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8B Daily News – Tuesday, July 3, 2012 Investors rejoiced over Europe last week. On Mon- day, they got back to worry- ing about the United States. Stocks struggled to stay out of the red in quiet holi- day-week trading after a trade group said American manufacturing shrank in June for the first time in almost three years. The Dow Jones industri- NEW YORK (AP) — al average was higher in early trading but fell after the manufacturing report came out at 10 a.m. EDT and never recovered. It fin- ished down 8.70 points at Stocks mixed as American manufacturing slows Wall Street manufacturing were also down. 12,871.39. The Standard & Poor's 500 and the Nasdaq com- posite index both finished slightly higher after hop- ping between small gains and losses. The S&P rose 3.35 to 1,365.51. The Nas- daq rose 16.18 to 2,951.23. Chemical company DuPont fell the most in the Dow. It lost $1.14, or 2.3 percent, to $49.43. Caterpil- lar, General Electric, Alcoa, Exxon Mobil, Boeing and other companies tied to It was a tepid perfor- mance compared with Europe's. Stock indexes in France, Britain and Ger- many rose more than 1 per- cent, still riding the eupho- ria from Friday's announce- ment that European leaders will make it easier for banks to get bailout loans. That news pushed the Dow up 277 points Friday. The government did report a sliver of good news about the U.S. economy Monday, though investors seemed underwhelmed: Through the Newspapers in Education program, area classrooms receive the Red Bluff Daily News every day thanks to the generosity of these local businesses & individuals. THANK YOU FOR SUPPORTING NEWS DAILY RED BLUFF TEHAMACOUNTY E VOICE OF TEHA M A C O U N T Y S I N C E 1 8 8 5 NEWSPAPERS Construction spending rose in May by 0.9 percent, the most in five months. Monday was the first day of trading for the second half of the year. In the first half, the S&P gained more than 8 percent. Several financial analysts said they expected volatile markets, at least through the November presidential election. ''We don't know who it will be,'' said Benjamin Segal, portfolio manager for global equities at Neuberger Berman. ''And even if we did, we don't know the par- ticular policies they'd pur- sue.'' Analysts also cited tax increases and spending cuts scheduled to take effect in January — the so-called fis- cal cliff. Derrick Irwin, portfolio manager for Wells Fargo Advantage Funds, said the U.S. market would ''mud- dle through the foreseeable future.'' Leo Grohowski, chief investment officer of Bank of New York Mellon's wealth management divi- sion, said the market would ''continue to move from hope to despair.'' Investors hope for some clarity later this week. U.S. car companies report monthly sales Tuesday, retailers like Target and Macy's report monthly sales on Thursday, and a closely watched report on U.S. jobs comes out Friday. And though stocks rose in Europe, some analysts wondered how long those gains would last. Previous steps to ease the debt crisis have been met by market The Back Packs ARE HERE! The Back Packs ARE HERE! Look for them at local businesses gains that quickly disap- peared. ''The eurozone is really uncharted territory for a generation of investors,'' Irwin said. ''I think anybody who thinks they really know what is happening there is, at best, guessing.'' The day also brought reminders of how badly Europe needs help: Unem- ployment in the 17 coun- tries that use the euro hit the highest level since the euro was launched in 1999. In France, auditors warned that the country still has a big budget hole to plug. In Cyprus, leaders prepared for talks on its own bailout. And in Germany, the highest court announced it would hear arguments from people who want to block the rescue. The yield on the bench- mark 10-year U.S. Trea- sury note fell to 1.59 per- cent on Monday, down from 1.63 on Friday. 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