Issue link: https://www.epageflip.net/i/37621
8A Daily News – Thursday, July 28, 2011 NEW YORK (AP) — Stocks plunged Wednesday as the U.S. edged closer to defaulting on its debt and the economy showed more signs of deteriorating. Major indexes gave up all of their gains for the month. The Dow Jones industri- Stocks fall as lawmakers remain at odds over debt Wall Street in manufacturing. al average fell 198.75 points, or 1.6 percent, to 12,302.55, its biggest one- day drop since early June. It has fallen for four days straight. The S&P 500 fell 27.05 points, or 2 percent, to 1,304.89. The technology- focused Nasdaq composite index fell 75.17 points, or 2.6 percent, to 2,764.79, its worst day in five months. The Dow is headed for its worst weekly decline in nearly a year and is now 4 percent below the 2011 high it reached on April 29. The S&P, which serves as a benchmark for most mutual C & C PROPERTIES funds, is also down 4 per- cent from its recent peak. ‘‘As hours pass and the uncertainty builds, I think the market is starting to price in the potential that we might not have a solu- tion by August 2,’’ deadline for raising the U.S. debt limit, said Channing Smith, managing director of Capital Advisors Inc. ‘‘Confidence in our politi- cal system is beginning to fade.’’ Nearly half of the Dow’s losses came in the last two hours of trading, after the Federal Reserve released a survey showing that the economy deteriorated in much of the country this summer. The economy slowed in eight of the Fed’s 12 regions because of weak home sales and a slowdown 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. 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More than 10 stocks fell for every one that rose on the New York Stock Exchange, and all but two of the 30 stocks in the Dow average fell. With no sign of a com- promise in Washington, investors are becoming more fearful that the U.S. rating could be lowered. That would raise interest rates and slow down the already weak economy. Small-company stocks fell more than the rest of the market. Small companies are more vulnerable to eco- nomic downturns since they make fewer products and usually have less cash on hand than large compa- nies. With the deadline for a debt deal just six days away, investors are selling the stocks they consider to be the riskiest. The Russell 2000 index, which tracks smaller U.S. companies, fell 3 percent, almost twice as much as the Dow. Stocks have been falling much as they did in the fall of 2008, when the House of Representatives voted down a bill to create the Troubled Asset Relief Pro- gram. The Dow plunged 778 points on Sept. 29 after the bill failed. Four days later, Congress passed the TARP bill and President George W. Bush quickly signed it into law. The Dow then jumped as much as 946 points in a week. A decline in orders for overall since last Friday as an Aug. 2 deadline for rais- ing the U.S. borrowing limit approaches. With no sign of a compromise between Republicans and Democrats in Washington, investors are becoming more fearful that the U.S.’s triple-A credit rating could be lowered or that the coun- try might default on its $5 Date: Saturday July 30, 2011 Gourmet Pancake Breakfast Time 7:00 - 10:00 am Location: First Church of God 1005 S. Jackson St. There are 400 children on a waiting list for the shopping trip in August. $100 sponsors a child for the trip and ensures that they receive new shoes, clothing and backpacks in preparation for the new school year. $5 *Pancakes * Sausage *Eggs *Fruit *Coffee *Juice All proceeds will benefit the Back to School Project. Tell a friend and attend. visit www.backtoschoolproject.com or call 528-4074 debt. Either event would raise interest rates across the board and slow down the already weak U.S. economy. The Dow is down 3 per- cent this week. It is headed for its biggest weekly decline since August 2010. The S&P 500 is also down 3 percent, and the Russell 2000 is down 4.9 percent. The Dow and the S&P 500 are down about 1 percent for the month. Some analysts fear that if the debt issue is not resolved stocks could fall as manufactured goods also pushed stocks lower. The government said orders for durable goods fell 2.1 per- cent in June because of a drop in demand for com- mercial aircraft, automo- biles and heavy machinery. Manufacturing has been disrupted this year by parts shortages from Japan and higher energy prices. Earnings reports were mixed. Amazon.com Inc. rose 3.9 percent after the online retailer reported that its earnings and revenue were far higher than ana- lysts were expecting. Juniper Networks Inc. plunged 20.9 percent, the most of any company in the S&P 500, after the comput- er networking equipment maker issued an earnings forecast that was lower than many analysts expected. No. 1 China Buffet CHINESE RESTAURANT Open 7 Days A Week Now Under New Ownership Lunch: $5.75 - Mon-Sat 11am-3pm Dinner: $8.25 - Mon-Thurs 3:30-9:30pm Carry out rates Lunch: $3.99 lb. Dinner: $4.99 lb. Bring in This Coupon to Receive FREE DRINKS with meal purchase COUPON One coupon per order, good for up to 5 people. Expires Aug. 31, 2011 COUPON 343 S. Main St. Red Bluff 530-527-8889 (No Checks) St. Elizabeth Community Hospital Sports Medicine Program A member of CHW redbluff.mercy.org/sports 2nd Annual Tehama County Coaches Clinic Friday, August 12, 2011 • 8am-4pm Red Bluff High School Library Conference Room No Cost to Attend! Ed Stroman PT, ATC, CSCS • Dr. Riico Dotson, M.D. Lonnie Scott, MA, ATC. •Stephanie Hartman, MS, ATC Lunch will be provided for all participants! Presenters: Our mission is to present coaches with an opportunity to learn about injury prevention, treatment, rehabilitation, and life- threatening injuries and illnesses. All levels and ages are welcome. Tehama County Department of Education Working in Partnership with St. Elizabeth Community Hospital’s Sports Medicine Program To renew your certificate for CPR/First Aid you must pre-register no later than Wednesday August 3, 2011 to: ATTN: Carline Roach Tehama County Department of Education PO Box 689 1135 Lincoln Street , Red Bluff, 96080 E-mail: croach@tehamaschools.org Please include your coaching title, school, e-mail address, phone number and address.