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10A Daily News – Saturday, May 19, 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 (AP) —It's going to take more than Facebook's initial public offering to push the stock market higher. Facebook shares rose 23 cents above their $38 offer- ing price. It seemed like everything else fell. The Dow Jones industri- al average has been in a slump over the past two weeks as traders saw an escalating risk that Greece could leave the euro, caus- ing more disruptions in mar- Furniture Depot would like to introduce the 10 Stop by and see how affordable owning a Tempur-pedic can be Stocks fall on Europe worries; Facebook debuts Wall Street closed at $38.23. Europe was the bigger The Red Bluff Pro-Am Committee thanks the following Sponsors for their tremendous support and encouragement: 2012 Diamond Sponsors LES SCHWAB TIRES Platinum Sponsors ROLLING HILLS CASINO BIG O TIRES CORNERSTONE COMMUNITY BANK SCOTT VALLEY BANK DON ANDERSON DUANE K. MILLER CIVIL ENGINEERING THE GOLF CLUB OF TIERRA OAKS REDWOOD EMPIRE Team Sponsors WAYNE'S GUIDE SERVICE DAVE CARR GOLF INSTRUCTION GROWNEY MOTORS B & T MASONRY LOU SARONI SHASTA PIZZA COMPANY ANDERSON TUCKER OAKS GC GOVER RANCH EAGLE'S NEST PIZZA TEDON SPECIALTIES MAC MCDONALD DARKHORSE GOLF CLUB GARY GANS MORGAN CREEK GOLF CLUB SEALE RECYCLING CENTER JUDSON ENGINEERING THE DEWILDT FAMILY YAMAHA GOLF CAR JOE DOMINICK Committee Members ROY & JOAN CHRIST PAUL & TONNIE SPENCER JIM SEALS BILL DEWILDT TONY'S REFRIGERATION COORS LIGHT PEPSI ThankYou kets. Remember the go-go days of May 1, 2012? The Dow was up 8.7 percent for the year. After Friday, it's up just 1.2 percent. On Friday the Dow Jones industrial average dropped 73.11 points, to close at 12,369.38. It fell 3.5 percent for the week. The Dow has now declined on 12 of the last 13 trading days. Nine of the 10 industry groups in the Standard & Poor's 500 index fell. Finan- cials dropped the most, 1.1 percent. worry for investors. The Fitch ratings agency dropped Greece to the low- est possible grade for a country not in default Thurs- day. Fitch said Greece's departure from the euro ''would be probable'' if elections next month do not reverse political trends in Greece, which have brought in politicians opposed to the terms of Europe's bailout. Also, ratings agency Borrowing costs for Italy rose slightly to 5.76 percent on Friday. The yield on Spain's 10-year bond fell slightly to 6.2 percent, a level that's still very high by historic standards. European shares edged First, Facebook. Trading for the year's most eagerly awaited initial public offering was delayed about 30 minutes because of a glitch at Nasdaq. Nasdaq said the problem was with sending messages about whether trades had been executed. It was almost two- and-a-half hours before it said its trade messages were working normally. The glitch sent shares of Nasdaq OMX Group Inc., parent company of the Nas- daq market, down 4.4 per- cent. Facebook shares were priced at $38 and initially traded as high as $45. They Moody's downgraded 16 Spanish banks late Thurs- day, three days after down- grading Italy's, noting they are vulnerable to huge losses on government debt. Representatives of the G- 8 are meeting this weekend at Camp David, looking for assurances that leaders in Europe can contain damage if Greece leaves the euro. ''Despite all the attention on the Facebook IPO, I think there's still lots of underlying uncertainty sur- rounding this European debt situation,'' said Scott Wren, senior equity strategist for Wells Fargo Advisors in St. Louis. ''This Greek situation isn't good. I think it's going to get worse before it gets better. Probably the same with Spain.'' Food Mart 782 Antelope Blvd., Red Bluff (One block east of the fairgrounds) (530) 529-2923 Dyed Diesel Dyed Kerosene Redding Oil - Fisher Oil • RETAIL • CARDLOCK lower, following several days of big losses. Britain's FTSE 100 fell 0.1 percent, Germany's DAX lost 0.6 percent and France's CAC- 40 fell 0.1 percent. ''The serious investors remain very concerned about the developments in Europe,'' said Jim Russell, regional investment director for US Bank Wealth Man- agement in Cincinnati. ''We think Facebook is a little bit of a sideshow. Great compa- ny. But maybe one that's valued on the high side of most people's tastes.'' The Standard & Poor's 500 index fell 9.64 points to close at 1,295.22. The Nas- daq composite index fell 34.90 points, or 1.2 percent, to close at 2,778.79. Hewlett-Packard fell 2.7 percent — the biggest decline among the Dow's 30 stocks — after it said it might eliminate up to 30,000 jobs because of dwindling demand for per- sonal computers. Gap fell 2.3 percent even though it issued higher guid- ance for the year. • CASH • BANKCARD • YOUR CONTAINER