News stories from Monday November 30, 1970
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Federal Reserve Board lowered the discount interest rate to 5.5%. [CBS]
- The 1970 Census says that there are 204,765,770 Americans; 14 states will either lose or gain House seats in reapportionment. [CBS]
- United Arab Republic President Anwar Sadat stated that he won't extend the Mideast cease-fire until Israel withdraws from all occupied lands. Israeli Defense Minister Moshe Dayan insisted that Israel won't leave strategic positions. [CBS]
- Defense Secretary Melvin Laird announced that the U.S. will keep its NATO strength up for at least 18 months, and he defended the prisoners of war raid. Laird said that he didn't tell the Senate Foreign Relations Committee about bombing near Hanoi because committee members didn't ask the right questions; Laird now admits the bombing and a Navy rocket attack. [CBS]
- Communists moved nearer to Phnom Penh, Cambodia; government troops are isolated. [CBS]
- Pope Paul was cheered by crowds in Samoa and Australia; security remains tight. [CBS]
- A Soviet sailor was refused asylum by a U.S. Coast Guard cutter last week. President Nixon is angry about the incident and has ordered an investigation by the State Department. The Coast Guard let the Soviets beat up the defector and take him back. Coast Guard Admiral Chester Bender said that the man was accused of stealing money from the Soviet ship. [CBS]
- The Justice Department asked the Supreme Court rule whether diplomatic immunity entitled former Senator Daniel Brewster [D - Maryland] to accept a bribe. [CBS]
- A House committee announced that it has found no reason to impeach Supreme Court Justice William O. Douglas. [CBS]
- The "East Coast Conspiracy to Save Lives" denied FBI director J. Edgar Hoover's charge that the organziation plans political kidnappings and bombings, and accused Hoover of wanting to create an atmosphere of fear. Daniel and Philip Berrigan are not even in the organization, although Hoover named them as its leaders. [CBS]
- A presidential commission recommends that a new Panama Canal be built; it would cost $2.88 billion. [CBS]
- Transportation Secretary John Volpe outlined a plan for a quasi-governmental corporation to run coast-to-coast passenger trains. [CBS]
- The Senate will vote on the supersonic transport this week. The SST would create a "sonic wasteland", and Senator Gaylord Nelson [D - Wisconsin] claims that the SST will destroy the environment. A close vote is expected. [CBS]
- The Senate is considering the appointment of assistant Attorney General William Ruckelshaus to head the Environmental Protection Agency; Ruckelshaus says that environmental protection is vital. But the agency needs more money and only has $1.4 billion to work with. Ruckelshaus wants more federal control over the environment, and stated that he has not been swayed by industry, although he will be fair to industry. [CBS]
- The Agriculture Department tightened warnings on the pesticide Parathion, but said that it isn't dangerous to consumers. [CBS]
- 94 people have been killed in four days of rains which have hit Los Angeles, causing floods of mud; major landslides are feared. [CBS]
- Pro football player Lance Rentzel is charged with indecently exposing himself to a 10-year-old girl in Dallas. Rentzel pleaded guilty to a similar charge four years ago. [CBS]
- Commentary: Some social programs fall short of hopes. The Alliance For Progress failed, bringing upheaval instead of stability, and the Peace Corps is overloaded with educated people who can't teach practical trades. Idealism is necessary for progress, but so is good job performance. [CBS]
- NASA attempted to launch the most powerful telescope ever put in space, but it failed to achieve orbit. [CBS]
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Dow Jones Industrial Average: 794.09 (+12.74, +1.63%)
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* |
| November 27, 1970 | 781.35 | 85.93 | 10.13 |
| November 25, 1970 | 774.71 | 85.09 | 13.49 |
| November 24, 1970 | 772.73 | 84.78 | 12.56 |
| November 23, 1970 | 767.52 | 84.24 | 12.72 |
| November 20, 1970 | 761.57 | 83.72 | 10.92 |
| November 19, 1970 | 755.82 | 82.91 | 9.28 |
| November 18, 1970 | 754.24 | 82.79 | 9.85 |
| November 17, 1970 | 760.47 | 83.34 | 9.45 |
| November 16, 1970 | 760.13 | 83.24 | 9.16 |
| November 13, 1970 | 759.79 | 83.37 | 11.89 |