News stories from Thursday January 17, 1974

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

Secretary of State Henry Kissinger brought Egypt and Israel together on a troop disengagement agreement in the Suez. The troop disengagement plan looks good. Israeli Chief of Staff David Elazar and Egyptian Chief of Staff Gamasy will meet at kilometer 101 to sign the agreement tomorrow and discuss stages of withdrawal. Final details of the plan were reached in Jerusalem. Israeli Prime Minister Golda Meir praised Kissinger for his work.Specifics of the troop disengagement plan were not announced. President Nixon announced the agreement in his first personal appearance before reporters in six weeks. [CBS] President Nixon noted the significance of the Egyptian-Israeli pullback agreement after making the announcement. The President called the disengagement plan the first important step toward permanent peace in the Mideast, though he conceded that difficulties lie ahead. Nixon personally telephoned President Sadat of Egypt, Israeli Prime Minister Golda Meir and Henry Kissinger to congratulate them on reaching the agreement. [CBS] With this Mideast agreement, a shift in the balance of world power has occurred. The United States and the Soviet Union are the most important factors in the Mideast now. President Nixon's announcement was brief and without expression because of his own domestic political war raging in Washington and around the United States. [CBS] Some opposition to the disengagement plan exists. Many Israelis believe that Mrs. Meir was pressured into the agreement by Henry Kissinger. Opposition party leader Menachem Begin declared that troop withdrawal marks the beginning of the end of the Jewish state. Opposition leader Shmuel Tamir stated that Kissinger used the disengagement agreement for his own gratification and that of the U.S.; Israel feels "used" by the United States. The opposition party holds one-third of the votes in the Israeli Parliament, so the agreement plan could be blocked there.Many other problems remain between Egypt and Israel. Military disengagement doesn't solve those other problems, including the Israeli occupation of Arab lands and the Palestinian issue. War could break out over any of these matters. [CBS] Troop pullback agreements must also be reached with Jordan and Syria. Kissinger meets with King Hussein on Saturday and Syrian President Assad on Sunday. [CBS]

Stock Market Report

Dow Jones Industrial Average: 872.16 (+16.07, +1.88%)
S&P Composite: 97.30 (+1.63, +1.70%)
Arms Index: 0.97

	Issues	Volume*
Advances	1,127	14.33
Declines	372	4.60
Unchanged	317	2.11
Total Volume		21.04

* 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 16, 1974	856.09	95.67	14.93
January 15, 1974	846.40	94.23	13.25
January 14, 1974	840.18	93.42	14.61
January 11, 1974	841.48	93.66	15.14
January 10, 1974	823.11	92.39	16.12
January 9, 1974	834.79	93.42	18.07
January 8, 1974	861.78	96.12	18.08
January 7, 1974	876.85	98.07	19.07
January 4, 1974	880.23	98.90	21.70
January 3, 1974	880.69	99.80	24.85