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Friday, April 2, 2010 – Daily News – 7A NEW YORK (AP) — Stronger reports on jobs and manufacturing boost- ed stocks Thursday ahead of the government’s March employment report. The Dow Jones indus- trial average rose 70 points to a 2010 high on the final day of a shortened week. The stock market will be closed Friday and the bond market will close early for Good Friday. Major stock indexes rose for a fifth straight week, giving the Dow its longest winning streak since mid-April last year. Economists expect the Labor Department will report that employers added 190,000 jobs last month. That would mark on the second month of jobs growth since the recession began in Decem- ber 2007. Government hir- ing for the 2010 census could provide a temporary boost, but an increase would still be welcome news for stock investors. ‘‘Just getting a number with six digits — over 100,000 — is, I think, very much encouraging to a lot of folks who really believe that none of this counts until we start creating jobs,’’ said Jeffrey Klein- top, chief market strategist at LPL Financial in Boston. Confidence grew Thursday after the Labor Department said that ini- Jobs, manufacturing reports boost stock market Wall Street tial claims for unemploy- ment benefits fell last week. A four-week aver- age of clams dropped to its lowest level in 18 months. Manufacturing figures also raised expectations that a recovery is gaining steam. A trade group’s report found that U.S. manufacturing grew in March at the fastest pace in 5 1/2 years. Manufac- turing reports from China and Europe also indicated that factories are busier. The market has been climbing with little inter- ruption for a year. In the past seven weeks, the gains have been marked by steady increases that are adding up. The Dow on Wednesday wrapped up its strongest first quar- ter since 1999. A rise in the price of oil to an 18-month high lifted energy stocks. Occidental Petroleum Corp. and Dia- mond Offshore Drilling Inc. rose more than 2 per- cent. BlackBerry phone maker Research In Motion Ltd. fell 7 percent, drag- ging down other technolo- gy stocks, after the compa- ny’s fiscal fourth-quarter shipments fell short of expectations. The Dow rose 70.44, or 0.7 percent, to 10,927.07. The index stands at its highest level since Sep- tember 2008. The Dow had been up 100 points, getting within 43 points of the psycho- logical barrier of 11,000. The index hasn’t topped that level it hasn’t topped in 18 months. The Standard & Poor’s 500 index rose 8.67, or 0.7 percent, to 1,178.10. The technology-dominated Nasdaq composite index rose 4.62, or 0.2 percent, to 2,402.58. The Dow rose for a fifth straight week, adding 0.7 percent. The S&P 500 index rose 1 percent for the week, while the Nasdaq gained 0.3 percent. Bond prices fell, push- ing yields higher. The yield on the benchmark 10-year Treasury note rose to 3.87 percent from 3.83 percent late Wednesday. The dollar fell against other major currencies, while gold rose. Crude oil topped $85 per barrel before settling up $1.11 at $84.87 per bar- rel on the New York Mer- cantile Exchange. The advance in stocks came after the government said initial jobless claims fell 6,000 to a seasonally adjusted 439,000 last week. Economists had forecast claims would drop to 440,000. The four-week average of claims fell by nearly 7,000 to 447,250. That was the lowest level since mid-September 2008, just before the collapse of Lehman Brothers deep- ened the credit crisis. Even though the stock market will be closed Fri- day, morning trading in Treasury bonds will pro- vide insight into how investors are reacting to the monthly jobs report, which is the most closely watched piece of data on the economic calendar. ‘‘It has a ripple effect and a psychological effect,’’ said Daniel Pen- rod, senior industry ana- lyst for the California Credit Union League in Ontario, Calif., referring to health of the job market. A gain in employment would nudge other eco- nomic readings higher. Meanwhile, the Insti- tute for Supply Manage- ment said that its manufac- turing index rose to 59.6 in March from 56.5 in Febru- ary. Analysts polled by Thomson Reuters had expected 57. It was the fastest growth since July 2004. Stocks rose at the start of the week after the gov- ernment reported that con- sumer spending rose for a fifth straight month in February. That raised expectations for a recov- ery in the economy. The market inched higher Tuesday. On Wednesday, a modest drop in stocks did little to damage a strong quarter. The Dow gained 4.1 percent, its best first-quarter performance ●●●●●●●●●●●●●●●●●●● Initial investors paid $15 a share. Three stocks rose for every one that fell on the New York Stock Exchange, where consoli- dated volume came to a light 3.8 billion shares, compared with 4.7 billion Wednesday. Overseas markets rose after reports indicated growth in manufacturing in China and the 16-coun- try bloc that uses the euro. A separate report found that corporate leaders in Japan are more confident about the business cli- mate. since 1999. The S&P 500 rose 4.9 percent for its best first-quarter since 1998. Next week, investors will get reports on the nation’s service industry and on pending home sales and consumer credit. In other trading Thurs- day, the Russell 2000 index of smaller compa- nies rose 5.34, or 0.8 per- cent, to 683.98. Among stocks, Occi- dental rose $2.06, or 2.4 percent, to $86.60. Dia- mond Offshore Drilling rose $2.20, or 2.5 percent, to $91.01. Research in Motion fell $5.49, or 7.4 percent, to $68.48. Citigroup Inc.’s Primer- ica saw one of the most successful initial public offerings of 2010. Primer- ica shares jumped $4.65, or 31 percent, to $19.65. Come see us at the Children’s Fair on April 24th Recently expanded and moved near Bidwell Elementary License # 525405817 My qualifications include: B.A. in Elementary Education and experience teaching grades K-8. Accepting state pay programs & cash pay, etc. (530) 209-8743 Barber Shop $ Cheers ! 600 Senior Cuts Open 6 days 9-6 570-2304 259 S. Main St. Tractor Supply Center Britain’s FTSE 100 rose 1.2 percent, Ger- many’s DAX index gained 1.3 percent, and France’s CAC-40 rose 1.5 percent. Japan’s Nikkei stock aver- age rose 1.4 percent. ——— The Dow Jones indus- trial average closed the week up 76.71 points, or 0.7 percent, at 10,927.07. The Standard & Poor’s 500 index rose 11.51, or 1 percent, to 1,178.10. The Nasdaq composite index rose 7.45, or 0.3 percent, to 2,402.58. The Russell 2000 index, which tracks the performance of small company stocks, rose 5.01, or 0.7 percent, for the week to 683.98. The Dow Jones U.S. Total Stock Market Index — which measures nearly all U.S.-based companies — ended at 12,124.40, up 120.46, or 1 percent. 8th Annual FIBER ON THE FOOT May 1-2 • 9 to 5 Fiber Livestock Festival Family fun Handcrafter’s Paradise Plus 6 other events at the TDFG www.fiberonthefoot.com Concert Live Joni Morris AND THE AFTER MIDNIGHT BAND “A Patsy Cline Tribute” SATURDAY, APRIL 3, 2010 7:00 PM - APPETIZERS • 8:00 PM - SHOWTIME GENERAL ADMISSION ADVANCE $20 • BOX OFFICE $25 Tickets available at Sky River Music, Act II and Wild Oak or online at www.statetheatreredbluff.com STATE THEATRE 333 Oak Street • Red Bluff, Ca 96080 • 530-529-ARTS Published through a co-sponsorship agreement with the D NEWSAILY RED BLUFF TEHAMACOUNTY