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8A Daily News – Tuesday, October 18, 2011 Stocks slide as Germany cools hope for debt deal Wall Street NEW YORK (AP) — A week ago, markets were soaring on hopes that a fix for Europe's debt crisis was near. On Monday, stocks had their worst drop in two weeks after German leaders cast doubt on how fast that process would be. Expectations that a res- olution to the crisis could be reached at a European summit in Brussels Oct. 23 helped lift the S&P 500 index to its biggest gain in two years last week. Ger- many's finance chief Wolfgang Schaeuble said Monday that those expec- tations were too opti- mistic. It was the worst day for U.S. stock indexes since Oct. 3, when each hit a low for the year. The Dow Jones industrial average dropped 247.49 points, or 2.1 percent, to close at 11,397. Alcoa Inc. led the Dow lower with a 6.6 per- cent decline. ''It's completely a reac- tion to Germany,'' said Jason Pride, the director of investment strategy at Glenmede, a wealth man- agement firm in Philadel- phia. ''The reality is everybody is hanging on to what Europe's doing.'' The Standard & Poor's 500 index lost 23.72, or 1.9 percent, to 1,200.86. All 10 industry groups in the S&P 500 were lower. EVERYDAY 9:00am to 6:00pm 345 So. Main Street • Red Bluff • (530) 527-4588 Keep your pet warm this winter Good through 10/31/11 With this ad 8049 Hwy 99E, Los Molinos, CA We Accept EBT "Your Family Supermarket" We appreciate your business - and we show it! HOURS: 7AM - 9 PM DAILY WE FEATURE BLACK CANYON ANGUS BEEF Beef T-Bone or Porterhouse Steaks $599 lb. Fresh Asparagus $199 lb. Banquet Value Dinners 5-10.25 oz. Assorted Varieties Salads Grocery Specials Breyer's 2 for$400 Ice Cream 1.5 qt. Sour Cream 8 oz. 99¢ Bailey's Coffee Creamers 16 oz. $169 Thirst Quencher 32 oz. $ 1000 10 for $479 Lay's Potato Chips 8.5-10.5 oz. $ 500 2 for Gatorade Budweiser, Coors or MGD Liquor Special $ +CRV 899 12 pks +CRV 99¢ Tostitos or Ruffles Chips 8.5-13 oz. $ 600 2 for 99¢ lb. $199 ea. Flu season is coming..... Lassen Medical Group, Inc. 2011 Flu Vaccine Clinics (530) 527-0414 All adults and children over 2 years of age welcome Pneumonia shots available (for those who meet the requirements) Medical Insurance will be billed. Flu shot available during regular office hours Red Bluff Office 2450 Sister Mary Columba Drive Saturday October 22nd 9am to 1pm Saturday November 19th 9am to 1pm To provide better service for our patients Our Urgent Care is now open on Sundays 8 am to 6 pm 2450 Sister Mary Columba Dr., Red Bluff www.lassenmedical.com SPECIALLY CUT MEATS AT NO EXTRA CHARGE Boneless Center Cut Pork Chops $299 lb. Produce Specials "New Crop" Cameo Apples Large Cauliflower Prices good Oct. 19 - Oct 25, 2011 Meat Specials Fresh, Lean Ground Beef (80/20) $299 lb. $249 lb. Pork Spareribs Sweaters 20% off COMPLETE AUTO REPAIR All makes and models. We perform dealer recommened 30K, 60K, 90K SERVICES AT LOWER PRICES Smog Check starting at $ (most cars and pick-ups) 2595 + cert. Pass or FREE retest 527-9841 • 195 S. Main St. 384-1563 WE ACCEPT FOOD STAMPS NO CARDS REQUIRED FOR EVERYDAY LOW PRICING OR SALE ITEMS OPEN Banks fell the most, 3.3 percent. A batch of weak corpo- rate earnings reports also pulled stocks lower. Gan- nett Co. Inc. plunged 8 percent, the most of any stock in the Standard & Poor's 500 index, after the newspaper publisher reported a drop in adver- tising. Wells Fargo sank 8.4 percent after posting results that fell short of analysts' expectations. The Nasdaq composite index fell 52.93, or 2 per- cent, to 2,614.92. Stock markets around the world rallied last week after the leaders of France and Germany pledged to come up with a far-reach- ing solution to the region's debt crisis by the end of October. That pledge appeared to be pushed back by German officials Monday. Schaeuble said he expects European lead- ers to adopt a general framework to tackle the crisis on Sunday. Sepa- rately, a spokesman for German Chancellor Angela Merkel said dis- cussions on how to solve Europe's debt problems will likely last into the new year. Concerns about a messy default by the Greek government have been the main cause behind many of the stock market's big swings lately. The fear is that a default would cause deep losses for European banks that hold Greek bonds. That could lead to a freeze in lending between banks and escalate into another financial crisis similar to the one that occurred in 2008 after the collapse of Lehman Brothers.