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6A Daily News – Friday, January 20, 2012 NEW YORK (AP) — Strong corporate earnings reports and the lowest unemployment claims in almost four years gave investors more reasons Thursday to take risks on stocks, and the market continued its quiet but solid January climb. The Dow Jones indus- Stocks add to steady climb; Dow gains 45 points Wall Street catching up.'' trial average gained 45.03 points to close at 12,623.98. The Standard & Poor's 500 index added 6.46 points to close at 1,314.50. Both averages are at their highest since July. Volume was slightly above average. The mar- ket has been subdued this year: The S&P has moved up or down 1 percent or more only twice, and the Dow has moved 100 points only once, a 179- point gain on opening day, Jan. 3. But the gains have been steady. The S&P has closed higher 10 of 12 days, and all three major averages have recorded healthy advances for the young year — 3.3 percent for the Dow, 4.4 percent for the S&P and 7 percent for the Nasdaq composite index. Investors appear ready to believe that the eco- nomic recovery is for real and getting stronger. ''The market is screaming loud and clear,'' said Doug Cote, chief market strategist with ING Investment Management. ''Prices have lagged fundamen- tals, and now they're After the market closed, Google stock plunged more than 10 percent after its earnings per share badly missed Wall Street expectations. Intel and Microsoft rose slightly in after-hours trading after more encour- aging reports. In a sign of a bigger appetite for risk, investors moved money out of U.S. debt, a haven during the stock market's volatile second half of 2011. The yield on the 10-year U.S. Treasury note increased to 1.98 percent from 1.90 percent Wednesday. The market was led by industries that tend to per- form best when the econ- omy is getting stronger — consumer discretionary stocks, financials and industrial companies. Of the 10 categories of stocks in the S&P 500, the only one that lost consid- erable ground was utili- ties — a safe play for investors during turbulent times and the best-per- forming category last year. Cote said the market's gains could accelerate as investors begin to focus more on economic funda- mentals in the United States instead of worries about their exposure to risk. And the economic news Thursday was good: The number of people seeking unemployment about the debt crisis in Europe. As global risk factors subside, Cote pre- dicts that markets will see ''a strong snap-back rally.'' Bank of America rose 2 percent and Morgan Stan- ley rose 5 percent after reporting encouraging financial results. Bank of America returned to a profit in the last three months of 2011, while Morgan Stanley's loss was much less than forecast. Renewable Energy Group Inc., the nation's largest producer of biodiesel, edged up 10 cents to $10.10 on its first day of trading. It was the first initial public offering of stock this year. Trading was halted in shares of Eastman Kodak, the iconic photography company, after it filed for Chapter 11 bankruptcy protection. Kodak could not find a buyer for its trove of 1,100 digital imaging patents. The Dow's gain for the day amounted to 0.4 per- cent. The S&P's came to 0.5 percent. The Nasdaq added 18.62 points, or 18.62 points, to close at 2,788.33. Among other stocks in the news: — eBay Inc., the online auction company, rose 3.9 percent after it beat Wall Street earnings forecasts and gave a healthy outlook for the year. — Southwest Airlines Co. rose 3.1 percent after it said its fourth-quarter net income and revenue jumped. Southwest said it expects strong revenue in the first quarter too, based on passenger-booking trends. benefits plummeted last week to 352,000, the fewest since April 2008. The decline added to evi- dence that the job market is strengthening. $6000 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. Red Bluff Businesses! Please participate in the 3rd annual Please download .pdf files of the project info and registration form. Window poster and donor prize registration slip sheet (3 pages total) from: http://tinyurl.com/7laagb9 or email Greg Stevens at The Daily News at gstevens@redbluffdailynews.com and files will be be emailed to you. You can also stop by The Daily News or the Chamber office at 100 Main Street to pick up a printed set. Participating businesses must register by Wednesday, January 25 to be included in lists of participating businesses made available to the public. Help provide food for the hungry this winter… and enjoy customer foot traffic, too! Rodeo & Rural Local Rodeo/Rural Lifestyle News Voices from the Ag Community National Rodeo/Rural Lifestyle News Rodeo/Ag Lifestyle Videos U.S. consumer prices were unchanged last month, a signal inflation is under control. In the housing market, a third straight increase in single- family home building in December was offset by a drop in apartment con- struction. France and Spain also held successful bond auc- tions, easing concerns — Johnson Controls Inc., an auto parts and building equipment maker based in Milwau- kee, fell 8.8 percent. Its profit and revenue fell short of Wall Street fore- casts. It also cut its fore- casts, blaming weaker auto production in Europe, a lower euro and poor demand for batteries. Kodak workers, retirees brace for pain ROCHESTER, N.Y. (AP) — The rip- ple effect from Eastman Kodak Co.'s bankruptcy reorganization extends in many directions: Employees brace again for layoffs, retirees fret over health care coverage, and the photography icon's biggest creditors and stakeholders — from movie studios and big-box retailers to CEO Antonio Perez — are preparing for a sharp sting in their pocketbooks. Rochester mayor Tom Richards described Thursday's Chapter 11 filing as more of a psychological blow than an economic jolt to the city, where Kodak has been the engine of local commerce for 132 years. Its payroll in the medium- sized city along Lake Ontario has slipped below 7,000 from a peak of 60,400 in 1983. ''We have a broader-based economy which is no longer dependent on one industry and one company,'' Richards said. ''We're better off for it. Not what I wish this would happen, but it has hap- pened and we're just going to need to deal with it.'' Unable to keep pace with a lightning shift from film to digital technology over the last decade, Kodak said it has secured $950 million in financing from Citigroup Inc., and expects to be able to operate its business during bankruptcy reorganization and pay employees. The long-awaited move to seek pro- tection from its creditors is ''a necessary step and the right thing to do for the future of Kodak,'' Perez said. One strength Kodak can take into a restructuring effort is its powerful brand name, said Eli Lehrer, who heads the nonprofit Heartland Institute's Center on Finance, Insurance and Real Estate in Washington, D.C. However, ''that doesn't necessarily translate to people keeping their jobs, or stockholders keeping anything,'' Lehrer added. Kodak and its board are being advised by Lazard, FTI Consulting Inc. and Sul- livan & Cromwell LLP. Dominic DiNapoli, vice chairman of FTI Consult- ing, will serve as chief restructuring offi- cer. Kodak expects to complete its U.S.- based restructuring during 2013. "I am excited about D NEWSAILY RED BLUFF TEHAMACOUNTY new online rodeo page online at www.redbluffdailynews.com/rodeo, because it has news and results. Now I don't have to wait till the ProRodeo Sports News arrives. I like it!" Jean Barton, Tehama County Cattlewoman