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Wednesday, July 7, 2010 – Daily News – 3B The Dow Jones industrial average broke a seven- day slide Tuesday after traders sifted through the market for beaten-down stocks. Investors tried to Dow industrials climb 57 to break seven-day slide Wall Street NEW YORK (AP) — recover some of the big losses that piled up fol- lowing weeks of disap- pointing economic reports. The Dow Jones industrial average rose 57 points after dropping 7.3 percent over the past two weeks to its lowest level since October. The steep drop drew traders expect- ing to see the market bounce. ‘‘There are pockets of opportunity out there. There are some areas with good valuations,’’ said Aaron Reynolds, senior portfolio analyst at Robert W. Baird in Milwaukee. Not all parts of the market managed gains. Retailers slumped amid downbeat comments from analysts and ahead of reports later in the week on June sales. Investors are concerned that a weakening of the recovery will keep cau- tious consumers out of stores. Macy’s Inc. fell 2.5 percent, while Home Depot Inc. lost 1.5 per- cent. The unevenness to the day’s moves signaled that traders remain on edge about the economy. Major stock indexes managed to end higher but more stocks fell than rose on the New York Stock Exchange. The Dow climbed nearly 172 points in morning trading before sliding and then zigzagging between gains and losses in the final hour. Brian Dolan, chief cur- rency strategist at Forex.com, in Bedmin- ster, N.J., said an increase in Treasury prices made it clear that worries remain. ‘‘We’ve obviously ratcheted down the out- look and now it’s a ques- tion of how much fur- ther,’’ Dolan said, refer- ring to the economy. ‘‘From here I would expect to see further weakness.’’ Economic news didn’t offer investors much incentive to buy. The Institute for Supply Man- agement, a trade group of purchasing executives, said growth in services businesses slowed last month. Its services index fell to 53.8 from 55.4 in May. Economists polled by Thomson Reuters fore- cast 55.0. A reading above 50 indicates growth. According to prelimi- nary calculations, the Dow rose 57.14, or 0.6 percent, to 9,743.62. The broader Standard & Poor’s 500 index rose 5.48, or 0.5 percent, to 1,028.06, and the Nasdaq composite index rose 2.09, or 0.1 percent, to 2,093.88. The market’s climb came after stocks dropped Friday on a report found that employers didn’t ramp up hiring as much as economists had forecast. It was the second straight month hiring by private employers missed expec- tations. U.S. markets were closed Monday for Independence Day. Meanwhile, bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.94 percent from 2.98 percent late Friday. Crude oil fell 16 cents to settle at $71.98 a barrel on the New York Mercan- tile Exchange. Macy’s fell 44 cents, or No charges for owner in cow abuse case MARYSVILLE, Ohio (AP) — The owner of a central Ohio farm won’t face charges in connection with a video show- ing cattle being beaten and poked with pitchforks, a pros- ecutor announced Tuesday. A Union County grand jury decided not to indict Gary Conklin of Plain City after investigators and veterinarians studied the video and conclud- ed Conklin acted appropriate- ly, County Prosecutor David Phillips said. An animal welfare group secretly recorded the video in late April, saying it showed cattle being abused at Conklin Dairy Farms. The farm fired an employee who has since plead- ed not guilty to 12 counts of animal cruelty. Phillips said the video post- ed on YouTube used out-of- context scenes to create a false perception that Conklin was involved in the abuse, but investigators and grand jurors saw the original video. ‘‘They saw the unedited video of Mr. Conklin’s actions, not the highly inflammatory version released on YouTube by Mercy for Animals,’’ Phillips said in a statement. The group Tuesday said the decision not to charge Conklin has failed concerned citizens and animals that deserve pro- tection, giving Conklin Farms ‘‘a free pass’’ for animal abuse. ‘‘Mercy For Animals was the only true watchdog and defender the animals at Con- klin Dairy Farms had,’’ said Daniel Hauff, the group’s director of investigations. ‘‘The dairy industry and local law enforcement had all failed to detect the abuse or hold the abusers accountable.’’ Phillips said the grand jury also considered charges against another farm employ- ee, the undercover worker who made the video, and Mercy for Animals officials, but decided there wasn’t enough evidence. Phillips said the abuse allega- tions should have been report- ed immediately to authorities. He also said authorities were monitoring threats being made against the Conklin fam- ily and farm and warned they could result in prosecution. Gary Conklin said in a statement it was gratifying that no else was charged. But he said the family remains sad- dened by the abuse shown in the video and said it doesn’t reflect the farm’s commitment to animal care. 2.5 percent, to $17.41, while Home Depot fell 42 cents, or 1.5 percent, to $27.34. The number of stocks that fell narrowly out- paced those that rose on the NYSE, where volume came to 1.3 billion shares, compared with 1.1 billion Friday. The Russell 2000 index of smaller compa- nies fell 10.06, or 1.7 per- cent, to 588.91. Overseas markets rose after investors found stock prices more attrac- tive and Australia’s cen- tral bank issued an upbeat forecast for the country’s economy. Britain’s FTSE 100 rose 2.9 percent, Ger- many’s DAX index gained 2.2 percent, and France’s CAC-40 jumped 2.7 percent. Japan’s Nikkei stock average rose 0.8 percent. Tesla shares drop DETROIT (AP) — Shares of electric car maker Tesla Motors Inc. ran low on volt- age Tuesday, falling beneath the stock’s initial public offering price after a stun- ning run-up last week. 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