News stories from Wednesday February 6, 1974

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

Independent truckers appeared to be willing to yield because of the diesel fuel price rollback, but they want the freeze on diesel fuel to remain intact as long as necessary. [CBS] Secretary of State Henry Kissinger displayed his displeasure over the continuing Arab oil embargo against the United States. Kissinger said that the embargo must be considered as blackmail. Diplomacy in the Mideast may suffer if the embargo is not lifted. [CBS] France announced that it will attend a meeting in Washington that consists of 13 oil-consuming nations, but will oppose any move at organizing against the oil producing countries. [CBS] Jordan's King Hussein was forced to postpone a meeting in Washington because of a mutiny within his troops. [CBS] Pro-Arab terrorists seized the Japanese embassy in Kuwait and threatened to kill the ambassador unless Japan flies four guerrillas who are stranded on a hijacked ferryboat in Singapore harbor to Kuwait. Kuwait refused to allow the plane to land. [CBS] The House of Representatives formally ratified the investigation into President Nixon's conduct in office and authorized the Judiciary Committee to subpoena anyone, including the President, who may have pertinent information. It was only the second time in in the nation's history that such a step had been taken by the House. The overwhelming vote -- 410 to 4 -- was not regarded as a test of sentiment for impeachment.President Nixon, arguing against being forced to comply with a Senate subpoena for five White House tapes, told a federal judge that giving the tapes to the Watergate committee would be giving them "to the world at large," and could prejudice criminal trials if made public. [New York Times] The administration asked Congress to let all wage-price controls expire on April 30 except for those on health care and petroleum products. Secretary of the Treasury Shultz said the administration opposed even stand-by controls because "they can become an inflationary source." [New York Times] President Nixon proposed a national health insurance program, saying it would cost $5.9 billion a year and offer all Americans comprehensive health coverage for the first time. In a long-awaited message to Congress, Mr. Nixon said the plan would not require additional taxes and could be financed out of existing revenues. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 824.62 (+3.98, +0.48%)
S&P Composite: 93.26 (+0.26, +0.28%)
Arms Index: 1.04

	Issues	Volume*
Advances	735	5.38
Declines	593	4.52
Unchanged	409	1.71
Total Volume		11.61

* 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*
February 5, 1974	820.64	93.00	12.82
February 4, 1974	821.50	93.29	14.38
February 1, 1974	843.94	95.32	12.48
January 31, 1974	855.55	96.57	14.02
January 30, 1974	862.32	97.06	16.79
January 29, 1974	852.32	96.01	12.85
January 28, 1974	853.01	96.09	13.41
January 25, 1974	859.39	96.63	14.85
January 24, 1974	863.08	96.82	15.98
January 23, 1974	871.00	97.07	16.89