Issue link: https://www.epageflip.net/i/66765
10B Daily News – Tuesday, May 22, 2012 Forget Facebook. This is still Apple's stock market. Apple — the world's NEW YORK (AP) — Market breaks losing streak, with China's help —Northern Trust chief investment officer, Katherine Nixon most valuable company, the innovator that revolu- tionized the cell phone — climbed nearly 6 percent on Monday, helping pro- pel major U.S. stock indexes to gains after a solid week of losses. The Standard & Poor's 500, where Apple accounts for 4 percent of the index, enjoyed its best day in nearly five weeks. The Nasdaq composite index, where Apple accounts for an even heftier 12 per- cent, notched its biggest gain of the year. And it was no thanks to Facebook. The social networking giant, on its second day as a public company, plunged 11 per- cent even as the rest of the market rallied. It was tough to pin plunge. Investors also may Wall Street ''I wish I could say the coast is clear. (But) the G-8 didn't really solve anything.'' down any surefire reason for Facebook's stock decline. It did go public during the market's worst week of the year so far, and finished Friday just 23 cents above its open- ing price of $38. But that didn't explain Monday's have been spooked by technical glitches that marred trading right after it opened. But again, those issues appeared to be cleared up by Monday. Apple is also no stranger to fickle investors. Its stock soared 57 percent from the end of last year through April 9, climbing to more than $636 from $405 as iPhone sales seemed unstop- pable. Then it fell for most of April and May, declining to about $530 on Friday, partly because investors are worried that phone companies will grow tired of subsidizing the expensive phones to sell to customers. But Monday's gain of $30.90 to $561.28 — its second-biggest climb of the year so far — came after several analysts said they expect the iPhone business to continue to do well. The benchmark Dow Jones industrial average rose 135.10 points, or 1.1 percent, to 12,504.48. The S&P 500 rose 20.77 points to 1,315.99, and the Nasdaq jumped 68.42 to 2,847.21. That was welcome relief after a month that has been crippled by Greece, which failed to elect a new government two weeks ago and is tee- tering close to leaving the euro. Investors desperate for good news latched on to weekend statements from China's Premier Wen Jiabao, who promised to boost the country's growth, a shift from pre- vious rhetoric that focused mainly on curb- ing inflation. news about Europe con- tinued, but Apple helped investors shrug it off. The weekend's Group of Eight meeting of world leaders brought only an ambigu- ous conclusion, produc- That drumbeat of bad Sierra Sound Car Audio 35th $ 226 So. Main St., Red Bluff 527-3735 All CD's 13.99 Anniversary Sale or less ing promises to pursue growth in Europe but lit- tle in the way of concrete plans for how to do so. ''I wish I could say the coast is clear,'' said Katherine Nixon, chief investment officer for Northern Trust's personal financial services unit in Chicago. But, ''the G-8 didn't really solve any- thing.'' heavily reliant on demand from China, climbed nearly 4 percent to $91.98, just its fourth gain in May. Several big-name financial firms, including Bank of America and Morgan Stanley, declined; bank stocks tend to fall when investors are con- cerned about Europe because of the banks' investments there. JPMor- gan Chase, still smarting from an embarrassing trading loss, fell 3 percent to $32.51 after announc- Caterpillar, which is ing it will halt plans to buy back its own stock. Major stock indexes in France and Germany rose, but Greece and Spain fell. Dow's first gain after six straight days of losses, and only its third up day for May. Last week was the worst for the Dow since November. The month has wiped out nearly three-fourths of the Dow's first-quarter gains. It wasn't clear if Mon- Monday was the day's gains in the U.S. represented a corner turned or a temporary moment of relief. Tension over Europe still flowed freely. finance minister derided a plan pushed by the new French president that would require Germany and other stronger Euro- pean countries to fund ''Eurobonds'' to prop up Germany's deputy Wed-Thurs-Sun 11-8pm • Fri & Sat 11-9pm Knick's Now Open! COMPLETE AUTO REPAIR recommened 30K, 60K, 90K SERVICES AT LOWER PRICES All makes and models. We perform dealer Smog Check starting at$ Pass or FREE retest 527-9841 • 195 S. Main St. (most cars and pick-ups) 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 2595 + cert. Family Fun Zone •Games •Prizes •Food •Birthday Parties •Special Events •Fun for the whole Family! 25 PRIZE TICKETS with this ad. 1 coupon per person Good through 6/30/12 830 Main St., Red Bluff (530) 528-9663 find us on face book ALL NEW FACILITY Your One Stop Convenience Store ONE STOP 714 Walnut St., Red Bluff Tehama County DAILYNEWS Farm Bureau and RED BLUFF TEHAMACOUNTY T H E V O I C E O F T E H A M A C O U N T Y S I N C E 1 8 8 5 Candidates Forum co-sponsoring the The Races Invited: US Representative District 1 Assembly District 3 Superior Court Judge 1 Superior Court Judge 2 Supervisor 1st District Supervisor 2nd District Supervisor 5th District May 23 ★ 6:30 pm Red Bluff Veteran's Hall • CASH • BANKCARD • YOUR CONTAINER Why - So that the voters of Tehama County will be educated and better able to make their voting choices. 5am to 11pm weaker countries like Greece and Portugal. Bankia, a bank national- ized by the Spanish gov- ernment, was ordered to come up with more money for possible bad loans. are growing more worried that the European debt problems ''might not be as manageable as they previously believed,'' said Clark Yingst, chief mar- ket analyst for investment banking firm Joseph Gun- nar in New York. ''Today's rally has noth- ing to do with what is evolving around Greece.'' Leaders of the 27 European Union coun- tries will hold an informal meeting in Brussels on Wednesday, though it's unlikely they'll produce any solid game plan before Greece holds elec- tions in June. If anything, investors