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8B Daily News – Wednesday, June 19, 2013 Waiting for word from Bernanke, stocks move higher NEW YORK (AP) — It's all about the Fed. Still. U.S. stocks moved higher Tuesday, helped by news of a pickup in home building and low inflation. But the Federal Reserve loomed large, with investors trying to guess what the central bank will say Wednesday about how long it plans to keep stimulus programs in place. For many, Tuesday was just a holding pattern as they waited for Wednesday's announcement. The market gains were steady for most of the day. The Standard & Poor's 500 index was up 11 points, or 0.7 percent, at 1,650 at midafternoon. All 10 industry sectors rose, led by telecommunications. The vibe on Tuesday Wall Street came from a familiar template. The Fed has had an outsized effect on the stock market in recent weeks, with the major indexes getting yanked back and forth as investors guess how long it will keep supporting the U.S. economy. Some investors say it's troubling that the market is relying more on the central bank for direction than economic fundamentals. The latest turning point was May 22, when Fed Chairman Ben Bernanke startled markets when he said the central bank could pull back on its bond-buying program. That's where the Fed buys bonds to keep interest Sierra Sound NEW & USED CD's Special Orders Avail. Car Stereo Sales - Service Installation We make house calls! 226 So. Main St., Red Bluff 527-3735 rates low and drive investors into the stock market. ''Here we are again,'' said Gregg Fisher, founder and chief investment officer of Gerstein Fisher in New York. ''We don't know what the actions will be. We're all trying to figure that out.'' The Fed's role in the market has swelled since the 2008 financial crisis. The central bank, which traditionally has been best known for helping set interest rates, has taken an increasingly bigger role in trying to amp up the economy. The Fed's investment purchases have swollen its portfolio to $3.4 trillion, a four-fold increase since before the crisis. ''The game is different from what it used to be,'' KWIK KUTS Family Hair Salon 20 % off ANY RETAIL PRODUCT with any chemical service of $50 or more 2 Regular $ Haircut 00 off Reg. $13.95 Not good with other offers Expires 6/30/13 With coupon 1064 South Main St., Red Bluff • 529-3540 said Mark Spellman, portfolio manager for Value Line Funds in New York. ''It's not just, 'Is the Fed just going to raise (its benchmark interest rate) up or down?''' It's 'Is the Fed going to keep buying $85 billion worth of bonds each month?''' Analysts predicted that Bernanke would use his Wednesday news conference to cast a reassuring tone and make it clear that the Fed won't pull back on any of its programs until it's sure the economy can handle it. He's also likely to drop more hints about when the Fed could start trimming its stimulus programs. Some said that recent market volatility hasn't been caused by fear that the Fed June 16 - 30, 2013 Food From The Heart Funds for Food Drive A simple $18.00 donation provides 100 pounds of nutritious food, including fresh produce. Make your heartfelt tax deductable donation at participating businesses more info: Red Bluff Gold Exchange 528-8000 www.foodfromthehearttehamacounty.com will pull back on its stimulus programs — most everyone expects that to happen eventually. It's that investors don't want to be surprised when it does. In other U.S. stock trading, the Dow Jones industrial average was up 152 points, or 1 percent, to 15,335. The Nasdaq composite index rose 31 points, or 0.9 percent, to 3,483. The Russell 2000, an index of small-company stocks, rose 12 points, or 1.2 percent, to 999. The index hasn't closed above 1,000 before. RUNNINGS ROOFING Sheet Metal Roofing Residential Commercial • Composition • Shingle • Single Ply Membrane "No Job Too Steep" " No Job Too Flat" Serving Tehama County No Money 530-527-5789 530-209-5367 CA. LIC#829089 Down! FREE ESTIMATES Owner is on site on every job All makes and models. We perform dealer recommened Members Welcome 30K, 60K, 90K SERVICES AT LOWER PRICES Smog Check $ starting at + 25958 $ 25 certificate (MOST CARS & PICK-UPS) 527-9841 • 195 S. Main St. Tuscan Pool Supply OPEN YEAR ROUND 50 lb. Clearview Tabs on SALE $ 140 .00 thru end of June 10 Damon Ave., Red Bluff 530-527-3262 • www.tuscanpools.com Does your family need help with school clothes this year? We can help. 2013 Application Information Thursday, June 20, 2013 12:00pm-7:00pm Friday, June 21, 2013 3:00pm-7:00pm Saturday, June 22, 2013 3:00pm-7:00pm Location - Lariat Bowl. 365 South Main What you need to apply Proof of county residency & 2012 tax return or current pay stubs or passport to County Services. Only children K-12 are eligible Send your donations to Back to School Project, c/o Tehama Education Foundation PO Box 292, Red Bluff, CA 96080. Sending every child back to school with pride, dignity and a feeling of self-worth. 529-4074 - www.backtoschoolproject.com