Issue link: https://www.epageflip.net/i/118545
4B Daily News – Friday, March 29, 2013 S&P 500 closes at a record high, beating '07 mark NEW YORK (AP) — For the second time in less than a month, the stock market marched past another milepost on its long, turbulent journey back from the Great Recession, toppling another record left over from the days before government bailouts and failing investment banks. The Standard & Poor's 500 closed at a new high Thursday, three weeks after another popular market gauge, the Dow Jones industrial average, obliterated its own closing record. The S&P capped its best quarter in a year, rising 10 percent. The Dow had its best first quarter in 15 years, climbing 11 percent. The reaction on Wall Street was muted — more of a dull buzz than a victory cry. Investors warned clients not to get overly excited. "Getting back to where we were is an important step," said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. But he cautioned in a note to investors: "Markets are volatile, and if you are a long-term investor you should expect declines." The S&P 500 rose 6.34 points, or 0.41 percent, to 1,569.19, beating by four points its previous record of 1,565.15 set on Oct. 9, 2007. The index is still shy of its all-time trading high of 1,576.09. The index has now recovered all of its losses from the recession and the financial crisis that followed. Investors who put their dividends back into the market have done even better. A $10,000 investment in the S&P back in October 2007 would be worth Wall Street $11,270. On any other day, a gain of that size would go unheralded, but not after the turmoil that began in late 2008 and persisted through a slow, sometimes stalled recovery. The milestone generated chatter at water coolers and on business news channels. The S&P 500 is a barometer that gauges market performance. And while professional investors might scoff at using it to decide when to buy and sell, the breaking of an old record can be psychologically important. When the S&P 500 last closed this high, it was a headier time. In the fall of 2007, the financial crisis was simmering but hadn't yet boiled over. It was an era before big bailouts and the Great Recession, back when jobs were much easier to come by and salaries seemed to go only up. Bear Stearns still existed. So did Lehman Brothers and Washington Mutual. Investors have reason to be cautious. The U.S. economy is stable, but growth is anemic. The European debt crisis is far from resolved. Some investors are concerned that the market's gains this year are being fueled by the Federal Reserve's easy money policy, and will disappear once the Fed reverses course. The crisis-of-the-moment is Cyprus, the Mediterranean island country that struggled this week to get an emergency bailout from other countries. For many investors, the bailout deal was a reminder of Europe's lin- Tehama Country Real Estate gering economic problems. On Thursday, U.S. economic news was mixed. The U.S. economy grew faster than first estimated in the fourth quarter, the government reported. But the growth, an annual rate of 0.4 percent, was still weak. The number of Americans seeking unemployment aid jumped for the second straight week. Longer-term, though, jobless claims have been declining since November. Unemployment is 7.7 percent, versus the 4.7 percent in 2007. "If you're a bull or a bear, you could find enough news out there to convince you of your position," said Jim Lauder, CEO of Global Index Advisors in Marietta, Ga., and co-portfolio manager on Wells Fargo Advantage Dow Jones Target Date Funds. Cyprus reopened its banks after closing them for nearly two weeks to keep depositors from making panicked withdrawals. Portugal reported that its budget deficit was widening. Brian Singer, partner at William Blair in Chicago, said the market's gains Thursday were more about a lack of any major negative developments than the appearance of any good ones. Investors aren't necessarily convinced of the economy's health, but they've learned to live with the sicknesses. "We are looking at a realization that Western civilization is not ending as we know it," Singer said. "Fiscal discussions in the U.S. have settled into an acceptable stalemate. The Italian elections that did not result in a government are on hold. Cyprus hasn't sunk into the Mediterranean." Thursday also marked the end of the first quarter, since markets are closed for Good Friday. Overall, it's been a strong quarter. The Dow climbed for the first 10 trading days of March — a record not matched in more than 16 years. In the past 10 days, though, it has wavered under the weight of Cyprus. The Dow rose 11 percent in the first three months of the year, its best quarterly performance since the fourth quarter of 2011. Last year, it lost ground in two quarters. This Week Stromer Realty 590 Antelope Blvd Bldg. A, Suites 10 & 20, Red Bluff (530) 527-3100 Tehama Country Real Estate THIS WEEK http://redbluff.stromerrealty.com online www.redbluffdailynews.com Northern California Title Company "Proud to be the only independently owned and operated Title Company in Tehama County." With our "customer first" attitude we provide professional, reliable service you deserve. We know you will appreciate the difference!! Thank you for voting us the "Best Title Company" of Tehama County for many years 521 Walnut St., Red Bluff (530)527-5421 