News stories from Thursday February 28, 1974
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The jury has been chosen in John Mitchell's and Maurice Stans' trial; the last barrier to Watergate indictments has been removed. Judge Lee Gagliardi chose the jury carefully in an effort to strive for an impartial hearing. The jury will be sequestered throughout the trial. New Watergate indictments are expected tomorrow. [CBS]
- President Nixon's attorney James St. Clair issued a report to the House Judiciary Committee regarding his definition of impeachable offenses. The committee is taking a broader view of impeachment. [CBS]
- Democrats agreed to settle out of court their suit against Republicans regarding damages from the Watergate break-in. [CBS]
- American Petroleum Institute figures show that gasoline stockpiles have increased steadily for the past six weeks. The figures also reveal that crude oil imports have climbed 25%, but energy czar William Simon warned against being overly encouraged by the numbers. [CBS]
- President Nixon spoke to a conference of Young Republicans in Washington, DC. He predicted that Republicans will control the White House until at least 1984. The President also discussed the emergency energy bill and vowed that he would veto it to avoid any possibility of gasoline rationing. Senator Barry Goldwater spoke before the same group and criticized the President's budget. Goldwater stated that the budget would be detrimental to the U.S. economy.
Republican party chairman George Bush charged that labor unions illegally helped Democrats in the 1972 election. Watergate committee chairman Sam Ervin refused Bush's request for an investigation into the matter.
[CBS] - If you forget to mail that letter tomorrow, the lapse will cost you an extra 2 cents. At 12.01 A.M. Saturday the first-class postal rate goes up from 8 cents to a dime and the air-mail rate goes from 11 cents to 13 cents. These and other increases had been scheduled to take effect two months ago. [New York Times]
- The British general election appeared headed toward deadlock with the opposition Labor party holding a slight edge over the incumbent Conservatives. Computer projections on the basis of almost half the returns, however, indicated that Labor would not win the 318 seats needed to control the 635-seat House of Commons, and it appeared that the tiny Liberal party would hold the balance of power. [New York Times]
- Israel plans to propose the establishment of a buffer zone manned by United Nations forces to separate Israeli and Syrian troops, according to reliable sources in Jerusalem. Under the Israeli plan, to be offered to Secretary of State Kissinger tomorrow, the buffer zone would be established in the area captured by Israel in the October war, and Israel would not return Syrian territory seized in the 1967 war. [New York Times]
- Egypt and the United States announced in Cairo that they would resume formal diplomatic relations tomorrow, closing a seven-year breach. The announcement came after President Anwar Sadat met with Secretary of State Kissinger, who will attend the flag-raising ceremony at the United States Embassy before returning to Israel. On the question of the Arab oil embargo, Mr. Sadat did not predict when it would end, but said it would be discussed by Arab oil ministers this month. [New York Times]
- Emperor Haile Selassie of Ethiopia appointed a new Premier and granted a new military pay raise in an effort to placate mutinous army troops. But it appeared that the Emperor's near absolute authority had been deeply eroded. Though the new Premier called for an end to the rebellion that began with demands for higher pay and expanded to include calls for political reform, it appeared that most of the armed forces had joined the revolt. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 860.53 (-2.89, -0.33%)
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* |
| February 27, 1974 | 863.42 | 96.40 | 18.73 |
| February 26, 1974 | 859.51 | 96.00 | 15.86 |
| February 25, 1974 | 851.38 | 95.03 | 12.90 |
| February 22, 1974 | 855.99 | 95.39 | 16.36 |
| February 21, 1974 | 846.84 | 94.71 | 13.93 |
| February 20, 1974 | 831.04 | 93.44 | 11.67 |
| February 19, 1974 | 819.54 | 92.12 | 15.94 |
| February 15, 1974 | 820.32 | 92.27 | 12.64 |
| February 14, 1974 | 809.92 | 90.95 | 12.23 |
| February 13, 1974 | 806.87 | 90.98 | 10.99 |