Issue link: https://www.epageflip.net/i/21560
10A – Daily News – Friday, December 17, 2010 NEW YORK (AP) — A small drop in unem- ployment claims and a higher profit forecast by FedEx Corp. helped push stocks to two-year highs Thursday. Drop in jobless claims helps send stocks higher Wall Street The Labor Depart- ment said first-time claims for unemploy- ment benefits fell last week to 420,000, the third drop in four weeks. The four-week average of claims also slid for the sixth straight week, reaching the lowest level since July 2008. That was before Lehman Brothers collapsed and markets seized up at the height of the financial crisis. Separately, the Com- merce Department said housing starts rose slightly last month, reversing a two-month decline. Card companies fell sharply after the Federal Reserve proposed as 12- cent cap on the fees that merchants pay every time a customer uses a debit card. Merchants now pay a fee that ranges between 1 to 2 percent of each transac- tion. The proposal could cut revenues for major banks and card networks like Visa Inc. and Mas- terCard Inc. Visa fell 12.7 percent to $67.19. MasterCard fell 10.3 percent to $223.49. FedEx Corp. rose 1.9 percent to $94.22 after the company raised its earnings predictions for next year because busi- nesses and consumers are shipping more pack- ages. Traders took that as a sign the economy is improving. The Dow Jones industrial average rose 41.78, or 0.4 percent, to 11,499.25. The broader Standard & Poor’s 500 index rose 7.64, or 0.6 percent, to 1,242.87. The Nasdaq composite rose 20.09, or 0.8, to 2,637.31. Gains came across the market. All 10 com- pany groups in the Stan- dard and Poor’s 500 index rose. Alcoa Inc. was the biggest gainer of the 30 stocks that make up the Dow index, rising 3.5 percent to $14.45. American Express Co. fell the most. The com- pany lost 3.4 percent to $44.57. Stocks have had a strong December. The Dow index has gained 4.5 over the last month. House Democratic leaders say they’ll pass the bill, but only after first voting whether to raise the proposed rate for the estate tax. The yield on the 10- year Treasury fell to 3.42 percent from 3.53 percent the day before. Investors have been sell- ing Treasurys as their outlook on the economy improves, sending yields on the bonds higher. The 10-year yield traded as low as 2.49 percent as recently as Nov. 4. The S&P 500 has risen 5.3 percent. A bill to extend Bush- era tax cuts along with unemployment benefits was postponed by the House of Representa- tives Thursday after- noon. The Senate passed the bill Wednesday. The tax package, a compro- mise between the White House and Senate Republicans, is expected to boost economic growth next year but also widen the budget deficit. The dollar fell 0.2 percent against an index of six heavily traded currencies. Gold fell 1.1 percent. Two stocks rose for every one that fell on the New York Stock Exchange. Consolidated volume came to 4.4 bil- lion shares. Tommorrow for our Tell us what your grateful for Christmas Party Giveaway Sat. 12/18 • 12-4pm • Live Remote • Refreshments Exchange Gold 413 Walnut St., Red Bluff • 528-8000 RANDAL S. ELLOWAY DDS IMPLANTS DENTISTRY 2426 SO. MAIN ST., RED BLUFF 530-527-6777 FACT SHEET ON DENTAL IMPLANTS DENTAL IMPLANTS: * are the most advanced tooth replacement system ever devised *help preserve jawbone to prevent the appearance of premature aging *look and function like natural teeth *are placed/restored in the doctor’s office with minimal discomfort *improves comfort, appearance, speech * have a 95% success rate * allow you to eat the foods you love and talk, laugh and smile with confidence * represent a conservative treatment option-- adjacent teeth are left untouched * never develop decay * can provide great stability for lower denture * can completely eliminate the need for a denture * can help people of any age * give patients a third set of teeth that are natural looking and very long-lasting Ask yourself the following questions: Are you missing one or more of your natural teeth? Do you have a complete or partial denture that is no longer completely comfortable? Have you ever been embarrassed by a denture or a bridge? If you answered “yes” to one or more of these questions, call us today at (530) 527-6777 to schedule an evaluation appointment. We would be pleased to evaluate your oral health and discuss treatment options with you. Auxiliary A member of CHW St. Elizabeth Community Hospital St. Elizabeth Hospital Affordable Unique Gift Items Christmas Ornaments Gift Shop See’s Candy for all occasions available year round 530.529.8002 redbluff.mercy.org 2550 Sister Mary Columba Dr., Red Bluff, CA 96080 Mon.-Fri. 8am-4pm Saturday, 10:30am-3pm Sunday, 12pm-4pm GREAT GIFTS For the Working Man, Hunter, Cowboy or Cowgirl. Get them what they really want! Wool Socks 8-$ Marino $ 15 Perfect stocking stuffers! 478 Antelope Blvd. • Red Bluff • 529-5466 Open Mon. thru Sat. 10am – 6pm Put us on your Christmas List! Gift Certificates Available Stocking Stuffers Also Carrying Used Equipment & Trays Drawing held at 3pm (must be present to win) Calif. home prices dip 2 percent in Nov. LOS ANGELES (AP) — California’s median home price dipped 2.3 percent in November compared to the same time last year as slow sales in the state’s higher- priced markets tipped the balance toward cheaper homes, a tracking firm said Thursday. The price dropped to $255,000 from $261,000 in November 2009, San Diego-based MDA DataQuick reported. The firm said that home sales fell 12.4 percent from 22755 Antelope Blvd. Red Bluff, CA 96080 (530) 527-9166 COMPLETE AUTO REPAIR All makes and models. We perform dealer recommened 30K, 60K, 90K SERVICES AT LOWER PRICES Smog Check starting at $ (most cars and pick-ups) 2595 + cert. Pass or FREE retest 527-9841 • 195 S. Main St. 35,860 in November 2009 to 31,403 last month. Sales were down 0.4 percent from $256,000 in October. The state’s median home price was also down 0.4 percent from $256,000 in October, it said. The area’s wealthier home shoppers seemed to be waiting on the sidelines, keeping the most expensive properties off the market, said DataQuick president John Walsh. ‘‘If you’re buying or selling in the upper half of the market, it’s self-evident that you’re more able to put your move on hold,’’ he said. ‘‘Buyers and sellers who can wait this market out are doing just that.’’ The firm said 18.9 percent of last month’s sales were for homes costing less than $500,000, down from 19.7 in October and from 19.3 in November last year. Over the last decade, an average of 26 percent of all November home sales were for more than $500,000. Beverly Hills-based real estate agent Stan Smith said many of the high-end property owners he repre- sents want to move to suit their changing family sizes or lifestyles, but are unwilling to accept the prices that today’s buyers are willing or able to pay. ‘‘They feel that the housing crisis effects everybody but them and their property,’’ he said. ‘‘We’ve had a very difficult time convincing them that the housing crisis applies to them.’’ DataQuick also said foreclosures accounted for about 37.8 percent of last month’s sales, down from 40.1 percent in November 2009 but up from about 36.7 percent in October. The