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8B Daily News – Thursday, January 12, 2012 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 Save up to50%off retail The Dow Jones industrial average crept lower Wednesday as Europe edged closer to a recession that would hurt corporate profits in the U.S. The first earnings reports from American companies did- n't add much encourage- ment. Germany reported that its economy, the largest in Europe, shrank slightly at the end of last year. And the European Union revised its figures for eco- nomic growth in the third quarter to 0.1 percent, its The Dow edges lower on new Europe worries Wall Street NEW YORK (AP) — slowest pace in more than two years. ''Europe is still the main risk,'' said Jeffrey Kleintop, chief market strategist at LPL Financial. ''Yes, they've been mak- ing progress on their bud- gets, but they clearly have growth problems.'' The Dow dropped 13.02 points, or 0.1 per- cent, to close at 12,449.45 in another day of light trading. The other two main U.S. indexes eked Seventh Day Adventist Church 720 South Jackson St., Red Bluff Showing Live Via Satellite at the Starting January 20th @ 7pm Please Join Us out slight gains. The European Com- mission also said Hungary has taken ''no effective action'' to contain its bud- get deficit. Stock markets in Germany and France fell slightly, and the euro dropped half a penny against the dollar, to $1.27. Worries over Europe stoked demand for Trea- surys and lowered the cost of borrowing for the feder- al government. The Trea- sury sold 10-year notes at the lowest rate on record Wednesday, 1.90 percent. The United States depends on Europe to buy about 20 percent of its exports, and concerns about Europe have led analysts to lower their profit estimates for U.S. companies. J. E. C. 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The Nasdaq has Profits at S&P 500 companies are expected to rise 7.2 percent for the last three months of 2011, according to Standard & Poor's Capital IQ. That's much lower than the 17.6 percent growth reported in the third quarter. Judging by the S&P 500 index, investors seem to think earnings could fall much further, Kleintop said. The index is trading at about 13 times the past year's earnings of its com- panies — close to what it was at the end of 1990, when the economy was in recession. Earnings fell 20 percent during that down- turn. The S&P 500 gained 0.4 of a point on Wednes- day to 1,292.48. The Nas- daq composite index rose gained 4 percent this year, the most of the major indexes. Supervalu, a grocery store operator, plunged after reporting a wider- than-expected quarterly loss because of high food prices and costs related to a turnaround plan. Its stock lost 12 percent. Orange juice prices set- tled lower Wednesday. They hit their highest lev- els since 2007 on Tuesday when the U.S. government said that a potentially harmful fungicide had been found in Brazilian imports. The futures contract for orange juice fell to $1.88 from $2.08 the day before. Futures have been rising since December, largely over concerns that cold weather in Florida could damage the crop there. Even with Wednesday's decline, OJ is up 14 per- cent from its recent low of $1.65 on Dec. 21. The recent jump in orange juice futures hit Coca-Cola, owner of Minute Maid, and Pepsi- Co, which has Tropicana. Coca-Cola sank 1.8 per- cent. PepsiCo fell 1 per- cent. & Saturday 14th