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12A Daily News – Saturday, March 24, 2012 Furniture Depot 235 So. Main St., Red Bluff 527-1657 MON.-FRI. 9:00-6:00 SAT. 9:00-5:00 • SUN. 11:00-5:00 *"no sales tax" in reference to discount given equal to the amount of calculated sales tax. NEW YORK (AP) — Stocks eked out a small gain at the end of a rough week in which the market was weighed down by prospects of a global eco- nomic slowdown. The Dow on Friday closed up 34.59 points, or 0.3 percent, at 13,080.73. Financial stocks per- formed well, led by a 2.6 percent gain for Bank of America. For the week, the Dow Jones industrial average was off 152 points, the worst in a month despite reports of strengthening in the U.S. jobs market and better corporate prof- its. Investors were wor- ried about a slowdown in Asia and Europe and the impact of higher oil prices on consumer spending. Home builders and home improvement stocks fell Friday after the Commerce Department said sales of new homes fell 1.6 percent last month. PulteGroup fell 2.6 percent and Lennar declined 1 percent, while Lowe's and Home Depot fell a little less than 1 per- cent. In other trading, the Standard & Poor's 500 index inched up 4.33 points, or 0.3 percent, to 1,397.11 and the Nasdaq composite rose 4.6 points, or 0.1 percent, to 3,067.92. A wide range of com- panies including Nike, Oracle, FedEx, and Tiffany have reported stellar earnings this week. However, those accom- plishments were marred by worries of the effect of a slowdown in Asia and Europe on the companies that rely on global sales. Reports in China and Europe earlier in the week pointed to a likely slowdown in those economies. Nike was off 3.2 per- cent, FedEx down less than 1 percent and Tiffany was off 1.4 percent. ''Investors are scared so they're seeing a glass half empty rather than a glass half full,'' said Rob Lutts, president at Cabot Money Management. American consumers, who drive two-thirds of the economy, are spend- ing more in stores and restaurants. But investors are worried about how long that will last if oil prices continue to rise. Darden Restaurants, which operates Olive Gar- den and Red Lobster, beat Wall Street forecasts with an 8.5 percent increase in profits after warm weath- er brought more people to its restaurants. But Dard- en stock fell 1.7 percent. Crude oil rose 1.4 per- cent after a brief down- turn Thursday. Gasoline has risen 59 cents per gal- lon since Jan. 1 and the average price nationwide is above $4 in at least eight states, plus the Dis- trict of Columbia. And then there is China and Europe. New surveys showed a contrac- tion in the manufacturing sector in China, a bell- wether for world demand as it produces and exports SALE throughout the store Stocks edge up but global economic worries linger Wall Street a huge amount of con- sumer goods. In Europe, Ireland dipped back into recession. However, Lutts believe the worries are overblown. ''Though China is slowing, I'm not that worried because the government will do all it can to get growth back on track,'' he said. Treasury prices and gold rose. The yield on the benchmark 10-year Treasury note fell to 2.23 percent. In other corporate news: — Micron Technology fell 3.6 percent, one of the biggest drops in the S&P 500. The maker of com- puter chips and flash memory reported a larger loss than analysts expect- ed after the market closed Thursday. — KB Home stock plunged 8.5 percent after it said there was a spike in cancellations of contracts for new homes between December and February, driving its home orders down 8 percent. Buyers canceled orders because KB Home raised prices and some mortgage lenders backed away from making loans. — Fertilizer maker Mosaic Co. was up 2.5 percent after JPMorgan analysts upgraded the stock for securing new contracts. — Morgan Stanley stock moved up 3.8 per- cent, after a Credit Suisse analyst upgraded its stock on an improved outlook for its investment banking business. Jim Kim: Obama makes surprise pick for World Bank WASHINGTON (AP) — Passing over better- known candidates, Presi- dent Barack Obama on Friday nominated global health expert and Dart- mouth College President Jim Yong Kim to lead the World Bank. It was a sur- prise pick aimed in part at fending off challenges from developing nations eager to end the U.S. monopoly of the top job at the international institu- tion. Obama's appointment all but guarantees that Kim, a 52-year-old physi- cian and pioneer in treat- ing HIV/AIDS and tuber- culosis in the developing world, will take over at the helm of the World Bank. Though he was born in South Korea, he will extend a tradition of American presidents dat- ing back to the organiza- tion's founding in 1944. The 187-nation World Bank focuses on fighting poverty and promoting development. It is a lead- ing source of development loans for countries seeking financing to build dams, roads and other infrastruc- ture projects. Several developing nations had sought to break the U.S. leadership streak when current Bank President Robert Zoellick announced he would step down at the end of June. That put Obama in the del- icate position of balancing his desire to see emerging economies step forward on the world stage and the pressures of an election year. His support for a non-U.S. candidate could have provoked fresh criti- cism from Republicans, who frequently question whether Obama believes in the notion of ''American exceptionalism.'' As Obama announced Kim's nomination from the White House Rose Garden on Friday morn- ing, he tried to make the case that an American with a unique background and broad international experience would be a committed representative of the developing world's interests. ''Jim has truly global experience. He has worked from Asia to Africa to the Americas, from capitals to small villages,'' Obama The North State's premier supplier of stoves STOVE JUNCTION The Over 25 years of experience Accessories with purchase of any stove 20% OFF Stove Good through March 31, 2012 Tues-Sat 9am-5pm • Closed Sun & Mon 22825 Antelope Blvd., Red Bluff 530-528-2221 • Fax 530-528-2229 www.thestovejunction.com COMPLETE AUTO REPAIR 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. Your tax experts 32 Years Plus Experience "Enrolled to practice before the IRS" Open Year-Round New Clients Welcome www.lassentax.com Enrolled Agents: Rose Hablitzel, EA Rex Cerro, EA (530) 527-8225 208 Elm St., Red Bluff All major Credit Cards accepted said. ''His personal story exemplifies the great diversity to our country.'' In addition to Kim, Obama was joined in the Rose Garden by Treasury Secretary Timothy Geithn- er and Secretary of State Hillary Rodham Clinton, both of whom could have had the job but were not interested. Senior adminis- tration officials said it was Clinton who first recom- mended Kim to Obama. Obama, aware of the concerns of the developing world, expanded his search beyond the usual slate of high-ranking gov- ernment officials and prominent business lead- ers. Officials described internal White House strategy only on condition of anonymity. ''It's time for a devel- opment professional to lead the world's largest development agency,'' Obama said as he announced the nomina- tion. The World Bank's 25- member executive board will officially select a new president next month. But given that the U.S, as the world's largest economy, has the largest percentage of the votes, Kim is expected to prevail. He was widely praised by officials in the U.S. and overseas. Former President Bill Clinton, who advocated for Kim during Obama's selection process, said in a state- ment that the nominee was ''an inspired and out- standing choice.'' Rwan- dan President Paul Kagame said Kim was ''a true friend of Africa'' and ''a leader who knows what it takes to address poverty.''