News stories from Friday March 7, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Cambodian government forces lost their last beachhead on the lower Mekong River, finishing perhaps for months the effort to reopen the vital supply route to Phnom Penh. Cambodian and Western military sources reported today that the entire garrison at the beachhead was evacuated by navy craft, which carried 800 to 1,000 men 10 miles up to Neak Luong. [New York Times]
- The nation's unemployment rate remained at 8.2 percent of the work force in February, unchanged from January, but the total number of available jobs dropped by 540,000 because that number of people quit looking for work last month and were not counted as unemployed. Among other bleak economic signs was that the number of long-term unemployed, defined as those who have been out of work at least 15 weeks, rose by 300,000 to a total of 1.8 million. [New York Times]
- In his strongest declaration to date regarding his plans for 1976, President Ford appealed for a broadened Republican party embracing "all who care about this country" and implicitly rejected conservative demands for greater ideological purity. He renewed his pledge to "never again permit an elite guard serving a single purpose to exclude and ignore the regular party organization," and said he fully intended to seek the nomination in 1976. [New York Times]
- The Federal Reserve Board signaled a further easing in credit conditions by reducing the discount rate it charges on loans to commercial banks. [New York Times]
- Voting 56 to 27 after a session lasting well into the evening, the Senate finally voted to reform its filibuster rule. It had been a foregone conclusion since Wednesday that a new rule would ultimately be adopted despite the opposition of Senator James Allen, Alabama Democrat, and a small group of allies. The new rule permits 60 Senators -- assuming there are no vacancies -- to limit debate and bring any measure except a proposed rules change to an up or down vote. Two-thirds of the Senators present and voting would still be required to end debate, or invoke closure on a change in the Senate's rules. Under the old closure rule, the two-thirds requirement applied to all matters. [New York Times]
- The worst crisis in international shipping and shipbuilding since World War II has been brought about by steadily falling oil consumption and an unusually mild winter in Europe. A glut in tanker capacity has collapsed charter rates for the shipment of crude oil from the Middle East and other petroleum sources to refining centers. Oil-storage facilities all over the world are full or close to capacity, and many tankers are idling at sea. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 770.10 (+8.29, +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* |
| March 6, 1975 | 761.81 | 83.69 | 21.78 |
| March 5, 1975 | 752.82 | 82.90 | 24.12 |
| March 4, 1975 | 757.74 | 83.58 | 34.10 |
| March 3, 1975 | 753.13 | 83.03 | 24.10 |
| February 28, 1975 | 739.05 | 81.59 | 17.56 |
| February 27, 1975 | 731.15 | 80.77 | 16.43 |
| February 26, 1975 | 728.10 | 80.37 | 18.79 |
| February 25, 1975 | 719.18 | 79.53 | 20.91 |
| February 24, 1975 | 736.94 | 81.44 | 19.15 |
| February 21, 1975 | 749.77 | 82.62 | 24.44 |