Issue link: https://www.epageflip.net/i/31555
10ADaily News – Friday, May 13, 2011 NEW YORK (AP) — A small recovery in com- modities and a rally in companies that make con- sumer staples like toilet paper and pasta helped the financial markets reverse a decline Thursday to end the day with modest gains. Stocks edge higher as commodity slide eases WALL STREET Consumer staples and health care led the market due in part to concerns that high gas prices will erode consumer spending and cut into corporate earnings. Companies that sell everyday items or provide health-related products and services are less dependent on economic growth for their profits since people typically spend money on such items even if they cut back elsewhere. Coca-Cola, McDonald’s and Kraft Foods were among the day’s biggest gainers. Retail sales rose 0.5 percent, but that number dropped to 0.2 percent after excluding gas prices. Higher energy costs also pushed wholesale prices — the amount companies pay for goods — up 0.8 percent in April, the government said. “(The market) is watching to see the extent to which higher energy prices crowd out consumption more broadly,” said Andrew Goldberg, a strategist at JP Morgan Funds. If that happens, consumer staples — along with utilities — are typically bet- ter investments because their products serve needs, not wants and because they pay higher dividends. The Dow Jones industrial average gained 65.89 points, or 0.5 percent, to 12,695.92. The S&P 500 added 6.57, or 0.5 percent, to 1,348.65. The Nasdaq composite rose 17.98, or 0.6 per- cent, to 2,863.04.The Dow Jones industrial average came back from a 93-point deficit earlier in the day. The Labor Department said applications for unemployment benefits fell last week to 434,000, slightly less than what economists expected. That report also contributed to the early morning market losses. Crude oil recovered from steep losses earlier in the day and finished nearly 1 percent higher, but remained below $100 a barrel. Other commodities also recovered. As copper and gold prices went up, materials companies moved higher. Freeport McMoRan Copper & Gold Inc. reversed its losses from the morning and finished nearly 1 higher. Stock trading has been affected by huge moves in commodities markets over the past two weeks, including a 9 percent drop in the price of oil a week ago and a 27 percent plunge in the price of silver last week. The volatility in commodities and stocks led investors to park money in less risky and more sta- ble assets like government bonds. Energy companies dropped slightly. Cono- coPhillips fell 1.3 percent. A drop in oil prices translates into declining revenues for energy com- panies. U.S. government bonds and the dollar both fell as investors became more comfortable holding Tehama Country Real Estate THIS WEEK WESTERN REAL ESTATE MINCH PROPERTY MANAGEMENT 760 Main St. • 530-527-5514 Commercial Properties For Sale: • 455 S. Main St. • 760 Main St. • 840 Main St. • 1870 Montgomery • Flores Ave/I-5 ( Major Price Reduction! Major Price Reduction! • 13545 Saint Marys Ave. • 409 Walnut Stree • 22680 Antelope Blvd. • 562 Antelope Blvd. • 1156 Monroe St. • 460 Antelope Blvd. • 731-741 Main St. • 349 Pine St. • 225 Walnut St. • 955 Main St. • 726 Pine Street OPEN HOUSE SATURDAY, MAY 14TH • 11 AM - 1 PM 1546 Jackson Street, Red Bluff 2.67 Acres 5,750 sq/ft 11,400 sq/ft 2 Acres 24, 53 or 62 Acres 40,000 sq/ft 4274 sq/ft Commercial Properties For Lease: 5,600 sq/ft 2,200 sq/ft 6,580 sq/ft 1 to 3,000 sq/ft various size suites 819 sq/ft 2,000 sq/ft 2,995 sq/ft 1,250 sq/ft C & C PROPERTIES stocks, commodities and other riskier assets. The dollar fell 0.2 percent against a group of six other currencies, and the yield