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8B – Daily News – Wednesday, May 26, 2010 Dow dips below 10,000, then bounces back Wall Street NEW YORK (AP) — The Dow Jones industrials plunged below 10,000 to their lowest level of the year Tuesday before a late-day rebound that erased most of the losses if not lingering worries about Europe’s debt crisis. The Dow dropped more than 250 points after the opening bell and stayed under 10,000 most of the day, then charged back to finish down only 22 when signals from Washington suggested that banks would not be forced to sell their lucrative derivatives units as part of financial reform. The Standard & Poor’s 500 index even managed a slight gain. But more turbulent days are likely. The market wor- ries that even austerity mea- sures by European govern- ments will not be enough to fix the problem and fight off a prolonged economic slump in Europe, or even another global recession. PAID POLITICAL ADVERTISEMENT ‘‘It seems like the Euro- peans are playing ’tag, you’re it’ — first it was Greece, and now it’s maybe Spain or Portugal,’’ said Jonathan Corpina, a New York Stock Exchange floor trader and president of Meridian Equity Partners. ‘‘We know someone else is next. The problem is that it seems like every plan in place isn’t going to satisfy the needs,’’ he said. Britain’s Queen Eliza- beth opened Parliament with a warning of hard times, saying in a speech on behalf of Britain’s new gov- ernment that there would be budget cuts because ‘‘the first priority is to reduce the deficit and restore economic growth.’’ Other European coun- tries are imposing budget cuts as well, trying to con- trol their debt. Investors are concerned that these steps will stifle economic growth, and that the growth of other countries, including the U.S., will inevitably be stunted. Besides the financial cri- sis in Europe, investors were reminded that political issues, such as tension between North and South Korea, can threaten eco- * Health, Life, Auto, Home, Commercial, Professional Liability Free phone quotes 530-824-9900 Monday-Friday 9-5 gonna call? Who ya To participate in the various events and activities at the Here’s who to call about: Lawn Mower Races: Bob Carrel at 308-2102 Horseshoe Tournament: Steve Joiner at 528-0799 Tractor Pull Competition: Mark Eidman at 527-5920 x13 Strong Man Competition:Troy Lalaguna at 528-8656 Talent Contest: Sonja Akers at 736-1702 Teen Miss Competition: Sonja Akers at 736-1702 Vendors Welcome! Local food vendors: 20% on gross sales Commercial vendors: Donation requested For vendor information call Mark Eidman at 527-5920 x13 See you at the Fairgrounds on Independence Day Best Fireworks Display in the North State! Kids’ games – Carnival – Car Show … and much more! 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The average is down more than 10 percent in just the past month. But bank stocks surged, and the rest of the market followed, after Rep. Barney Frank, chairman of the House Financial Services 2nd Annual Walk of Gratitude June 12th Appreciation Day & Veteran’s Pancake Breakfast Starts at 7:30 Speakers & Dignitaries 8:00 Walk starts approx 9:30 Washington at Oak info 527-5180 Frank, D-Mass., said he believes banks should be able to use the complex financial instruments to hedge their own risks. Bank regulators and Obama administration officials also oppose the Senate provi- sion, which was inserted by Sen. Blanche Lincoln, D- Ark. The Dow has only closed below 10,000 once this year, in early February. LOSE WEIGHT Nutrition & Energy Digestive Cleansing Weight Control POUNDS INCHES& Healthy, real results! LOSE 30-day product, return refund guarantee. 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