News stories from Tuesday July 6, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon met with steel industry negotiators and presented them a 54-page analysis of the steel industry. Presidential adviser George Shultz said that Nixon emphasized both sides in the steel industry negotiations, stressing the need of a constructive settlement to make the industry more competitive worldwide.
The President met with news executives in Kansas City, Missouri, and warned of growing decadence in America.
[CBS] - The Treasury Department reported that the national debt increased $26 billion in the last fiscal year; congressional experts reported that the budget deficit will exceed $23 billion. [CBS]
- Several U.S. banks raised their prime interest rate from 5.5% to 6%; House Banking Committee chairman Wright Patman urged President Nixon to cancel the increase. [CBS]
- At the Paris Peace Talks, Viet Cong negotiator Madame Nguyen Thi Binh said that the Communists' peace proposal is not inflexible. [CBS]
- Typhoon Harriet halted the Vietnam war in the northern province of South Vietnam; U.S. planes continued bombing enemy positions. [CBS]
- New union president Frank Fitzsimmons addressed the Teamsters convention in Miami Beach, Florida. Fitzsimmons criticized government wage controls without price controls and asked where the plans are for a peacetime economy; he said that the union negotiates not only wages, but dignity and pride. [CBS]
- New Orleans district attorney Jim Garrison filed charges against the two federal attorneys who filed charges against him last week. [CBS]
- Los Angeles Mayor Sam Yorty is acting as a disc jockey on a morning radio show. Yorty is substituting for one week for a popular deejay. [CBS]
- Apollo 15 astronauts have been moved into isolation to prevent them from catching any diseases before their July 26 flight. [CBS]
- Jazz trumpeter Louis Armstrong died today at the age of 71. [CBS]
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Dow Jones Industrial Average: 892.30 (+2.11, +0.24%)
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* |
| July 2, 1971 | 890.19 | 99.78 | 9.96 |
| July 1, 1971 | 893.03 | 99.78 | 13.09 |
| June 30, 1971 | 891.14 | 99.70 | 15.41 |
| June 29, 1971 | 882.30 | 98.82 | 14.46 |
| June 28, 1971 | 873.10 | 97.74 | 9.81 |
| June 25, 1971 | 876.68 | 97.99 | 10.58 |
| June 24, 1971 | 877.26 | 98.17 | 11.36 |
| June 23, 1971 | 879.45 | 98.41 | 12.64 |
| June 22, 1971 | 874.42 | 97.59 | 15.20 |
| June 21, 1971 | 876.53 | 97.87 | 16.49 |