Issue link: https://www.epageflip.net/i/79630
8B Daily News– Wednesday, August 22, 2012 NEW YORK (AP) — The Standard & Poor's 500 index touched its highest point in more than four years Tuesday, helped by more talk that the European Central Bank may buy struggling countries' bonds. But a morning rally faded, and stocks ended lower. The S&P 500 lost 4.96 points to close at 1,413.17, with bank stocks the only group to record a gain. Earlier in the day, the S&P climbed to 1,426, its highest since May 19, 2008. S&P touches highest level since 2008, then falls Wall Street market. The euro surged 1 percent to $1.246. ''It's very much a market analyst at the secu- rities firm Joseph Gunnar, said he thought traders were swayed by reports that the ECB may buy bonds to bring down the borrowing costs of Spain, Italy and other countries. Yingst pointed to cur- Clark Yingst, chief news- and rumor-driven market,'' Yingst said. In other trading, the rency moves and bank stocks as evidence. JPMorgan Chase, Morgan Stanley and other compa- nies with ties to Europe rose more than the overall Dow Jones industrial average fell 68.06 points to 13,203.58, and the Nas- daq composite index lost 8.95 points to 3,067.26. Crude oil hit its highest price in three months, ris- ing $1.32 to $97.58. Sean Clark, chief investment officer at Clark Capital Management Group, an investment advisory firm, saw no Every picture tells a story. major news driving the market. Trading volume has been light in recent days. the explanation for the stock market's steady climb this month is that money managers are afraid of missing out on the rally. ''A lot of fund man- agers have underper- formed this year, and I think they're feeling pres- sure,'' he said. ''There may have been some panic buying over the last Clark said that part of Sierra Sound Car Audio 35th $ 226 So. Main St., Red Bluff 527-3735 All CD's 13.99 Anniversary Sale or less couple of weeks.'' Facebook's stock lost 85 cents to $19.16 after one of its earliest backers, venture capitalist Peter Thiel, sold the bulk of his stake in the social net- work. Last week was the first time some insiders could sell their shares. Facebook went public in May at twice the current price, $38. kets edged up amid hints of progress in calming the debt crisis there. Spain managed to raise $5.4 bil- Major European mar- lion from bond investors at sharply lower interest rates than at the last auc- tion. Germany's DAX gained 0.8 percent, and France's CAC-40 rose 0.9 percent. Markets have been calm this month. Monday was one of the quietest days of the year, with 2.7 billion shares traded on the New York Stock Exchange. Tuesday was heavier, 3.2 billion shares, but still below this year's average of 3.8 billion. 18th STOREWIDE SALE Gold Exchange facebook.com/redbluffgoldexchange Sept. 1st 413 Walnut Street K W I K K U T S Family Hair Salon ANNIVERSARY - 15th $200 REGULAR HAIRCUT off with coupon Not good with other offers 1064 South Main St., Red Bluff • 529-3540 Reg. $13.95 Expires 8/31/12 http://dfm-ssp.medianewsgroup.com Visit dfm-ssp.medianewsgroup.com throughout the day. News • Sports • Entertainment • Best Images of the Day See photojournalism at its best. Bookmark dfm-ssp.medianewsgroup.com today. http://dfm-ssp.medianewsgroup.com/ If every picture is worth a thousand words, the dfm-ssp.medianewsgroup.com Media Center will take your breath away. Filled with images from across America and the globe, our Media Center is constantly updated to showcase the best in photojournalism. Bookmark dfm-ssp.medianewsgroup.com today and see the world in a whole new way. DAILYNEWS dfm-ssp.medianewsgroup.com RED BLUFF TEHAMACOUNTY http://dfm-ssp.medianewsgroup.com