Issue link: https://www.epageflip.net/i/69269
8A Daily News – Friday, June 8, 2012 Investors didn't hear what they wanted from Federal Reserve Chairman Ben Bernanke. NEW YORK (AP) — faded in the afternoon Thursday after Bernanke signaled no immediate fur- ther steps from the Fed to stoke economic growth in the United States, which has shown signs of faltering. A report that Americans cut back sharply on their An early rally in stocks Stock rally fades; no immediate help from Fed Wall Street step in preventing another financial crisis. The Dow Jones industri- credit card purchases in April, suggesting con- sumers were losing confi- dence in the economy, also took some steam out of the market. Bank stocks also lost ground late in the day after the Fed said it wants U.S. banks to set aside more money to cushion against unexpected losses, a key al average had been up as much as 140 points but closed up 46.17 points, or 0.3 percent, at 12,460.96. ''The market is addicted to easy money, and Bernanke has the job of not pulling the trigger unless the situation needs stabilizing,'' said Doug Roberts, chief investment strategist at the investment company Chan- On Thursday, the early rally in stocks came after China cut its benchmark lending rate for the first time in nearly four years, adding to efforts to reverse a sharp The Fed chairman said the central bank was ''pre- pared to take action as need- ed to protect the U.S. finan- cial system and economy in the event that financial stresses escalate.'' Weaker hiring in May and comments by a Fed regional president had led some investors to hope that the Fed might try some- thing new. The stock mar- ket enjoyed its biggest rally of the year on Wednesday. nel Capital Research. Bernanke told a joint economic committee in Congress that the Fed was ready to act if the economy needs it, but he did not spell out any additional steps on the way. slowdown in economic growth there. ''China is the world's economic locomotive at the moment, and it can't afford Over 25 years of experience The North State's premier supplier of stoves STOVE JUNCTION 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) 2595 + cert. Wood Burning Stoves Did you know? We've Got Exempt From No Burn Days! Serving Butte, Glenn & Tehama Counties Tues-Sat 9am-5pm • Closed Sun & Mon 22825 Antelope Blvd., Red Bluff 530-528-2221 • Fax 530-528-2229 www.thestovejunction.com to slow down at a time when other major economies are in precarious positions,'' said Matthew Kaufler, port- folio manager at mutual fund group Federated Investors. ket drifted lower during the afternoon as well. The Standard & Poor's 500 index ended down 0.14 point at 1,314.99. The Nas- daq composite index fin- ished down 13.70 points at 2,831.02. The broader stock mar- heavily on the Chinese mar- ket for sales were among the biggest gainers on the New York Stock Exchange. Heavy equipment maker Caterpillar rose 48 cents to $87.14. Industrial stocks that rely The price of gold, which since 2009 has often surged as the Fed has bought bonds to stimulate the economy, fell almost 3 percent after Bernanke's testimony. Gold declined $46 an ounce, the biggest decline since April, to $1,588. 604 Main St. Red Bluff (530) 529-5154 www.redblufflosmariachis.com Buy any 2 breakfast on menu for only $8 Breakfast Special 2 for $ 800 Breakfast served Mon-Fri, 9am-11am Cannot be used with other specials. Limit to one per party per day. Good through June 30, 2012 Mon-Fri 9am-11am Lunch & Dinner: Mon-Thurs 9am-9pm Fri-Sat-Sun 9am-9:30pm Breakfast: The