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10B Daily News – Tuesday, May 8, 2012 NEW YORK (AP) — Stock markets recovered around the world follow- ing an early stumble caused by election results in France and Greece that appeared to jeopardize Europe's plans for fight- ing its debt crisis. Greek voters over the Markets recover from stumble over Europe elections Wall Street weekend punished main- stream politicians who had backed cost-cutting plans demanded by the country's international lenders, leaving the coun- try without clear leader- ship. In France President Nicolas Sarkozy was thrown out in favor of Socialist Francois Hol- lande, who pledged ''to finish with austerity.'' Investors on Monday worried that the shifting political landscape in Europe could undermine the region's long battle to Crafts & More Under new ownership BOOTH RENTALS NOW OFFERING VENDOR DEALS VENDORS WANTED! 650 Main St., Red Bluff 530 528-2723 Tues.-Fri. 10:30-5:30 Sat. 11-3 • Closed Sun. & Mon. 442 Walnut St., Red Bluff Dayspring Cards All Day, Every Day Prison Bible Outreach Program. Know someone incarcerated you'd like to send a Bible to? Ask about our 20% OFF! 530-527-7663 Monday-Friday 10-6 GROWNEY MOTORS 530-527-1034 keep its shared currency intact and restore the faith of global investors. Euro- pean markets slumped early on, but closed higher after worries about the political changes dissipated and investors focused on Hol- lande's pledges to encour- age economic growth. Investors were also euro also recovered ground it lost against the dollar. In the U.S., the Dow Jones industrial average fell as much as 68 points in early trading, but recouped its losses and even gained 10 points by the afternoon. The Dow finished the day down 29.74 points, or 0.2 per- cent, at 13,008.53. relieved after Spain announced a plan to pre- sent measures this week to support the country's ail- ing banks. Prime Minister Mariano Rajoy said he would not rule out lending or injecting public money into the country's finan- cial system. The Standard & Poor's 500 also started the day lower but ended up 0.48 points at 1,369.58. The Nasdaq composite index rose 1.4 points to 2,957.76. investment firm Fox Pitt Capital Group. ''There is no reason to cry until you get hurt,'' said Caughey-Forrest. The verdict from Euro- Stocks rose sharply in Spain, ending up 2.7 per- cent. France's main index gained 1.7 percent. The The election results in Europe showed that voters were rejecting the extreme belt-tightening required by international bailouts and favored by Germany's leadership. Investors are waiting hear the newly-elected leaders articulate their visions for how to deal with the euro zone's debt crisis, which is why there is a muted reaction from stock markets, according Kim Caughey-Forrest, equity research analyst at pean voters will likely force leaders there to go back to the table and come up with more acceptable solutions to the debt crisis that has plagued many nations. The deep cuts in government spending have already worsened the situation in many coun- tries, leading them into deeper economic distress and increasing already high unemployment. Many believe the aus- terity programs are neces- sary to keep bond investors from panicking about the possibility that more European nations will default or require bailouts. However, a growing number of politicians, like France's Hollande, say the cuts have been too much, too fast. They say the region's economy can't return to growth unless governments stop tighten- ing the fiscal noose and Complete Autobody Repair INTERCITY BODY & PAINT Factory Trained Specialists In: • Painting • Fiberglass Repair • Exotic Metals • Color Matching • Frame Repair • Spray-In Bedliners • All Auto Manufacturers • Rental Cars Available We accept all Insurance Carriers 530 529-2040 1355 Vista Way, Red Bluff J. C. OLANDER, ATTORNEY AT LAW --STOP Foreclosure-- --STOP Creditor Harassment-- Get REAL, LEGAL, Debt Relief! 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''We are going to hear a more balanced prescrip- tion coming out of the European leadership,'' said Quincy Krosby, a market strategist at insurer Prudential Financial. ''The elections were a strong message for pro- austerity leaders from the people.'' Initially, traders also bought up ultra-safe Trea- surys overnight when stock markets in Europe were falling. That pushed the yield on the 10-year note as low as 1.83 per- cent early Monday morn- ing, a level it hadn't reached since early Febru- ary. However, the yield rebounded to 1.88 percent in late trading, the same level it was at late Friday. Earlier in Asia, Japan's Seng index slid 2.6 per- cent. Among U.S. stocks that made big moves: — Disney rose 2 per- cent after its movie ''The Avengers'' pulled in $80.5 million in its domestic debut Friday, the second- best haul ever on opening day. The movie was made by Disney's Marvel Stu- dios unit and is based on Marvel Comics heroes. — Cognizant Technol- ogy Solutions plunged 19 percent after the informa- tion technology services provider lowered its fore- cast for the full year on low demand, echoing the bleak outlook from other rivals due to uncertainty in the global economy. — Meat products maker Tyson Foods rose over 3 percent after reporting an increase in its second-quarter profit on higher beef and chicken prices. Nikkei index plunged 2.8 percent to its lowest finish in three months. In addi- tion to Europe's elections, it was also the first time for investors in Asia to react to a weak jobs report Friday in the U.S. Hong Kong's benchmark Hang — Frontier Communi- cations fell 7 percent after the regional telecommuni- cations provider said it was losing residential and business customers. The company had bought rural landlines from Verizon Communications two years ago, which led to several quarters of growth last year. 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