack by United States forces in the Gulf of Siam was already in progress when President Ford received word that the Cambodian government was willing to release the merchant ship Mayaguez and her crew of 39. There is considerable confusion as to why air strikes were carried out on the Cambodian mainland at almost the exact moment when the Mayaguez crew members were approaching a United States destroyer in a fishing boat. [New York Times]
- The Cambodian government said that it had decided to let the Mayaguez go because "our country cannot have a confrontation with the U.S.A." Information Minister Hou Nim accused the United States of systematic spying on Cambodia since the Communist takeover and he said the Mayaguez was only one of several spy vessels that had been seized in the Gulf of Siam. [New York Times]
- The Federal Reserve Board announced a reduction in its discount rate to 6 percent from 6¼ percent -- its first overt move toward easier money since early March. The announcement was made after the board reported that industrial production continued to decline in April, but much less sharply than in the preceding months. [New York Times]
- Treasury Secretary William Simon said that he had conducted an "analysis" of what the effect would be if New York City defaulted on its obligations and had concluded that the impact on the national economy would be "negligible." [New York Times]
- Laotian student demonstrators who seized three American aid officials Wednesday in Savannakhet, a city in central Laos, have reportedly allowed them to go to their homes under voluntary house arrest. But they are demanding that the Americans testify against Laotian officials at a hearing into corruption charges. [New York Times]
- Armed thieves entered the Gallery of Modern Art in Milan's Municipal Villa for the second time in three months and escaped with 38 paintings, including many of the famous Impressionist works stolen in the previous raid and that were only recently recovered. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 848.80 (-9.93, -1.16%)
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 14, 1975 | 858.73 | 92.27 | 29.05 |
| May 13, 1975 | 850.13 | 91.58 | 24.95 |
| May 12, 1975 | 847.47 | 90.61 | 22.41 |
| May 9, 1975 | 850.13 | 90.53 | 28.44 |
| May 8, 1975 | 840.50 | 89.56 | 22.98 |
| May 7, 1975 | 836.44 | 89.08 | 22.25 |
| May 6, 1975 | 834.72 | 88.64 | 25.41 |
| May 5, 1975 | 855.60 | 90.08 | 22.37 |
| May 2, 1975 | 848.48 | 89.22 | 25.21 |
| May 1, 1975 | 830.96 | 88.10 | 20.66 |