News stories from Thursday May 20, 1971

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

The U.S. and Russia agreed to discuss both defensive and offensive missiles at the Strategic Arms Limitation Talks. President Nixon announced that both countries agreed to work toward limiting the deployment of anti-ballistic missiles and offensive strategic weapons this year. Democrat and Republican congressmen were pleased by the announcement. [CBS] After 18 months of Strategic Arms Limitation Talks, the U.S. and USSR have finally agreed on how to negotiate to limit the arms race. Agreements on defense systems, and partial agreements on offensive weapons are hoped for by the end of the year. The prospects for the world -- and President Nixon's re-election position -- are improved by the agreements. [CBS] British Prime Minister Heath met with President Pompidou of France; post-meeting statements indicate that France is ready to support Britain's membership in the European Common Market. [CBS] Senator George McGovern voted for the Mansfield amendment yesterday; today he challenged the other Democratic presidential candidates to say where they would cut military spending. [CBS] North Vietnamese forces have gained control of the Bolovens Plateau in Laos. [CBS] President Sadat of Egypt called for the U.S. to force Israel to withdraw from all occupied territory. [CBS] Nine Soviet Jews were sentenced to labor camps for plotting to hijack a plane. [CBS] The ransom deadline for kidnapped Israeli consul general Efraim Elrom in Turkey has passed. [CBS] Two American lobster boats complained that Soviet trawlers destroyed more of their equipment after yesterday's meeting in which the Soviets agreed to respect the rights of U.S. fishing boats in international waters. [CBS] Supersonic transport supporters in the House have given up their fight to revive the program after the Senate defeated the bill yesterday. [CBS] The House Internal Security Committee heard testimony that three persons authorized to sign checks for the Washington, DC antiwar protest organization are members of the Socialist Workers party. [CBS] 1971 college graduates are finding the job market to be difficult. Northwestern University placement director Dr. Frank Endicott said that he can't remember a job situation so tight since the 1930's and he recommends that graduates be more flexible. [CBS] Penn Central Railroad trustees reported a $92.5 million loss for the first quarter of the year. [CBS] The White House announced that Tricia Nixon's wedding ceremony will last only 10 minutes. [CBS] Black inmates at a Nevada state prison have staged a work stoppage and are reportedly demanding segregated facilities. [CBS] Xerox Corporation announced that its representatives will visit China in an attempt to develop trade. [CBS]

Stock Market Report

Dow Jones Industrial Average: 923.41 (+3.37, +0.37%)
S&P Composite: 101.31 (+0.24, +0.24%)
Arms Index: 0.78

	Issues	Volume*
Advances	739	7.11
Declines	618	4.62
Unchanged	306	1.61
Total Volume		13.34

* 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*
May 19, 1971	920.04	101.07	11.74
May 18, 1971	918.56	100.83	17.64
May 17, 1971	921.30	100.69	15.98
May 14, 1971	936.06	102.21	16.43
May 13, 1971	936.34	102.69	17.64
May 12, 1971	937.46	102.90	15.14
May 11, 1971	937.25	102.62	17.73
May 10, 1971	932.55	102.36	12.81
May 7, 1971	936.97	102.87	16.49
May 6, 1971	937.39	103.23	19.30