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10A Daily News – Friday, July 29, 2011 Stocks sink as debt limit stalemate continues NEW YORK (AP) — A late sell-off wiped out the stock market’s gains Thursday as the stale- mate over raising the country’s debt limit con- tinued. The market had been up for much of the day after an unexpected decrease in new applica- tions for unemployment benefits. Stocks sank in the last half-hour of trading after Senate Majority Leader Harry Reid said that a bill to end the stalemate, pro- posed in the House of Representatives, would fail if it reached the Sen- ate. ‘‘That gave a catalyst for selling,’’ said Quincy Krosby, market strate- gist at Prudential Finan- cial. $5000 in Discount Coupons were published last week in the D NEWSAILY RED BLUFF TEHAMACOUNTY … And that does not Count all the ads offering percentage discounts, two-for-ones and Free-with-Purchase offers! Don’t miss a Day of it! 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Bank of America Corp.’s Brian Moynihan, JPMorgan Chase & Co.’s Jamie Dimon, and Goldman Sachs Group Inc.’s Lloyd Blankfein and others warned on Thursday that the conse- quences on not acting would be grave for the economy, the job mar- ket, and for America’s global economic leader- RANDAL S. ELLOWAY DDS IMPLANTS DENTISTRY 2426 SO. 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The dollar rose against other currencies. Treasury prices were also up slightly. Markets declined less on Thursday than they did earlier in the week. That’s partly because the government reported that first-time applica- tions for unemployment benefits fell to 398,000 last week, the fewest in four months. Econo- mists had expected 415,000 first-time appli- cations for unemploy- ment benefits. And any figure below 400,000 is typically associated with job growth. which makes storage and networking chips, forecast revenues that were higher than investors were expect- ing. Its stock gained 14.1 percent, the most in the S&P 500. Bristol-Myers Squibb Co. rose 1.5 percent after the drugmaker reported earnings that were better than analysts anticipated. The compa- ny also raised its earn- ings forecast for 2011. Exxon Mobil Corp. fell 2.2 percent after its earnings came in below analysts’ estimates. Akamai Technologies Inc. fell 19.1 percent, the most in the S&P 500 index, after the online streaming company’s earnings were lower than analysts had expected. Sprint Nextel Corp. fell 15.9 percent. The nation’s No. 3 wire- less carrier said its loss widened in the second quarter, partly because of a tax expense and investment losses. The Dow is down 3.5 percent for the week and is headed for its worst week since last July. The S&P 500 is down 3.3 percent for the week, while the Nasdaq is down 3.2 percent. Still, the Dow is up 5.7 per- cent for the year, the S&P is up 3.4 percent for the year and the Nas- daq is up 4.3 percent for the year. Nearly two stocks fell Technology stocks rose after LSI Corp., Local business news? Send to clerk@redbluffdailynews.com $5 Date: Saturday July 30, 2011 Gourmet Pancake Breakfast Time 7:00 - 10:00 am Location: First Church of God 1005 S. 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