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8B Daily News – Thursday, June 2, 2011 Furniture DEPOT 235 So. Main St., Red Bluff 527-1657 MON.-FRI. 9:00-6:00 SAT. 9:00-5:00 • SUN. 11:00-5:00 NEW YORK (AP) — Fears that the economy is stalling sent the Dow Jones industrial average down 280 points, erasing more than a quarter of the stock market’s gains for the year. Treasury bond yields fell to their low- est level since December as traders put a higher value on safer investments. The Dow Jones industri- The Nasdaq composite fell 66.11, or 2.3 percent, to 2,769.19. The yield on the bench- mark 10-year Treasury bond fell to 2.95 percent. Bond yields fall when prices rise. Doubts about the econo- al average dropped 279.65 points, or 2.2 percent, to 12,290.14. It was the biggest point drop since June 4 of last year, and the largest per- centage drop since August. The S&P index lost 30.65, or 2.3 percent, to 1,314.55. my’s strength that built in May were compounded by were weaker-than-expected reports on manufacturing and jobs. The Institute for Supply Management’s man- ufacturing index fell to 53.5 in May from 60.4 in April. A reading of more than 50 GRADUATION 2011 A special page featuring this year’s graduates! From kindergarten to college. Congratulate your special graduate! THIS WILL APPEAR IN THE D NEWSAILY RED BLUFF TEHAMACOUNTY Saturday, June 11th Deadline: Monday, June 6th $18 2 or more $ your graduates photo Congratulations To our favorite Graduate of 2010 Have a wonderful future. Jane Doe Best Wishes RED BLUFF TOTAL COST ea. 12 ea. INCLUDES PHOTO Recliner VAIL recliner* now only $329 200 save $ indicates the manufacturing industry is growing, but the index had been as high as 61.4 in February. Private employers added just 38,000 jobs in May, down from 177,000 in April, according to payroll proces- sor ADP. Analysts had expected 180,000 new jobs. ‘‘It looks like this recov- ery has hit its second ‘‘soft patch,’’ which for a recovery that is less than two years old is troubling,’’ said Paul Ashworth, chief U.S. econo- mist for Capital Economics. The manufacturing and jobs reports, plus a decline in automobile sales in May led several economists to lower their expectations for the year. JP Morgan was among a handful of invest- ment banks that revised down its estimate for GDP growth in the second quarter to 2 percent. The downgrade followed one the bank issued last week. The Dow was down nearly 180 points in midday trading and lost another 100 points after noon as asset management firms sent notes to their clients announcing their economic revisions. The latest reports on retail sales, first-time appli- cations for unemployment benefits and factory orders will be released Thursday and analysts say any addi- tional signs of economic weakness could push the market even lower. On the heels of those readings, the Labor Department’s more comprehensive jobs report, which includes hiring by both private employers and the government, will be released Friday. The ADP figures include about 24 Blowout SALE Quantities limited-while supplies last! now only save $ LAWRENCE leather recliner* $649 300 Fears of economic slowdown hammer stocks Wall Street million workers at the 430,000 companies that use ADP to process their pay- rolls while the government’s numbers capture the entire workforce of about 140 mil- lion. Analysts are already expecting those figures to be worse than they anticipated just a few weeks ago. ‘‘As far as we can tell, BOX SHOWN IS ACTUAL SIZE (1 COL. X 2 1 /2 employers have hugely overreacted to the surge in oil prices, which has slowed but not killed consumption,’’ said Ian Shepherdson, chief U.S. economist for High Frequency Economics. The weak ADP results pushed him to cut his forecast for overall job growth in May to 75,000. He earlier had fore- cast Friday’s report to show growth of 175,000 jobs. Stock losses came across the market, with all 10 industry groups that make ”) Send or Deliver Photo & ad copy to D NEWSAILY TEHAMACOUNTY Red Bluff, CA 96080 email: advertising@redbluffdailynews.com Include your phone number -- we will call you for credit card payment. Or Call 527-2151 for assistance 545 Diamond Ave. PO Box 220 $50 off your 1st ✪ Auto Detailing ✪ Water Spot Removal Ask about visit 530.527.6160 915 Madison St., Red Bluff up the Standard and Poor’s 500 index losing more than 1 percent. Companies that have benefited from expec- tations of worldwide growth were especially hard hit. Caterpillar, Alcoa, and Boe- ing all lost more than 3 per- cent. The discouraging reports join a host of other news that has dampened hopes for a strong economic recovery and helped knock the S&P 500 down 1.4 per- cent in May. Still-high gas prices, a continued housing market decline, weaker- than-expected GDP and tepid consumer confidence — along with concerns about debt problems in Europe and the debt ceiling in the U.S. — have all weighed on markets. Com- panies reporting results were not spared from the broad market drop. General $ $ $ $ $ $ $ $ $ REWARD OFFERED John Owens, Tehama County Cattlemen’s Association, California Cattlemen’s Association and Lee Loverin are offering $12,000.00 for information leading to the arrest of the person or persons responsible for the theft of our cattle. Please contact us at 530-520-9399 or 530-527-6332 Tip-line 1-800-671-4327 ANONYMITY GUARANTEED Motors fell 5 percent after it said U.S. sales weakened in May. The car maker sold 221,192 vehicles, down 1.2 percent from a year earlier. It cited a decision to cut sales to rental car companies for the drop. Ford Motor Co. lost 4.6 percent after report- ing similar declines. Dollar General Corp. fell 9.3 per- cent after the discount store operator’s first-quarter profit growth fell short of analysts’ expectations. JoS. A. Bank Clothiers Inc. also reported first-quarter profit growth below analysts’ expecta- tions. The men’s clothing maker fell 13 percent. Five stocks fell for every one that rose on the New York Stock Exchange. Consolidated volume came to 4.4 billion shares. The Dow is still up 6.2 percent for the year, the S&P 500 4.5 percent. WE’RE HERE ALL YEAR. BECAUSE TAXES DON’T TAKE THE REST OF THE YEAR OFF. H&R BLOCK Corning, CA 96021 Phone: 530-824-7999 Tuesday and Thursday 9am - 12pm. Available at participating offices. ©2010 HRB Tax Group, Inc. Available at participating offices. 1315 Solano St