News stories from Monday May 10, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The U.S. dollar has declined 3% to 7% in value due to huge foreign spending by the government, inflation and budget deficits. But changes in the value of currency have had little effect on Americans so far; foreign imports to the U.S. cost slightly more and American travel abroad is more expensive.
West Germany has stopped interest payments on foreign savings accounts.
[NBC] - Egypt, Israel and the United States all predict no quick reopening of the Suez Canal or an overall peace agreement. Israel is now willing to allow a small Egyptian force to cross the Suez Canal. [NBC]
- U.S. planes bombed the area north of Khe Sanh, South Vietnam; American troop strength in South Vietnam is now down to 267,100.
Japanese exports are flooding into South Vietnam; items include appliances, radios, motorcycles and garments. The South Vietnamese people are able to purchase those goods as result of U.S. aid. Japan loaned South Vietnam $4.5 million to build an electric power station; Japanese private industry is also beginning to make investments in South Vietnam.
[NBC] - J. Edgar Hoover has begun his 48th year as director of the FBI. Senator Mike Mansfield says that Hoover has done an outstanding job; Senator George McGovern believes that Hoover should resign. [NBC]
- Attorney General John Mitchell praised the Washington, DC police's handling of the antiwar protests. Mitchell said that two senators criticized the police in an attempt to take political advantage of the disorders; Mitchell identified the senators as Edward Kennedy and Lee Metcalf. [NBC]
- President Nixon has asked Congress to set up a seashore park in New York and New Jersey. The President viewed the proposed park area from a helicopter today with the governors of New York and New Jersey, and the mayors of New York City and Newark, New Jersey. Nixon said that the park represents a commitment to bring recreation areas to the American people. [NBC]
- Rep. Wilbur Mills stated that he is opposed to the administration's revenue sharing plan. Mills believes that the plan assumes the existence of non-existent revenues in Washington, and the President's plan could destroy the federal system and the independence of state and local governments. Mills said that he doesn't think the plan will leave the House Ways and Means committee. [NBC]
- Civil Rights Commission head Rev. Theodore Hesburgh presented the commission's annual report. Hesburgh said that he has been dissatisfied with the last four presidents on civil rights. [NBC]
- Army General W. B. Latta halted bus service for civilian employees due to cost, but he continues to lease a private jet for $200,000 per year. [NBC]
- The Senate will begin debate on extending the draft; the debate will also involve setting a date for U.S. withdrawal from South Vietnam. [NBC]
- Senator William Proxmire says that the government should ban DDT. [NBC]
- The Brotherhood of Railroad Signalmen has threatened a strike for May 17. [NBC]
- Rep. Ron Dellums is considering calling for President Nixon's impeachment due to the "illegal" war in Vietnam. [NBC]
- The chairman of the Federal Home Loan Bank Board said that now is the best time to buy a house because interest rates are unlikely to go lower. [NBC]
- A judge turned down Jimmy Hoffa's request to have his jail sentences run concurrently. [NBC]
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Stock Market Report
Dow Jones Industrial Average: 932.55 (-4.42, -0.47%)
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 7, 1971 | 936.97 | 102.87 | 16.49 |
| May 6, 1971 | 937.39 | 103.23 | 19.30 |
| May 5, 1971 | 939.92 | 103.78 | 17.27 |
| May 4, 1971 | 938.45 | 103.79 | 17.31 |
| May 3, 1971 | 932.41 | 103.29 | 16.12 |
| April 30, 1971 | 941.75 | 103.95 | 17.49 |
| April 29, 1971 | 948.15 | 104.63 | 20.34 |
| April 28, 1971 | 950.82 | 104.77 | 24.82 |
| April 27, 1971 | 947.09 | 104.39 | 21.25 |
| April 26, 1971 | 944.00 | 103.94 | 18.86 |