Issue link: https://www.epageflip.net/i/143531
6A Daily News – Friday, July 12, 2013 READER PHOTOS Submitted by Laurence G. D'Alberti "Oasis in the middle of Red Bluff." Submitted by Jack Kirchert "Super Moon and Clock tower, Saturday 6/21 about 9:30 p.m." Community Clip? Submitted by Carol Banwarth e-mail: clerk@redbluffdailynews.com or Fax: 527-9251 "Great Grandchildren Kaylie and Baron checking out the baby bluebirds." Stocks surge after Bernanke allays taper fear NEW YORK (AP) — Call it the Bernanke Boost. The stock market, which has been marching higher for a week, got extra fuel Thursday after Federal Reserve Chairman Ben Bernanke said the central bank will keep supporting the economy. The Dow Jones industrial average and Standard & Poor's 500 surged to alltime highs. And the yield on the 10-year Treasury note continued to decline as investors bought bonds. Stocks that benefit most from a continuation of low interest rates, such as homebuilders, notched some of the biggest gains. The chairman made the comments in a speech late Wednesday after U.S. markets had closed, saying the economy needs the Fed's easy-money policy ''for the foreseeable future.'' The U.S. economy needs help because unem- ployment is high, Bernanke said. His remarks seemed to ease investors' fears that the central bank will pull back on its economic stimulus too quickly. The Fed is currently buying $85 billion a month in bonds to keep interest rates low and to encourage spending and hiring. Stock index futures rose overnight. Stocks surged when the market opened Thursday and stayed high for the rest of the day. ''The Fed has made it unequivocally clear that they are not in any hurry to do anything,'' said Alec Young, Global Equity Strategist at S&P Capital IQ. ''It's very bullish for stocks.'' The S&P 500 index jumped 22.40 points, or, 1.4 percent, to 1,675.02, surpassing its previous record close of 1,669 from May 21. The index rose for a sixth straight day, its DAILY NEWS RED BLUFF TEHAMA COUNTY 2013 Tehama County CONTRACTORS GUIDE Magazine-size print and online Distribution through Spring, 2014 Licensed contractors only. longest streak in four months. The Dow rose 169.26 points, or 1.1 percent, to 15,460.92, above its own all-time closing high of 15,409 set May 28. The Nasdaq composite rose 57.55 points, or 1.4 percent, to 3,578.30, its highest level in nearly 13 years. In government bond trading, the yield on the 10year note fell to 2.57 percent from 2.63 percent Wednesday. The yield was as high as 2.74 percent Friday after the government reported strong hiring in June. Many traders took that report as a signal that the Fed would be more likely to slow its bond purchases sooner rather than later. The Fed has also said it plans to keep short-term rates at record lows, at least until unemployment falls to 6.5 percent. Bernanke emphasized Wednesday that the level of unemployment is a threshold, not a trigger. The central bank might decide to keep its benchmark short-term rate near zero even after unemployment falls that low. ''It's back to the old accommodative Fed, so the markets are happy again,'' said Randy Frederick, Managing Director of Active Trading and Deriva- tives at the Schwab Center for Financial Research. The market pulled back last month after Bernanke laid out a timetable for the Fed to wind down its bondbuying program. He said the central bank would likely ease back on its monthly purchases if the economy strengthened sufficiently. On Thursday, Advanced Micro Devices was the biggest gainer in the S&P 500 after news that it the company will make chips RANDAL S. ELLOWAY DDS IMPLANT DENTISTRY 2426 SO. MAIN ST., RED BLUFF 530-527-6777 FACT SHEET ON DENTAL IMPLANTS If you're a licensed contractor In Tehama County, your business name, Lic #, phone and specialty will be listed at no charge To add information and stand out from the crowd, low cost advertising is available In this directory! DEADLINE: TUE, JULY 16 Call your Daily News Advertising Representative For further information! (530) 527-2151 DENTAL IMPLANTS: * are the most advanced tooth replacement system ever devised *help preserve jawbone to prevent the appearance of premature aging *look and function like natural teeth *are placed/restored in the doctor's office with minimal discomfort *improves comfort, appearance, speech * have a 95% success rate * allow you to eat the foods you love and talk, laugh and smile with confidence * represent a conservative treatment option-adjacent teeth are left untouched * never develop decay * can provide great stability for lower denture * can completely eliminate the need for a denture * can help people of any age * give patients a third set of teeth that are natural looking and very long-lasting Ask yourself the following questions: Are you missing one or more of your natural teeth? Do you have a complete or partial denture that is no longer completely comfortable? Have you ever been embarrassed by a denture or a bridge? If you answered "yes" to one or more of these questions, call us today at (530) 527-6777 to schedule an evaluation appointment. We would be pleased to evaluate your oral health and discuss treatment options with you. for two big gaming devices. The company rose 47 cents, or 11.8 percent, to $4.45. Homebuilders, which are sensitive to the outlook for interest rates, were also among top gainers. D.R. Horton rose $1.93, or 9.2 percent, to $22.98 and Lennar Group climbed $2.88, or 8.3 percent, to $37.44. The housing market has benefited from low interest rates because they help make mortgages cheaper. ''The Bernanke qualifications have taken the interest rate risk off the table and now it's really about what will earnings say,'' said Jonathan Lewis, chief investment officer at Samson Capital Advisors. Corporations began reporting earnings this week for the second quarter, which ended 11 days ago. S&P Capital IQ forecast that companies in the S&P 500 will report average earnings growth of 3 percent compared with the second quarter last year. The price of gold gained for a fourth straight day, 365 S. Main St., Red Bluff Wild Wednesdays 4pm-close $2 Bowling Burgers & Beer climbing $32.50, or 2.6 percent, to $1,279.90 an ounce. Gold has rebounded this week after falling close to a three-year low. Gold is rising because the prospect of continued stimulus from the Fed could weaken the dollar and increase the risk of inflation. That, in turn, increases the appeal of gold as an alternative investment. The rise in gold helped mining stocks. Newport Mining gained $1.51, or 5.7 percent, to $28.12. Freeport-McMoRan Copper & Gold rose $1.24, or 4.6 percent, to $28.53. In other commodity trading, oil fell back from a 16-month high, dropping $1.61, or 1.5 percent, to $104.91 a barrel. Among stocks making big moves: — Bridgepoint Education rose $3.31, or 26 percent, to $15.92, after the for-profit education company said its Ashford University had won accreditation. Bridgepoint, which also operates the University of the Rockies, struggled with accreditation problems for much of 2012. — Rockwell Medical Technologies Inc. jumped 59 cents, or 15.7 percent, to $4.35, after the drug developer said an experimental treatment for kidney patients took a step toward winning approval. — Celgene rose $9.84, or 7.9 percent, $134.90 after the Swiss drugmaker said its cancer drug Revlimid met its goals in a latestage study. —Microsoft rose 98 cents, or 2.8 percent, to $35.69, after the company announced a major reorganization. The world's largest software maker has been struggling with a steady decline in PC demand as people turn to tablets and other mobile devices. All makes and models. We perform dealer recommened Members Welcome 30K, 60K, 90K +more specials! SERVICES AT LOWER PRICES See website for details Smog Check www.lariatbowl.com or call 527-2720 Providing year round family fun since 1958 $ starting at + 25958 $ 25 certificate (MOST CARS & PICK-UPS) 527-9841 • 195 S. Main St.