News stories from Thursday May 29, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford, in an address to heads of state at the meeting of the North Atlantic Treaty Organization in Brussels, vigorously reconfirmed the United States commitment to the Atlantic alliance, but warned that "partial membership or special arrangements" could endanger it. American officials said that the warning was directed in part, at least, at Portugal, which is viewed by the United States as moving toward Communism. Mr. Ford also said that NATO remained the "foundation" in the relationship between the United States and Europe and that important "tasks" confronted the alliance. [New York Times]
- The government's new composite index of leading indicators, which is intended to foretell economic activity, signaled strongly that an upturn was imminent. The index had declined steeply, with only one short-lived interruption, since the summer of 1973. It nearly leveled off in February, but it turned up by 1 percent in March and then climbed by a record 4.2 percent in April. [New York Times]
- The White House announced that President Ford had vetoed a $5.3 billion package designed to finance job-producing projects across the country through 1976. In returning the bill to Congress, Mr. Ford declared that "this bill is not an effective response to the unemployment problem." [New York Times]
- Terry Sanford, the 57-year-old president of Duke University and a former Governor of North Carolina, became the sixth Democrat to enter the presidential race. He is also the fourth Democratic Southerner to enter the race and the first to make a confrontation with Gov. George Wallace of Alabama the central test of his candidacy. "I'm the one to take him on," he said of Mr. Wallace as he announced his candidacy at the National Press Club in Washington. [New York Times]
- A month after the end of fixed commissions, a rate war is raging among stock brokers, leading some of the nation's major financial institutions to warn that it could bring about the end of one or more Wall Street houses. Brokers are cutting their fees for the most part by 25 to 35 percent and in some cases, by 50 and 60 percent. The reductions are principally benefitting major financial institutions. [New York Times]
- In an explicit statement of American readiness to use tactical nuclear weapons against Warsaw Pact conventional forces, Defense Secretary James Schlesinger has informed Congress that if there were a conventional Soviet-led attack against Western Europe, the United States might have to be the first to use battlefield nuclear weapons to avoid defeat. He said that "the attack should be delivered with sufficient shock and decisiveness to forcibly change the perceptions of the Warsaw Pact leaders and create a situation conducive to negotiations." [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 815.00 (-2.04, -0.25%)
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 28, 1975 | 817.04 | 89.71 | 21.85 |
| May 27, 1975 | 826.11 | 90.34 | 17.05 |
| May 23, 1975 | 831.90 | 90.58 | 17.87 |
| May 22, 1975 | 818.91 | 89.39 | 17.61 |
| May 21, 1975 | 818.68 | 89.06 | 17.64 |
| May 20, 1975 | 830.49 | 90.07 | 18.31 |
| May 19, 1975 | 837.69 | 90.53 | 17.87 |
| May 16, 1975 | 837.61 | 90.43 | 16.63 |
| May 15, 1975 | 848.80 | 91.41 | 27.69 |
| May 14, 1975 | 858.73 | 92.27 | 29.05 |