News stories from Friday June 4, 1971

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

Wholesale prices were up 0.4% for May; unemployment went up to 6.2%. Interpretations of the unemployment figure vary. University of Wisconsin economist Robert Haveman said that the figures do not indicate a promising trend for the economy. Administration economic advisor Herb Stein said that he believes unemployment will be lower a year from now. [CBS] The Treasury Department claims that tax loopholes cost the federal government $44 billion last year; Senator William Proxmire urged an examination of tax breaks. [CBS] U.S. narcotics agents and Spanish police seized 250 pounds of heroin in Valencia, Spain; Defense Secretary Melvin Laird said that he is not yet satisfied with South Vietnam's efforts to keep heroin away from soldiers.Scientists are looking for a non-addictive substitute for the heroin antidote, methadone. Doctors believe that it may take up to three years before a long lasting anti-heroin drug is perfected. [CBS] Five U.S. and South Vietnamese Fire Bases were shelled today. South Vietnamese reinforcements were airlifted into besieged Fire Base 5. South Vietnam blames the U.S. for its defeat at Snoul, Cambodia. [CBS] North Vietnam is still refusing to accept 13 POWs held by South Vietnam. [CBS] The administration plan to extend the draft for two years won a pair of victories in the Senate. The Senate defeated an amendment to end the draft on June 30, and defeated an amendment to extend the draft for only one year. Selective Service director Curtis Tarr met with five antiwar protestors; three of them tried to make a citizen's arrest of Tarr, but failed. [CBS] Six national higher education associations called for broad changes in the Reserve Officers' Training Corps policy, in order to give colleges a larger voice in ROTC affairs and increase student interest. [CBS] The NATO conference in Lisbon expressed its desire to negotiate European troop reductions with Russia, and reached an agreement regarding Berlin. [CBS] President Nixon asked Congress for funds to develop a new clean energy source by 1980. [CBS] The body of a 25th murdered migrant worker was discovered in California. [CBS] Comedian Joe E. Lewis died at age 69. [CBS] The U.S. government approved the export of $85 million worth of machine tools to the Soviet Union. [CBS] The Concorde supersonic transport achieved top speed today after failing to do so yesterday. [CBS]

Stock Market Report

Dow Jones Industrial Average: 922.15 (+0.85, +0.09%)
S&P Composite: 101.30 (+0.29, +0.29%)
Arms Index: 0.93

	Issues	Volume*
Advances	692	6.61
Declines	680	6.02
Unchanged	304	1.78
Total Volume		14.41

* 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*
June 3, 1971	921.30	101.01	18.79
June 2, 1971	919.62	100.96	17.74
June 1, 1971	913.65	100.20	11.93
May 28, 1971	907.81	99.63	11.76
May 27, 1971	905.78	99.40	12.61
May 26, 1971	906.41	99.59	13.55
May 25, 1971	906.69	99.47	16.05
May 24, 1971	913.15	100.13	12.06
May 21, 1971	921.87	100.99	12.09
May 20, 1971	923.41	101.31	13.34