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8B Daily News – Tuesday, January 7, 2014 A weak start to 2014 continues for stock market NEW YORK (AP) — The Standard & Poor's 500 index notched its worst start to a year in almost a decade Monday, closing lower for the third straight trading day. Although the declines for stocks in the New Year have been modest, the direction has been consistently down. The Standard & Poor's 500 index has fallen 1.2 percent from its most recent record close on Dec. 31. The performance is a contrast to last year, when the S&P 500 surged almost 30 percent, its best annual gain since 1997. The banner year ended with the stock market climbing to record levels amid signs that the economy was strengthening. ''The market is basically looking for additional confirmation of economic strength and maybe marking time as it catches its breath from a pretty strong run at year-end,'' said Jim Russell, a regional investment director at US Bank. The Standard & Poor's 500 fell 4.60 points, or 0.3 percent, to 1,826.77. The Dow Jones industrial average dropped 44.89, or 0.3 percent, to 16,425.10. The Nasdaq composite fell 18.23, or 0.4 percent, to 4,113.68. The weak start to the year is not a good omen for stock investors. The last Business Managers: Wall Street time the S&P 500 dropped on the opening three trading days of the year in 2005, the index climbed just 3 percent for the whole year. Despite the slow start, many analysts say it's too early to call a change in the market's upward trend. Reports on the economy Monday contained some hopeful signs. U.S. service companies grew at a steady but slightly slower pace in December. Sales dipped and new orders dropped to a fouryear low, according to a report from the Institute for Supply Management. The report suggests that growth may remain modest in the coming months. Factory orders climbed 1.8 percent in November, led by a surge in aircraft demand, the Commerce Department said. The most closely watched economic report of the week will come on Friday when the Labor Department is scheduled to release its jobs survey for December. That's going to influence the Fed's decisions on how fast to reduce its bond purchases in the coming months. Company earnings reports also start coming out this week, providing another catalyst that may lift the market. Alcoa, a former Dow stock, will be one of the first major companies to report its fourth quarter earnings after the close of trading on Thursday. ''This downturn is persisting a little bit more The than I would expect,'' said Jack Ablin, chief investment officer at BMO Private Bank. ''Between the jobs report Friday and earnings results next week, we will have a much better idea of the drivers of the Over 25 years of experience RUNNINGS ROOFING STOVE JUNCTION The North State's premier supplier of stoves Now Carrying! February is over, 5 of you will win $750 in Visa Gift Cards! Green Mountain Grills & Accessories 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 market.'' Among the winners on Monday were men's clothing retailers Men's Wearhouse and Jos. A. Bank. Both stocks rose after Men's Wearhouse announced a $1.61 billion All makes and models. We perform dealer recommened 30K, 60K, 90K Members Welcome $ starting at 95 $ 29 + 8 certificate 25 (MOST CARS & PICK-UPS) 527-9841 • 195 S. Main St. shareholders. Jos. A. Bank rose $2.46, or 4.5 percent, to $56.87. Men's Wearhouse climbed $1.09 cents, or 2.2 percent, to $51.68. Satellite radio company sirius XM was another stock that rose on takeover news. Sirius climbed 26 cents, or 7.3 percent, to $3.83. Sheet Metal Roofing Residential Commercial • Composition • Shingle • Single Ply Membrane "No Job Too Steep" " No Job Too Flat" SERVICES AT LOWER PRICES Smog Check hostile bid early Monday for its smaller rival. The offer came four months after Jos. A. Bank had made its own takeover bid for Men's Wearhouse. That offer was rejected and Men's Wearhouse bid for Jos. A. Bank instead. After failing to reach a deal, Men's Wearhouse is now going directly to its rival's Serving Tehama County No Money 530-527-5789 530-209-5367 CA. LIC#829089 Down! FREE ESTIMATES Owner is on site on every job INTERCITY BODY & PAINT Abundant Life Fellowship 21080 Luther Rd. Complete Autobody Repair A Warm Welcome Awaits You SUNDAY SCHOOL.........................9:45AM MORNING WORSHIP..................11:00AM SUNDAY EVENING........................6:00PM TUESDAY: LADY'S PRAYER CIRCLE.....9:30-10:30AM BIBLE STUDY..................................6:00PM SATURDAY: MEN'S PRAYER MEETING...........5:00PM Factory Trained Specialists In: • Painting • Fiberglass Repair • Exotic Metals • Color Matching • Frame Repair • Spray-In Bedliners • All Auto Manufacturers • Rental Cars Available 530-366-3166 We accept all Insurance Carriers www.redbluffdodge.com 545 Adobe Rd., Red Bluff, CA 530 529-2040 1355 Vista Way, Red Bluff