Issue link: https://www.epageflip.net/i/11094
8B – Daily News – Thursday, May 27, 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) — A drop in the euro set off a late-day slide in stocks Wednesday and sent the Dow Jones industrial aver- age to its first close below 10,000 in nearly four months. crisis in government debt there. China has been seeking The Dow, up 135 points in morning trading, ended down about 69. It was the eighth drop for the Dow in 10 days. Wednesday’s trad- ing extended a streak of volatility since stocks went to their highest level of the year in late April. The late reversal under- scored how jittery traders are about Europe. They are worried that heavy debt loads in European countries and more rounds of cost- cutting will hamper a recovery there, which could spread quickly to other regions. ‘‘We had a nice rally all day and we expected it to have had legs,’’ said Phillip Orlando, chief equity mar- ket strategist at Federated investors in New York, which manages about $400 billion. The sudden sell-off, he said, suggests ‘‘that investors are as nervous as a long-tailed cat in a roomful of rocking chairs.’’ The euro fell in late trad- ing, pulling major stock indexes lower, following a Financial Times report that China is reviewing its hold- ings of European govern- ment bonds because of the ways to diversify its mas- sive foreign exchange hold- ings out of dollars for some time. However any indica- tion that it was losing confi- dence in the euro, leading it to sell some portion of its European bond holdings, would deliver a major blow to the European currency. The sliding euro has become a symbol of wan- ing confidence in Europe’s ability to contain its debt problems. The euro remains close to the four- year low it hit last week. It fell to $1.2179 Wednesday. ‘‘The inability of the market to hang on to the early gains today certainly does not send a very posi- SAVINGS up to 60% OFF Stocks fade late as euro sinks; Dow under 10K Wall Street tive message,’’ said Teddy Weisberg, a New York Stock Exchange floor trad- er with Seaport Securities. ‘‘It’s a function of there being no confidence among investors.’’ The Dow fell 69.30, or 0.7 percent, to 9,974.45. It was the first close below 10,000 since Feb. 8 when the Dow finished at 9,908. The broader Standard & Poor’s 500 index fell 6.08, or 0.6 percent, to 1,067.95. The Nasdaq composite index closed down 15.07, or 0.7 per- cent, to 2,195.88. About two stocks rose for every one that fell on the New York Stock Exchange. Consolidated volume came to 7.1 billion shares, com- pared with 7.4 billion trad- ed Tuesday. Treasury prices pared an early slide as investors late in the day went back in search of safe investments. The yield on the bench- mark 10-year Treasury note rose to 3.19 percent from 3.16 percent late Tuesday. Crude oil rose $2.76 to $71.51 per barrel on the New York Mercantile Exchange. Gold rose. The stock slump at day’s end marked an opposite to the pattern seen on Tues- day, when traders chipped away at a steep slide by the close and the major indexes ended little changed. The slide in stocks has Tehama County Business Spotlight Highlighting selected Tehama County businesses for their customer and community service! Located in downtown Red Bluff, First Love Tattoo and Apparel is owned and operated by art- ist Juan Nava. Juan has been tattooing for seven years. After opening his first shop, First Love Tattoo in Chico, Ca, Juan decided to branch off, opening First Love Tattoo and Apparel, providing the public with the same impressive tattoos, while offering a selection of tattoo style clothing, gifts, and jewelry. Juan Nava Growing up here in the north state, Juan has returned to provide Red Bluff with a creative and clean environment to apply art. First Love Tattoo and Apparel’s quality of art, customer service, and cleanliness, is all that a great tattoo shop should have! We are excited to announce that Max Kilbourne is now working at First Love Tattoo and Apparel! A tattoo artist for 18 years…..he is a welcome addi- tion, and an amazing portrait artist as well! Local Businesses create and maintain jobs, provide personal customer service, donate to local charitable causes and community betterment projects, generate sales tax revenue ... and turn cities into communities. We hope you will always remember to shop locally first for the goods and services you need! D NEWSAILY RED BLUFF TEHAMACOUNTY T H E V O I C E O F T E H A M A C O U N T Y S I N C E 1 8 8 5 China Buffet CHINESE RESTAURANT Open 7 Days A Week Sunday Buffet Special $ 9.99 Expires 5-30-10 COUPON China Buffet Happy Hours Mon. & Tues. Lunch $ All Day $6.99 Wed - Thurs - Fri - Sat 6.99 Dinner $ 8.99 343 S. Main St. Red Bluff 530-529-5888 (No Checks) *Get a $70 prepaid MasterCard with the purchase of a set of 4 Michelin brand passenger or light truck tires. • Brake Service • Alignment Mon –Fri. 8am-5pm Sat. hours coming soon! Tehama Tire Service Inc. 525 Antelope Blvd. Red Bluff (530) 527-5272 * rattled investors still shaken by the market’s plunge in late 2008 and early 2009. ‘‘Everyone is so scared from what happened back in the big crash and now they’re just all gun-shy,’’ said Frank Ingarra, co-port- folio manager at Hennessy Funds. Stocks were higher for most of the day after traders focused on eco- nomic news. Two reports from the Commerce Department offered the lat- est evidence that the U.S. economy is improving. Orders for big-ticket manu- factured goods rose 2.9 percent last month. It was the biggest jump in three months and more than dou- What’s on TV? ✓ Check out ENTERTAINMENT MAGAZINE select TV Ownership Under New Holiday Buffet Special $ Expires 5-30-10 COUPON 11.99 Free - Online - 24/7 Broadcast/Cable/Satellite Listings-Sports-Movies & More! redbluffdailynews.com ble the gain economists polled by Thomson Reuters had forecast. U.S. manufacturing has been strong throughout the recovery. April’s figures were boosted by a big rise in transportation orders. Excluding transportation, orders fell 1 percent. The government also said that sales of new sin- gle-family homes rose 14.8 percent to an annual rate of 504,000 units after buyers raced to secure an expiring tax credit. That followed a 29.8 percent rise in March that was the biggest increase in 47 years. The latest gain was well ahead of estimates. The slide in stocks extended their slump for May. At its 2010 high last month, the Dow was up 71.2 from a 12-year low in March 2009. Since then, it’s fallen 1,231 points, or 11 percent. A drop of more than 10 percent from a peak in short order is considered by most analysts a ‘‘correction.’’ The Russell 2000 index of smaller companies rose 2.60, or 0.4 percent, to 642.62. Major European indexes snapped back after big loss- es Tuesday. Britain’s FTSE 100 gained 2 percent, Ger- many’s DAX index rose 1.6 percent, and France’s CAC- 40 climbed 2.3 percent. LOSE WEIGHT Nutrition & Energy Digestive Cleansing Weight Control POUNDS INCHES& Healthy, real results! LOSE 30-day product, return refund guarantee. Ask for. 888-564-2079 herbal-nutrition.net/ starhomebusiness starhomebusiness@att.net SAMPLE! FREE