News stories from Tuesday November 25, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Former President Richard Nixon has agreed to testify on covert operations while he held office but will reserve the right not to answer certain questions, according to sources familiar with the investigation by the Senate Select Committee on Intelligence. His testimony will be taken in California in late December or early January, with Mr. Nixon ready to invoke either the Fifth Amendment or executive privilege, under a written agreement with his lawyers. Among the areas expected to be covered are the overthrow and assassination of President Salvador Allende of Chile and aid to Kurdish rebels in Iraq. [New York Times]
- Senator Hugh Scott, the Pennsylvania Republican who has been minority leader for six years, has decided not to seek re-election in 1976, according to well-placed sources. Friends and others said he would announce his retirement next week. They added that he has all but abandoned his dream of being Ambassador to China for much the same reasons -- age, political uncertainties, the health of his wife and some recent allegations of scandal. [New York Times]
- Documents filed in a Washington court in connection with a Securities and Exchange Commission lawsuit show a pattern of illegal domestic political activity by the Gulf Oil Corporation overshadowing, according to federal investigators, anything yet uncovered at other companies. A detailed report is due by Dec. 15 from Gulf's outside directors concerning the illegal activities of the company. [New York Times]
- With last-minute compromises winning support from both blacks and Republicans in the New York state Assembly, the legislature passed the main elements of the $200 million New York City tax package designed to persuade President Ford to support federal aid to avert default. Enactment and acceptance by banks and employee pension funds of their share in a $6.6 billion tax package were the city's last major hurdles. Administration officials expected Mr. Ford to act before Thanksgiving. [New York Times]
- Portuguese paratroopers and other regiments went into open rebellion against the government. Military leaders reacted strongly: commando units loyal to the government recaptured two air bases that the paratroopers had occupied and freed their commander, whom they had been holding. President Francisco da Costa Gomes proclaimed a state of emergency in the Lisbon region. [New York Times]
- The Spanish government announced a general pardon for political prisoners to mark the accession of Juan Carlos de Borbon as King. The measure, approved at a cabinet meeting without his presence, came two days before the final ceremony marking the transition from the rule of Generalissimo Francisco Franco. Opposition figures had been anxiously awaiting a clemency measure as a gesture of good will. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 855.40 (+9.76, +1.15%)
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* |
| November 24, 1975 | 845.64 | 89.70 | 13.93 |
| November 21, 1975 | 840.76 | 89.53 | 14.11 |
| November 20, 1975 | 843.51 | 89.64 | 16.46 |
| November 19, 1975 | 848.24 | 89.98 | 16.82 |
| November 18, 1975 | 855.24 | 91.00 | 20.76 |
| November 17, 1975 | 856.66 | 91.46 | 17.66 |
| November 14, 1975 | 853.67 | 90.97 | 16.46 |
| November 13, 1975 | 851.23 | 91.04 | 25.07 |
| November 12, 1975 | 852.25 | 91.19 | 23.96 |
| November 11, 1975 | 838.55 | 89.87 | 14.64 |