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4A Daily News – Friday, November 18, 2011 spike in borrowing costs for the Spanish government renewed worries about Europe's debt crisis and pushed stocks lower for the second day in a row. A stalemate in Congress Stocks sink; Spain becomes latest worry in Europe Wall Street NEW YORK (AP) — A over cutting the budget deficit also pulled the mar- ket down Thursday. Tech- nology stocks sank after NetApp and Applied Mate- rials predicted weaker earnings. In Spain, an auction of 10-year bonds left the country paying interest rates of nearly 7 percent, the highest rate since 1997. Economists see that level as unsustainable because it would make the interest payments on Spain's debt so high that the govern- ment would barely be able to afford them. Greece and Ireland were forced to seek rescue loans from the Euro- pean Union after their bond yields jumped above the same level. Concerns about Europe's debt crisis over- shadowed better economic reports in the U.S. The number of people seeking unemployment benefits last week fell to the lowest level in 7 months, a sign layoffs are easing. ''The economic data in the U.S. has been improv- ing,'' said Michael Shel- don, chief market strategist at RDM Financial in West- port, Conn. ''If it weren't for Europe, I think equity markets would be doing much better right now.'' The Dow Jones industri- al average dropped 134.86 points, or 1.1 percent, to close at 11,770.73. The index wavered most of the morning, then turned sharply lower shortly after noon. It fell as many as 229 points at 2:30 p.m. Spain has more than twice the amount of debt as Greece and Ireland com- bined, which would make Flu season is coming..... 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Another looming con- cern for investors is that a Congressional supercomit- tee will fail to agree on $1.2 trillion in budget cuts before a Nov. 23 deadline. If they don't, huge cuts to government spending are scheduled to kick in across the board. ''I get the impression we're watching a slow- motion train wreck,'' said Phil Orlando, chief equity market strategist at Feder- ated Investors. The Standard & Poor's 500 index lost 20.75, or 1.7 percent, to 1,216.16. The $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. the S&P 500 index, after the data storage company forecast earnings below Wall Street's estimates. Applied Materials Inc. also said its earnings for the cur- rent quarter would be weaker than analysts' fore- casts. The stock fell 7.5 percent. index fell below its average over the past 100 days. That's a bearish signal because many traders wait until indexes fall below such technical levels before deciding to unload their positions. Technology stocks fell more than the rest of the market. The Nasdaq slid 51.62, or 2 percent, to 2,587.99. All three major indexes are now down more than 3 percent for the week. NetApp Inc. plunged 12.3 percent, the most in In corporate news: — Consumer review site Angie's List soared 25 percent on the company's first day of trading. Angie's List Inc., which runs reviews of veterinarians, plumbers and other local services, priced its initial public offering of 8.8 mil- lion shares at $13 late Wednesday. — The mutual fund company Legg Mason Inc. said the well-known money manager Bill Miller will step down from its flagship mutual fund next year. Legg Mason's stock dropped 2.8 percent. — Sears Holdings Corp. fell 4.6 percent after its third-quarter results missed Wall Street's expectations. The retailer's sales were dragged down by declining consumer electronics sales and softer sales at its Kmart stores. Red Bluff Garden Club CHRISTMAS BOUTIQUE ALL FRESH WREATHS, ARRANGEMENTS AND MORE 9:30 a.m. to 6:00 p.m. Cedar & Madison Sts. Red Bluff Dec. 8, 9 & 10 Thu.-Fri.-Sat. High School Scholarships For Custom Wreaths & Designs Call 527-4578 or 526-4578 Former Holiday Market Proceeds go to Holiday Season 2011 Flights of Fancy! 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