Issue link: https://www.epageflip.net/i/213330
6B Daily News – Tuesday, November 19, 2013 Most US stocks drop after Dow average briefly surpasses 16,000 Bloomberg News. NEW YORK - Most U.S. stocks fell after the Dow Jones Industrial Average rose above 16,000 for the first time, spurring concern that equities have risen too far, too fast. Consumer companies and commodity stocks led the retreat. Microsoft slid 1.7 percent after Bank of America cut its rating to underperform from neutral. Tyson Foods, the largest U.S. meat processor, advanced 2.3 percent after reporting revenue above analysts' estimates on a gain in prices and sales volumes for beef and chicken. The Standard & Poor's 500 Index slipped 0.4 percent to 1,791.53 at 4 Wall Street p.m. in New York. Earlier, it topped 1,800. About three stocks fell for each that rose in the gauge. The Dow average gained 14.32 points, or 0.1 percent, to 15,976.02. About 6 billion shares changed hands on U.S. exchanges, in line with the threemonth average. "We've moved pretty far pretty fast," Kevin Caron, a Florham Park, N.J.-based market strategist at Stifel Nicolaus, which oversees about $150 billion. "Obviously there's a potential for a little bit of a pullback." While four years of earnings growth and the Federal Reserve's nearzero interest rate have led the S&P 500 on a 165 percent rally since March 2009, they have also driven valuations to a threeyear high. Billionaire investor Carl Icahn, speaking at the Reuters Global Investment Outlook Summit, said he is "very cautious" on equities. The S&P 500 trades at 17 times reported operating profit, a 20 percent increase from the beginning of 2013, according to data compiled by Bloomberg. Last week, the benchmark's valuation reached the highest level since May 2010. "As we keep going and making new highs, we get into new territory and the air keeps getting thinner and thinner up here," Tim Hartzell, who helps manage about $425 million as chief investment officer at Sequent Asset Management, said via phone from Houston. "Everybody is watching Yellen and feel comfortable that she'll continue QE, maybe even put more into the system." U.S. stocks have risen for the past six weeks, reaching all-time highs as Janet Yellen signaled she will continue stimulus efforts as the central bank's chairman. New York Federal Reserve $300 Attorney Fee + Costs Salon has moved to FIXED COSTS: 731 Main St. $240 Court Filing Fee $25 Writ Of Execution Fee $125 Sheriff Fee $25 Service Process Per Person Suite 1A Red Bluff (behind the Tremont Cafe) 530-527-0550 CALL 530.529.9999 Stromer Realty All makes and models. We perform dealer recommened Members Welcome 30K, 60K, 90K Popular customer request EVICTIONS 32 economists surveyed by Bloomberg News Nov. 8. China's leaders vowed to allow more private investment in state-controlled industries and expand farmers' land rights as part of the ruling Communist Party's biggest package of economic reforms since the 1990s. Chinese stocks rose, with the benchmark index for mainland companies in Hong Kong surging the most since December 2011. Now in Stock! A Mane Attraction Bank President William Dudley said on Monday he's "getting more hopeful" the U.S. economy is gaining strength as the drag from fiscal policy wanes. The central bank's monetary policy is likely to be accommodative for a long time, he said. The policy-setting Federal Open Market Committee is buying $85 billion of bonds every month and won't taper its purchases until its March 18-19 meeting, according to the median estimate of Specializing in "To the extent that these reforms might lead to some higher estimates of growth in the coming years, that would be welcomed by investors," John Carey, a portfolio manager at Pioneer Investment Management, which oversees $20 billion. The Chicago Board Options Exchange Volatility Index, the gauge of S&P 500 options known as the VIX, rose 7.5 percent to 13.10. It has fallen 27 percent this year. Investors this week will scrutinize minutes of the Federal Open Market Committee from its Oct. 29-20 meeting and public remarks by Fed officials. The minutes are set to be released on Wednesday. Fed Chairman Ben Bernanke is due to speak on Tuesday, while Fed Bank of St. Louis President James Bullard will deliver a speech on Wednesday. "This week is crucial, there is a lot of Fed speak," Quincy Krosby, a market strategist for Newark, N.J.-based Prudential Financial, which oversees more than $1 trillion, said by telephone. "Investors want to get a little bit more color and atmospherics from the minutes." The Over 25 years of experience STOVE JUNCTION BBQ PELLETS The North State's premier supplier of stoves 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 Candlelight Dinner Enjoy Music and Dancing Hosted by Tehama Estates on Thursday, November 21st. at 5pm Call 527-9193 by November 19th to R.S.V.P. and to be placed on our guest list. Please take this time to dine with us, and meet our family Tehama Estates A Retirement Community for the Active Senior Citizens 750 David Avenue, Red Bluff 527-9193 Residential to Ranches 590 Antelope Blvd Red Bluff (530) 527-3100 SERVICES AT LOWER PRICES Smog Check $ starting at + 25958 $ 25 certificate (MOST CARS & PICK-UPS) 527-9841 • 195 S. Main St. BENNY BROWN'S Red Bluff Chrysler Dodge Jeep Ram is pleased to announce that 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