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4B Daily News – Thursday, May 31, 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 In the United States, where concerns about Europe have already wiped out most of this year's gains for stocks, major averages fell more than 1 percent. The Dow Jones industrial average closed down 161 points. With Spain's banking system teetering and Greece's political future unclear ahead of crucial (AP) — Fearing a finan- cial rupture in Europe, investors around the world fled from risk Wednesday. They punished stocks and the euro, and the yield on a benchmark U.S. bond hit its lowest point since World War II. elections next month, Euro- pean stocks lost even more. The euro dropped below $1.24, to its lowest point since the summer of 2010. ''Everyone's just afraid that if Europe doesn't get its act together, there will be a big spillover in the U.S.,'' said Peter Tchir, manager of the hedge fund TF Market Advisors. over Europe's future was reminiscent of the financial crisis in the fall of 2008, when it was briefly unclear whether banks would be bailed out and ''we had He said the uncertainty these giant swings up and down.'' Wall Street, which woke up to increased anxiety over higher Spanish borrowing rates, was down from the opening bell. The Dow closed down 160.83 points, or 1.3 per- cent, at 12,419.86. The Dow has had a miserable May, losing more than 6 percent, and is on track for its first losing month since Septem- ber. 500 index lost 19.10 points to 1,313.32. The Nasdaq composite index fell 33.63 to 2,837.36. Energy stocks were hit hardest because of a big drop in the price of oil, The Standard & Poor's Furniture Depot would like to introduce the 10 Stop by and see how affordable owning a Tempur-pedic can be Europe worries stalk Wall Street; Dow loses 161 Wall Street but stocks in all major industries fell. day's sell-off was Spain, where the banking system is under strain a week after its fourth-largest bank required $23.8 billion in government aid to cover souring real estate loans. Investors are increasing- The trigger for Wednes- ly worried that problems at the bank, Bankia, might recur at other Spanish banks. Many lent heavily during the nation's real estate bubble. Losses from the real estate crash might be too big for Spain's gov- ernment to shoulder. Spain has enacted harsh government spending cuts to bring its budget deficit within strict new European guidelines. But the country is in a recession, has 25 per- cent unemployment and might need a bailout, like Greece, Ireland and Portu- gal. On Wednesday, borrow- ing rates rose sharply for Spain and Italy, which are seen as the next problem cases in a debt crisis that has rocked global markets for more than two years. Traders dumped bonds issued by those govern- ments. Intense demand for low- risk, easily tradable securi- ties led investors to buy U.S. government debt. The yield on the 10-year Treasury note plunged to 1.61 per- cent from 1.74 percent late Tuesday. Wednesday's yield appeared to be the lowest since 1945, said Bill O'Donnell, head of U.S. Treasury strategy at the Royal Bank of Scotland, cit- ing data from the European Central Bank and other sources. The yield on Spain's 10- year bonds, a key indicator of market confidence in the country's ability to pay down its debt, shot as high as 6.69 percent, the highest since the euro currency was launched in 2002. C & C PROPERTIES Federal Reserve daily records only go back to 1962, and those reflect a previous record of 1.70 per- cent, set May 17. ''There's just a massive flight to safe-haven assets today,'' O'Donnell said. He characterized the rush into U.S. bonds by cit- ing a well-known, unsa- vory analogy made by Richard Fisher, the head of the Federal Reserve's Dal- las bank: ''The U.S. is the prettiest horse in the glue factory.'' Yields on German gov- ernment bonds, also seen as safe, turned lower. lurked around every corner: The European Commission said consumer confidence fell sharply across the region last month. Spaniards withdrew money from their banks, spreading fear about the Spanish gov- ernment's ability to go on without itself being bailed out. Spain's main stock index closed down 2.6 per- cent. Concern about Europe An opinion poll in Greece showed that the far- left Syriza party is gaining support ahead of elections June 17. Syriza opposes the system of bailouts and sharp budget cuts that have kept Greece afloat but also gut- ted its economy. 741 Main Street, Suite #2 Red Bluff, CA 96080 1-800-287-2187 (530) 527-2187 An Independently owned and operated Member of Coldwell Banker Residential Affiliates. FOR 24/7 PROPERTY INFO CALL 1-888-902-7253 AND ENTER THE PROPERTY CODE FROM THE AD. 2 bd 2 ba 1000 sq.ft. $9,999 2 bd 2 ba 1248 sq. ft. $29,900 2 bd 2 ba 1433 sq.ft. $29,900 2 bd 2 ba 1344 sq.ft. $29,995 3 bd 2 ba 1056 sq.ft. $32,000 2 bd 1 ba 1106 sq.ft. $40,000 4 bd 2 ba 1782 sq.ft. $65,000 1 bd 1 ba 912 sq.ft. $72,000 3 bd 2 ba 1496 sq.ft. $82,900 3 bd 2 ba 1344 sq.ft. $85,500 3 bd 2 ba 1512 sq.ft. $107,000 3 bd 2 ba 1643 sq.ft. $114,300 2 bd 2 ba 1248 sq.ft. $115,000 3 bd 1 ba 2200 sq.ft. $120,000 2 bd 2 ba 1312 sq.ft. $140,000 3 bd 2 ba 1152 sq.ft. $165,000 3 bd 2 ba 1596 sq.ft. $179,500 4 bd 3 ba 2052 sq.ft. $192,500 3 bd 2 ba 1224 sq.ft. $199,000 FORECLOSURES AND HOMES UNDER $200,000 Prop Code CB4249 Prop Code CB4359 Prop Code CB4209 Prop Code CB24469 Prop Code CB4089 Prop Code CB4389 Prop Code CB4059 Prop Code CB4129 Prop Code CB4399 Prop Code CB4119 Prop Code CB4289 Prop Code CB4199 Prop Code CB4949 Prop Code CB4049 Prop Code CB4069 Prop Code CB4109 Prop Code CB4899 Prop Code CB4439 Prop Code CB4229 TEHAMA COUNTY REAL ESTATE TEAM • OPEN 7 DAYS A WEEK www.redbluffcoldwellbanker.com See All Tehama County Listings at