Issue link: https://www.epageflip.net/i/37174
10A Daily News – Friday, July 22, 2011 What’s good for Europe is good for markets. News that European leaders were drawing up a new rescue plan for Greece and taking a broad- er approach to dealing with Europe’s debt trou- bles drove markets higher Thursday. The Dow rose 152 points. Oil crossed above $100 for the first time since June. The euro rose against the dollar, and U.S. government bonds fell. At an emergency meet- ing in Brussels, European officials agreed to give Greece a rescue package European debt deal sends markets higher Wall Street NEW YORK (AP) — worth 109 billion euros ($155 billion). They also plan to lower interest rates and lengthen payback terms for loans to Greece, as well as those made to Ireland and Portugal. European officials gave new powers to the region’s bailout fund, allowing it to provide credit to strug- gling countries before a crisis flares up. German Chancellor Angela Merkel said European officials want to tackle the ‘‘root’’ of the debt crisis. Worries about Europe’s debt crisis have been hang- ing over financial markets for months. A default by Greece or another deeply indebted country could freeze debt markets and cause other damage to Europe’s banking system. The Dow Jones indus- trial average rose 152.50 points, or 1.2 percent, to close at 12,724.41. The S&P 500 index rose 17.96 points, or 1.4 percent, to 1,343.80. The Nasdaq composite index rose 20.20 points, or 0.7 percent, to 2,834.43. The yield on the 10- year Treasury jumped to 3.00 percent, up from 2.93 Tehama Country Real Estate THIS WEEK OPEN HOUSE Rio Vista Estates #124 Casa Grande Dr. KITCHEN, BATH & CARPET OPEN HOUSE SAT., JULY 23RD • 11:30 am - 1:30 pm $41,500 • Financing available WESTERN REAL ESTATE Commercial Properties For Sale: MINCH PROPERTY MANAGEMENT 760 Main St. • 530-527-5514 • 455 S. Main S t. SALE PENDING • 840 Main St. • 1870 Montgomery • Flores Ave/I-5 ( • 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 Major Price Reduction! Major Price Reduction! 2.67 Acres 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 FOR LEASE 14 acres, Shared Bass Pond, 3 bedroom, 2 bath home with garage. NO Smoking, some pets OK. $1250/mo. Reeds Creek area. (530) 529-4111 DRE # 01174300 www.ucarea.net 416 Pine Street, Red Bluff 2 BEDROOM, 1 BATH ALL NEW MODERN SAT., JULY 23RD Or by appointment • 11:30 am - 1:30 pm Rio Vista Mobile Estates #92 ON THE RIVER, 2/2 Doublewide 1300 sqft $39,500. Financing available. Call 527-7297 FOR LEASE Water Gardening Class Saturday, July 23 @ 10am Please call to reserve a seat 527-0886 Garden Center Red Bluff 766 Antelope Blvd. (Next to the Fairground) percent late Wednesday. The euro rose two cents to $1.44. Europe’s debt crisis and the debate over raising the U.S. government’s bor- rowing limit have kept investors on edge over the past two weeks. The Dow and S&P have flip-flopped between gains and losses over the past eight trading days. Markets have overre- acted to signs of progress in the European debt crisis before. In late June, stocks soared when French banks agreed to accept slower repayment of loans to Greece. Markets rose again two days later after Greek lawmakers passed an austerity bill, a neces- sary step before the coun- try could receive a loan installment. Each rally has been short-lived. But this deal is more comprehensive. ‘‘This is the first serious effort to address Greece’s prob- lems,’’ said Guy LeBas, chief fixed income strate- gist at Janney Mont- gomery Scott. LeBas said the 110 billion euro loan package arranged last year by the European Union and International Monetary Fund just piled more loans on top of the debt Greece already owed. Bank stocks were broadly higher. A fix for Europe’s debt trouble would remove a threat to banks. Morgan Stanley jumped 11 percent. The investment bank’s quarter- ly loss was much smaller than analysts expected, thanks to an increase in trading revenues. Of the 30 banks that have reported earnings so far, 24 have surpassed ana- lysts’ estimates, according to research by Keefe Bruyette & Woods. Technology stocks trailed the rest of the mar- ket. Intel Corp. slipped 1 percent, the only company in the Dow average that dropped. The chip maker said it expects weaker PC sales for the rest of the year as people and compa- nies choose to buy tablet computers instead. Express Scripts said it would buy Medco Health Solutions for $29.1 billion. The merger would com- bine the largest U.S. phar- macy benefits managers. Medco’s stock rose 14 per- cent and Express Scripts gained 5 percent. Stronger earnings pushed the stocks of Union Pacific Corp. and Philip Morris International up more than 4 percent. The cigarette maker also increased its full-year earnings forecast. Union Pacific’s profit increased 10 percent thanks to high- er shipping prices and a pickup in the number of carloads it carries. Four stocks rose for every one that fell on the New York Stock Exchange. Volume was higher than average at 4.4 billion shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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