News stories from Thursday January 7, 1971

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

United Nations mediator Gunnar Jarring is on his way to Jerusalem. Israel is complaining of Egyptian air reconnaissance missions over the Israeli-occupied Sinai Desert. In an interview, President Sadat stressed the importance of the Sinai territory to Egypt. [CBS] A Jewish Red Army officer was found guilty in Leningrad of an attempted plane hijacking, and was sentenced to 10 years in prison. [CBS] A U.S. diplomat was threatened by three Russians in Moscow. A Russian newspaper charged that American Jews are conducting a pogrom against the USSR in the United States. [CBS] The Marxist government in Chile has established neighborhood people's tribunals which have the authority to imprison, but not the power to impose death sentences. [CBS] Total 1970 U.S. combat deaths in Vietnam was 4,204. [CBS] Allies are considering an airlift of fuel to Phnom Penh, Cambodia. The Pentagon believes that North Vietnam will begin a push in Cambodia, but the State Department and White House disagree; they believe that North Vietnam will still go after South Vietnam. Fighting in Cambodia is considered to be a build-up for attacks in Vietnam. [CBS] The 98th session of the Paris Peace Talks made no progress. [CBS] Senator George McGovern resigned as chairman of the Democratic Reform Commission. He is expected to announce his presidential candidacy in about 10 days. [CBS] The ACLU filed a lawsuit accusing a St. Louis suburb of rezoning in order to exclude a government housing project. [CBS] A judge in Alabama was found guilty, fined and placed on probation for keeping six black candidates off the ballot in 1968. [CBS] The Federal Reserve Board cut the discount rate for major reserve banks from 5.5% to 5.25%. [CBS] The FDA is checking tuna and swordfish for mercury. Swordfish may be taken entirely off the market. [CBS] Radiation has been detected in 12 states from an underground nuclear blast in Nevada. Radiation was found in milk in five Western states, but not at serious levels. However, one biophysicist stated that any amount of radiation is harmful to man. [CBS]

Stock Market Report

Dow Jones Industrial Average: 837.83 (-0.14, -0.02%)
S&P Composite: 92.38 (+0.03, +0.03%)
Arms Index: 1.26

	Issues	Volume*
Advances	841	7.81
Declines	600	7.01
Unchanged	247	1.63
Total Volume		16.45

* 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*
January 6, 1971	837.97	92.35	16.96
January 5, 1971	835.77	91.80	12.60
January 4, 1971	830.57	91.15	10.01
December 31, 1970	838.92	92.15	13.39
December 30, 1970	841.32	92.27	19.14
December 29, 1970	842.00	92.08	17.75
December 28, 1970	830.91	91.09	12.29
December 24, 1970	828.38	90.61	12.14
December 23, 1970	823.11	90.10	15.40
December 22, 1970	822.77	90.04	14.51