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8B Daily News –Wednesday, November 23, 2011 downward revision of U.S. eco- nomic growth in the third quar- ter sent stocks lower Tuesday. Higher borrowing costs for Spain also renewed worries about Europe's debt crisis. The Commerce Department reported that the U.S. economy grew at a 2 percent annual rate from July through September, down from its initial estimate of 2.5 percent. Economists had expected the figure to remain the same. The Dow Jones industrial Stocks slide as government lowers growth estimate Wall Street NEW YORK (AP) — A ing agencies might lower the U.S. government's credit rating if Congress tries to circumvent the automatic spending cuts that are supposed to occur in the event of an impasse. Some Republicans have said they would try to block cuts to defense spending. ''Markets are looking for average lost 53.59 points, or 0.5 percent, to close at 11,493.72. Aluminum maker Alcoa Inc. led the Dow lower. The Dow had been down as many as 113 points shortly before noon. The Dow plunged 249 points Monday as a congressional committee failed to reach a deal to cut budget deficits. The deadlock raised fears that rat- Some are holding potluck dinners instead of springing for the entire feast. Others are staying home rather than flying. And a few are skipping the turkey altogether. On this the fourth Thanksgiving since the economy sank, prices for everything from airline flights to groceries are going up, and some Ameri- cans are scaling back. Yet clarity, and you didn't get that from the super-committee,'' says Steven Ricchiuto, chief economist at Mizuho Securi- ties. ''There's no reason to believe the economy is going to get stronger.'' Across the Atlantic, there were more signs of trouble in Europe's debt crisis. Spain was forced to pay sharply higher interest rates in an auction of short-term debt. The higher rates suggest that investors are still skeptical that the country will get its budget under control despite a new, center-right gov- ernment coming to power this week. Investors have been worried that Spain could become the next country to need financial support from its European neighbors if its borrowing rates climb to unsustainable levels. Greece was forced to seek relief from its lenders after its long-term borrowing rates rose above 7 percent on the bond market. The rate on Spain's own benchmark 10-year bond is dangerously close to that level, 6.58 percent. The Standard & Poor's 500 fell 4.94 points, or 0.4 percent, to 1,188.04. The Nasdaq com- posite fell 1.86, or 0.1 percent, to 2,521.28. It was the fifth straight decline for the S&P 500, the longest losing streak since August. The S&P has lost 5.5 percent over the past week on in many households, the occasion is too important to skimp on. Said one mother: ''I don't have much to give, but I'll be cooking, and the door will be open.'' Thanksgiving airfares are up 20 percent this year, and the average price of a gallon of gas has risen almost 20 percent, accord- ing to travel tracker AAA. Rail travelers were also affected, with fares on one- way Amtrak tickets up 2 to 5 percent. Still, about 42.5 million people are expected to trav- el, the highest number since the start of the recession. But even those who choose to stay home and cook for themselves will probably spend more. A 16-pound turkey and all the trimmings will cost an aver- age of $49.20, a 13 percent jump from last year, or ahead of the Thanksgiving hol- iday Thursday. Volume on the New York Stock Exchange was 3.9 billion shares, below the average of 4.7 billion over the previous 100 days. Netflix Inc. sank 5.4 percent to $70.45, the lowest level since March 2010. The online video rental company said it raised $400 million from selling debt and stock as it tries to recover from a consumer backlash fol- lowing price hikes. Campbell Soup Co. sank 5.3 percent to $31.84 after report- ing a 5 percent drop in net income. The company said price increases were not enough to offset lower volume in its soup and beverage busi- nesses. worries that Spain could get dragged into Europe's debt cri- sis and as Congress neared a deadlock over cutting the U.S. budget deficit. Trading was relatively quiet Medtronic Inc. rose 4.4 per- cent to $34.75. The world's largest medical device maker reported higher-than-expected earnings and reaffirmed its full- year earnings outlook. Economy means scaled-back Thanksgiving for many about $5.73 more, accord- ing to the American Farm Bureau Federation, which says grocers have raised prices to keep pace with higher-priced commodities. In Pawtucket, R.I., Jack- ie Galinis was among those looking for help to put a proper meal on the table. She stopped at a communi- ty center this week seeking a donated food basket. But by the time she arrived, all 300 turkeys had been claimed. So Galinis, an unem- ployed retail worker, will make do with what's in her apartment. ''We'll have to eat whatever I've got, so I'm thinking chicken,'' she said. Then her eyes lit up. ''Actually, I think I've got red meat in the freezer, some corned beef. We could do a boiled dinner.'' Galinis has another rea- son to clear out her apart- ment's freezer: Her land- lord is in the process of evicting her and her 3-year- old son. FREE Free quarter, half or full page ads the week of December 19 full page ads D NEWSAILY RED BLUFF TEHAMACOUNTY For local businesses that publish discounted "Flight" ad programs duringNovember and December. Rates as low as $5.50 Per column inch! Ask your Daily News Advertising representative about Flights of Fancy! 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