News stories from Thursday December 4, 1975

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

President Ford and Chinese leaders ended their four-day meeting in Peking today after reaching an apparent understanding on their mutual interest in countering an expansion of Soviet influence in Western Europe, Angola and the Pacific, but there was no substantive change in Chinese-American relations. [New York Times] The House approved, by a vote of 257 to 168, legislation modifying and continuing through next year $13 billion in tax reductions for individuals and businesses that was enacted last spring as a temporary antirecession measure. The House defeated, by a vote of 220 to 202, an attempt by Republicans to tie the tax-reduction extension to enactment of a $395 billion federal spending ceiling for the coming fiscal year, as demanded by President Ford. [New York Times] A federal investigator testified in Federal District Court in Detroit that a witness had identified three New Jersey men, connected with the Teamsters union and the underworld, as having participated "in the abduction and murder" of James Hoffa. The witness was Robert Ozer, head of the United States Organized Crime Strike Force in Detroit. [New York Times] A panel of experts reported to the Food and Drug Administration that none of the most common active ingredients in non-prescription sedatives and sleep aids may be termed fully safe and effective for their advertised uses. [New York Times] The Senate Select Committee on Intelligence charged that the United States ended a 10 year, $13.4 million effort to deny President Salvador Allende power in Chile by "advocating and encouraging the overthrow of a democratically elected government." The committee said, however, it had found no direct involvement by the Central Intelligence Agency or the United States diplomatic mission in the 1973 coup against the Allende government. [New York Times] New questions about possible violations by the Soviet Union of the 1972 treaty limiting strategic arms have been raised by American intelligence reports to the Ford administration that a large radar station was recently built on the Kamchatka Peninsula in the northeastern Soviet Union. The equipment reportedly consists of very modern "phased-array radars" for use in testing systems of defensive weapons known as antiballistic missiles. [New York Times] The United Nations Security Council invited the Palestine Liberation Organization to participate In a debate on the recent Israeli raids in Lebanese territory. The Council, departing from its standing rules, accorded the P.L.O. a role similar to that of a United Nations member state. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 829.11 (+3.62, +0.44%)
S&P Composite: 87.84 (+0.24, +0.27%)
Arms Index: 0.77

	Issues	Volume*
Advances	661	7.45
Declines	694	6.05
Unchanged	492	2.88
Total Volume		16.38

* 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*
December 3, 1975	825.49	87.60	21.32
December 2, 1975	843.20	89.33	17.93
December 1, 1975	856.34	90.57	16.05
November 28, 1975	860.67	91.24	12.87
November 26, 1975	858.55	90.94	18.78
November 25, 1975	855.40	90.71	17.49
November 24, 1975	845.64	89.70	13.93
November 21, 1975	840.76	89.53	14.11
November 20, 1975	843.51	89.64	16.46
November 19, 1975	848.24	89.98	16.82