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8B Daily News – Tuesday, July 2, 2013 US stocks advance as stimulus concerns fade NEW YORK (AP) — Investors have stopped worrying about the Federal Reserve. At least for now. Stocks rose on Wall Street Monday as investors judged that the economy still isn't growing fast enough for the central bank Wall Street to cut back on its stimulus program. U.S. manufacturing grew modestly in June after a pickup in new orders and stronger production, according to a private survey. The Institute for Supply Management said its factory index increased to 50.9 in June from 49 in the previous month. The Standard & Poor's 500 index logged its first monthly decline since Octo- Now … Every time you run a print Display ad in DAILY NEWS RED BLUFF TEHAMA COUNTY your online search engine results improve! How's that? Print display ads from the paper are now linked to advertisers' business listings in the Local Business Directory on www.redbluffdailynews.com and stay fully searchable for 30 days. Newspaper websites tend to have very high "page rank" scores compared to other kinds of businesses, due to their great and diverse volume of content. With print display ads now linked to specific listings in our new Business Directory, print ads become part of our website's content and thus show up higher when online consumers anywhere are searching for Tehama County businesses, using Google, Yahoo or other search engines. This is a new benefit for Daily News print advertisers! "Search Engine Optimization" (SEO) is something commonly featured as an online package option. But now, advertisers will be boosting their SEO with every print ad published in The Daily News ber last month after investors were unsettled by comments from Federal Reserve Chairman Ben Bernanke. Bernanke said last month that the Fed could ease back on its stimulus later this year and end it next year, providing the economy continues to recover. ''The market has ... stepped back from the kneejerk reaction that the Fed news provided,'' said Jim Russell, a regional investment director at US Bank. ''The manufacturing ISM number came in strong enough — not too hot, not too cold.'' If the manufacturing report had been stronger, Russell said, stocks might have fallen as investors speculated that the Fed would be inclined to ease back on its stimulus sooner. A separate report on construction spending added to Hoyt-Cole SEO Boost! A feature of the picture of a gradually improving economy. Construction spending rose 0.5 percent in May compared with April, when spending was up 0.1 percent. The Dow Jones industrial average gained 65.36 points, or 0.4 percent, to 14,974. The Dow gained as much as 173 points in during morning trading before drifting lower throughout the afternoon. The S&P 500 index rose 8.68 points, or 0.54 percent, to 1,614. The Nasdaq composite rose 31.24 points, or 0.9 percent, to 3,434. The Fed is currently buying $85 billion of bonds a month to keep interest rates low and encourage borrowing and spending. That stimulus has been a major factor supporting a rally in stocks this year and the threat of it being withdrawn made stock markets more volatile last month. The S&P 500 closed at a record high of 1,669 on May 21. A day later, stocks began dropping after minutes of a Fed meeting were released suggesting the stimulus could be scaled back. The sell-off picked up pace June 19, when Bernanke laid out a possible road map for ending the bond purchases. The S&P closed at 1,573 on June 24, almost 6 percent down from its record, before regaining some of its loss. The index is still up 13.2 percent this year. The market is more than twice as likely to gain as decline on the first trading day of a new quarter, according to data from S&P Dow Jones Indices. The index has risen 27 times and fallen 13 times during the past 10 years on the first trading day of the quarter. ''You're seeing new money come in to the markets as we are in a new quarter,'' said Quincy Krosby, a market strategist at Prudential Financial. ''New money is being put to work.'' Eight of the 10 industry groups that make up the S&P 500 index rose, led by materials companies, a category that includes miners and chemical makers, and industrial companies. Utilities and phone companies were the only ones to decline. This week's most closely watched economic release will be the government's monthly employment report Friday. Economists expect the U.S. added 165,000 jobs in June, a figure that would affirm the economy's steady, but slow, trajectory, said Scott Wren, a senior equity strategist at Wells Fargo Advisors. 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