News stories from Friday August 7, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Mideast cease-fire starts tonight, with the focus on the Suez Canal. According to the agreement, the United Arab Republic and Israel can't build military positions within 30 miles of either side of the canal, and the countries can retaliate if the truce is broken. Palestinian guerrillas say that they won't stop fighting regardless of the cease-fire. Both sides are skeptical. [CBS]
- Astronaut Frank Borman is touring the world to get support for POWs; the Vatican was asked to help yesterday. [CBS]
- Communists still hold Skoun, Cambodia, despite U.S. support for Cambodian troops. Laotian guerrillas offered to hold peace talks with their government, but with no preconditions; Premier Souvanna Phouma won't talk until the Communist guerrillas cut their ties with North Vietnam. [CBS]
- The July unemployment rate went up to 5%. Adult women and young adult men were hit hardest. The President's economic panel released its first report, blaming industries for increasing wages and inflation. [CBS]
- A House committee report blames the Army and the Atomic Energy Commission for negligence in disposing of nerve gas; in Anniston, Alabama, the Army is loading rockets onto trains.
Security and safety precautions are intense. Georgia Governor Lester Maddox stated that he will ride on the train as it passes through Georgia because he knows that the gas is safely contained. But Macon Mayor Ronnie Thompson said that he will halt the train outside of his town. Rabbits are on the train to indicate leakage, and the Army has antidote supplies aboard.
[CBS] - 7,500 Army Reserve Officers Training Corps graduates will now serve just 3-6 months instead of two years active duty. [CBS]
- West Germany and the Soviet Union signed their non-aggression pact in Moscow. [CBS]
- Leftist terrorists kidnapped U.S. agriculture specialist Dr. Claude Fly in Uruguay; one of the terrorist ringleaders has been captured. [CBS]
- In San Rafael, California, a judge and three others were killed in a convict's escape attempt. Judge Harold Haley was trying the convict for knifing a guard when a man broke into the courtroom; he and two defense witnesses took the judge, a deputy D.A., three women jurors and the defendant and fled. County cars stopped the getaway van and a shootout ensued; the judge and two men involved in the escape were killed. [CBS]
- At Disneyland, 300 hippies took over Frontierland and stormed the Main Street courthouse; riot police are now patrolling the park and Disneyland is closed. 18 people were arrested. Park officials have set a new grooming and attitude code as a result of the incident. [CBS]
- The Massachusetts legislature has passed "no-fault" auto insurance; a car owner's company will now pay up to $2,000 no matter whose fault an accident was. Major insurance companies stated that they won't issue new policies in Massachusetts. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 725.70 (+2.88, +0.40%)
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* |
| August 6, 1970 | 722.82 | 77.08 | 7.56 |
| August 5, 1970 | 724.81 | 77.18 | 7.66 |
| August 4, 1970 | 725.90 | 77.19 | 8.31 |
| August 3, 1970 | 722.96 | 77.02 | 7.65 |
| July 31, 1970 | 734.12 | 78.05 | 11.64 |
| July 30, 1970 | 734.73 | 78.07 | 10.43 |
| July 29, 1970 | 735.56 | 78.04 | 12.58 |
| July 28, 1970 | 731.45 | 77.77 | 9.04 |
| July 27, 1970 | 730.08 | 77.65 | 7.46 |
| July 24, 1970 | 730.22 | 77.82 | 9.52 |