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8B Daily News – Tuesday, August 20, 2013 Stocks drop for a fourth straight day NEW YORK (AP) — U.S. stocks dropped for a fourth day in a row Monday as investors continued to express worry about the recent rise in bond yields. Banking stocks also dragged down the broader market. The Dow Jones industrial average dropped 70.73 points, or 0.47 percent, to 15,010.74. The Standard & Poor's 500 index lost 9.78 points, or 0.6 percent, to 1,646.05. The market fell broadly; 4 Wall Street stocks fell for every one that rose on the New York Stock Exchange. The technology-heavy Nasdaq composite index also fell, losing 13.69 points, or 0.48 percent, to 3,589.09. The Russell 2000 index, which is made up of primarily riskier, small-company stocks, fell nearly twice as much as the S&P 500. That index fell 11.05 points, or 1 percent, LOST DOG Chihuahua Terrier Mix. Stubbed tail , Service dog, approz. 14 lbs. Last seen on James Ave REWARD 200-5144 to 1,013.25. Investors had little data to digest Monday, so the focus for many remained the ongoing climb in bond yields. The yield on the benchmark 10-year Treasury note rose to 2.88 percent from 2.83 percent Friday. Yields are at their highest level since July 2011. The 10-year yield has been rising sharply from a recent low of 1.63 percent reached in early May as the economy has improved and as investors anticipate an end to the Federal Reserve's huge bond-buying program as early as next month. The program has been keeping interest rates low to encourage borrowing and hiring. ''We've been in this artificially low interest rate environment for so long, it's hard to figure out what 'normal' is,'' said Jim Dunigan, chief investment officer with PNC Wealth Management. The quick rise in bond yields has worried some investors because it leads to higher interest rates on many kinds of loans, including home mortgages and corporate loans. ''I do think we're not too far away from that Sierra Sound NEW & USED CD's Special Orders Avail. Car Stereo Sales - Service Installation We make house calls! Stromer Realty point in time where this heavy increase in bond yields is going to start impacting the (stock) markets,'' said Doug Peebles, chief investment officer of AllianceBernstein Fixed Income. Homebuilders were hit hard on Monday as traders worried that higher mortgage rates could upset a recovery in the housing market. Lennar, PulteGroup and D.R. Horton all Specializing in Farms and Ranches 590 Antelope Blvd 226 So. Main St., Red Bluff Red Bluff 527-3735 (530) 527-3100 Join us for a week of fun in The Olive City! The Over 25 years of experience STOVE JUNCTION BBQ PELLETS The North State's premier supplier of stoves Now in Stock! 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Water Festival 6pm-8pm, Northside Park with purchase of equal or greater value Must present coupon 905 Walnut St. | Red Bluff • 528-1698 11am-9pm • 7 days facebook.com/scoopsofredbluff http://www.facebook.com/scoopsofredbluff Family Hair Salon Thursday, August 22nd 5am to 11pm Olive Festival Mixer 6pm-8pm, Bell-Carter Break Room Farmer's Market 5pm-8pm, Northside Park ONE STOP ✓Check out our selection of beer, wine & tobacco Your One Stop Convenience Store Friday, August 23rd Olive Festival Parade Solano Street 6pm Bed Race Solano & 6th Streets following parade 714 Walnut St., Red Bluff Saturday, August 24th Advertising published through an event cosponsorship agreement with The Daily News FREE KIDS SCOOP KWIK KUTS Wednesday, August 21st All events at Woodson City Park South & Peach Streets 7-11am Pancake Breakfast 8-10am Hot Air Balloon Rides 9am Fun Run/Walk 9am-4pm Arts, Crafts, Food Booths 11am Live Music 11am & 1pm Olive Tours 11am Fireman's Hose Down 11pm Children's Activities 1pm Cook–Off Judging 2pm Olive Pit Spitting Contest (New) 3pm Raffle Drawing and Olive Drop fell roughly 4 percent. Some investors expect the 10-year note could rise above the psychologically important 3 percent mark as early as month's end. Monday's losses come after the Dow posted its worst week of 2013. The benchmark index fell 2.2 percent last week and the S&P 500 lost 2.1 percent. The Dow and the S&P 500 have not had a four-day losing streak since December 2012. Bank stocks moved lower after a report from the Federal Reserve appeared to indicate that large bank holding companies — firms such as JPMorgan Chase & Co., Citigroup, Bank of America and others — could need to raise additional capital. In the report, the central bank said large banks had made ''substantial improvements'' in how they plan for future potential financial crises; however the Fed also said there was ''considerable room for advancement.'' JPMorgan fell $1.46, or 2.7 percent, to $51.83 while Bank of America fell 27 cents, or 1.9 percent, to $14.15. 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