Issue link: https://www.epageflip.net/i/36417
6B Daily News – Wednesday, July 13, 2011 NEW YORK (AP) — Hope that the Federal Reserve might consider more economic stimulus wasn’t enough to keep bad news about Ireland from sinking stocks. Ireland’s government bonds were downgraded by Stocks fall after Ireland downgrade erases gains Wall Street ratings agency Moody’s to junk status shortly before U.S. markets closed Tues- day, sending stocks sharply lower and erasing the day’s gains. Ireland joins Greece and Portugal, whose debt was also recently graded as junk. The move puts Ireland back on the list of heavily- indebted European coun- tries in danger of default. The country has already received a financial rescue package from other coun- tries. If a European country fails to pay its debts, it could cause widespread disruptions in financial markets and lead to a slow- down in lending. Worries about debt problems in Europe sent stocks down through the first half of June and appear to be hav- ing the same effect in July. The Standard & Poor’s 500 index fell 5.85, or 0.4 percent, to close at 1,313.64. The S&P is now down 0.5 percent for the month and 2.2 percent for the week. The Dow Jones industrial average fell 58.88, or 0.5 percent, to close at 12,446.88. The Nasdaq composite fell 20.71, or 0.7 percent, to close at 2,781. Both the Dow and Nasdaq are still up about 0.3 percent for the month. Earlier Tuesday, min- utes from the Federal Reserve’s last meeting on June 21-22 were released. In those minutes, several Fed officials said that the government would have to consider new monetary policy to stimulate the economy, especially if growth remains too slow to reduce the unemployment rate. That raised hopes that more economic stimulus might be on the way. The Dow rose about 60 points after the minutes were released, but retreated not long after. JUST MOVE IT Part of a national campaign to promote physical activity for American Indians and Alaskan Natives Friday, July 15th 11:30 AM Registration and Start Tehama Family Fitness Center 2498 S. Main St. Free class passes to all Join us for a series of non-competive walks and runs. Open to families, individuals of all ages and people of all cultures. For more information contact Avery Vilche at 200-2224 or Renee Timmons at 567-5528 D NEWSAILY RED BLUFF TEHAMACOUNTY