News stories from Friday November 28, 1975

Summaries of the stories the major media outlets considered to be of particular importance on this date:

President Ford nominated Judge John Paul Stevens of the Federal Appeals Court in Chicago for the Supreme Court seat vacated two weeks ago by the resignation of William O. Douglas. Judge Stevens, 55 years old, is regarded as a centrist, neither extremely conservative nor extremely liberal. Law school professors familiar with his work on the bench described him as "a judge's judge." Judge Stevens was appointed to the United States Court of Appeals for the Seventh Circuit in 1970 by former President Nixon. [New York Times] The government's composite index of leading economic indicators apparently declined in October for the second month in succession, the Commerce Department said. The preliminary October index, subject to revision, was down five-tenths of 1 percent. Both government and private economists said the decline was more a signal of a reduced pace of recovery from the recession than a sign of a setback. [New York Times] A three-judge federal panel ruled that prejudicial errors by the government and pretrial publicity had prevented a fair trial for the abductor in 1974 of Reg Murphy, then editor of the Atlanta Constitution. The panel returned the case to Federal District Court Judge William O'Kelley in Atlanta and ordered a new trial for William Williams, who was sentenced to 40 years in prison. [New York Times] The Agriculture Department reported that prices farmers get for raw agricultural products dropped 4 percent from Oct. 15 to Nov. 15, the second consecutive monthly decline. The department's Crop Reporting Board said that lower prices for hogs, wheat, corn, cattle and soybeans contributed most to the decline. Higher prices were reported for milk and eggs and these only partly offset the other reductions. [New York Times] Following an abortive left-wing uprising, Portugal's military leadership began what appeared to be a wide-ranging purge of the press, extreme left-wing politicians and of the armed forces. The High Council of the Revolution announced the dismissal of management and editorial employees of eight newspapers and suspended publication until replacements were found. Several military leaders accused the newspapers of having instigated the revolt. The purge of the left-wing members of the military continued with the arrest of 77 officers and enlisted men. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 860.67 (+2.12, +0.25%)
S&P Composite: 91.24 (+0.30, +0.33%)
Arms Index: 0.73

	Issues	Volume*
Advances	806	7.07
Declines	518	3.32
Unchanged	489	2.48
Total Volume		12.87

* in millions of shares

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 26, 1975	858.55	90.94	18.78
November 25, 1975	855.40	90.71	17.49
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