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Saturday, October 1, 2011 – Daily News 5B The worst quarter for the stock market since the financial crisis ended on another down note. Stocks end gloomy 3rd quarter on a weak note Wall Street NEW YORK (AP) — Stocks fell broadly Fri- day on fresh signs that Europe's debt problems and the U.S. economy continue to languish. Makers of raw materials, industrial compa- nies and banks — which would have the most to lose if the economy turns sour — had the biggest losses. The Dow Jones industri- al average dropped 240.60 points, or 2.2 percent, to 10,913.38. Hewlett-Packard Co. fell the most of the 30 stocks in the average, 5.6 percent. Aluminum maker Alcoa Inc. was close behind with a 4.9 percent decline. JPMorgan Chase & Co. fell 4.1 percent. The broader S&P 500 index shed 28.98, or 2.5 ENGLAND'S BOOKKEEPING SERVICES Need help organizing your information for your tax preparer? Email acownteen@yahoo.com Call or Text 530 739-9413 James W. Tysinger, Jr. M.D. Eye Physician & Surgeon Fellow American Academy of Ophtalmology We accept Medical, Medicare & most Insurances Office Hours: Tues-Wed-Thurs 8am-4:30pm Mon & Fri 1pm-5pm For Emergencies, After Hours, Week-ends, Call 530-567-5001 345 Hickory St. Red Bluff Tel: (530) 529-4733 Fax: (530) 529-1114 percent, to 1,131.42. All 10 industry groups in the S&P 500 index fell. The Nasdaq composite index fell 65.36, or 2.6 per- cent, to 2,415.40. Markets have been wracked this summer by growing fears about a possi- ble default by Greece and the increasing likelihood of a global recession. Uneven economic data have touched off sudden bouts of buying and selling. The Dow, S&P 500 and Nasdaq each lost more than 12 per- cent this quarter, the first time that's happened since the financial crisis crested at the end of 2008. The S&P 500, the benchmark for most U.S. stock mutual funds, has lost 14.3 percent since July 1, the start of the third quarter. That's the biggest quarterly drop since the three months ended Dec. 31, 2008, when global financial markets seized up. Excluding that period, the S&P has not dropped that much in a quarter for nine years. The Dow dropped 1,500.96 points, or 12.1 percent, over the same time frame. ''The market has really seen some damage this quarter,'' said Mike Hurley, portfolio manager of High- land Trend Following Fund. The weakness appears to be the start of a longer decline, Hurley said, because bonds are increas- ing in value and interest rates are low. Traders also are selling commodities such as oil, which would lose value in an economic downturn. ''Lower interest rates and commodity prices are definitely an indication that the market thinks economic activity is going to be weak,'' Hurley said. Stocks in France, Eng- land and Germany fell on the latest signs of discord among European leaders. Germany and France pro- posed managing the region's shared currency through meetings of nation- al leaders, rather than by centralized institutions. The head of the European Com- mission balked at the pro- posal. Persistent squabbling over financial policy has been a major obstacle to achieving a lasting solution to Europe's debt crisis. France and Germany, the currency union's strongest economies, want countries to coordinate their spending and borrowing more close- Holiday Weight Gain Approaching! Why wait for new years resolutions to get in shape? Start now! Get the rest of 2011 for only $99! Start 2012 in shape! No refunds • Must be paid in full Special for new members only offer expires 10/30/11 New Membership Special Contract ends 1/1/12 Tehama Family Fitness Center 2498 South Main St. 528-8656 www.tehamafamilyfitness.com ly. Other countries see that as a threat to their sover- eignty. Many European leaders and traders believe Greece will default in the coming weeks or months. Greece's lenders and neighbors are preparing as best they can to prevent that from causing a worldwide financial panic. As a result, traders have reacted strongly to news and rumors out of Europe about how the crisis is being addressed. Markets gyrated wildly this summer in some of the most volatile trading on record. The Dow Jones industrial average swung more than 100 points in more than half of the trading days this quar- ter. Traders also have made big moves in response to U.S. economic data, which has mostly suggested a slowdown. A recession in the U.S. looks increasingly likely, mainly because of Europe's struggles and signs of weakness in devel- oping countries like China that have been driving glob- al economic growth. Four stocks fell for every one that rose on the New York Stock Exchange. Vol- ume was above average at 4.7 billion shares. 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Did you know that www.redbluffdailynews.com was visited by over 50,000 visitors with ISPs in cities outside the Shasta-Tehama -Butte market? If your listing is on this page, it's online too, as part of the online Real Estate magazine on Tehama County's most visited Website! ONGOING OPEN HOUSE! CALL FOR DETAILS! SAT., OCTOBER 1ST Or by appointment • 11:30 am - 1:30 pm Rio Vista Mobile Estates #92 ON THE RIVER, 2/2 Doublewide 1300 sq ft $39,500-obo. Financing available. Call 527-7297 WESTERN REAL ESTATE MINCH PROPERTY MANAGEMENT 760 Main St. • 530-527-5514 Commercial Properties For Sale: • 455 S. Main S t. SALE PENDING • 840 Main St. Rio Vista Estates #124 Casa Grande Dr. 2 BEDROOM, 1 BATH ALL NEW MODERN KITCHEN, BATH & CARPET Call 527-7297 for more info OPEN HOUSE SAT., 0CT. 1ST • 11:30 am - 1:30 pm $41,500-obo • Financing available FOR SALE BY OWNER Nice View of the Sacramento River New washer, dryer, dishwasher. Brand new carpet throughout. 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