1504 Solano St., Corning (530)824-2163 WESTERN REAL ESTATE MINCH PROPERTY MANAGEMENT 760 Main St. • 530-527-5514 Commercial Properties For Sale: • 840 Main St. (Former furniture store)...................................11,200 sq/ft • 1870 Montgomery (Industrial) ...........................................2 Acres • 13545 Saint Marys Ave. (Or lease).........................40,000 sq/ft Commercial Properties For Lease: • 1005 Washington St. (Handicapped Accessible)...............1,900 sq/ft • 731-741 Main St. (Upstairs)..................................various size suites • 955 Main St. (Inside Bank of America building)............2,995 sq/ft • 560 Diamond Avenue (Vacant Pad).......................................8,000 sq/ft • 1040 Monroe Street (Commercial/Industrial)........................1,000 sq/ft • 650 Main Street ..............................................................................2650 sq/ft OPEN HOUSE Corning Adult Park SAT., MARCH 30TH 2013 • 11:30am - 1:30pm 2 Bedroom, 2 Bath From $19,900 OWC Or by appointment Rio Vista Mobile Estates #92 ON THE RIVER, 2/2 Doublewide 1300 sq ft $39,500 $30,900-obo. Financing available. Call 527-7297 4/2, O.W.C. $5000 Down, $1200 Month (Rent Only) 3/2 + extra Room All New Interior $950 month Call (530) 921-4849 for more information Wilcox ~ Surry Village ~ $595,000 An exquisite professionally decorated home which has been well maintained! It features a stunning view of Mt. Lassen, Tuscan Buttes, and the beautiful Sacramento River. Perched high above the river, flooding is not an issue. The home has an incredible amount of storage, wide hallways, two bedrooms, 3.5 baths, large tile and wood flooring, creamy white carpets, wrap around deck, triangular swimming pool and permanent landscaping. Guest house with bedroom, bath, sitting room. Space Rent $325-$335 a month (530) 824-1500 A Must See!! $349,500 Broker/Owner Infinite Possibilities 530-200-1258 Charming Victorian @1036 Main Street Red Bluff Zoned Commercial and Residential. Currently all 5 units leased to Choices 4 Change a woman's refuge and Rehab non profit organization. Large attic with skylights basement. Parking front and back. Upstairs river views. Wild Rose Ranch Asking 1.2 million Very desirable 94 +/- acre property in six parcels. Lush pasture, trees, Salt Creek. At present, a specialty cattle ranch (Black Hereford) Would make an outstanding horse property! 3 bedroom 2 bath custom home for the gentleman rancher, and the cowgirl who wants it all. Too many amenities to mention. Irrigated and dry land pasture.Class 2 & 3 soil with some Class 1 offers the possibility of orchard cultivation. Customized field sprinkler system, barn/ workshop, hay barn, pond, pool & hot tub. If you are in the market for a beautiful custom ranch, this is for you. Close to town, yet far enough away to be country! Unobstructed views. With a little paint and sweat equity, this could be one of the prettiest small ranches in Tehama County. Call For Details. For Lease: 824 sf office with bathroom, water, garbage, pest, monthly window washing included. Newer building, high traffic flow. Call for details 527-3100 Inexpensive Rent!! Country Charmer on 4.76 ac. Spotless home with 2362 s.f., 3 car garage, and much more. Call for all the details. $285K Mobile in family park with a river view ........................ $23,500 Cottage 2/1 downtown.............................................PENDING Riverfront on 1+ acres w/dock ................................. $427,500 Barn/shop on 40 acres.............................................$162,000 Riverfront home in town with pool & dock...............$295,000 24 acres irrigated with home/barns ......................... $395,000 Mill Creek Resort, Land, Business, etc....................$999,500 Lori Slade 530-200-2700 314 Washington St, Red Bluff, CA 96080 www.TehamaCountyRealEstate.com 2026 sq.ft. 4 bed 2 bath on 4.09 acres. $229,000 2.5 acres on the Sacramento River with 3 commerical buildings, Owner will carry with large down........... $749,000 160 acres with cabin.......................................................................................................$200,000 1586 sq. ft. home in the mountains...................................................................................$60,000 20 acres with shop has well, septic also a living area in shop.....................................PENDING 40 acres of timber land ................................................................................................... $100,000 900+ sq. ft. 2 bed 1 bath................................................................................................PENDING 2026 sq. ft. 4 bed 2 bath home on 4.09 acres fenced and crossed fenced....................$229,000 40 acres with domestic well and power along road........................................................$160,000 1780 sq. ft. 4 bed 2 bath................................................................................................PENDING 20 acres with well and septic, and power along road.....................................................$100,000 Serving all of Tehama County, Northern Glenn County & Southern Shasta Robert Thayer, Owner / Realtor 1704 Solano St, Corning CA, 96021 Call me at (530) 515-3367 for any information on any listing, or listing your own home/business/property. Email rthayer@remax.net License # 01486553 RE/MAX American Dream