News stories from Friday June 19, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Edward Heath is the new Prime Minister of Great Britain as Conservatives won a major upset; nearly all of the polls and predictions were wrong. The party gained 140 seats in the House of Commons, and Prime Minister Harold Wilson resigned. Wilson believes that low voter turnout cost Labour the election. The economic situation and Labour party overconfidence hurt them as well -- people wanted change.
Militant Northern Ireland Protestant Leader Ian Paisley won a House seat, so did militant Catholic Bernadette Devlin; Winston Churchill's grandson won a Conservative seat.
[CBS] - The allies reopened Highway 1 in Cambodia, and the Communists attacked Kompong Thom. The monsoons are hurting both sides; generals said that monsoon rains would prevent Communists from resupplying, but American troops are bogged down too. [CBS]
- Communists repulsed allied reinforcements at Saravane, Laos. [CBS]
- Two more soldiers are charged with My Lai murders. [CBS]
- The Justice Department has asked a federal grand jury to investigate the Jackson State College killings; Mississippi officials won't cooperate. [CBS]
- The Miami curfew is lifted; racial strife has been eased. [CBS]
- Assistant Commerce Secretary Kenneth Davis resigned today after criticizing the administration's import policy. [CBS]
- Former Health, Education and Welfare Secretary Robert Finch has officially left the department. Many workers believe that Finch was too weak in representing the department at the White House. HEW has the highest turnover of any cabinet agency, and Finch is glad to leave those $60 billion monster problems behind. [CBS]
- The Soviet spacecraft Soyuz 9 made a perfect soft landing; the U.S. launched an experimental (or spy) satellite. It was the first of a series of early warning satellites which will guard against surprise missile attacks. [CBS]
- 10 Minuteman MIRV sites are now operational in the United States. [CBS]
- Summer jobs are scarce this year. Public money is far short of the amount needed for jobs and employers are in a tight economic situation. Kids are restless; the situation is similar to the one prior to the 1965 riots. [CBS]
- President Nixon and Congress are at odds over aid to the Penn Central railroad. The Defense Department reversed the administration's decision to guarantee Penn Central bank loans for $750 million.
Several Congressmen have threatened to create a scandal of the White House's relations with Penn Central; the President was on the board of directors, now his friend is.
[CBS] - FCC commissioner Kenneth Cox accused television news of yielding to Vice President Spiro Agnew, claiming that media analysis of the President's economic speech was not tough enough. [CBS]
- A Canadian government commission recommends abolishing prison sentences for drug possession; the government will consider the move for marijuana, but not hard drugs. [CBS]
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Stock Market Report
Dow Jones Industrial Average: 720.43 (+7.74, +1.09%)
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* |
| June 18, 1970 | 712.69 | 76.51 | 8.87 |
| June 17, 1970 | 704.68 | 76.00 | 9.87 |
| June 16, 1970 | 706.26 | 76.15 | 11.33 |
| June 15, 1970 | 687.36 | 74.38 | 6.92 |
| June 12, 1970 | 684.21 | 74.21 | 8.89 |
| June 11, 1970 | 684.42 | 74.45 | 7.77 |
| June 10, 1970 | 694.35 | 75.48 | 7.24 |
| June 9, 1970 | 700.16 | 76.25 | 7.05 |
| June 8, 1970 | 700.23 | 76.29 | 8.04 |
| June 5, 1970 | 695.03 | 76.17 | 12.45 |