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10A – Daily News – Friday, June 11, 2010 Investors sent the Dow Jones industrials back above 10,000 after a stream of upbeat economic news convinced them that maybe things aren’t so bad after all. Stocks surge on US jobs data, China trade growth Wall Street NEW YORK (AP) — Mexico oil spill. BP PLC rose 12.3 percent from a 14-year low, The Dow rose 273 points to 10,172. All the major indexes climbed more than 2.5 percent. Falling Treasury prices pushed interest rates high- er as demand for safe investments eased. Energy stocks led the market higher after they slid late Wednesday on concerns that BP would be forced to cut its dividend because of the Gulf of while Anadarko Petroleum Corp., which has a minori- ty stake in the rig that caused the spill, rose 12.4 percent. Most bank stocks rose but Goldman Sachs Group Inc. fell 2.2 percent to its lowest level in a year fol- lowing news reports that it was target of another investigation by the Secu- rities and Exchange Com- mission. The SEC has already filed civil fraud charges against the compa- ny. The company has denied wrongdoing. Investors have pounded stocks for more than a month because of concerns that Europe’s sovereign debt crisis would slow a rebound worldwide. Thursday’s advance was the latest swing in a market that has been volatile for weeks, including three late-day slides in the past four days. Some of the advance could be coming from what’s known as ‘‘short-covering.’’ That’s when traders are forced to buy stock after having ear- lier sold borrowed shares in a bet that the market would fall. The moves can add to the market’s climb. Markets around the world rose after China said exports rose 48.5 percent in May, while imports jumped 48.3 percent. The increase in trade provides some relief to fears that debt problems in Europe would halt a global eco- nomic recovery. The 27- nation European Union is China’s largest trading partner. China has said it wanted to cool its econo- my to keep it from getting overheated. Traders had grown concerned that China would inadvertently slow growth too much and hurt a global rebound. ‘‘China so far has been able to pull this off,’’ said John Apruzzese, partner and equity portfolio man- ager at Evercore Wealth Management in New York. ‘‘There’s more focus on Europe but I think it’s more about China.’’ The Dow rose 273.28, or 2.8 percent, to 10,172.53. It was the Dow’s first close above 10,000 this week and its biggest gain since May 27 when it climbed nearly 285 points after China said it didn’t plan to sell its Euro- pean government bonds. The Standard & Poor’s 500 index rose 31.15, or 3 percent, to 1,086.84, while the Nasdaq composite index rose 59.86, or 2.8 percent, to 2,218.71. Brian Lazorishak, port- folio manager at Chase Investment Council in Charlottesville, Va., said he wants to see the market at least hold its gains for a few days before he consid- ers Thursday’s advance as more than a blip. ‘‘We’ve all become a St. Elizabeth Community Hospital Auxiliary A member of CHW We the members of St. Elizabeth Auxiliary would like to express our sincere thanks to the following companies for their assistance in making our Spring Luncheon a great success. For Raffle Prizes Balloons Above The Valley, Napa Ca. Beazley House Bed & Breakfast, Napa Ca. Napa Valley Wine Train, Napa Ca. Hornblower Cruises, Sacramento, CA. Hyatt Regency at Capital Park, Sacramento, CA Local Assistance & Donations The Voice of Tehama County Since 1885 Walker Printing, Ticket Printing Prairie Rose, Fashions Plum Crazy, Fashions AirGas, Helium Red Bluff High School, Serving Staff Join the conversation.... www.redbluffdailynews.com All the hospital departments that donated gift baskets and all those members who served as captains and helped to make the entire day fun for all. 530.529.8002 2550 Sister Mary Columba Dr., Red Bluff, CA 96080 little gun-shy,’’ he said. The yield on the bench- mark 10-year Treasury note, which moves oppo- site its price, rose to 3.33 percent from 3.18 percent late Wednesday. The euro, used by 16 countries in Europe, rose to $1.2111. The currency has become an indicator of investor confidence in Europe’s ability to cut debt without spoiling a recov- ery. Traders grew more con- fident that a global rebound was intact. Beyond the news out of China, Japan’s economy grew faster than expected in the first three months of the year. In Australia, the government said full-time employment rose for a ninth consecutive month in May. While investors worry about Europe’s debt prob- lems, there are also con- cerns about the job market in the U.S. An unemploy- ment rate of 9.7 percent remains one of the biggest obstacles to a strong domestic rebound. The Labor Department said new claims for unemployment fell by 3,000 to a seasonally adjusted 456,000. While that figure fell short of economists’ forecast, traders were heartened by numbers showing total claims last week dropped by the largest amount in almost a year. Total unemployment benefit rolls fell by 255,000 to 4.5 million. Crude oil rose $1.10 to $75.48 per barrel on the New York Mercantile Exchange. It was the first close above $75 in about a month. Gold fell. About 2,700 stocks rose on the New York Stock Exchange, while only about 375 fell. Consolidat- ed volume fell to 5.2 bil- lion shares from 6.2 billion Wednesday. The Russell 2000 index of smaller companies rose 21.50, or 3.5 percent, to 639.79. Britain’s FTSE 100 rose 0.9 percent, Germany’s DAX index rose 1.2 per- cent, and France’s CAC-40 rose 2 percent. Japan’s Nikkei stock average rose 1.1 percent.