Issue link: https://www.epageflip.net/i/160317
8B Daily News – Wednesday, August 28, 2013 Mounting tensions with Syria sink US stocks NEW YORK (AP) — Fears of an escalating conflict in Syria rippled across financial markets on Tuesday, sinking stocks, lifting gold and pushing the price of oil to the highest in a year and a half. The increasing possibility of U.S. military strikes raised worries on Wall Street that energy trade in the region could be disrupted, raising fuel costs for consumers and business. "If Syria becomes drawn out and becomes a long-term issue, it's going to show up in things like Wall Street gas prices," said Chris Costanzo, investment officer with Tanglewood Wealth Management. The Dow Jones industrial average fell 170.33 points, or 1.1 percent, to 14,776.13, the lowest in two months. The Standard & Poor's 500 index lost 26.30 points, or 1.6 percent, to 1,630.48 and the Nasdaq composite fell 79.05 points, or 2.2 percent, to 3,578.52. "The law of unintended Red Bluff Business Operators: COMPANY'S COMING! Make sure your business is part of the official promotional publication and Program for Red Bluff's annual "party of the year." ED BLUFF'S -R consequences and the history of previous military interventions in the region is not a recipe for political and economic stability," said Neil MacKinnon, global macro strategist at VTB Capital. The sell-off in U.S. stocks was broad. All 10 industry sectors in the S&P 500 index were in the red, and only 31 of the index's 500 stocks rose. Utilities and other high dividendpaying stocks mostly escaped the selling. The impact wasn't just in stocks. Gold prices advanced and government bond prices jumped because traders see those investments holding their value better in times of uncertainty. Gold rose $27, or 2 percent, to $1,420 an ounce while the yield on the benchmark U.S. 10year Treasury note fell to 2.71 percent from 2.79 percent. While Syria itself has little oil, traders feared an intervention in Syria could cause further instability in the Middle East and possibly disrupt the flow of oil from the region. Oil surged $3.09, or 2.9 percent, to close at $109.01 a barrel, the highest closing price since February 2012. "People worry about this becoming a worst-case scenario and turning into a regional conflict," said Bill Stone, chief investment strategist at PNC Asset Management. Energy prices dragged down the airline industry on concerns that higher oil prices could lead to higher fuel costs. United Continental Holdings, the world's largest airline by revenue, dropped $2.15, or 7.2 percent, to $27.71 and Delta Air Lines lost $1.16, or 5.7 percent, to $19.11. Stone said oil prices could start weighing on consumer spending down the road, but it is still too early to gauge the longerterm impact. Starting on September 3rd Abbey's Hair Works is now Blue Sun Hair Studio!! And I'm moving to 245 Pine Street (Behind Gipson Realty) 527-3974 So come check out my new place!! And I look forward to your business!! Amazing Finds NEW & USED FURNITURE & MUCH, MUCH MORE! 50% Red Tag SALE Two Locations - 30,000 square feet RED BLUFF 530-917-1138 Sponsored by the Downtown Red Bluff Business Association and the Tehama County CattleWomen. • 13,000 pre-event household Distribution via newspaper & mail. • Published online 9/13-21 at www.redbluffdailynews.com • Detailed "pull out" Downtown Beef and Brew serving locations Map included inside. (Premium ad spaces available!) • …and much more! Advertising Deadline: FRIDAY, AUGUST 30 For rates, details and space reservations: DAILY NEWS RED BLUFF TEHAMA COUNTY Call your Daily News Advertising Representative TODAY! 530-527-2151 REDDING 530-917-7797 22660 Antelope Blvd. 3351 S. Market St. amazingfindsredbluff.com amazingfindshome.com 9am – 8pm (closed Saturdays) 9am – 6:30pm daily Summer Sale! BENNY BROWN'S Red Bluff Chrysler Dodge Jeep Ram is pleased to announce that VERN PACKER has joined our sales staff. Vern has fourty+ years experience in New and Used Car Sales, and he invites all his friends and customers to come on in and see him for a great deal on a New Or Used Car 545 Adobe Rd., Red Bluff 530-366-3166