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8B Daily News – Wednesday, May 30, 2012 NEW YORK (AP) — The stock market is desper- ately looking for good news. Arare gain for the Dow on hopes for China growth Wall Street cent. its debts. On Tuesday, oil prices fell, the euro sank to a 22- month low, and the yield on the U.S. government's 10- year Treasury note fell near a historic low after a report suggested that Spain will have more trouble repaying In fact, they had one of their best days in an otherwise dreary month. Investors focused on hopes that China is poised to rev up its eco- nomic growth machine and that upcoming elections in Greece will help the country stay in the euro. ''The overriding news But stocks rose anyway. isn't that great,'' said Robert Pavlik, chief market strate- gist at investment advisors Banyan Partners. ''But Greece and China are tak- ing the pressure off the mar- ket in the short term.'' Gains in industrial stocks that depend heavily on the Chinese economy, like Caterpillar and Alcoa, helped push the Dow Jones industrial average up 125.86 points. The Dow closed at 12,580.69, up 1 percent. China is the largest mar- ket for aluminum, which Alcoa makes, and Caterpil- lar recently said it is aggres- sively courting China to sell its construction equipment. Both stocks gained 3 per- Sierra Sound Car Audio 35th $ 226 So. Main St., Red Bluff 527-3735 All CD's 13.99 Anniversary Sale or less for the Dow this month. The index is down 4.8 percent for May and is headed for its first monthly loss since September. The main cul- prits behind the decline have been the increasing likelihood that Greece will drop out of the euro curren- cy and a worsening of Spain's financial condition. Facebook plunged 10 percent to $28.84, shaving $25 billion off from the company's market value in its first seven days of trad- ing. The glitch-plagued IPO has drawn scrutiny from regulators and ire from dis- gruntled investors who had trouble executing trades. Blackberry maker Research in Motion plunged 11 percent in after- hours trading to $10 after the company said it expects to post a loss in its first quar- ter amid tough competition in the smartphone business. The Standard & Poor's It was only the fifth gain catastrophic rift with Greece's international creditors and keep the struggling country within the euro zone. There was also some positive news from the beleaguered U.S. housing market. The Standard & Poor's/Case-Shiller report found that home prices increased in 12 of the 20 cities it tracks. The increase in March from the month before was the first in seven months. It was the latest evidence of a slow recovery taking shape in the troubled housing mar- ket. closed Monday for Memor- ial Day. 500 index closed up 14.60 points at 1,332.42, and the Nasdaq composite added 33.46 points to 2,870.99. 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Crude oil prices have been dropping steadily from $106 four weeks ago amid signs of slowing global growth. Analysts have been con- cerned that Spain and other weak European economies could drag the European Union into recession this year. It would lead to lower demand from Europe, a region that consumes 16 percent of the world's oil. It also could harm trading partners like the U.S. and SACRAMENTO (AP) — California's specialty license plate program has raised roughly $250 mil- lion for a variety of pop- ular causes, from pro- moting the arts to pre- serving Lake Tahoe. Yet there is virtually no inde- pendent oversight of how organizations spend the money. Groups participating in the program must report annually to the state Department of Motor Vehicles about money collected and the China and slow down glob- al demand for oil. The same worries flagged in the report sent the euro to $1.246, its low- est point against the dollar since July 2010. Investors fled to the safety of U.S. government bonds, sending the yield on benchmark 10- year Treasury note as low as 1.71 percent, near an all- time low. Stock investors on Tues- day appeared relieved with news from Greece that a party in favor of abiding by the terms of the country's financial rescue could win in national elections next month. That could avoid a percentage spent to pro- mote the specialty plates, which isn't supposed to exceed 25 percent of the revenue. Spain's ailing banking sec- tor might worsen the Euro- pean debt crisis sent the Spanish stock market to nine-year lows. Other European markets rose. Spain's banks are sitting on huge amounts of soured investments in the coun- try's imploded real estate market. That has led to the recent nationalization of Bankia, the country's fourth-largest lender. Bankia revealed last week that it needs far more money in state aid than pre- viously expected, $23.8 billion. In Europe, concerns that Madrid's Ibex index fell 2.3 percent and Bankia dropped another 13.6 per- cent. CAspecialty plate program gets little oversight Other than that, there is no direct oversight. The nonpartisan Legisla- tive Analyst's Office has never examined the pro- gram, said analyst Farra Bracht. Neither has the independent state audi- tor's office, spokes- woman Dana Braley said. State Assemblyman Jose Solorio, who cham- pioned license plates for pet lovers this year, said state agencies that bene- fit from the program should use extra caution in spending what are essentially donations. Solorio, D-Santa Ana, added that cities and counties that receive funding from those pet plates intended to pro- mote spay and neutering programs will have to report on how the money is spent. ''Both from the fee- payer side as well as from the legislative side, it's our intention that the money go to a very spe- cific place,'' he said. 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