News stories from Thursday January 9, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- With the endorsement of major administration economic advisers, the Department of Transportation proposed an immediate 10 percent reduction in domestic air-coach fares, and brought cries of outrage from the airlines. The proposal was submitted to the Civil Aeronautics Board "as a way to combat inflation, improve aviation fuel efficiency and expand air transportation for the traveling public." [New York Times]
- Officials of the Central Intelligence Agency's Counterintelligence Division, well-placed sources said, unsuccessfully sought authority to destroy illegal domestic files on nearly 10,000 American citizens last fall because they feared the newly liberalized Freedom of Information Act, which had been amended to permit judicial review of secret documents. [New York Times]
- Saudi Arabia has contracted to purchase from the United States 60 F-5 jet fighters at a total cost of $750 million under an agreement that includes pilot training. It was the largest weapons contract between Saudi Arabia and the United States since sales started 20 years ago. The F-5 jet was designed primarily for air defense, but it can be used as a fighter-bomber. The contract was announced by the Saudi radio in Riyadh yesterday and then by the State Department. [New York Times]
- Israel has urged Secretary of State Kissinger to stop seeking further territorial concessions from her and fly instead to the Middle East to find out what President Anwar Sadat of Egypt would give up in return for a new Sinai withdrawal, according to diplomats and American officials. Top Kissinger aides said that such a trip always remained a possibility, but that for the moment the Secretary believed that the diplomatic gap between Israel and Egypt had to be narrowed before he undertook another trip. [New York Times]
- France quadrupled the valuation of her gold reserves to $170.40 an ounce in an effort to increase her international borrowing power to finance imports following the quintupling of the price of oil. The revaluation raised the value of French gold stock to more than $17 billion from $4.4 billion. France thus became the first country to break away from the practice of pegging the value of gold to the "official" intergovernmental price of $42.22 an ounce. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 645.26 (+9.86, +1.55%)
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 8, 1975 | 635.40 | 70.04 | 15.60 |
| January 7, 1975 | 641.19 | 71.02 | 14.33 |
| January 6, 1975 | 637.20 | 71.07 | 17.55 |
| January 3, 1975 | 634.54 | 70.71 | 15.27 |
| January 2, 1975 | 632.04 | 70.23 | 14.80 |
| December 31, 1974 | 616.24 | 68.56 | 20.97 |
| December 30, 1974 | 603.25 | 67.16 | 18.52 |
| December 27, 1974 | 602.16 | 67.14 | 13.06 |
| December 26, 1974 | 604.74 | 67.44 | 11.81 |
| December 24, 1974 | 598.40 | 66.88 | 9.54 |