Issue link: https://www.epageflip.net/i/10521
10B – Daily News – Saturday, May 15, 2010 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) — Stocks tumbled for a second day Friday after concerns grew that the deep spending cuts under Europe’s bailout plan would slow a global recovery. The Dow Jones industri- Enthusiasm about the plan wore off as the week went on. al average ended down 163 points but closed well off its lows of the day. The Dow and other indexes posted big gains for the week after rocketing higher Monday on hopes that Europe’s emergency loan package would prevent a debt crisis in Greece from spreading. The drop in U.S. markets Friday followed a slide of more than 3 percent in European indexes. The euro dropped to a 19-month low against the dollar and is close to its lowest level in four years as confidence in Europe’s ability to contain its fiscal problems wanes. Investors seeking safety piled into Treasurys and the dollar. Gold settled lower after hitting another record. Crude oil sank nearly 4 per- cent, and an indicator of stock market volatility jumped. Currency traders have been moving out of the euro throughout the week because of concerns that cost-cutting measures in countries like Greece, Spain and Portugal would slow economic activity on the continent and elsewhere. Now stock investors are also looking at those same 20-70% off Parking Lot Savings MANY ONE OF A KIND ITEMS! Stocks tumble as worries about Europe return Wall Street problems. Shifting sentiment about the problems in Europe whipsawed the market during the week. Major indexes posted their biggest gains in more than a year on Monday after the nearly $1 trillion rescue package from the Euro- pean Union and Interna- tional Monetary Fund raised hopes that debt- strapped EU countries wouldn’t be a drag on a global rebound. As the glow from the bailout package faded dur- ing the week, the euro fell sharply against the dollar. The higher dollar hit the prices for oil and other com- modities, hurting major U.S. energy and materials companies. The Dow fell 162.79, or 1.5 percent, to 10,620.16. The Dow had been down nearly 246 points. It has fallen seven of the last nine days. The Standard & Poor’s 500 index lost 21.76, or 1.9 percent, to 1,135.68, while the Nasdaq composite index fell 47.51, or 2 percent, to 2,346.85. The market ended off its lows but it was still a wild week for investors. After jumping 405 points on Monday, the Dow slipped Tuesday and jumped 149 points on Wednesday. The gains helped the Dow erase its losses from late in the prior week when fears about debt woes in Greece pounded the market. For the week, the Dow rose 2.3 percent, the S&P 500 index added 2.2 percent and the Nasdaq gained 3.6 percent. Treasurys jumped Fri- day, pushing down yields. The yield on the benchmark 10-year Treasury note fell to 3.43 percent from 3.53 per- cent late Thursday. Gold hit a record of $1,249.70 an ounce before settling down $1.40 to $1,227.80. Crude oil fell $2.79 to $71.61 per barrel on the New York Mercantile Exchange. The Russell 200 index of smaller companies lost 15.87, or 2.2 percent, to 693.98. Dave Hencratt ★ CONCERT United States Air Force Golden West Winds Quintet FREE Saturday, MAY 15, 2010 7:30 PM State Theatre, 333 Oak Street, Red Bluff Liberty For All Sponsored by: D NEWSAILY RED BLUFF TEHAMACOUNTY STATE THEATRE FOR THE ARTS for Sheriff “It’s Time For Change” Paid political advertisement