Issue link: https://www.epageflip.net/i/14356
8B – Daily News – Thursday, August 5, 2010 MON.-FRI. 9:00-5:30 • SAT. 9:00 -5:00 • CLOSED SUNDAYS FURNITURE DEPOT MATTRESS NEW YORK (AP) — Reassuring signs on employment and growth in the service industry got the stock market back on an upward tra- jectory Wednesday. Major indexes rose after payroll company ADP said private employers increased hir- ing last month and a ser- vice sector index rose unexpectedly in July. The Dow Jones industri- al average gained 44 points. Investors were MON.-THURS. 9:00-6:00 • FRI. 9:00-7:00 • SAT. 9:00-5:00 • SUN. 11:00-5:00 NORTH VALLEY 235 So. Main St., Red Bluff 527-1657 632 Main St., Red Bluff 527-5837 Inc. was one of the few to report disappointing results. The market has been mainly climbing over the past month on encourag- ing earnings and corpo- rate profit forecasts. The Dow has gained 10.3 percent since closing at its lowest level of the year on July 2. relieved that the two reports provided no signs that the economy might be headed back into recession, even though growth might be sluggish. Traders have grappled with earnings and economic reports at odds with each other in recent weeks that pro- vide a mixed picture about the pace of the recovery. The latest batch of earnings were largely better than expected, continuing a trend that has been seen over the past four weeks. Broad- caster CBS Corp., video game maker Electronic Arts Inc., online travel site Priceline.com Inc. and Anadarko Petroleum Corp. all climbed. Whole Foods Market Despite the upbeat earnings and better-than- expected economic reports, many investors remain tentative ahead of the Labor Depart- ment’s monthly employ- ment report due on Fri- day. Quincy Krosby, Prudential Financial’s market strategist, said the market needs much more than one positive report on private sector employment to gain con- fidence that the pace of recovery will speed up. ‘‘ADP was positive, but when all is said and done, the market needs stronger confirmation to grind higher,’’ Krosby said. Until then, stocks are likely to trade in a tight range, she said. The Dow Jones indus- trial average rose 44.05, or 0.4 percent, to 10,680.43. The Standard & Poor’s 500 index rose 6.78, or 0.6 percent, to 1,127.24, while the Nas- daq composite index rose 20.05, or 0.9 per- cent, to 2,303.57. The Dow’s rise Mattress Sets & Adjustable Bed Stocks rise on jobs, service sector growth Wall Street Wednesday more than erased a 38-point loss from a day earlier when reports on personal income and spending and factory orders fell short of expectations. Nearly three stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to a light 4.1 bil- lion shares, comparable with the day before. Trading volume has been unusually low in recent days, indicating that the few people actively participating in the market are mainly professional traders, said Bob Phillips, man- aging partner at Spec- trum Management Group. Those types of investors typically trade quickly on the latest piece of news to be released, Phillips said. That adds to market volatility. The confirmation investors are looking for in the jobs market could come in the next two days when the Labor Department releases its weekly report on initial claims for jobless bene- fits Thursday and its monthly employment report Friday. Wednesday’s ADP report is often seen as an early indicator of what the more important monthly jobs report from the Labor Department will look like. That report is broader and includes government as well as private sector employment. It’s expect- ed to show private employers added 90,000 jobs last month and the unemployment rate rose to 9.6 percent from 9.5 percent in June. ADP said private Tehama County Business Spotlight Highlighting selected Tehama County businesses for their customer and community service! In addition to all the other reasons why folks should shop locally, some groups of merchants pull together to stage festive community events for all to enjoy! Downtown Red Bluff Merchants Association members Karen Harvey (California Kitchen), Irene Fuller (Heartfelt Designs) & Joanne Ehorn (Ehorn’s Antiques) are preparing for Hawaiian Days Sidewalk Sale on August 6-7, featuring taste treats from the Islands, big sale and drawing for prizes. The fun starts at 9am both days! Aloha! Local Businesses create and maintain jobs, provide personal customer service, donate to local charitable causes and community betterment projects, generate sales tax revenue ... and turn cities into communities. We hope you will always remember to shop locally first for the goods and services you need! D NEWSAILY RED BLUFF TEHAMACOUNTY T H E V O I C E O F T E H A M A C O U N T Y S I N C E 1 8 8 5 employers added 42,000 jobs last month, slightly better the forecasts of economists polled by Thomson Reuters. The ISM’s service sector index rose to 54.3 in July from 53.8 in June. That’s better than forecasts and indicates expansion for the largest component of the coun- try’s economy. The ISM report was especially encouraging because the services sec- tor accounts for the majority of employment in the country. It also comes two days after ISM’s better-than- expected report on the manufacturing sector sparked big gains in the market. Paul Zemsky, head of asset allocation at ING Investment Manage- ment, said economic reports are starting to fall more in line with expectations after regu- larly falling short of forecasts throughout the second quarter. ‘‘The negative data Salon Bella Dona Full Service Salon Perms ★ Hair Extension ★ Weaves Manicures ★ Pedicures, Rock Star Toes ★ Permanent Make-up Nicole’s August Specials Perms $ 40 ★ Weaves $ 485 Antelope Blvd., Suite “O” (530) 527-4843 65 we saw late in the sec- ond quarter caused peo- ple to lower their expec- tations,’’ Zemsky said. The more modest expec- tations investors now have could give the mar- ket room to move higher, Zemsky said. Investors sold Trea- surys to move into stocks, sending interest rates in the bond market higher. The yield on the 10-year Treasury note, which moves opposite its price, rose to 2.96 percent from 2.92 per- cent late Tuesday. That yield helps set rates on mortgages and other consumer loans. Priceline.com surged $50.63, or 22 percent, to $281.30. CBS rose 63 cents, or 4.2 percent, to $15.64. Electronic Arts jumped $1.20, or 7.4 percent, to $17.38, while Anadarko rose $2.28, or 4.3 percent, to $55.42. Whole Foods fell $3.33, or 8.4 per- cent, to $36.16. Overseas, Japan’s Nikkei stock average fell 2.1 percent. A stronger yen hurt Japanese exporters, driving down stocks prices. The yen hit a nine-month low against the dollar. Britain’s FTSE 100 fell 0.2 percent, Ger- many’s DAX index rose 0.4 percent, and France’s CAC-40 rose 0.4 per- cent. Have a news tip? Call 527-2151, Ext. 112 ●●●●●●●●●●●●●●●●●●● FREE pillows • FREE delivery • FREE disposal With purchase of Tempurpedic mattress sets only. Come see us at the Children’s Fair on April 24th Recently expanded and moved near Bidwell Elementary License # 525405817 My qualifications include: B.A. in Elementary Education and experience teaching grades K-8. Accepting state pay programs & cash pay, etc. (530) 209-8743 !