News stories from Tuesday January 22, 1974

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

Arab nations may soon lift their oil embargo against the United States. Secretary of State Henry Kissinger allegedly received assurances to that effect from Arab countries. Kissinger called the failure to end the embargo "highly inappropriate" and noted that the U.S. has no legal obligation to enforce the Mideast peace agreement.Arab oil ministers had no comment on Kissinger's statement, though President Sadat of Egypt hinted at ending the embargo. U.S. oil executives stated that the end of the embargo won't by itself solve the energy crisis, and the increase in Arab oil imports is unlikely to be dramatic. [CBS] The Israeli parliament approved the Mideast disengagement plan. Prime Minister Golda Meir won a major victory for her party, but opposition leader Menachem Begin called the agreement terribly one-sided. Foreign minister Abba Eban defended the agreement, stating that it offers Israel a good line of defense along with many other advantages. The withdrawal of troops will begin Friday. [CBS] The Senate continued oil hearings. Executives denied making windfall profits from the fuel shortage. Gulf president Z.D. Bonner revealed the amount of taxes paid by Gulf for one year, and noted that oil companies must pay taxes in each country in which they operate. Though most Senators were critical, Senate Finance Committee chairman Russell Long said that he sympathizes with the industry somewhat and stated that even stopping all profits of oil companies would not solve the energy crisis. Senate leaders hope to vote on an emergency energy bill this week, but the bill has been stalled by the windfall profits controversy. [CBS] A Senate committee chaired by George McGovern opened hearings to determine the effects of the energy crisis on the poor and elderly. McGovern and Jacob Javits will push for legislation to help the disadvantaged. [CBS] The government must enforce the July, 1975, deadline requiring coal-burning power plants to clean up the air. Environmental Protection Agency deputy administrator John Quarles warned of criminal charges if compliance isn't met. [CBS]

Stock Market Report

Dow Jones Industrial Average: 863.47 (+8.84, +1.03%)
S&P Composite: 96.55 (+1.15, +1.21%)
Arms Index: 0.76

	Issues	Volume*
Advances	933	10.63
Declines	527	4.58
Unchanged	331	2.12
Total Volume		17.33

* 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 21, 1974	854.63	95.40	15.63
January 18, 1974	855.47	95.56	16.47
January 17, 1974	872.16	97.30	21.04
January 16, 1974	856.09	95.67	14.93
January 15, 1974	846.40	94.23	13.25
January 14, 1974	840.18	93.42	14.61
January 11, 1974	841.48	93.66	15.14
January 10, 1974	823.11	92.39	16.12
January 9, 1974	834.79	93.42	18.07
January 8, 1974	861.78	96.12	18.08