on the 10-year note rose to 3.23 percent from 3.16 percent late Wednesday. Bond yields rise when their prices fall. Commodities and stocks have both benefited from the Federal Reserve’s program to boost the economy by buying $600 billion in Treasury bonds. The Fed’s program had the effect of push- ing yields on government bonds lower, encourag- ing investors to move money into stocks and com- modities. With the Fed’s effort coming to an end in June, the same investments are likely to fall, said Doug Roberts, the chief investment strategist for Chan- nel Capital Research. ‘‘When the Fed pulls back, investors cut back,’’ Roberts said. Some well-known companies fell more than the broad markets. Cisco Systems Inc. fell 4.8 percent after the maker of computer networking equipment reported an 18 percent slide in earnings and low- ered its profit forecast. It also plans to cut jobs. Goldman Sachs Group Inc. fell 3.5 percent after it was downgraded by analysts due to a Senate investigation and a Rolling Stone article that argued that the Justice Department should bring charges against the investment bank for defrauding investors. Two stocks rose for every one that fell on the New York Stock Exchange. Consolidated volume came to 3.7 billion shares. Tenn. officer appeals firing over confiscated beer KINGSPORT, Tenn. (AP) — A 19-year veteran of a Ten- nessee town’s police department is appealing his firing after beer confiscated from minors was given to a fellow officer. According to testimony at a Wednesday hearing, Cpl. Call Suzy Noble @ 530.527.2151 ext 103 To place your ad 741 Main Street, Suite #2 Red Bluff, CA 96080 1-800-287-2187 (530) 527-2187 An Independently owned and operated Member of Coldwell Banker Residential Affiliates. FOR 24/7 PROPERTY INFO CALL 1-888-902-7253 AND ENTER THE PROPERTY CODE FROM THE AD. FORECLOSURES AND RESIDENTIAL HOMES UNDER $200,000 ~ $60,500 - 2 Bd, 2 Ba, - 1518 sq. ft. - ~ $85,000 - 3 Bd, 1 Ba. - 1156 sq. ft. - prop code 4829 prop code 4069 ~ $150,000 - 2 Bd, 2 Ba, - 1080 sq. ft. - prop code 4009 ~ $112,000 - 3 Bd, 2 Ba, - 1080 sq. ft. - prop code 4599 ~ $67,900 - 2 Bd, 1 Ba - 1152 sq. ft.- prop code 4699 Come see this meticulously well maintained 3/2 home with many upgrades including tile/oak kitchen & bath, custom lighting, & architectural features. Oversized garage and fully landscaped. $199,900 Connections cell 530-680-3130 r e a l e s t a t e c o m p a n y 530-528-8779 ~ $104,900 - 3 Bd, 2 Ba, - 1125 sq. ft. - prop code 4849 ~ $129,900 - 3 Bd, 2 Ba, - 1450 sq. ft. - prop code 4109 ~ $155,000 - 3 Bd, 2 Ba, - 1611 sq. ft. - prop code 4339 ~ $199,950 - 4 Bd, 3 Ba. - 1995 sq. ft. - prop code 4979 ~ $190,000 - 2 Bd, 2 Ba. - 1440 sq. ft. - prop code 4709 www.redbluffcoldwellbanker.com See All Tehama County Listings at TEHAMA COUNTY REAL ESTATE TEAM • OPEN 7 DAYS A WEEK Tim Horne was one of several Kingsport officers who responded to a party where there was underage drinking. Officers confiscated three full cases of Natural Lite beer and part of a fourth case. The Kingsport Times-News reported that Horne admitted laughing at a comment that the beer should be given to another officer, although he denied making the comment. Later the beer was given to the other officer and Horne approved a report stating it had been destroyed. The officer who received the beer resigned. Horne’s attorneys said firing him was an overreaction. 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (O r l ease n Idu ) n (I A (O ) stria l / du g , Du easer l ease stria l) c (O r l k P on d) ) (R (R o Former T ffi ( ence & O ir llu (O ffi esi oors -p D d c e rti U e S ) h ) pstairs ) eal space ( War eo h u se ) op c e (R etai l space avai lbl a e in H oiay Marld k et ) ) (