Issue link: https://www.epageflip.net/i/12201
10A – Daily News – Friday, June 18, 2010 NEW YORK (AP) — The stock market managed a slender gain Thursday after traders shook off a pair of disappointing economic reports. Traders began buying late in the session, although without the vehemence that has marked other final-hour moves in recent weeks. The Dow Jones industrial aver- age closed up about 24 points after falling 90 early in the day, and scored its first three-day advance since April. The Standard & Poor’s 500 and Nasdaq Stocks eke out gain after downbeat economic data Wall Street composite indexes both rose a little more than a point. The late rebound follow- ing downbeat employment and manufacturing news suggests that investors may be getting more confident about the economic recov- ery, said Philip Orlando, the New York-based chief equi- ty market strategist at Fed- erated Investors. ‘‘I think we’re starting to see a change in psycholo- gy,’’ Orlando said. ‘‘We’re beginning to ignore bad news and focusing on the bigger, better long term pic- ture, and that’s encourag- ing.’’ Still, investors were also looking for safe holdings, a sign that the economy is uncertain enough for them to hedge their bets. Treasury prices rose, pushing down interest rates, and gold closed at a record high. The government said early in the day that the number of people seeking unemployment benefits rose unexpectedly last week. Initial claims for job- less benefits increased 12,000 to 472,000. That’s the highest level in a month and follows three straight weeks of declines. Econo- mists had forecast a drop. A drop in the Philadel- phia Federal Reserve’s index of regional manufac- turing also hit stocks. The Philly Fed said manufactur- ing continued to expand in June but at a slower pace than in May. Its index of manufacturing activity dropped to 8 from 21.4 the month before. Traders were concerned that the slow- down signals that a recovery is fading in one of the strongest parts of the econo- Restaurant Breakfast ★ Lunch Served 6:30am-2pm daily Breakfast Special Harris Ranch Steak 5 oz eye of round Served with 2 Eggs, Hashbrowns or Home Fries and Toast. (With purchase of beverage) 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 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! D NEWSAILY RED BLUFF TEHAMACOUNTY D N 527-2151EWSAILY RED BLUFF TEHAMACOUNTY 7,000 copies in The Daily News Friday, July 2 2,000 copies – Event Distribution Space Reservations Deadline: Thursday, June 24 at Noon Event Sponsors of $500 or more have FREE ad space credit coming! Call your advertising rep today! No substitutions $499 7875 HWY 99E - LOS MOLINOS, CA (530) 384-1265 Orders to go my. Retailers and other stocks that depend on steady consumer spending fell following the jobs report. Bed Bath & Beyond Inc. fell 7.6 percent, and most other big retailers also ended the day with losses. DirecTV Inc. fell 3.9 per- Feed the Children FOODS DRIVE Collection at participating Downtown Merchants. This is to replace meals local Breakfast and Lunch families in need lost when school let out for the summer. Info 528-8000 Jesse cent. Traders have been trying to determine where stocks are headed since major stock indexes hit their 2010 peak in late April. The Dow has risen 6.3 percent from its lowest close of the year on June 7 but it’s still down almost 7 percent from its high of 11,205 on April 26. The Dow rose 24.71, or 0.2 percent, to 10,434.17. The last time the average had a three-day advance was April 19-21, shortly before the market began sliding on concerns about Europe’s economic prob- lems. The Dow is up 243.28 over the past three days. The bulk of that gain came from an almost 214-point jump on Tuesday. The S&P 500 index rose 1.43, or 0.1 percent, to 1,116.04, and the Nasdaq rose 1.23, or 0.05 percent, to 2,307.16. The yield on the bench- mark 10-year Treasury note fell to 3.19 percent from 3.27 percent Wednesday. Crude oil fell 84 cents to $76.83 per barrel on the New York Mercantile Exchange. Gold closed at a record $1,248.70 an ounce. The Russell 2000 index of smaller companies fell 0.28, or 0.04 percent, to 665.85. BUSINESSES! Be a part of the OFFICIAL PROGRAM