News stories from Wednesday May 12, 1971
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The House has revived the supersonic transport. Supporters argue that the project would help employment, balance trade payments, and be important to U.S. aviation. Rep. Sidney Yates revealed that the SST vote was organized by Rep. Gerald Ford with White House backing. Ford admitted that the White House helped, but the vote was planned by a bi-partisan group of representatives. The Senate vote on the SST will be close. Boeing would benefit from manufacturing the SST, but is said to be displeased with the reversal because it has already laid off workers. [CBS]
- The $9 billion social security and welfare reform bill won tentative approval of the House Ways and Means Committee. [CBS]
- Congress is considering raising the minimum wage to $1.80 an hour next January and to $2.00 by 1973; the administration wants the second increase postponed until 1974. [CBS]
- Vice President Agnew rallied support for the administration's revenue sharing plan at a stop in Tallahassee, Florida. Agnew said that power must be returned to the states, and reforms must be generated by the states. [CBS]
- 3,500 white collar jobs may be eliminated by the reorganization of the U.S. Post Office in July; severance allowances and early retirement are being planned for those affected. [CBS]
- A Senate committee viewed insurance company films showing 1970 cars sustaining 30% less damage than 1971 cars which were built to meet safety standards. [CBS]
- An earthquake in southwest Turkey killed at least 72 people. [CBS]
- 400,000 people have reportedly been killed so far in the Pakistan civil war. [CBS]
- Communist planes strafed Laotian troops for the first time today. More U.S. bombing in North Vietnam was reported, and 500 U.S. paratroopers moved into the Ashau Valley in South Vietnam. [CBS]
- The House Commerce Committee heard testimony against CBS's "The Selling of the Pentagon". Assistant Defense Secretary Dan Henkin declared that the interview with him in the documentary was doctored and distorted. [CBS]
- The EPA proposed that all boats be equipped with facilities to dispose of human waste. [CBS]
- Five Navajo Indians are suing the government to force the shutdown of a power plant in New Mexico due to air pollution. [CBS]
- 1,000 conservationists prevented police and workmen in Stockholm, Sweden, from chopping down trees to build a subway station by throwing rocks and bottles at them. [CBS]
- Two freight trains collided near Great Falls, Montana; four people were killed. [CBS]
- A leftist coup attempt against the government of Argentina failed. [CBS]
- Mick Jagger of the Rolling Stones rock group married Bianca Perez-Mora Macias in St. Tropez. [CBS]
- Hurdles remain in getting the government to approve the loan for Lockheed Aircraft. Lockheed is technically broke; the federal government is considering bailing out the corporation despite it being a private company. Senator Alan Cranston insists that Lockheed management be replaced before a loan is approved. [CBS]
- The price of gold reached its highest level in 18 months as the value of the U.S. dollar rose slightly. Western European governments don't want the U.S. to withdraw troops despite the resulting influx of U.S. dollars. Senator Mike Mansfield's amendment to withdraw half of U.S. forces from Europe will be voted on next Wednesday; the Nixon administration is opposed to it. [CBS]
- The Commerce Department reported that the rise in personal income slowed during April. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 937.46 (+0.21, +0.02%)
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 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 |
| May 5, 1971 | 939.92 | 103.78 | 17.27 |
| May 4, 1971 | 938.45 | 103.79 | 17.31 |
| May 3, 1971 | 932.41 | 103.29 | 16.12 |
| April 30, 1971 | 941.75 | 103.95 | 17.49 |
| April 29, 1971 | 948.15 | 104.63 | 20.34 |
| April 28, 1971 | 950.82 | 104.77 | 24.82 |