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8B Daily News – Thursday, September 8, 2011 MON.-FRI. 9:00-5:30 • SAT. 9:00 -5:00 • CLOSED SUNDAYS FURNITURE DEPOT MATTRESS NORTH VALLEY NEW YORK (AP) — A broad rally broke a three-day losing streak in the stock market Wednesday as fears about Europe's debt cri- sis ebbed. MON.-THURS. 9:00-6:00 • FRI. 9:00-7:00 • SAT. 9:00-5:00 • SUN. 11:00-5:00 235 So. Main St., Red Bluff 527-1657 632 Main St., Red Bluff 527-5837 Mattress Sets & Adjustable Bed Financing & Delivery Available • FREE pillows • FREE delivery • FREE disposal With purchase of Tempurpedic mattress sets only. Stocks surge after Germany upholds bailout Wall Street spending in an address to Congress on Thursday night. Stocks rose sharply after a German court backed the country's role in bailing out other European nations. The Dow Jones industrial average jumped 200 points in the first hour of trading and continued to climb throughout the day, ending up 275 points. The afternoon gains came after Italy's Senate approved a deficit-cutting package and the Federal Reserve reported that U.S. busi- ness conditions are improving. Traders were also speculating that Presi- dent Barack Obama would announce a $300 billion jobs package made up of tax cuts, state aid and infrastructure The Dow and other U.S. indexes fell over the previous three days on worries over weakness in the U.S. job market and concerns that Europe's debt woes could lead to a global economic reces- sion. ''The market has been pricing in an out-and-out recession, so any hints that policy issues might be solved is a plus,'' said Brian Gendreau, market strategist at Cetera Financial Group The Dow surged 275.56 points, or 2.5 per- cent, to close at 11,414.86. All 30 stocks in the Dow average rose. The Standard and Poor's 500 index jumped 33.38, or 2.9 percent, to 1,198.62. All 10 compa- ny groups that make up the S&P index rose. The Nasdaq composite shot up 75.11, or 3 percent, to 2,548.94. STOREWIDE SALE Sept. 1st - 17th www.redbluffgoldexchange.com Gold Exchange 413 Walnut St. The German court rul- ing also pushed the prices of Treasury secu- rities lower as investors were more willing to hold risky assets like stocks. Treasury prices have been rising over the past week, sending their yields lower, as demand Counseling Center Giving Families Hope! Did you think we were just for children? • Individual & Family Counseling • Couple/Relationship Issues • Anger • Depression • Anxiety • Emotional Trauma • Family Relationships • Parenting Call our office for more info. 529-9454 Red Bluff 590 Antelope Blvd. Suite B-30 Corning Counseling Center 275 Solano Street #2 announced a manage- ment reorganization that will result in two top officers leaving. The changes were seen as one of chief executive Brian Moynihan's most dra- matic moves to reshape the embattled bank. Bank of America shares have fallen 48 percent this year through Tues- day, compared with a 7 percent drop in the S&P 500 index. Financial companies were the top performing group in the S&P 500 index. JP Morgan Chase & Co., Goldman Sachs and Wells Fargo each rose more than 3 per- cent. for lower-risk invest- ments increased. The yield on the 10- year Treasury note rose to 2.05 percent. Its price fell 50 cents per $100 invested. The yield traded at 1.97 percent late Tues- day. On Monday it fell to 1.91 percent, the lowest since the Federal Reserve Bank of St. Louis began keeping daily records in 1962. Gold, another traditional safe haven, fell $56, or 3 percent, to $1,817 an ounce. It closed at $1,891 on Aug. 22. Historically low Trea- sury rates are prompting some institutional investors to see stocks as a better value. The yield on the benchmark 10- year Treasury note began plunging from just over 3 percent on July 27 to 2.2 percent by the end of August. Investors were piling into lower-risk assets as the stock mar- ket swung wildly. The yield has hovered around 2 percent this week. An investor who buys the S&P 500 index, mean- while, earns a 2.38 per- cent yield in the form of dividends. ''Market sentiment has actually been worse than economic data late- ly, and now you are see- ing institutional investors saying, 'I can get a better yield from the S&P 500 than I can from a 10-year Treasury','' said Howard Ward, portfolio manager of the GAMCO Growth Fund. Yahoo and Bank of America rose sharply after announcing the departures of key execu- tives after the market closed Tuesday. Yahoo gained 5 percent, to $13.61, after announc- ing that CEO Carol Bartz had been fired. Some analysts said the move made the compa- ny a takeover target. Bartz spent nearly three years steering the com- pany. Bank of America jumped 7 percent, to $7.48, after the bank Urban Outfitters fell 2 percent, to $25.26, after the retailer said its sales were slipping in the cur- rent quarter. Computer graphics company Nvidia Corp. jumped 8 percent, to $14.25, after the company said it expects its revenues to be higher than Wall Street analysts forecast. A Federal Reserve survey found that that the economy grew modestly in its 12 bank regions in July and August as con- sumers spent more. Nine stocks rose for every one that fell on the New York Stock Exchange. Volume was below average at 3.9 bil- lion shares. Erskine Bowles joins Facebook board PALO ALTO (AP) — Facebook says former White House chief of staff Erskine Bowles has joined its board of directors. Also a former president of the 17-campus Universi- ty of North Carolina, Bowles was recently the co-chair of President Obama's National Commission on Fiscal Responsibility and Reform. Bowles was chief of staff in the Clinton White House from 1996 to 1998. He ran unsuccessfully for the U.S. Senate in 2002 and 2004 on the Democratic ticket. He was president of UNC from 2006 to 2010. His appointment expands Facebook's board to seven members. Large Ham Steak Breakfast 2 eggs, hash browns or home fries & biscuit with gravy $599 Served 6:30am-2pm 7 days a week No substitutions ORDERS TO GO 7875 HWY 99E LOS MOLINOS, CA 384-1265 Comes with