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8B – Daily News – Wednesday, October 20, 2010 NEW YORK (AP) — A stronger dollar and a surprise interest rate hike in China that may slow that country’s econo- my helped push stocks sharply lower Tuesday. The Dow Jones industrial Dow drops below 11,000 as dollar rebounds Wall Street average fell below 11,000 for the first time in a little more than a week, reversing a streak that had pushed the index up nearly 7 percent for the year. It was the largest single-day drop in the market since early August. Bank of America Corp.’s 4.4 percent drop was the largest fall in the Dow and came amid reports that a group of investors including BlackRock Inc. and Pacific Investment Manage- ment Co. are reportedly attempting to force the bank to repurchase mortgages put out by Countrywide Financial Corp., which Bank of America bought in 2008. BlackRock and Pimco declined to comment. The broader stock market fell following an announcement that China, whose rapid growth has helped pull the global econ- omy along, raised a key interest rate to fight inflation. That pushed the shares of U.S. com- panies down, many of which consider China an important market. The Dow Jones industrial average fell 165.07, or 1.5 per- cent, to 10,978.62. Standard & Poor’s 500 index fell 18.81, or 1.6 percent, to 1,165.90, while the Nasdaq composite index fell 43.71, or 1.8 percent, to 2,436.95. After the market closed, Yahoo! Inc. announced that its total revenue for the third quar- ter came to $1.6 billion, up less than 2 percent from the $1.58 billion it earned at the same time last year. After accounting for a one-time gain from the sale of its help-wanted site, the company earned 16 cents per share, which was one cent more than analysts were expecting. Shares of Yahoo were up 1 per- cent in after-market trading. Earlier in the day, disap- pointing news from Apple Inc. and IBM Corp. helped send the technology-heavy Nasdaq down about 2 percent. Both companies beat earnings fore- casts when they reported results late Monday, but each delivered news that investors didn’t like. Apple Inc. didn’t sell as many iPads as analysts had hoped and a measure of profitability was lower than expected. IBM Corp.’s outsourcing business didn’t do as well analysts pre- dicted. Shares of Apple fell 2.6 per- cent, to $309.49. Apple’s shares have gained 9.1 percent this quarter. ‘‘On average, the earnings reports have beaten expecta- tions, but now investors are ask- ing, ’What’s next?’,’’ said Jonathan Satovsky, the head of Satovsky Asset Management. ‘‘Even Apple reduced guidance for the fourth quarter of the year.’’ The dollar rose 1.7 percent against a basket of currencies, while gold fell 2 percent. The strengthening dollar led to a broad selloff of commodi- ties. That dragged down stocks of companies in the energy and materials sectors of the Stan- dard and Poor’s 500, which were both down more than 2 percent. ‘‘The dollar rebounded pret- ty significantly today and that’s one of the primary drivers of the market,’’ said John Pandtle, who is a co-manager of the Eagle Large Cap Value fund. For weeks, traders have been anticipating that the Federal Reserve will expand a program to buy bonds in hopes of encouraging spending. That has led many investors to buy stocks despite questions about the strength of the economic recovery. ‘‘We’re seeing a mixed bag from earnings reports and hous- ing numbers,’’ said Doug Roberts, the chief investment strategist for Channel Capital Research, citing a recent report that showed a slight increase in homebuilder confidence. ‘‘If the Fed wasn’t sitting there fol- lowing through with liquidity, then we’d be in a very different situation.’’ Shares of Bank of America Corp. fell 54 cents, or 4.4 per- cent, after the company report- ed a loss because of a one-time charge tied to credit and debit card reform legislation passed this year. Goldman Sachs Group, Inc., which also report- ed results before the bell, earned $1.74 billion, or $2.98 a share, much higher than the $2.32 per share analysts pre- dicted. Shares rose $3.02, or 1.9 percent. Some traders may be taking earnings annoucements as an opportunity to sell and record gains. ‘‘We’re seeing some profit-taking today after the tremendous September and first week of October that we’ve seen in the market,’’ said Eric Marshall, the director of research at Hodges Capital. Coca Cola Co., which reported earnings Tuesday, was one of only two stocks in the Dow with gains. The other was chipmaker Intel Corp. Bond prices rose. The yield on the benchmark 10-year Treasury note fell to 2.48. It traded late Monday at 2.51 per- cent. Consolidated trading volume on the New York Stock Exchange came to 5.5 billion shares. Five shares fell for every one that rose on the NYSE. Tom Bosley, Mr. C on ’Happy Days,’ dies at 83 LOS ANGELES (AP) — It was a constant in American television for more than a decade: View- ers could turn on their TVs and find Howard Cunning- ham in his armchair, read- ing the newspaper and providing a fatherly voice of reason to young Richie Cunningham and his friends on ‘‘Happy Days.’’ Tom Bosley made the role famous during the long-running sitcom, earn- ing a place as one of the most memorable fathers in TV history. Bosley died Tuesday at the age of 83 after suffer- ing heart failure at a hospi- tal near his Palm Springs home. Bosley’s agent, Sheryl Abrams, said he was also battling lung can- cer. His death brought fond remembrances of the nos- talgic ABC show, which ran from 1974 to 1984. On Saturday, TV viewers lost another surrogate parent, Barbara Billingsley, who portrayed June Cleaver in ‘‘Leave It To Beaver.’’ Both shows showcased life in the 1950s — before Vietnam, Watergate and other tumultuous events of the ’60s and ’70s — when life was simpler. ‘‘Kids were watching their parents grow up, and parents were watching themselves grow up. And that was the key to success of that show,’’ Bosley said in a 2000 interview. Bosley initially turned down the offer for a costarring role in ‘‘Happy Days.’’ ‘‘After rereading the pilot script,’’ he recalled in a 1986 interview, ‘‘I changed my mind because of a scene between Howard Cunningham and Richie. The father/son sit- uation was written so movingly, I fell in love with the project.’’ Viewers did too. ‘‘Happy Days,’’ which for ages 12 & under Compete for 1st, 2nd & 3rd Place Prizes! ★★ ★ October 30th • 11-3pm Free Food: AMERICAN SELF-STORAGE Hot Dog • Hamburgers • Chips & Soda That Day $10 moves you in! 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A great father and hus- band, and a wonderful artist, Tom led by exam- ple, and made us all laugh while he was doing it,’’ said a statement from Ron Howard, who played Richie Cunningham. ‘‘My last conversations MCT photo with Tom reflected the love of life and peace of mind that he always main- tained throughout his full and rewarding life. I miss him already,’’ Howard said. ‘‘He was my husband for 11 years and the father of the company in many ways,’’ said Marion Ross, 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 10-31-10 COUPON who played Marion Cun- ningham on the show. ‘‘He was so smart he could fix the end of a joke or a scene on the spot. We made a perfect couple. I played piccolo to his tuba.’’ Angela Lansbury played Bosley’s unfaithful wife in the 1964 Peter Sellers film ‘‘The World of Henry Orient.’’ Then, from 1984 to 1988, Bosley played a recurring role in Lansbury’s long-running TV series, ‘‘Murder, She Wrote,’’ as folksy Sheriff Amos Tupper. ‘‘He was a wonderfully interesting actor, and very much a part of the early success of ’Murder, She Wrote.’ Working with him in the early days of the show gave me tremendous confidence,’’ Lansbury said.