Issue link: https://www.epageflip.net/i/64367
8B Daily News – Thursday, May 3, 2012 Furniture Depot 235 So. Main St., Red Bluff 527-1657 SAT. 9:00-5:00 • SUN. 11:00-5:00 MON.-FRI. 9:00-6:00 NEW YORK (AP) — When hiring slumps, so do stock prices. That was at least the message investors sent Wednesday, when they ignored flashes of positive news about the economy and instead homed in on troubling reports about jobs in the U.S. and Europe. The Dow Jones indus- Furniture Depot would like to introduce the 10 Stop by and see how affordable owning a Tempur-pedic can be Discouraging jobs news leaves stock prices mixed Wall Street to run,'' said Karyn Cavanaugh, market strate- gist with ING Investment Management in New York. ''It doesn't always go up in a straight line.'' trial average fell as much as 87 points after a compa- ny that tracks payrolls said the U.S. added far fewer jobs in April than in March. The Dow ended the day down 10.75 points, at 13,268.57. It was a turn from the day before, when investors chose to focus on a couple of positive reports on U.S. manufacturing and sent the Dow up 66 points to its highest close in more than four years. While the market's day- to-day fluctuations may be difficult to predict, some investors say they're cer- tain that stocks will gener- ally climb for the rest of the year. As justification, they cite strong first-quar- ter earnings. The Standard & Poor's 500 fell 3.51 points to 1,402.31. The Nasdaq composite index was the outlier. It fell throughout the morning, then finished up 9.41 points at 3,059.85. The report on private sector hiring weighed on investors, who see jobs as the key ingredient to an economic recovery. The payroll processor, prise like it was early last year.'' In U.S. stocks, one of the biggest losses came at Chesapeake Energy, which plunged 15 percent. The company had reported a first-quarter loss after the market closed Tuesday. It is also under fire for a mas- sive pay package to CEO Aubrey McClendon and questions about his taking out big loans from compa- nies that do business with Chesapeake. This week, the company stripped McClendon of his role as board chairman. ADP, said U.S. businesses added 119,000 jobs in April, down from 201,000 in March. The government releases its monthly fig- ures, which include the public sector, on Friday. The two reports can vary sharply. Of the 330 companies on the S&P 500 that have reported first-quarter earn- ings, 77 percent have beat- en the estimates of stock analysts, said John Butters, senior earnings analyst at FactSet, a provider of financial data. ''The market has room Another jobs report from Europe underscored the gravity of the continu- ing debt crisis there. The 17 countries that use the euro reported that unem- ployment rose to 10.9 per- cent in March, the highest since the euro launched in 1999. Wednesday, McClendon said he was ''deeply sorry for all the distractions'' but also said there was ''a great deal of misinformation'' circulating about himself and the company. In an earnings call Markets fell across most of Europe, including Germany and Greece. There was also good news out of Europe, even if it didn't seem to sway investors. Standard & Poor's lifted Greece's credit rating out of default, noting how the country had recently secured a massive writedown on its debt to private investors. Germany also reported that the number of people seeking work in April slipped below 3 million, a psychologically important barrier that it hasn't broken in that month for two decades. Todd Salamone, direc- tor of research for Schaef- fer's Investment Research in Cincinnati, downplayed concerns about Europe. Investors have had a long time to digest any bad news and shouldn't be too shaken by daily develop- ments, even if the head- lines seem panicky, he said. ''U.S. stocks have become more resilient, especially to the European headlines,'' Salamone said. ''Any negative news out of Europe is not a major sur- Ascena Retail Group shot up more than 10 per- cent after announcing it plans to buy rival Charm- ing Shoppes. Ascena runs dressbarn, maurices and Justice, which are clothing chains for women and girls. The purchase will add Lane Bryant, Cather- ines and Fashion Bug to its portfolio. Energizer Holdings, parent of the eponymous batteries, popped more than 9 percent after report- ing higher revenue and earnings. The company said that sales of Schick razors helped results. California lawmakers: No repeal of foie gras ban SACRAMENTO (AP) — California's legislative leaders said Wednesday they will not help a group of chefs who want to overturn an impending foie gras ban. About 100 California chefs signed a petition Monday ask- ing to keep the duck- and LASSEN MEDICAL GROUP Expands Red Bluff Urgent Care to 7 days a week. www.lassenmedical.com 2450 Sister Mary Columba Drive (530) 527-0414 goose-liver delicacy legal with additional regulations. But no lawmaker has offered to take up their cause and sponsor a bill to overturn the 2004 law establishing the ban, which is scheduled to take effect July 1. ''I'm not going to allow an Over 25 years of experience The North State's premier supplier of stoves STOVE JUNCTION Wood Burning Stoves Did you know? We've Got Exempt From No Burn Days! Serving Butte, Glenn & Tehama Counties 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 recommened 30K, 60K, 90K SERVICES AT LOWER PRICES All makes and models. We perform dealer Smog Check starting at$ Pass or FREE retest 527-9841 • 195 S. Main St. (most cars and pick-ups) 2595 + cert. Daycare EMS Approved Pediatric CPR/First Aid Industrial OSHA Approved CPR/First Aid Public Adult CPR & First Aid Wilderness First Aid Babysitting Safety Youth Water Safety Daily and affordable classes: AHA/HCP or Pro-CPR 530-527-4997 80 Gurnsey Ave. - Red Bluff, CA 96080 (Behind Guy Rents) margescpr@juno.com issue like that to preoccupy the legislature,'' Senate Presi- dent Pro Tem Darrell Stein- berg, D-Sacramento, told a gathering of reporters. John Vigna, a spokesman for Assembly Speaker John Perez, said lawmakers need to focus on the governor's revised budget plan in the coming weeks. Foie gras is created by the funnel-forced ingestion of large amounts of feed into the duck's esophagus. Eventually the liver grows to more than 10 times its normal size. Nate Ballard, a spokesman Albertson Training Center for the coalition of chefs, acknowledged that repealing the ban in the coming weeks would be a heavy lift. ''Even if the ban does go into effect, we will keep mov- ing forward,'' he said. ''Prohi- bition has never worked in this country.'' James W. Tysinger, Jr. M.D. Eye Physician & Surgeon Fellow American Academy of Ophthalmology We accept Medical, Medicare & most Insurances Office Hours: Tues-Wed-Thurs 8am-4:30pm Mon & Fri 1pm-4:30pm For Emergencies, After Hours, Week-ends, Call 530-567-5001 345 Hickory St. Red Bluff Tel: (530) 529-4733 Fax: (530) 529-1114 The