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10A Daily News – Saturday, July 20, 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 Tech slump holds back US stocks; S&P 500 edges up MON.-FRI. 9:00-6:00 SAT. 9:00-5:00 • SUN. 11:00-5:00 NEW YORK (AP) — A bad day for technology stocks Friday slowed a recent surge in the stock market. Microsoft led the slump in tech, falling the most in more than four years after the company wrote off nearly $1 billion on its new tablet computer and reported declining revenue for its Windows operating system. Google dropped Wall Street after its revenue fell below analysts' forecasts, partly because the Internet search leader's ad prices took an unexpected turn lower. With tech stocks falling, the Standard & Poor's 500 index eked out a gain of 2.72 points, or 0.2 percent, to an all-time high of 1,692.09. The S&P 500 has rebounded after a decline last month and is up 5.3 percent in July. Despite the market's broad advance, a growing list of poor tech results is raising concerns about the strength of the economy and the stock market. Intel and eBay also reported weak results this week, and chipmaker Advanced Micro reported a secondquarter loss because of a worldwide slump in PC demand. Technology ''has definitely been a sector that people have been expecting big things from and it has not delivered,'' said Randy Frederick, Managing Director of Active Trading & Derivatives at the Schwab Center for Financial Research. The Dow Jones indus- trial average closed down 4.80 points, or 0.03 percent, to 15,543.71. If not for the declines in Microsoft, HewlettPackard and IBM, the index would have gained about 70 points. Even General Electric's brighter outlook for the U.S. economy on Friday was overshadowed by the tech slump. Jasmin Scott, CNA The technology-heavy Nasdaq composite fell 23.66 points, or 0.7 percent, to 3,587.61. The index was the only major market benchmark to end the week lower, falling 0.4 percent. Technology stocks in the S&P 500 have lagged the S&P 500 this year, gaining only 8.5 percent, versus 18.6 percent for the broader index. The industry is one of four of the 10 sectors in the S&P 500 that are expected to see earnings growth contract in the second quarter. Microsoft dropped $4.04, or 11.4 percent, to $31.40 after reporting its earnings late Thursday. That's the biggest one-day decline since the stock slumped 11.7 percent in BACK TO SCHOOL PROJECT PRESENTS is the Employee of Honor at Red Bluff Healthcare Center She has the greatest love for her parents, family, patients, residents, and co-workers. We appreciate Jasmin and her commitment to provide the best of care. DAILY NEWS RED BLUFF $ 38,73526 in Discount Coupons were published last week in the DAILY NEWS RED BLUFF TEHAMA COUNTY … And that does not Count all the ads offering percentage discounts, two-for-ones and Free-with-Purchase offers! Don't miss a Day of it! Subscribe Today TEHAMA COUNTY 530-527-6232 527-2151 www.redbluffdailynews.com 555 Luther Road. Red Bluff January 2009. Google fell $14.08, or 1.5 percent, $896.60. It also posted earnings late Thursday. The stock market has risen sharply in July after the Federal Reserve reassured investors it wouldn't pull back on its stimulus before the economy is strong enough. The U.S. central bank is currently buying $85 billion in bonds every month to keep long-term interest rates low and to encourage borrowing and hiring. In government bond trading, the yield on the 10-year Treasury note fell to 2.48 percent from 2.53 percent late Thursday. The yield has fallen from 2.74 percent on July 5, when the government reported strong hiring. The pullback in bond yields should help stocks sustain their rally because it makes them look more attractive compared to bonds, said Paul Zemsky, head of multi-asset strategies for ING U.S. Investment Management. Lower interest rates should also support the housing market by holding down mortgage rates. ''A lot of the fears that had come from these higher rates are abating,'' Zemsky said. ''Rates have come back down and that's good.'' The price of crude oil edged up a penny to $108.05 a barrel. The price of gold climbed $8.70 to $1,292.90 an ounce. DAILY NEWS RED BLUFF This ad co-sponsored by TEHAMA COUNTY It pays for itself. *approx. value