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8A Daily News – Saturday, July 6, 2013 Furniture Depot Clearance Sale 50-60 J U 235 So. Main St., Red Bluff % L 527-1657 off Up To Throughout the Store Y Stocks rise as investors parse jobs report MON.-FRI. 9:00-6:00 SAT. 9:00-5:00 • SUN. 11:00-5:00 NEW YORK (AP) — Stocks moved decisively higher Friday after a bumpy start, with investors encouraged by a big uptick in hiring that helped them shake off worries about the Federal Reserve scaling back its economic stimulus. The morning wasn't so straightforward: U.S. stock indexes shot higher when the market opened, after the Labor Department reported that the U.S. economy added a stronger-thanexpected 195,000 jobs last month. The Dow Jones industrial average jumped as much as 115 points. The gains tapered off within the hour, and all the major indexes dipped briefly into the red. By late afternoon, however, the Dow was up 104 points, or 0.7 percent, to 15,093. LOST Large Reward Family Heirloom Wall Street The Standard & Poor's 500 rose 11 points, or 0.7 percent, to 1,626. The Nasdaq composite was up 25 points, or 0.7 percent, to 3,468. ''I think the initial reaction was, 'Yay, all these people are employed, and then, 'whoops,''' said David Brown, chief market strategist at Sabrient, a Santa Barbara, Calif., research firm for institutional investors. That's because the Federal Reserve, led by Chairman Ben Bernanke, has been propping up the economy by buying bonds and keeping interest rates low. Investors know that the Fed isn't going to continue the stimulus forever, but they worry that developments like Friday's positive jobs report will make the Fed yank away the stimulus too soon and reveal an economy that can't stand on its own. The jobs picture ''gives Bernanke more of a manThe date to slow down his bond buying,'' Brown said. As investors bought stocks, they sold bonds, another sign that they think the Fed will tamp down its bond buying. The yield on the 10-year Treasury note jumped to 2.72 percent from 2.51 percent late Wednesday. Relatively few shares changed hands Friday because many traders were still on vacation after the Fourth of July holiday Thursday. Light volume can make the market volatile, because it can be moved by trading in fewer shares. Traders also noted that U.S. stock indexes were playing catch-up after missing out on Europe's big gains Thursday. Stocks in Europe had jumped Thursday, including a 3 percent gain in Britain's main index, after the European Central Bank and the Bank of England sought to soothe markets by saying they'd keep interest rates Over 25 years of experience STOVE JUNCTION BBQ PELLETS low for the foreseeable future. Investors there have been scared that their own central banks may follow the Fed's lead and rein in their economic stimulus measures soon. 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For the past three 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 decades, bond interest rates have tended to move down rather than up, so the recent gains are throwing many investors for a loop, noted Craig Fehr, an investment strategist at Edward Jones in St. Louis. ''This is catching a lot of bond investors off guard,'' said Fehr. He's been telling clients to trim their holdings on longterm bonds. The effects of potentially higher interest rates were evident throughout financial markets. Stocks for small banks rose because investors believe those companies will benefit from higher loan rates But homebuilder Lennar was the secondbiggest decliner on the S&P 500, losing $1.92, or 5.4 percent, to trade at $33.43. Investors worry higher interest rates will make mortgages more expensive, although rates will still be low historically. 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