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10B Daily News – Saturday, August 11, 2012 Furniture DEPOT 235 S Main St., Red Bluff 530 527-1657 www.thefurnituredepot.net HOURS: MONDAY-FRIDAY 9:00-6:00 SATURDAY 9:00-5:00 • SUNDAY 11:00-5:00 NEW YORK (AP) — The market had a wishy- washy Friday, capping an equally directionless week. Wishy-washy stock market ends slightly higher Wall Street Stocks inched down for most of the day. Then, with 45 minutes of trading left, the Dow Jones indus- trial average turned posi- tive. The Standard & Poor's 500 and the Nasdaq composite soon followed. All ended the day slightly higher. In a week with no major developments in Europe's debt crisis, and no surprising reports on the U.S. economy, the market struggled to figure out which way to go. The three indexes rose incre- mentally on Monday and Tuesday and were mixed on Wednesday and Thurs- day. grown used to triple-digit swings on the Dow, this week brought none — the first time since early May that that's happened. It was a marked change from the same week a year ago. Back then, the Dow swung by triple digits every day, including one plunge of 634 points, after a down- In a market that has grade of the U.S. debt rat- ing. This week, the biggest move was a measly 51- point rise on Tuesday. With many money managers on vacation, trading volume was low. ''The sound of silence'' is how Bank of America Merrill Lynch economist Ethan Harris labeled a note to clients Friday. Sure, there were piece- meal signs about the world economy for anyone who was looking. But they were less than decisive. The second-quarter earnings season continued to wind down calmly, with most companies coming in RED TAG ITEMS 1/2 off sign that investors are ner- vous about its ability to pay its debts. Manchester United, the white-hot British soccer club, had a lethargic debut as a public company. The stock closed exactly where it opened, at $14, likely a sign that investors are wor- ried about its heavy debts. A few stocks did make ahead of profit predictions. But China reported a trou- bling slowdown in its export growth. And the so- called fiscal cliff of 2013, when government spend- ing cuts and higher taxes kick in, looms larger now that earnings season is out of the way. ''There are three big elephants in the room,'' said Marty Leclerc, chief investment officer of Bar- rack Yard Advisors in Bryn Mawr, Penn. ''A slowdown in Asia growth, the European crisis ... and the U.S. 'fiscal cliff.' " To be sure, stocks have Nasdaq composite rose 2.22 to 3,020.86. risen fairly steadily since the U.S. debt downgrade last August. Compared to a year ago, the Dow Jones industrial average is up 23 percent. Friday, the Dow ended up 42.76 points at 13,207.95. The S&P 500 rose 3.07 to 1,405.87. The relative good cheer doesn't necessarily mean the underlying economy is improving. Instead, the market gains are more a sign that central banks like the Federal Reserve are still willing to artificially prop up the economy, said Bill Strazzullo, chief mar- ket strategist at Bell Curve Trading outside Boston. ''You've got every cen- tral bank out there saying, 'We're going to print as much money as it takes, we're going to buy as many bonds as it takes,' " Strazzullo said. But the stock market's Europe, the cause of so much market consterna- tion for so many months, was quiet. Benchmark indexes fell slightly in France, Germany and Spain. Italy's long-term borrowing costs jumped, a big moves. J.C. Penney jumped 6 percent, rising $1.30 to $23.40, after CEO Ron Johnson laid out more of his vision for turn- ing around the struggling department store compa- ny. Lions Gate, the movie and TV studio, gained 21 cents to $13.46, after reporting a revenue surge thanks to ''The Hunger Games.'' Chesapeake Energy fell 3 percent, slipping 63 cents to $19.68, after reporting that the govern- ment is investigating pos- sible antitrust violations surrounding its purchase of oil and gas land in Michigan. Yahoo fell 5 percent, losing 86 cents to $15.15, after revealing that shareholders might not get a payout that the company had previously planned. export growth slumped to 1 percent in July from more than 11 percent in June, as debt-burdened Europe pulled back on buying Chinese goods. China reported that its Membership Specials Student 3 Month $89 Couple $199 Family of 3 $249 Family of 4 $269 Family of 5 $299 Specials for new members only 3 months specials must be paid in full Children must be under 18 to be included to family memberships Tehama Family Fitness Center www.tehamafamilyfitness.com 2498 South Main St Red Bluff 528-8656