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8A – Daily News – Friday, March 19, 2010 NEW YORK (MCT) — Stocks gave an uneven perfor- mance Thursday, with the Dow Jones Industrial Average extending its winning streak into an eighth day, but the S&P 500 slipping as oil prices fell and investors fretted about the chance of correction. "People are waiting for that correction that just doesn't seem to happen," said Chip Cobb, senior vice president of Bryn Mawr Trust Management. Closing at a fresh 17-month high, the Dow industrials gained 45.5 points, or 0.4 percent, to 10,779.17, with 21 of its 30 components trading higher. Its eight-session string of gains is the longest since August. The S&P 500 Index shed 0.38 point, or 0.03 percent, to 1,165.83, with energy weighing the most heavily as oil and nat- ural-gas prices fell. Health-care stocks were among those rising as President Barack Obama and top Democ- rats touted billions in savings expected from the House health- care bill. Outside the S&P 500, HealthNet Inc. shares rallied Dow rises again, but oil saps S&P 500 strength Wall Street after the insurer announced a $300 million buyback program. The Nasdaq Composite Index ended up 2.19 points, or 0.1 percent, at 2,391.28 points. On the Dow, Boeing Co. led advancers, with gains of 2.2 per- cent, followed by a 1.8 percent advance in 3M Co. shares and a 1.6 percent gain in the shares of chemical giant DuPont. Underpinning enthusiasm for industrial firms, the Philadel- phia Federal Reserve Bank said manufacturing activity in the Philadelphia region improved for a seventh consecutive month. Also, bellwether FedEx Corp. said its profit more than doubled in its third quarter, with the global shipper raising its 2010 forecast. percent. Shares of FedEx were up 3.2 The tentative stance of investors comes as many market experts play a waiting game of sorts, along with the Federal Reserve, which on Tuesday opted to keep its benchmark rate for overnight borrowing between banks at historic lows. "If you look at inflation as a whole, it's still well in check. We're all waiting for inflation to pick up, we just don't know when it will happen. We're all waiting for interest rates to go up, but we don't know when that will happen," Cobb said. The dollar's rise on Thursday proved part of the stock market's undoing; crude futures fell as the commodity became more costly for holders of foreign cur- rencies. The dollar fell against the Japanese yen but gained against the euro. For every two stocks on the rise, three fell on the New York Stock Exchange, where com- posite volume topped 3.3 billion shares, with just under an hour of trade to go. "One reason we don't see a huge rise in the market going forward is the volume isn't there," said Paul Nolte, manag- ing director at Dearborn Part- ners. same time." The bulk of the day's eco- nomic reports did little to sway investors one way or the other. Consumer prices held unchanged in February, with declining energy costs offsetting price hikes in medical care and food. The Conference Board's index of leading economic indi- cators climbed 0.1 percent in February for an 11th consecu- tive monthly rise, with the pri- vate research group predicting conditions will improve modest- ly in the near term. And the Labor Department said its count of those filing for unemployment benefits fell by 5,000 to 457,000 last week. "The market needs to take a Noting trading volume has been heavier when stocks are falling, Nolte believes should equities start to correct more than the 5 percent to 10 percent already seen, "we could see everyone rush for the door at the breather, but when you take a look at the underlying data that was out today, it's not bad, but it's not good enough to charge higher either," according to Nolte. Among moving stocks, Nike Inc. shares jumped 5.3 percent after the athletic-shoe maker reported quarterly results that beat Wall Street expectations. Firm: California median home price rises in February LOS ANGELES (AP) — The median home price in California recorded its fourth consecutive month of year-to-year increases after more two years of declines, suggesting that a lasting recovery may be taking hold, a tracking firm reported Thursday. San Diego-based MDA DataQuick said the 11 per- cent increase in the median price from February 2009 was due to a dip in foreclo- sures and an increase in high-end sales. The median for the state increased to $249,000 from $224,000 in February 2009 and about 1 percent from $247,000 in January. Richard Green, who directs the University of Southern California’s Lusk Center for Real Estate, said banks, which hold the purse strings to the recovery, should find the median increase heartening. It shows that loans they extended in recent months have not lost value, as they did during the downturn, and it should encourage them to keep the recovery going by offering more mortgages, he said. ‘‘Banks are not good at looking forward; they’re good at looking back, and that frightens them,’’ Green said. ‘‘But if mortgage per- formance improves, lenders will be more com- fortable and you’ll see finance loosen up a little bit.’’ Lending was apparently not loose enough in Febru- ary to hold back a year-to- year drop in home sales. More than 28,100 homes were sold in the state in February, up about 1 per- cent from January but down nearly 4 percent from Feb- ruary 2009. DataQuick President John Walsh attributed the ongoing difficulty obtain- ing financing, as well as job security fears among poten- tial buyers and a decrease in the number of low-priced homes on the market that are affordable to most buy- ers. ‘‘The sales and price data remain choppy, with more ups and downs than we’d typically see,’’ Walsh said. In the nine-county region of Northern Califor- nia, sales dropped about 1 percent to 4,990 in Febru- ary from a year earlier. That figure crept up about a per- cent to more than 15,000 in a six-county region of Southern California. The median home price in Northern California increased 20 percent to $354,000 last month from $295,000 in February 2009, its fifth consecutive year-to- year increase. In Southern California, the median price rose 10 percent to $275,000, up from $250,000 in the year- ago period. It was the medi- an’s third consecutive year- to-year increase. Foreclosures comprised 44.3 percent of statewide resales last month, up from 43.8 last month but down from the all-time high of 58.8 percent reached in February 2009. Walsh said the volume of homes in various stages of the foreclosure process suggested that the housing market’s outlook would remain murky for some time to come. ‘‘The key question is how much more distressed inventory is coming, and when,’’ he said. Tehama County Business Spotlight Highlighting selected Tehama County businesses for their customer and community service! Mike and Mikel Marsh opened M&M Ranch House in August of 2007 with only three employees and family members. They have five children and a new grandchild. M & M strives to have a family atmosphere and their motto is ‘Great Food, Good Times. Cleanliness is also one their major ‘must-haves’. They now have 12 employees and their dream is a reality. Open six days a week, closed on Monday- M&M serves breakfast, lunch and dinner. They are known for fresh half pound burgers, a full salad bar and tender baby back ribs. They also have award winning customer service. 645 Antelope Blvd. #1 530 527-1420 makes for a great place to eat with the family. They also have a banquet room for all your meeting and party needs!! Local Businesses create and maintain jobs, provide personal customer service, donate to local charitable causes and community betterment projects, generate sales tax revenue ... and turn cities into communities. We hope you will always remember to shop locally first for the goods and services you need! RED BLUFF TEHAMACOUNTY It Tehama County Business Spotlight Highlighting selected Tehama County businesses for their customer and community service! P. Ralph Campbell Enrolled Agent 30 years Been doing Income Taxes 45 years, 5 years in Red Bluff • Payroll 20639 Walnut St., (530) 529-9540 D NEWSAILY T H E V O I C E O F T E H A M A C O U N T Y S I N C E 1 8 8 5 • Bookkeeping • Financial Services • Certified Senior Advisor Local Businesses create and maintain jobs, provide personal customer service, donate to local charitable causes and community betterment projects, generate sales tax revenue ... and turn cities into communities. We hope you will always remember to shop locally first for the goods and services you need! D NEWSAILY RED BLUFF TEHAMACOUNTY T H E V O I C E O F T E H A M A C O U N T Y S I N C E 1 8 8 5