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6B Daily News – Thursday, November 24, 2011 Furniture DEPOT 235 S Main St., Red Bluff 530 527-1657 www.thefurnituredepot.net HOURS: MONDAY-FRIDAY 9:00-6:00 SATURDAY 9:00-5:00 • SUNDAY 11:00-5:00 RECLINERS starting at $299 Europe's widening debt crisis and a weak report on Chinese manufacturers pushed stocks sharply lower Wednesday. The Dow Jones industrial aver- age dropped 236 points. Traders were spooked by the poor results at an auction of German debt, which drew too few bids to sell all of the 10-year notes being offered. Germany has Europe's strongest economy, and traders have bought its debt as a safe place to store value during turbulent times. The weak buying sug- gests that Europe's crisis might be infecting strong nations that are crucial to keeping the euro currency afloat. Germany bears much of the burden of bailing out weaker neigh- bors such as Greece and Alan Wylie Local Inspector Mobile: 530/638-1015 FREE & TERMITE INSPECTION or UP TO 15% OFF TERMITE TREATMENT SERVICE* COMPLETE AUTO REPAIR PEST EVALUATION FREE & SAVE 10% OFF PEST CONTROL SERVICE* All makes and models. We perform dealer recommened 30K, 60K, 90K SERVICES AT LOWER PRICES Smog Check starting at $ (most cars and pick-ups) 2595 + cert. Pass or FREE retest 527-9841 • 195 S. Main St. Spreading Europe stress sends stock market lower Wall Street The Standard & Poor's Portugal. Borrowing costs for Italy and Spain rose from levels that already were considered dangerously high. Europe lacks the resources to bail out those countries, which have its third- and fourth-biggest economies. The Dow fell 236.17 points, or 2.1 percent, to close at 11,257.55. It has slumped 4.6 percent over the past three days as Con- gress neared a deadlock on cutting the budget deficit and as Europe's debt woes appeared to worsen. The Dow has now given back more than half of its big October rally. It jumped 9.5 percent last month, the biggest gain since 2002. 500 index fell 26.25, or 2.2 percent, to 1,161.79. All 10 industry groups fell sharply, led by energy companies, materials mak- ers and banks. The index is headed for its sixth straight decline, the longest losing streak since August. The Nasdaq fell 61.20, or 2.4 percent, to 2,460.08. The dollar rose sharply against the euro as investors moved money into assets considered to be relatively safe. The euro fell near $1.33, from $1.35 late Tuesday. The yield on the 10-year Trea- sury note fell to 1.89 per- cent from 1.94 percent late Tuesday, signaling higher demand for Treasurys. Fears about Europe also dragged U.S. bank stocks K W I K K U T S Family Hair Salon 1064 South Main St., Red Bluff • 529-3540 with coupon $200 REGULAR HAIRCUT off Not good with other offers Reg. $13.95 Expires 11/30/11 lower. Investors were unnerved by the Federal Reserve's announcement late Tuesday of a fresh round of stress tests of the biggest banks, said Peter Tchir, who runs the hedge fund TF Market Advisors. The Fed said 31 banks will be tested to see how they would withstand a recession that would push unemployment above 13 percent by early 2013. The jobless rate now stands at about 9 percent. The announcement undermined weeks of mar- ket-boosting talk by Fed officials, Tchir said. The stress tests, apparently related to fears about European exposure, exposed a darker view of the market held by some central bank officials, he said. James W. 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Prop Code 4929 $119,000 3 BD 2 BA 1450 SQ.FT. Prop Code 4109 $120,000 2 BD 2 BA 1248 SQ.FT. Prop Code 4949 $135,000 4 BD 3 BA Prop Code 4069 $137,700 3 BD 2 BA 1152 SQ.FT. Prop Code 4099 $139,900 3 BD 3 BA 1596 SQ.FT. Prop Code 4049 $144,900 3 BD 2 BA 1566 SQ.FT. Prop Code 4729 $165,000 3 BD 2 BA 1152 SQ.FT. Prop Code 4479 $189,000 3 BD 2 BA 2216 SQ.FT. Prop Code 422 At the Shasta Outlets 1901 Highway 273, 378-1110 Maryspizzashack.com TEHAMA COUNTY REAL ESTATE TEAM • OPEN 7 DAYS A WEEK www.redbluffcoldwellbanker.com See All Tehama County Listings at ''They went ahead and put weakness into the mar- ket for the first time'' in months, Tchir said. ''No one was that afraid, and now all of a sudden, they're saying 'Our own Fed is worried.' That real- ly spooked people.'' Bank stocks fell broad- ly. Bank of America Corp. lost 4.3 percent to close at $5.14; Citigroup Inc. fell 3.9 percent to $23.51 and Morgan Stanley fell 3.6 percent to $13.03. Asian markets fell ear- lier after a survey showed that manufacturing appears to be slowing in China. A day earlier, the U.S. government had low- ered its estimate of third- quarter economic growth. Trading was light ahead of the Thanksgiving holi- day. U.S. markets will be closed on Thursday and will have shortened hours on Friday. Volume on the New York Stock Exchange was 3.8 billion shares, below the average of 4.7 billion over the past 100 The North State's premier supplier of stoves STOVE JUNCTION The Over 25 years of experience NOW OPEN! Sales • Service • Installation *Wood Stoves * Pellet Stoves * Gas Stoves Tues-Sat 9am-5pm Closed Sunday & Monday 22825 Antelope Blvd., Red Bluff www.thestovejunction.com 530-528-2221 Fax 530-528-2229 days. In corporate news, Deere & Co. rose 3.9 per- cent to $74.72 after the company reported net income growth of 46 per- cent. Deere credited strong sales of farm equipment. Groupon Inc. plunged 15.5 percent to $17.96, falling below its initial price of $20 for the first time. The online deals company went public less than three weeks ago. Companies that make raw materials were hurt by signs of slower growth in China and worries that Europe might fall into recession. United States Steel Corp. plunged 7.6 percent to $22.41. Alu- minum maker Alcoa Inc. declined 4.1 percent to $8.88. The U.S. government released a mixed batch of economic reports before the market opened. Con- cerns about developments overseas appeared to over- shadow a handful of hope- ful signals. Oak Street Barber Shop Holiday Savings Jr. High & High School Students New Winter Hours 8:30-5:00 Mon.-Fri. 9:00-1:00 Sat. Call for after hour appts. call 527-8111 or 736-7462 335 Oak St. Home of the best haircuts for the best value! Counseling Center Giving Families Hope! 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