Issue link: https://www.epageflip.net/i/8942
8A – Daily News – Saturday, April 10, 2010 NORTH VALLEY MATTRESS MON.-FRI. 9:00-5:30 • SAT. 9:00 -5:00 • CLOSED SUNDAYS 632 Main St., Red Bluff 527-5837 NEW YORK (AP) — The stock market closed at a new 18-month high Friday, with the Dow Jones indus- trial average briefly touch- ing 11,000 before retreating slightly. The gains were driven by fresh signs that the economy continues to recover. Many analysts remain skeptical that the market’s gains are sustainable since they have come on relatively low vol- ume, indicating that a large number of investors are still sitting on the sidelines. The Dow very briefly touched 11,000 in the final five minutes of trading before ending with a gain of 70 points. It hadn’t crossed Your Choice Brighten Spring Air Choice of firmness: Firm, Plush or Pillowtop King $599.95 Queen $399.95 Full $349.95 that level since Sept. 29, 2008, just as the worst phase of the financial crisis was beginning. Stocks got a boost after reassuring statements from Greece’s finance minister and the head of the Euro- pean Central Bank. Major European indexes closed higher, while the dollar fell against the euro. Major indexes pulled back briefly after Fitch Rat- ings cut its view on Greece’s debt, but quickly recovered. Stocks have been fluctuat- ing in recent days and the euro has weakened because of concerns that Greece might default on its debt. Greece’s deepening fis- cal crisis has upset other financial markets and caused concerns that other weak European countries also might default on their debt, which could cause a crisis for Europe’s shared currency. ‘‘If (Greece) falls apart, it makes everything else there fall apart,’’ Chip Cobb, a senior vice president at Bryn Mawr Trust Asset Management in Bryn Mawr, Pa. ‘‘Greece is becoming a real thorn in the side.’’ Rising commodity prices also helped energy and material stocks, pushing indexes higher. Commodi- ties mostly climbed on hopes demand will jump as the economy continues to improve. Chevron Corp. and ExxonMobil Corp. both rose. The Dow Jones industri- al average crept toward 11,000 throughout the day, having come within 12 points of that barrier on both Monday and Tuesday before closing lower. While the Dow’s approach to 11,000 has been a big focus for many indi- vidual investors, a number of Wall Street analysts downplay its importance for professional money man- agers. The Dow has crossed the 11,000 level 34 times since first hitting it in May of 1999. ‘‘Round numbers are always psychologically sig- nificant,’’ but rarely do they represent a technical mile- stone such as an index breaking out of a recent trading range, said Uri Lan- desman, head of global growth at ING Investment Management in New York. The Dow rose 70.28, or 0.6 percent, to close at 10,997.35. The Standard & Poor’s 500 index climbed 7.93, or 0.7 percent, to 1,194.37. The Nasdaq com- 10 year warranty Stocks rise on more signs of growth; Dow tops 11K Wall Street posite index rose 17.24, or 0.7 percent, to 2,454.05. The Dow’s rise Friday gives the index its sixth straight weekly gain for the first time since a stretch in March and April last year, just after market bottomed out at 12-year lows. The Dow started the day at exactly the same level it closed last week. The Dow Jones industri- al average is now up 68 per- cent from a 12-year low of 6,547.05 on March 9, 2009. It’s still down 22 percent from its October 2007 peak of 14,164.53. A report on wholesale inventories Friday provided the latest positive sign on the economy. The Com- merce Department said inventories rose 0.6 percent in February, better than the 0.4 percent forecast by economists polled by Thomson Reuters. Sales at wholesalers also rose faster than expected, $6.00 COOKOFF This Saturday April 10 Downtown Red Bluff! International Chili Society event -Plus- People’s Choice competition Music and Much More! Tasting starts at 11:30 a.m.! Grand Sponsors: Red Bluff Rotary Club Palomino Room D NEWSAILY RED BLUFF TEHAMACOUNTY CHILI Sat., April 10th CLASSIC CAR SHOW & SHINE Downtown Red Bluff Washington & Pine 9 am–3 pm TODAY! Also: Chili Tasting – Live Entertainment Kiddie Kapers Parade – Pony Rides John Wayne movie at the State tonight! OIL CHANGE PLUS FILTER & OIL MAKE MODEL $9 95 545 ADOBE ROAD • RED BLUFF Hair Cuts I fix Barber Shop New extended hours 8:30am - 6pm Mon-Fri 8am - Noon Saturday Oak Street Every 6th Hair Cut FREE 527-8111 • 335 Oak St. Next door to the State Theatre (Customer parking in Winchell’s parking lot.) Mon.-Fri. 10:30 to 5:30 Sat. 11-3 40 Crafters in 1 Shop! Or Rent a Space to Sell Your Crafts 650 Main St., Red Bluff (530) 528-2723 Come & Shop Crafter’s Boutique gaining 0.8 percent. It was the 11th straight month of rising sales. Economists had forecast a 0.5 percent rise. Consistently rising inventories and sales at the wholesale level mean that manufacturers are getting steady orders that should allow them to hire more workers. It also means retailers are ramping up orders as consumers return to stores after curtailing their spending during the recession. The start of earnings reports could give the Dow the push it needs to close above 11,000 if investors see companies continuing to increase profits. Reports are expected next week from Aloca Inc., as well as JPMorgan Chase & Co. and Bank of America Corp. Traders will also have plen- ty of economic data to digest, including March retail sales Wednesday and housing starts Friday. With this ad GO TO HelserChevrolet.com 530 527-4250 800-865-8824 Any or