News stories from Friday January 10, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- There was a strong hint from White House sources that President Ford would propose soon, perhaps this weekend, a sweeping anti-recession program that would include a rebate of 10 percent on taxes paid on 1974 individual incomes and a reduction in personal and corporate taxes in 1975. [New York Times]
- Because of declining sales and large numbers of unsold cars, the Ford Motor Company said that it would close for a week beginning Monday 10 of its 14 automobile assembly plants, seven of its nine truck plants and five of its 43 manufacturing plants throughout the country. The closings will lay off 85,175 employees, 55 per cent of Ford's hourly-paid 155,000 employees. [New York Times]
- The White House said that the government spent about $367,000 to support Richard M. Nixon in the first three months after he resigned as President last Aug. 9. The White House press secretary, Ron Nessen, said that much of the money had been spent for purposes not covered by the transition appropriation of $200,000, which did not become law until Dec. 27. That appropriation was intended for a six-month period ending Feb. 9. A substantial part of the $367,000 went for salaries and living expenses of employees temporarily assigned to Mr. Nixon at his estate in San Clemente, Calif. [New York Times]
- In an address to a Roman Catholic-Jewish liaison committee at the Vatican, Pope Paul VI called for a "true dialogue" between Judaism and Christianity and restated the Roman Catholic Church's rejection of every form of anti-Semitism. The Pope made the speech at the end of a four-day conference of the liaison committee in which guidelines for Catholic-Jewish collaboration, issued by the Vatican last week, were discussed by representatives of the two faiths. [New York Times]
- Administration officials said that the Pentagon had received a message of regret from Secretary of State Kissinger that a naval task group, headed by the carrier Enterprise, had not been used to indicate a warning to North Vietnam during its attacks in South Vietnam earlier this week. Mr. Kissinger reportedly learned of the movement of the six-ship group from the Philippines toward the Indian Ocean too late for his views to be translated into orders for the ship to sail near North Vietnam in a psychological demonstration of strength by the United States. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 658.79 (+13.53, +2.10%)
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* |
| January 9, 1975 | 645.26 | 71.17 | 16.34 |
| January 8, 1975 | 635.40 | 70.04 | 15.60 |
| January 7, 1975 | 641.19 | 71.02 | 14.33 |
| January 6, 1975 | 637.20 | 71.07 | 17.55 |
| January 3, 1975 | 634.54 | 70.71 | 15.27 |
| January 2, 1975 | 632.04 | 70.23 | 14.80 |
| December 31, 1974 | 616.24 | 68.56 | 20.97 |
| December 30, 1974 | 603.25 | 67.16 | 18.52 |
| December 27, 1974 | 602.16 | 67.14 | 13.06 |
| December 26, 1974 | 604.74 | 67.44 | 11.81 |