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10A – Daily News – Friday, June 25, 2010 NEW YORK (AP) — Disappointing forecasts from retailers and concern about the government’s financial overhaul package pounded stocks Thursday. The Dow Jones indus- Retailers, banks pull stocks lower; Dow slides 146 Wall Street trial average lost 146 points after edging higher Wednesday. Broader indexes dropped for a fourth straight day. Downbeat forecasts from retailers raised con- cerns that high unemploy- ment and weak consumer spending would stall an economic rebound. Nike Inc. dropped 4 percent after saying increased costs could hurt earnings. Bed Bath & Beyond fell 5.6 percent after the home goods retailer’s second- quarter earnings forecast missed expectations. Dell Inc. lost 6.4 per- cent after the computer maker’s fiscal year forecast failed to top expectations, as some analysts had hoped. Meanwhile, financial stocks fell after Congress continued working on a bill to overhaul regulation of the industry. Democratic leaders hoped to reconcile the House and Senate bills so President Barack Obama can have a deal in place by the time he meets with the leaders of the Group of 20 nations this weekend in Toronto. Traders were concerned that some provisions of the bill would cut into bank profits. Large banks were lobbying to strike a pro- posal that would make the industry cover costs to dis- mantle the mortgage giants Fannie Mae and Freddie Mac. Bank of America Corp. dropped 2.7 percent and JPMorgan Chase & Co. lost 2.2 percent. Economic news didn’t help. The government said initial claims for unem- 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! ployment benefits fell last week but remained above the level that would signal employers are ramping up hiring. A second report indicated that orders for durable goods fell last month for the first time in six months. Orders for big- ticket goods fell 1.1 per- cent in May. Analysts pre- dicted a 1.3 percent drop. ‘‘There is just such a stagnation in the econo- my,’’ said Dan Deming, a trader with Stutland Equi- ties in Chicago. Deming said investors are strug- gling to determine whether the economy can continue to bounce back without as much help from govern- ment spending. ‘‘The water is so murky right now,’’ Deming said. ‘‘It’s just very hard to get a picture of where we’re at.’’ The Dow fell 145.64, or 1.4 percent, to 10,152.80. The Standard & Poor’s 500 index fell 18.35, or 1.7 percent, to 1,073.69. It was the first four-day drop for the S&P 500 index since early May. The Nasdaq 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. 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Main St. Slow Food® Shasta-Cascade composite index fell 36.81, 1.6 percent, to 2,217.42. Interest rates were mixed in the Treasury mar- ket. The yield on the benchmark 10-year Trea- sury note rose to 3.14 per- cent from 3.12 percent late Wednesday. The yield had fallen to a 13-month low of 3.07 percent. The recent drop in rates is good news for borrow- ers. Freddie Mac said Thursday that the cost of a home loan has fallen this week to the lowest level on record. The average rate on a 30-year fixed mortgage dropped to 4.69 percent from 4.75 percent last week. Crude oil rose 16 cents to settle at $76.51 a barrel on the New York Mercan- tile Exchange. The market’s moves were also being driven by traders preparing for changes Friday to some of the stocks that make up the Russell 2000 index of smaller companies. The Russell 2000 fell 11.08, or 1.7 percent, to 633.17. housing and jobs have indicated that the econo- my’s biggest trouble spots aren’t getting much better. Even manufacturing, which has been one of the strongest areas of the econ- omy, looked weaker in one report last week. Analysts warn against drawing big conclusions from a few reports but investors will want to see some better numbers for stocks to resume their climb. The Federal Reserve The slump in stocks made clear that anxiety is still ruling the market, after appearing to have waned last week. The Dow and other major stock indexes touched new lows for 2010 earlier this month, then regained some ground when fears about a debt blowup in Europe began to ease. Now, the concern is that cracks are appearing in the U.S. recovery. Since last week, several reports on said Wednesday that the economy is continuing to recover, but that risks remain. It signaled that the problems in Europe are a risk for the U.S. The government is set to release its final number Friday on gross domestic product for the first quar- ter. 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