The S/V70 has a plastic bearing that in time can cause a squeaking noise when turning the steering wheel. The bearing is located at the bottom of the steering column where the steering shaft goes through the firewall. There is a black rubber boot covering the steering shaft as it goes through the fire wall. The below picture shows the location of the boot. It's a bit easier to work in this area if you take down the kick panel on the drivers side.
The white arrow points to the area that the plastic bearing is located. You can't see it cause it's just below the lip of the boot. If you gently push down on the the boot you can see the white plastic bearing. To get the bearing out push down and work the boot below the bearing. The bearing is split so you can get it off the steering shaft.
Once you work the bearing up out of the boot and off the steering shaft you will have something that looks like the above picture. The grease gets old and picks up dirt, and the combination of old grease and dirt make the steering squeak when turning the steering wheel. It seems to be worse when it's cold out. I use brake clean to clean off the old grease and you end up with something that looks like the below picture.
I use the white synthetic brake grease to grease up the cleaned up bearing. You can use any grease you happen to have. You want to take a rag soaked with a cleaner and clean up the shaft that the bearing rides. Clean up the boot, it will move enough to get your finger down in there to clean it up. Now you open the bearing and slip it around the shaft like the below picture.
Once you have the bearing in place slowly start to push it down into the boot. It helps if you start with one of the open ends, push/work it down into the boot, then work your way around, gently pushing the bearing down into the boot. Once pushed down it will look like the below picture.
Once you have the above picture gently work the boot over the top of the bearing and you are done. Now if you should push the bearing down too far the boot will not hold it in place and it will fall further down the steering shaft. Should the bearing fall down you can recover it by getting under the car and where the steering shaft attaches to the power steering rack you will find the bearing there. Take it off the shaft and bring it back in the car and be more careful the second time.