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8B Daily News – Tuesday, August 2, 2011 Leave it to the economy to stop a debt-deal rally. The Dow Jones industri- Concerns about the economy end early Dow rally Wall Street NEW YORK (AP) — al average started the day up nearly 140 points after President Barack Obama and congressional leaders said Sunday that a deal had been reached to raise the nation’s borrowing limit and avoid a possible debt default. But another sign that the economy has slowed erased those early gains and took the Dow down as • RESIDENTIAL • COMMERCIAL • NEW CONSTRUCTION • SALES • SERVICE • REPAIRS www.CascadeComfort.com Tehama Counties Factory Authorized Bryant Dealer Whatever it takessm CASCADE COMFORT SERVICE INC. Air Conditioning & Heating Lic #593323 24 HOUR SERVICE 530 529-1990 Your First Call For Comfort many as 145 points by mid- day. The Dow ended the day with a loss of 10.75 points. It was the seventh day of declines for the blue-chip index. Many investors remained concerned about the direction of the econo- my. A report from the Insti- tute of Supply Manage- ment said that U.S. manu- facturing barely grew last month. And on Friday, the government said that so far this year the economy has grown at its slowest pace since the recession ended in June 2009. The manufacturing index was the first major economic report released in July. Analysts had expect- ed it to show that the econ- omy was expanding. ‘‘This was a shock to the market,’’ said Phil Orlando, chief strategist at Federated Investors. ‘‘It clearly offset the emotional strength that $10 OFF Mention this ad for SERVICE CALL we saw in the open from this tentative budget com- promise.’’ Federal Reserve Chair- man Ben Bernanke and many economists have said that the U.S. economy would gain momentum in the second half of the year. But the manufacturing report, sluggish overall growth and concern about spending cuts included in the debt deal have cast doubt on that prediction. The Dow fell 0.1 per- cent, to 12,132.49. The broader Standard and Poor’s 500 index lost 5.34, or 0.4 percent, to 1,286.94. The Nasdaq composite fell 11.77, or 0.4 percent, to 2,744.61. The S&P index traded below its 200-day moving average of 1,280. Many traders use moving aver- ages as benchmarks for when to buy and sell. Orlando said the S&P could fall to 1,250 or lower over the next few days as investors begin to doubt the strength of the economy. Health care stocks fell nearly 2 percent, the most C & C PROPERTIES 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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United HealthGroup Inc., Aetna Inc., and St. Jude Medical Inc. fell more than 2.5 percent after the gov- ernment said it plans to cut Medicare reimbursement rates 11 percent. The cuts are unrelated to the debt deal. Bond yields fell to the lowest level of the year as investors moved into safer assets. The yield on the 10- year Treasury note fell to 2.75 percent from 2.80 per- cent late Friday. The manufacturing report led to a worldwide pullback from riskier assets. The Euro Stoxx 50, an index that tracks blue chip companies in coun- tries that use the euro, fell nearly 3 percent. Oil futures dropped 1 percent to just below $95 a barrel. And gold made up its early losses to remain near $1,625 an ounce. Respecting People. Impacting Business Call us. And get back to work. 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