Issue link: https://www.epageflip.net/i/14302
8B – Daily News – Wednesday, August 4, 2010 NEW YORK (AP) — The stock market put its big rally on hold Tuesday after disappointing earnings and economic reports reminded investors of the obstacles still facing the economy. The Dow Jones industri- Stocks fall after weak earnings, economic reports Wall Street 2.92 percent from 2.97 per- cent late Monday. Jack Stoltzfus, senior al average fell 38 points after rising 208 Monday on brighter economic news. All the major indexes fell moderately. Investors were unhappy with just about every major earnings or economic report Tuesday. Procter & Gamble Co. and Dow Chemical Co. reported earnings and rev- enue that fell short of fore- casts. Consumer spending and income figures showed that people are still very cautious with their money. Factory orders fell in June, as did the number of homes that were under contract to be sold. The stream of bad news was a reminder that the recovery is going to be bumpy and slow. So, fol- lowing the market’s pattern of recent months, they gave back some of Monday’s big gain, which was due in part to manufacturing news that was better than expected. Trading has been erratic since the spring amid the conflicting signals about the recovery, and many traders are quick to cash in any profits. Traders are also uneasy ahead of the Labor Depart- ment’s July employment report due out Friday. Con- sumers are not expected to significantly increase their spending until they feel more secure about their jobs. Dan Cook, a Chicago- market strategist with Ticonderoga Securities, said the market is likely to vacillate for a while with investors hesitant to buy heavily amid ongoing con- cerns about the economy, not just in the U.S. but in other countries as well. ‘‘It’s a market that goes from worry to celebration pretty quickly,’’ he said. ‘‘It is prone to surprises as well as prone to disappoint- ments.’’ Procter & Gamble, the based senior market analyst with the brokerage firm IG Markets, said many traders stayed out of the market while they waited for the employment report. ‘‘These severely choppy markets are scaring individ- ual investors,’’ he said. ‘‘There’s no way we can get them back in the game without getting the employ- ment numbers up.’’ Investors are also uneasy Tehama County business operators: When folks search for what you’re selling, do they find your business? Online business directories are the fastest-growing vehicle for consumer business searches, increasing 23% between 2007 and 2009. During the same period, use of printed Yellow Pages books for consumer business searches decreased by 15%. With as many as a half-dozen different Yellow Pages books distributed in Tehama County, the chances are even less that your listing or ad in any one book will be seen on a consumer business search. Ride the cutting edge of local business search with an “enhanced listing” in the Daily News’ • Top of business category placement • Appear on the RedBluffDailyNews.com yellow page widget rotation Online YelFeatures:low Pages • Appear in up to FIVE business categories • Larger size directory listing • Business Logo, hours of operations, credit cards, etc. • Business Write-up & color photos • Click through to your business website • Click for map location and directions • Nearby business search All for only $50 per month! boasts over 80,000 visits and +350,000 page views monthly! For more information, contact your Daily News Advertising Representative TODAY! (530) 527-2151 D NEWSAILY RED BLUFF TEHAMACOUNTY advertise@redbluffdailynews.com Among host sites for local online search directories, only www.redbluffdailynews.com about two other labor mar- ket reports this week. The payroll company ADP on Wednesday will release its count of the number of jobs created or lost at private employers in July. And on Thursday, the Labor Department issues its week- ly report on the number of laid-off workers who filed for unemployment benefits for the first time. The Dow fell 38.00, or 0.4 percent, to 10,636.38. The Standard & Poor’s 500 index fell 5.40, or 0.5 per- cent, to 1,120.46, while the Nasdaq composite index fell 11.84, or 0.5 percent, to 2,283.52. Losing stocks were ahead of gainers by 2 to 1 on the New York Stock Exchange, where volume came to 1 billion shares. Light volume can intensify stocks’ price swings. Investors sought the safety of Treasury bonds, which pushed interest rates lower. Reports the Federal Reserve could start buying bonds again also added to their strength. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to maker of Tide and Pampers, fell $2.12, or 3.4 percent, to $59.94. Dow Chemical dropped $2.83 or 10 per- cent, to $25.50. Among the day’s eco- nomic reports, the Com- merce Department said per- sonal income and spending were both unchanged in June after rising 0.3 percent and 0.1 percent respectively in May. The readings were also short of forecasts of economists polled by Thomson Reuters. The department also said factory orders fell 1.2 per- cent in June, the second straight monthly drop and more than double the amount economists expect- ed. The National Associa- tion of Realtors said its index of pending home sales fell to its lowest level since it began keeping records in 2001. The index dropped 2.6 percent to a reading of 75.7. Econo- mists had predicted that the index that measures the number of people who signed contracts to pur- chase homes would rise to 78.1. A housing recovery is expected to be slow now that tax incentives for buy- ers have expired. And many would-be buyers are wor- ried about their jobs. Overseas, Britain’s FTSE 100 fell less than 0.1 percent, Germany’s DAX index rose 0.3 percent, and France’s CAC-40 fell 0.1 percent. Japan’s Nikkei stock average rose 1.3 per- cent. Cheez Doodles creator Morrie Yohai dies at 90 NEW YORK (AP) — Morrie R. Yohai, the creator of the crunchy, finger-staining orange Cheez Doo- dles snack, has died. He was 90. Yohai died of cancer on July 27 at his Long Island home in Kings Point, his son, Robbie, said Tues- day. His father was always amused that people thought the cheddar cheese snack he produced at his ★★ Bronx factory was the highlight of his life, Robbie Yohai said. His father’s wide-ranging interests extended to Jewish mysticism and poetry, and the snack was only one of many things his father did, Yohai said. But it’s Cheez Doodles that he will be remembered for. Yohai developed the small tubu- lar snack at his Old London Foods AMERICAN SELF-STORAGE ★ 64 Mulberry Ave., Red Bluff • 527-1755 • Fully Fenced • Onsite Manager • Well Lit Property website: www.americanselfstorage.biz • RV & Vehicle parking now available LOWEST PRICE GUARANTEED! Call now for rates. factory in the 1950s. The company already was selling Dipsy Doodles rippled corn chips, which were made with a machine that spit them out under pressure through a nozzle shaped like the letter W. ‘‘He applied a similar concept for the Cheez Doodles,’’ adapting the machine to extrude liquefied corn- meal into a ‘‘more roundish, pinhole shape,’’ said Robbie Yohai. Hawaiian Days Sidewalk Sale August 6th - 7th Can’t go to the Islands! Enjoy taste treats from the Islands Starts 9am • Sign up at participating stores for: 1. Hawaiian dinner for 4, cooked & donated by California Kitchen & Company 2. Hawaiian Patagonia shirt by Heartfelt Designs Gallery 3. Patagonia bike Tote donated by Hearfelt Designs Hawaiian Days August 6th - 7th Then join us in downtown Red Bluff for Hawaiian Days Sale and Drawing, Plus More