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10A Daily News – Friday, October 7, 2011 The Dow Jones industrial average jumped 183 points Thursday after the European Central Bank moved to sup- port that region's lenders and U.S. retailers reported stronger September sales. Stocks rise on help for European banks Wall Street NEW YORK (AP) — It was the straight day of gains. The Dow has soared 434 points since Tuesday. Investors cheered a promise from the European Central Bank to provide unlimited one-year loans to the region's lenders through 2013. The goal is to shield banks from poorly function- ing short-term credit mar- kets, in which banks are becoming too worried about each other's financial stabil- ity to lend money to one another. Germany's DAX jumped 3.2 percent, and France's CAC-40 rose 3.4 percent. The loans are also meant to help protect the banks in the event Greece's government defaults on its debt. If that happens the value of Greek bonds held by those banks would be likely to drop sharply, weak- ening the banks' balance sheets and making it harder for them to lend. Target Corp., Nordstrom Inc., Macy's Inc. and other U.S. retailers reported sales that beat Wall Street's expectations. While some of the sales were driven by deep discounts, analysts said the higher sales suggested the U.S. economy was not in another recession. ''The market has been $3200 in Discount Coupons were published last week in the D NEWSAILY RED BLUFF TEHAMACOUNTY … And that does not Count all the ads offering percentage discounts, two-for-ones and Free-with-Purchase offers! Don't miss a Day of it! Subscribe Today 527-2151 It pays for itself. pricing in an out-and-out recession, but the fact that consumer spending is hold- ing up shows that we're more likely to continue muddling through at a 1 to 2 percent growth rate,'' said Brian Gendreau, market strategist at Cetera Financial Group. The Dow Jones industri- al average jumped 183.38 points, or 1.7 percent, to 11,123.33. It was the first time the Dow rose by more than 100 points for three straight days since a rally that began Aug. 11 and ended with a 763-point gain. It was the 9th straight day the Dow has swung by more than 100 points, the longest such streak since November 2008, in the middle of the financial crisis. Markets have been extraordinarily volatile as investors react to the latest headlines out of Europe. The S&P 500 rose 20.94, or 1.8 percent, to 1,164.97. The Nasdaq com- posite rose 46.31, or 1.9 per- cent, to 2,506.82. Banks in Europe and the U.S. rallied. U.S. bank stocks rose sharply after Treasury Secretary Timothy Geithner told a Congres- sional panel that U.S. finan- cial firms had a ''very mod- est'' exposure to Europe's debt problems. Bank of America Corp. jumped 8.9 percent to $6.28, the biggest gain among the 30 stocks in the Dow. Morgan Stanley rose 4.8 percent to $15.18. The European Central Bank disappointed some investors by announcing that it would keep interest rates unchanged. Analysts were hoping the bank would cut rates to encourage lending and give a boost to Europe's sagging economy. In the U.S., the Labor Department said the number of new applications for unemploy- ment benefits rose. Saturday, October 22, 2011 "Holiday Fantasy" Floral Design Program & Luncheon Red Bluff Garden Club Presents Carlino's, Rolling Hills Casino Featuring Kate Gliem House of Design Designs for the Holiday Season Vendors – Silent Auction Raffle – Live Auction Kathy, 527-9403 – Diane, 824-5661 House of Design, 527-8844 California Kitchen, 529-2482 Reserved Tickets $25.00 Purchase by October 12, 2011 Tickets: