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8B – Daily News – Tuesday, June 29, 2010 ening view of the economy sent bond market interest rates to their lowest level in 14 months and kept many investors out of the stock market. Interest rates fall again on investor pessimism Wall Street NEW YORK (AP) — A dark- The yield on the 10-year Trea- sury note, considered a bench- mark because it’s used to set rates on consumer loans including mortgages, fell to 3.03 percent Monday, its lowest point since late April 2009. At that time, the markets were still recovering from the devastation of the finan- cial crisis and collapse in stocks. Investors felt safer making their bets in the bond market and many avoided any kind of stock trades. All the major stock index- es fell by single digits. The New York Stock Exchange traded less than a billion shares on its selling floor, a number that’s more likely to be seen in August or late December than in June. Treasurys benefited from investors’ growing gloom. The latest bit of bad economic news came from the Commerce Department, which said con- sumers saved more than they Pick a Rib with Us Daily Specials Jack the Ribber All you can eat ribs $ Friday Night Rib Dinners 1400 1150 Monroe St. 527-6108 Always a Realtor on call! Homes • Mountain Cabins Commercial • Land Ag • Ranch 530 529-4111 658 Rio St., Red Bluff www.UCAREA.net EQUAL HOUSING OPPORTUNITY DRE # 01174300 Community Calendar Active Senior Citizens A Retirement Community for the spent last month. The government said consumer spending rose 0.2 percent last month, just above the 0.1 percent growth forecast by economists polled by Thomson Reuters. However, personal income rose 0.4 percent. Consumer spending remains a sticking point for the economy, which won’t have a strong recov- ery until consumers fell more confident about buying again. With the recovery looking more uncertain, many investors are choosing to go with bonds because they are considered sta- ble. And investors are willing to put up with bonds’ lower returns simply because they are safer than stocks. The 10-year note’s 3.03 per- cent yield compared with 3.11 percent late Friday. It hasn’t been this low since April 28 of last year. Investors are also growing anxious ahead of the release of the government’s June employ- ment report on Friday. The May report was troubling because it showed that private employers are hiring few workers. That hurts the economy since consumers aren’t likely to spend if they aren’t working or are worried about los- ing their jobs. Burt White, chief investment officer at LPL Financial in Boston, said the coming weeks will be important for investors because of the jobs report on Fri- day and the announcement of earnings for the April-June quar- ter. White said stronger profits could convince businesses to start investing more. That, economists hope, will lead to more hiring. ‘‘Businesses have to commit to this recovery,’’ White said. The Dow Jones industrial average fell 5.29, or 0.1 percent, to 10,138.52 after being up 58 points. The broader Standard & Poor’s 500 index fell 2.19, or 0.2 percent, to 1,074.57. The Nasdaq composite index fell 2.83, or 0.1 percent, to 2,220.65. Commodities, seen as risky investments along with stocks M-F Mon.-Fri. 10:30 to 5:30 Sat. 11-3 40 Crafters in 1 Shop! Or Rent a Space to Sell Your Crafts Gifts for family & friends Plenty of parking on Pine Street 650 Main St., Red Bluff 530 528-2723 Come & Shop Crafter’s Boutique 6am-2pm * also fell, but their drop was also influenced by a stronger dollar. A rise in the dollar made commodi- ties more expensive for foreign buyers. Crude oil fell 61 cents to $78.25 per barrel on the New York Mercantile Exchange, while gold fell. The drop in commodities sent raw materials producers falling. Now on Facebook We now have fresh ground, fresh brewed coffee!!! 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Offer ends June 30, 2010 Jeannie Garton American Embroidery Mart 446 Antelope Blvd. #34 (530) 527-4446 Custom and corporate logos for embroidery. “If I can hoop it, I can embroider it.” No job is too large or too small. No minimum order required. The Back Packs ARE HERE! The Back Packs ARE HERE! Look for them at local businesses Exxon Mobil Corp. 63 cents, or 1.1 percent, to $58.47, while gold producer Freeport-McMoRan fell $1.91, or 2.9 percent, to $64.66. Meanwhile, tobacco stocks rose after the Supreme Court said it wouldn’t take up a case between the government and tobacco mak- ers. The decision prevents the government from getting billions of dollars from makers of ciga- rettes for anti-smoking cam- paigns. A separate decision from the court signaled that gun control laws in Chicago and a nearby suburb likely would be struck down by a lower court. That gave a boost to shares of gun makers. Smith & Wesson rose 23 cents, or 5.6 percent, to $4.33, while Sturm, Ruger & Co. climbed 33 cents, or 2.2 percent, to $15.39. The Russell 2000 index of smaller companies fell 3.57, or 0.6 percent, to 641.54. Britain’s FTSE 100 rose 0.5 percent, Germany’s DAX index gained 1.4 percent, and France’s CAC-40 rose 1.6 percent. Japan’s Nikkei stock average fell 0.5 per- cent. Rosser’s Bakery & Specialty Foods