News stories from Monday October 12, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Nixon campaigned in New England, where he announced a reduction in the number of U.S. troops in Vietnam to 344,000 by 1971. The President spoke for Republican candidates in Hartford, saying that he wants a "generation of peace."
The President vetoed a bill to limit political advertising expenditures.
[CBS] - Defense Secretary Melvin Laird ordered the U.S. military services to prepare for the end of the draft by mid-1973. Laird denied that the announcement was aimed to help Republicans. [CBS]
- Viet Cong negotiator Madame Nguyen Thi Binh denounced President Nixon's Indochina peace plan. [CBS]
- The National Peace Action Coalition is planning rallies for October 31; the coalition is irked at Senate doves' endorsement of President Nixon's Vietnam peace plan. [CBS]
- Communists are massing troops near Phnom Penh, Cambodia.
More Communist soldiers are surrendering in Vietnam. Many Viet Cong are leaving the jungles to surrender; they are hungry and have lost faith in the Communists. Former members of the Viet Cong are now working for the allies.
[CBS] - United Arab Republic President Anwar Sadat charged the U.S. with using Gamal Abdel Nasser's death to pressure the United Arab Republic into surrendering to Israel. [CBS]
- French-Canadian separatists said that will free British diplomat James Cross in exchange for 23 political prisoners, but they won't release Quebec Labor Minister Pierre Laporte unless they receive $500,000 in gold and get their separatist manifesto published. [CBS]
- The Senate approved a bill against organized crime and terrorist bombings; the bill strengthens federal law enforcement power. [CBS]
- FBI assistant director William Sullivan stated that the U.S. Communist party is not causing or leading current unrest; he said that the party is weaker than it formerly was. [CBS]
- The Supreme Court heard busing and desegregation cases. The NAACP said that no black child should be forced to attend a racially identifiable school, i.e., over 50% black. Solicitor General Erwin Griswold defended the Charlotte-Mecklenburg, North Carolina, school board plan for keeping several all-black schools. The Supreme Court will withhold decisions on these and related cases.
The Supreme Court will review a law on importing obscenity and will see if states can sue an industry for mercury pollution; the Court refused to hear a case on Wisconsin's abortion law.
[CBS] - The Catholic Church affirmed that abortion is murder even when the mother's life is threatened by the pregnancy. [CBS]
- The Civil Rights Commission charged that the federal government is breaking promises for equal rights and blamed a lack of presidential leadership and a hostile bureaucracy. [CBS]
- The Senate refused to add a freedom of choice school desegregation plan to the women's rights amendment. [CBS]
- Secretary of State William Rogers says that Europe is alarmed at the trade quota bill which is pending in Congress; the Nixon administration wants textile imports to be limited, but not other goods. [CBS]
- President Nixon bet $5 on Conservatives to win the British election, and won $30 on his bet. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 764.24 (-4.45, -0.58%)
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* |
| October 9, 1970 | 768.69 | 85.08 | 13.98 |
| October 8, 1970 | 777.04 | 85.95 | 14.50 |
| October 7, 1970 | 783.68 | 86.89 | 15.61 |
| October 6, 1970 | 782.45 | 86.85 | 20.24 |
| October 5, 1970 | 776.70 | 86.47 | 19.76 |
| October 2, 1970 | 766.16 | 85.16 | 15.42 |
| October 1, 1970 | 760.68 | 84.32 | 9.70 |
| September 30, 1970 | 760.68 | 84.21 | 14.83 |
| September 29, 1970 | 760.88 | 84.30 | 17.88 |
| September 28, 1970 | 758.97 | 83.86 | 14.39 |