Issue link: https://www.epageflip.net/i/15091
10A – Daily News – Saturday, August 21, 2010 MON.-FRI. 9:00-5:30 • SAT. 9:00 -5:00 • CLOSED SUNDAYS FURNITURE DEPOT MATTRESS NEW YORK (AP) — Stocks closed moderately lower Friday as investors’ pessimistic view of the economy deepened. There was little reason for investors to buy. There were no reports to offset Thursday’s disappointing news that growth in the domestic economy contin- Stocks slide as investors’ malaise continues Wall Street ues to slow. The Dow Jones industrial average fell 57 points a day after falling 144. The other major index- es also fell moderately. ‘‘We’re not seeing any significant growth Attention Tehama County Teachers! You could win one of THREE $100 gift certificates at Raley’s. Just sign up to receive FREE copies of The Daily News to use as teaching aids in your classroom. Request by 5 PM Tuesday, August 31 Contest details and order form online at http://www2.redbluffdailynews.com/special_section/171 or call 527-2151 ext 128 for more information D NEWSAILY RED BLUFF TEHAMACOUNTY prospects,’’ said Peter Costa, president of Empire Executions. ‘‘Why be in the market if there’s no (near- term) prospects for growth?’’ Oil prices fell again on worries that future demand will wane if economic growth remains tepid. Ener- gy stocks were among the worst performers, including oil companies Chevron Corp. and ConocoPhillips. Overseas markets also fell, reacting to reports Thursday that initial claims for unemployment benefits in the U.S. rose last week and that manufacturing in the Mid-Atlantic region shrank. ‘‘We’re probably on a continuation from yester- day’s disturbing claims number,’’ said Paul Zemsky, head of asset allocation at ING Investment Manage- ment. ‘‘There’s really noth- ing to hang your hat on.’’ The Dow fell 57.59, or 0.6 percent, to 10,213.62. The Standard & Poor’s 500 index fell 3.94, or 0.4 per- cent, to 1,071.69, while the Nasdaq composite index rose 0.81, or 0.04 percent, to 2,179.76. For the week, the Dow fell 0.9 percent, while the S&P 500 index fell 0.7 per- cent and the Nasdaq rose 0.2 percent. The indexes seesawed through the week as investors shuttled between optimism and pes- simism about the economy. About three stocks fell for every two that rose on the New York Stock Exchange, where consoli- dated volume came to 3.8 billion shares, down from 4.4 billion Thursday. Traders’ vacations have left volume exceptionally low this month. The uncer- tainty about the economy has made those who are working hesitant to make any big moves. Data has shown in recent months that private employ- ers are reluctant to hire new workers because they are unsure how strong business will be in the coming quar- ters. That, in turn, has peo- ple worried about their jobs and spending less. But until spending picks up, unem- ployment could remain high. The vicious circle has investors turning away from stocks. Mark Luschini, chief market strategist at Janney Montgomery Scott, said companies are also reluc- tant to hire because of wor- ries about taxes and govern- ment programs like the health care reform passed earlier this year. ‘‘The uncertainty that exists on regulatory and income taxes has (employ- ers) in stall mode,’’ Luschi- ni said. Companies are wor- ried about whether higher 3rd Valid 8/24/10 thru 21st Annual Olive Festival Schedule of Events Saturday, August 21 Miss Corning Program Veteran’s Memorial Hall 6 pm Monday, August 23 Missing Olive Contest Clues Begin Wednesday, August 25 Annual City Water Festival Northside Park, 6 - 8 pm Sponsored by City of Corning Thursday, August 26 Olive Festival Mixer Bell-Carter break room, 6 - 8 pm, look for direction signs in front. Friday, August 27 Olive Festival Parade Solano Street, 6 pm. “Corning Does it Bedder” Bed Races Solano & 6th Street immediately after the parade. www.corningchamber.org Annual Event sponsored by the Corning Chamber. (530) 824-5550 Saturday August 28 All events at Woodson City Park unless otherwise noted. Come early, parking is limited. Pancake Breakfast, 7-11 am Fun Run/Walk Registration 8:00-8:45 am Fun Run/Walk 9 am Arts, Crafts, Food Booths, 9 am - 4 p. Music & Entertainment 10 am Children’s Activities, 11 am Fireman’s Hose Down, 11 am Dunk Tank, Noon Cook-Off Judging, 1 pm Talent Show, 2 pm Raffle Drawing, 3 pm Corning Rotary Olive Drop, 3 pm Sunday Buffet Special $ 9.99 COUPON China Buffet CHINESE RESTAURANT Open 7 Days A Week China Buffet Lunch Dinner $9.99 $6.99 Monday - Saturday 343 S. Main St. Red Bluff 530-529-5888 (No Checks) 10 % off COUPON on dinner only (everyday) Expires 8-31-10 COUPON 8/29/10 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 Furniture Depot is giving away Free Furniture! See Store for details taxes and costs associated to regulation reform will impact profit margins and cause shoppers to reduce spending if they are paying more taxes, Luschini said. The unemployment rate remains at 9.5 percent and analysts widely agree it needs to fall to lead to a stronger rebound. In corporate news, Dell Inc. reported a better-than- expected profit Thursday, due largely to increased technology spending by businesses. However, sales in its consumer personal computer division were flat compared with the same quarter last year — further evidence that shoppers are hesitant to buy new goods. Hewlett-Packard Co. reported quarterly results that were in line with pre- liminary results it released earlier in the month. Its profit rose 6 percent. Unlike Dell, it had growth in its personal computer sales. HP fell 91 cents, or 2.2 percent, to $39.85. Dell rose 3 cents to $12.07. Year Anniversary Special Starts Tuesday, August 24th BUY 1 MEAL GET 2ND One discount per coupon, MUST PRESENT COUPON 645 Antelope Blvd. #1 in Frontier Village across from the fairgrounds. (equal or lesser value) FOR $333 • Breakfast • Lunch • Dinner (530) 527-1420 We now serve beer & wine