Issue link: https://www.epageflip.net/i/209682
8B Daily News – Tuesday, November 12, 2013 Dow Jones average reaches another record high NEW YORK (AP) — The Dow Jones industrial average rose to another alltime high on Wall Street Monday. The market edged higher from Friday, when it got a lift from an unexpectedly strong U.S. jobs report for October. The surge in hiring made investors more optimistic that the U.S. economy is getting stronger. Stock trading volume was among the lowest of the year, and bond markets were closed for Veterans Day. Traders on the floor of the New York Stock Exchange held a moment of silence in observance of the holiday. The Dow has advanced for five straight weeks and is up 20 percent so far this year. The last time the Dow had a bigger gain for a whole year was 2003, when it rose 25 percent. Other major indexes Wall Street have also surged. Stocks have been propelled higher this year by economic stimulus from the Federal Reserve, a gradually improving economy and rising company earnings. Given that the market is ''up hugely'' this year, investors may be hesitant to put more money into stocks, said Andres Garcia-Amaya, a global market strategist at JPMorgan Funds. ''At the same time, I don't think people are going to leave at this point,'' he said. Investors have put $12.7 billion into U.S. stock mutual funds this year, after pulling money out of the stock market in each of the past five years, according to Investment Company Institute data. The Dow rose 21.32 points, or 0.1 percent, to 15,783.10 The index of 30 blue-chip stocks has closed at a record 35 times this year. The Standard & Poor's 500 index gained 1.28 points, or 0.1 percent, to 1,771.89, just 0.06 point below its own record high reached on Oct. 29. The Nasdaq composite rose 0.56 points, less than 0.1 percent, to 3,919.79. Stocks can rise further from these levels, but the market's rate of ascent will likely slow given the big gains over the last four and a half years, said Phil Orlando, chief equity market strategist at Federated Investors. The S&P 500 is up more than 160 percent since bottoming out in March 2009. ''The easy money has been made,'' said Orlando. ''We can continue to go higher, but that process is going to be a grind over the RUNNINGS ROOFING Stromer Realty Specializing in Residential to Ranches 590 Antelope Blvd Red Bluff (530) 527-3100 Sheet Metal Roofing Residential Commercial • Composition • Shingle • Single Ply Membrane "No Job Too Steep" " No Job Too Flat" Serving Tehama County No Money 530-527-5789 530-209-5367 CA. LIC#829089 Down! FREE ESTIMATES Owner is on site on every job The next couple of years.'' Investors this week will look for evidence that Over 25 years of experience STOVE JUNCTION BBQ PELLETS The North State's premier supplier of stoves Now in Stock! Popular customer request Serving Butte, Glenn & Tehama Counties Tues-Sat 9am-5pm • Closed Sun & Mon 22825 Antelope Blvd., Red Bluff 530-528-2221 • Fax 530-528-2229 www.thestovejunction.com Hoyt-Cole Find out how U. S. Bankruptcy Law can help you-- Funerals • Cremations • Prearrangements 816 Walnut St., Red Bluff, CA (530) 527-1174 FD652 KWIK KUTS FREEDOM FROM DEBT! Chapel of the Flowers Americans are ready to start spending for the holidays. Macy's, Wal-Mart, Nordstrom and Kohl's are scheduled to report their quarterly results. About ninety percent of companies in the S&P 500 have released their thirdquarter earnings, and the majority beat the expectations of Wall Street analysts, according to data from S&P Capital IQ. Earnings are forecast to grow by 5.6 percent in the July-to-September period, compared with 4.9 percent in the second quarter and 2.4 percent in the same period a year earlier. Investors will be closely following the Senate Banking Committee's confirmation hearing for Janet Yellen on Thursday. Yellen has been nominated to succeed Federal Reserve Chairman Ben Bernanke, becoming the first woman to lead the U.S. central bank. Yellen's testimony ''is coming at an important inflection point,'' for financial markets, as the Fed considers pulling back on its stimulus, said Quincy Krosby, market strategist at Prudential Financial. The Fed is currently buying $85 billion of bonds every month and holding its benchmark interest rate close to zero to stimulate economic growth. ''The market will be looking for any clues'' about the Fed's policy going forward, Krosby said. The yield on the 10-year Treasury note jumped last week to 2.75 percent, the highest in six weeks, after the government reported last month's surge in hiring. In commodities trading, the price of oil rose 54 cents, or 0.6 percent, to $95.14 a barrel. The price of gold fell $3.50, or 0.3 percent, to $1,281.10 an ounce. Family Hair Salon For a free consultation call Attorney J. C. Olander at 530-824-0288 www.chapeloftheflowers.net Offices in Corning and Redding mail@jcolander.com 5am to 11pm ONE STOP ✓Check out our selection of beer, wine & tobacco Your One Stop Convenience Store 714 Walnut St., Red Bluff 20 % off ANY RETAIL PRODUCT with any chemical service of $50 or more 200 Regular $ Haircut off Reg. $13.95 Not good with other offers Expires 11/30/13 With coupon 1064 South Main St., Red Bluff • 529-3540 A federally qualified Debt Relief Agency under 11 U.S.C. 101(12(A)) MOULE'S TEHAMA COUNTY GLASS BENNY BROWN'S for Red Bluff Chrysler Dodge Jeep Ram Fireplace Glass is pleased to announce that 515 Sycamore St., Red Bluff • 529-0260 Bren Brown has joined our sales staff. Bren has many years experience in New and Used Car Sales, and he invites you 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 Cell 530-736-1482