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10A Daily News – Saturday, January 5, 2013 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 Stocks gain, pushing the S&P 500 to 5-year high NEW YORK (AP) — The Standard & Poor's 500 closed at its highest level in five years Friday after a report showed that hiring held up in December, giving stocks an early lift. The S&P 500 finished up 7.10 points at 1,466.47, its highest close since December 2007. The index began its descent from a record close of 1,565.15 in October 2007, as the early signs of the financial crisis began to emerge. The index bottomed out in March 2009 at 676.53 before staging a recovery that has seen it more than double in value and move to within 99 points of its all-time peak. The remarkable recovery has come despite a Wall Street halting recovery in the U.S. economy as the Federal Reserve provided huge support to the financial system, buying hundreds of billions of dollars' worth of bonds and holding benchmark interest rates near zero. Last month the Fed said it would keep rates low until the unemployment rate improved significantly. ''Without the Federal Reserve doing what they did for the last few years, there would be no way you'd be near any of these levels in the index,'' said Joe Saluzzi, co-head of equity trading at Themis Trading. ''I would call this the Fed-levitating market.'' The Dow Jones industrial average finished 43.85 points higher at 13,435.21. It gained 3.8 percent for the week, its biggest weekly advance since June. The Nasdaq closed up 1.09 point at 3,101.66. Stocks have surged this week after lawmakers passed a bill to avoid a combination of government spending cuts and tax increases that have come to be known as the ''fiscal cliff.'' The law passed late Tuesday night averted that outcome, which could have pushed the economy back into recession. The Labor Department said U.S. employers added 155,000 jobs in December, showing that hiring held up during the tense fiscal negotiations in Washington. It also said hiring was stronger in November than first thought. The unemployment rate held steady at 7.8 percent. The jobs report failed to give stocks more of a boost because the number of jobs was exactly in line with analysts' forecasts, said JJ Kinahan, chief derivatives trader for TD Ameritrade. ''The jobs report couldn't have been more in line,'' Kinahan said. ''The market had more to lose than to gain from it.'' Among stocks making big moves, Eli Lilly and Co. jumped $1.84, or 3.7 percent, to $51.56 after saying that its earnings will grow more than Wall Street expects, even though the drugmaker will lose U.S. patent protection for two more product types this year. Walgreen Co., the nation's largest drugstore chain, fell 61 cents, or 1.6 percent, to $37.18 after the company said that a measure of revenue fell more than analysts had expected in December, even as prescription counts continued to recover. Stocks may also be benefiting as investors adjust their portfolios to favor stocks over bonds, said TD Ameritrade's Kinahan. A multi-year rally in bonds has pushed up prices for the securities and reduced the yield that they offer, in many cases to levels below company dividends. Goldman Sachs reaffirmed its view that stocks ''can be an attractive source of income,'' and warned that there is a risk that bonds may fall. In a note to clients, the investment bank said that an index of AAA rated corporate bonds offers a yield of just 1.6 percent, less than the S&P 500's dividend yield of 2.2 percent. The 10-year Treasury note fell, pushing its yield higher. The yield on the 10-year note fell 2 basis points to 1.91 percent. The note's yield has now climbed 52 basis points since falling to its lowest in at least 20 years in July. Gun shows face new scrutiny after school shooting S A R A T SPRINGS, N.Y. Missing from show here next will be some of O G A (AP) — the gun weekend the most popular guns. Show organizers, facing pressure after last month's elementary school massacre in Con- necticut, agreed to bar the display and sale of AR-15 military-style semiautomatic weapons and their large-clip magazines. WHY I ❤ CORNING! An Olive City essay contest! A fun opportunity for residents and visitors alike to share why they love living, working or visiting California's Olive City in 300 (three hundred) words or less. First, second and third place winners will be published in "Corning 2013," the annual community resource guide and information directory, published January 31, 2013. Digital version will be published online for a full year, with links to the interactive edition posted on the Corning Chamber, City of Corning and Tehama County websites. Deadline for receipt of entries: Friday, January 11, 2013 1ST Prize: 2ND Prize: 3RD Prize: $200 $100 $50 DAILY NEWS RED BLUFF TEHAMA COUNTY and T H E V O I C E O F T E H A M A C O U NTY S I N C E 1 8 8 5 HOW TO ENTER: Via Email: Send c/o tehama.up@gmail.com Via Mail: I love Corning c/o The Daily News, PO Box 220, Red Bluff CA 96080 Entries must be accompanied by name of author, address, telephone number and email address if any. Original work only. All entries become the property of The Daily News and cannot be returned. Entries may be republished by The Daily News in whole or part, and may be afforded to the Corning Chamber of Commerce for community promotional purposes. Selection of winners will be made by a committee composed of representatives of The Daily News and Corning Chamber of Commerce. ''The majority of people wanted these guns out of the city,'' said Chris Mathiesen, Saratoga Springs' public safety commissioner. ''They don't want them sold in our city, and I agree. Newtown, Conn., is not that far away.'' Though gun advocates aren't backing down from their insistence on the right to keep and bear arms, heightened sensitivities and raw nerves since the Newtown shooting are softening displays at gun shows and even leading officials and sponsors to cancel the well-attended exhibitions altogether. The mayor of Barre, Vt., wants a ban on military-style assault weapons being sold at an annual gun show in February. Mayor Thom Lauzon says he supports responsible gun ownership but is making the request ''as a father.'' The police chief in Waterbury, Conn., just a few miles from Newtown, has halted permits for gun shows, saying he was concerned about firearms changing hands that might one day be used in a mass shooting. In New York's suburban Westchester County, officials decided against hosting a gun show next month at the county center in White Plains, about an hour's drive from Newtown. County Executive Rob Astorino had brought back the show in 2010 after a ban of more than a decade following the 1999 Columbine High School shooting in Colorado, but he said the show would be inappropriate now. Three additional shows in New York's Hudson Valley and Danbury, Conn., were listed as canceled on the website for Big Al's Gun Shows. A man who answered the site's contact number said it was the venues that can- celed the shows, not the promoter. In Houston, transportation officials temporarily stopped using electronic freeway signs for public safety traffic updates near firearms-related events amid complaints following a gun show the day after the Dec. 14 school shooting. State-level transportation officials overruled the decision. And on Wednesday, the Saratoga Springs City Council urged organizers of a downtown gun show Jan. 12-13 not to display military-style weapons and the high-capacity magazines ''of the type used in the Newtown tragedy.'' The vote came after about a dozen people gave impassioned pleas at the meeting. Show organizer David Petronis, of New Eastcoast Arms Collectors Associates, agreed to the limit. ''I don't think it's fair that we're taking the brunt of the problem,'' Petronis said, ''but I can understand the reaction of people in doing so.'' Petronis said his group is a ''nice, clean familyoriented ... arms fair'' that brings in thousands of visitors and a lot of money for the city. He stressed that buyers at his show undergo background checks, as per New York state law.