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8A – Daily News – Wednesday, June 2, 2010 NEW YORK (AP) — Stocks took another late- day dive Tuesday after the government said it was starting criminal and civil investigations into the Gulf of Mexico oil spill. The Dow Jones industri- Stocks turn sharply lower in late trading Wall Street al average dropped almost 113 points. Its plunge came shortly before the close and minutes after Attorney General Eric Holder made the announcement. Stocks in energy companies and oil service providers tum- bled on the news, and other stocks followed. Holder would not say which companies or indi- viduals might be under investigation. But investors quickly dumped stocks across the energy industry. BP PLC, which operated the rig that caused the spill, fell almost 15 percent. Anadarko Petroleum Corp., which has a stake in the rig that exploded, tum- bled nearly 20 percent. Oil services company Hal- liburton Inc. fell almost 15 percent. Analysts have said the oil spill has been among the many issues nagging at investors in recent weeks. Among the fears in the market is the potential eco- nomic hit from the spill. But Tuesday’s announce- ment raised the possibility that oil companies might have to pay out huge amounts in fines, or see their operations hampered by a government investiga- tion. ‘‘Right now it’s headline risk that’s killing us in this market,’’ said Ken Kamen, president of Mercadien Asset Management in Hamilton, N.J. He said the question marks that pop up when news breaks are making traders think it’s safer to just retreat. ‘‘When you just get over third-degree burns you don’t go too near that stove. Last year is not too far out of peoples’ minds,’’ Kamen said, referring to the market’s slide in 2008 and early 2009. Trading was choppy for much of the day before Holder’s announcement, a sign that investors weren’t sure where to put their money. Investors were jug- gling worries about Europe’s debt problems with upbeat reports on U.S. manufacturing and con- struction. The euro slid as low as $1.2112, its lowest level since April 2006, before climbing back to $1.2210. The euro’s moves against other currencies have come to reflect traders’ confi- dence in Europe’s ability to manage a sovereign debt crisis that started in Greece but has spread to other European nations like Por- tugal and Spain. Stocks did get some early support from the USE YOUR VOTE TO PROTECT YOUR FREEDOM! VOTE FOR SHERIFF CLAY PARKER ON JUNE 8 Your National Rifle Association Political Victory Fund (www.NRAPVF.ORG) has endorsed SHERIFF CLAY PARKER for re-election In Tehama County. “A’ RATED AND NRA-PVF ENDORSED) CLAY PARKER As the current Sheriff of Tehama County, CLAY PARKER wrote letters to state legislators standing up for your Rights-To-Carry as well as voicing his opposition to long gun registration efforts. Be sure to spread the word to your family friends and fellow gun owners to vote for Clay Parker on Tuesday, June 8! Shirley Wheeler, Don Gerhard, Doreen Wysocki, B.J. Defrates, Danny Rabalais Paid political advertisement Commerce Department’s report that construction spending rose by the biggest amount in nearly a decade. The 2.7 percent April gain was the largest since August 2000. Econo- mists forecast spending would be flat. However, homebuilders’ stocks fell although the report showed a big jump in residential building. That blip upward was expected to disappear now that a homebuyers’ tax credit has expired. Meanwhile, the Institute for Supply Management said its manufacturing index fell to 59.7 in May from 60.4 in April. The fig- ure was better than econo- mists’ forecast of 59. The Dow fell 112.61, or 1.1 percent, to 10,024.02. The Standard & Poor’s 500 index fell 18.70, or 1.7 per- cent, to 1,070.71, while the Nasdaq composite index fell 34.71, or 1.5 percent, to 2,222.33. About four stocks fell for every one that rose on the New York Stock Exchange, where consoli- dated volume came to 5.3 billion shares compared with 5.1 billion Friday. Vol- ume was light because some traders were away for a long Memorial Day holi- day. Light volume can intensify swings in the market. St. Elizabeth Community Hospital and the D NEWSAILY RED BLUFF TEHAMACOUNTY proudly announce the 2010 Tehama County Medical Guide A reference guide to North State medical professionals and related medical services available to Tehama County residents. • Glossy, coated stock magazine paper and size – Long shelf life; ideal for retention and future reference. • Space equal to ad size for promotional write-up at no additional cost! • Copy for write-up provided by advertisers. • Daily News editors will edit copy provided for style, punctuation, etc. • Half and Full page write-ups may include photos. • Full distribution in the Daily News (7,000 copies)on June 19, 2010 . • Additional distribution outlets (5,000 copies) through Spring, 2010: • Offices and waiting rooms of featured health care professionals and medical service providers, including St. Elizabeth hospital and its affiliated medical offices. • Corning and Red Bluff Chamber Offices • Rolling Hills Casino Hotels and other Hotels • Daily News’ “Welcome Neighbor” new resident service 12,000 Print Distribution – Est. print readership: 28,000 • Interactive internet publication on www.redbluffdailynews.com for a full year -- at no additional cost. • Online viewers can click directly to advertisers’ websites from ads in the interactive online version! Advertising Rates (cost includes same-size adjacent space for promotional copy, provided by advertiser) Gloss Stock 1/4 Page: $350 Half Page: $485 Full Page: $765 BY POPULAR DEMAND Advertising and Copy Deadline HAS BEEN EXTENDED TO 5 PM Monday, June 7, 2010 For space reservations, contact your Daily News Display Advertising Representative at (530) 527-2151 • Ads and Promotional copy about the advertiser published side by side for every featured professional or business. Ryan Detrick, senior technical strategist at Scha- effer’s Investment Research in Cincinnati, said volatility is likely to continue through the sum- The Back Packs ARE COMING The Back Packs ARE COMING Watch for them at local businesses mer in part because some everyday investors who put money into the market before its drop in May are giving up. That leaves the pros who use automated trades to try to profit from moves in stocks. ‘‘It just seems like it’s computers versus comput- ers,’’ he said. ‘‘This volatil- ity is probably here to stay, unfortunately, but that doesn’t mean that the mar- ket is going to collapse.’’ Bond prices rose, send- ing interest rates lower. The yield on the benchmark 10- year Treasury note fell to 3.27 percent from 3.29 per- cent late Friday. The dollar rose against most other major curren- cies, while gold rose. Crude oil fell $1.39 to $72.58 per barrel on the New York Mercantile Exchange. BP’s U.S.-listed shares dropped $6.43, or nearly 15 percent, to $36.52. Off- shore drilling contractor Transocean Ltd., which owns the well, fell $6.73, or 11.9 percent, to $50.04. Anadarko fell $10.23, or almost 20 percent, to $42.10. Halliburton dropped $3.68, or 14.8 per- cent, to $21.15. Among consumer stocks, Procter & Gamble Co. rose 7 cents to $61.16 and Kraft Foods Inc. rose 30 cents to $28.90. Homebuilder KB Home fell 75 cents, or 5.2 percent, to $13.73, while Toll Brothers Inc. fell 94 cents, or 4.5 percent, to $20.13. The Russell 2000 index of smaller companies fell 20.65, or 3.1 percent, to 640.96. Overseas, Britain’s FTSE 100 fell 0.5 percent, Germany’s DAX index rose 0.3 percent, and France’s CAC-40 slipped 0.1 percent. Asian markets fell fol- lowing a report that China’s manufacturing industry slowed last month. Hong Kong’s Hang Seng fell 1.4 percent, while Japan’s Nikkei stock aver- age lost 0.6 percent. Health, Life, Auto, Home, Commercial, Professional Liability Free phone quotes 530-824-9900 Monday-Friday 9-5 1610 Solano St. #B Corning Lic.#0C37035 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!