Red Bluff Daily News

December 07, 2010

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8B – Daily News – Tuesday, December 7, 2010 NEW YORK (AP) — Stocks spent most of Monday in a funk brought on by cautious comments about the economy from Federal Reserve Chair- man Ben Bernanke. Hopes for a compromise on extending Bush-era tax cuts and unemployment benefits erased some of the losses. The Dow Jones indus- Caution from Bernanke sends stock indexes lower Wall Street boost taxes given how fragile the economy remains. He also said it could take four or five more years for unemploy- ment, now at 9.8 percent, to fall to a historically nor- mal 5 percent or 6 percent. Stocks recovered trial average ended down 20 points, breaking a three-day winning streak. Stock indexes traded in a tight range all day and volume was light. Stocks began the day on a sour note after Feder- al Reserve Chairman Ben Bernanke said the eco- nomic recovery is still struggling to become ‘‘self-sustaining’’ without government help. In an interview with CBS’ ‘‘60 Minutes’’ that aired Sunday, Bernanke argued that Congress shouldn’t cut spending or Respecting People. Impacting Business Call us. And get back to work. Call us any time for: • An extensive network of recruiting sources • Testing and training • Experienced recruiters • Full-time employees • HR expertise and support services • Temporary Workers • Evaluation hire • Carefully screened candidates • Dedicated service www.expresspros.com 530-527-0727 243 So. Main Street 9:30 a.m., to 6:00 p.m. for Custom Wreaths & Designs Call 527-4578 or 526-4578 Dec. 9, 10 & 11 Thu.-Fri.-Sat. somewhat in the afternoon after Obama said in a speech that he would cede ground to help lawmakers reach an agreement on the tax cuts and unemploy- ment benefits. The Dow Jones indus- trial average fell 19.90, or 0.2 percent, to close at 11,362.19. The index had been down as many as 32 points earlier in the day. The broader Standard & Poor’s 500 index lost 1.59, or 0.1 percent, to 1,223.12. The Nasdaq composite index rose 3.46, or 0.1 percent, at CHRISTMAS BOUTIQUE for Red Bluff Garden Club SCHOLARSHIP Tehama County High Schools 216 Pine St. Red Bluff Victorian House, corner of Rio & Pine ALL FRESH WREATHS, ARRANGEMENTS AND MORE 2,594.92. Last week, strong reports on home sales, retail spending and con- sumer confidence lifted the Dow 2.6 percent, its best weekly gain since hit- ting a 2010 high on Nov. 5. The Dow is up 8.9 per- cent for the year. ‘‘The animal spirits of 649 Main Street Downtown Red Bluff Going out of Business Sale Final day Gayle’s are at December 29, 2010 investors remain bullish,’’ said Channing Smith, a money manager and man- aging director of Capital Advisors Inc. However traders still have concerns about the lingering Euro- pean debt crisis and the state of U.S. economy, he said. Treasury prices rose as investors put money into less risky assets. 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Massey Energy Co. rose $1.21, or 2.4 percent, to $51.63 after the compa- ny issued a surprise announcement late Friday that its chairman and CEO, Don Blankenship, would retire at the end of the year. Blankenship is still expected to testify this month about the April 5 explosion at the Upper Big Branch mine, the nation’s worst coal mine disaster in decades. Rising shares and falling ones were almost evenly matched on the New York Stock Exchange. Consolidated trading volume was 3.6 billion shares. The Electric Man For all your electrical needs • New Outlets / 220 • Fans / Fixtures • Pools / Spas • Code Corrections • Troubleshooting • Panel Upgrade • Telephone Wiring $10.00 Customer Discount FREE Estimates License# 826543 347-4441

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