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8B – Daily News – Wednesday, December 15, 2010 NEW YORK (AP) — Bonds prices fell sharply Tuesday, sending long-term interest rates to their high- est level in seven months, after the Federal Reserve said it would continue its efforts to lift the economy. Stocks edged higher after retail sales rose for the fifth straight month in November and a survey showed that large compa- nies intend to hire more workers. The Dow Jones industrial average closed at its highest level of the year. The Federal Reserve said it would keep up its $600 billion stimulus pro- gram because the economy isn’t strong enough to bring down unemployment on its own. The yield on the For Free FOOD, Gas & FUN PACKAGE Drawing Held Dec. 18TH S at 3pm Remote with KBLF must be present to win One person will be selected from the audience The Exchange Gold 413 Walnut St., • Red Bluff 530 528-8000 Stocks, bond yields rise as Fed sticks by stimulus Wall Street benchmark 10-year Trea- sury note jumped to its highest level since May 17. Jeffery Kleintop, chief market strategist at LPL Financial, said some investors were selling Trea- surys out of disappointment that the Fed didn’t increase the amount of bonds it would buy. There had been speculation the Fed would do so to offset some of the additional borrowing that will be needed to fund the nearly $900 billion cost of a tax-cut deal brokered by the White House and Congres- sional Republicans. The heavy selling drove prices down and pushed the yield on the 10-year Trea- sury note up to 3.45 percent from 3.28 percent the day before. The jump of 17 basis points means the yield increased 5.2 percent - a companies, showed that 45 percent of executives say they expect to add workers over the next six months. That’s the highest percent- age since the survey began in late 2002. ‘‘The economy is begin- ning to feel more stable than it has been,’’ said Anthony Conroy, manag- ing director and head trader for BNY ConvergEx Group. huge move for one day. It’s the same as the Dow Jones industrial average rising almost 600 points in a day. The higher yield will increase borrowing costs for the government, busi- nesses and consumers. Bond prices have been falling and yields rising over the past two months as investors raise their expec- tations for economic growth and inflation, both of which diminish the appeal of low-risk fixed income investments. The 10-year yield was as low as 2.39 percent on Oct. 7. Stock indexes rose mod- estly. The Dow Jones industrial average rose 47.98, or 0.4 percent, to 11,476.54. Its previous high for the year of 11,444.08 came Nov. 5. AT&T Co. led the 30 stocks in the Dow with a 2 percent gain. The S&P 500 rose 1.13, or 0.1 percent, to 1,241.59. The Nasdaq composite index rose 2.81, or 0.1 per- cent, to 2,627.72. A survey from the Busi- ness Roundtable, an associ- ation of CEOs of big U.S. GREAT GIFTS For the Working Man, Hunter, Cowboy or Cowgirl. Get them what they really want! Wool Socks 8-$ Marino $ 15 COMFORT SERVICE INC. Air Conditioning & Heating Tehama Counties Factory authorized Bryant Dealer Your First Call For Comfort • RESIDENTIAL • COMMERCIAL • NEW CONSTRUCTION • SALES • SERVICE • REPAIRS Receive up to $3,050 OFF in tax credits & rebates on a new Bryant system 24 HOUR SERVICE 530 529-1990 Lic #593323 www.CascadeComfort.com $ 10 OFF SERVICE CALL Mention this ad for Whatever it takessm CASCADE Perfect stocking stuffers! 478 Antelope Blvd. • Red Bluff • 529-5466 NEW YORK (AP) — Best Buy Co.’s third-quarter net income fell more than expected as it lost sales of lower-priced TVs and laptops to competitors, and more expensive 3-D and Internet-con- nected TVs failed to catch on. Shares of the largest U.S. electronics chain fell nearly 15 percent Tuesday as the results raised fears over Best Buy’s holiday season. The company also cut its 22755 Antelope Blvd. Red Bluff, CA 96080 (530) 527-9166 In corporate news, Best Buy fell 14.8 percent to $35.52 after the retailer said its third-quarter net income fell more than expected as it lost sales of TVs and mobile devices to competitors. The company also cut its full-year out- look. Falling stocks outpaced rising ones by a narrow margin on the New York Stock Exchange. Consoli- dated volume was 4.2 bil- lion shares. Competitors squeeze TV sales out of Best Buy guidance below analyst expectations. Best Buy benefited when Circuit City went out of business last year. Now it’s getting squeezed between online sellers like Amazon.com and discount stores like Walmart and Target. All sharply reduced prices on flat-screen TVs to drive sales during Black Friday and the busy shopping weekend over Thanksgiv- ing. Gayle’s Open Mon. thru Sat. 10am – 6pm Put us on your Christmas List! Gift Certificates Available Stocking Stuffers Also Carrying Used Equipment & Trays 50% to 80% Off Going out of Business Sale Final day December 29, 2010 649 Main Street Downtown Red Bluff