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12A Daily News – Saturday, November 10, 2012 Furniture Depot 235 So. Main St., Red Bluff 527-1657 SAT. 9:00-5:00 • SUN. 11:00-5:00 MON.-FRI. 9:00-6:00 Wall Street is peering over the ''fiscal cliff'' and feeling vertigo. NEW YORK (AP) — The stock market fin- ished one of the worst weeks of the year Friday, pushing Washington to work out a deal to avoid the tax increases and govern- ment spending cuts set to take effect Jan. 1. GIANT RECLINER In Celebration of the Giants World Championship SAVE AN EXTRA $ in stock recliner 100 off any Fearing 'cliff,' investors finish brutal week Wall Street on Oct. 5. The S&P fell 2.3 percent during the week, its worst weekly decline since June 1, when investor concern about the debt crisis in Europe was rising. Stocks began their slide Remarks by re-elected President Barack Obama and House Speaker John Boehner on the looming deadline didn't do much to cheer the market. Stocks finished barely higher for the day. investment officer at Global Financial Private Capital of Sarasota, Fla., said he expects Congress and Obama to reach a compro- mise to avoid the fiscal cliff. ''But it could well be the Chris Bertelsen, the chief conventional U.S. political way of doing it — the last minute type of stuff — in which case the markets will be haunted by it until the point it happens,'' he said. For the week, the Dow Jones industrial average fell 277 points, or 2.1 percent. The Dow has fallen 795 points since hitting its clos- ing high for the year, 13,610 Wednesday in the biggest sell-off of the year after vot- ers returned Obama, a Democratic Senate and a Republican House to power. Investors immediately turned to worrying about the cliff. If the tax increases and spending cuts take full effect, the U.S. will likely fall back into recession, the Congressional Budget Office said Thursday. Boehner said Friday that he remains unwilling to raise tax rates on upper- income earners. But he left open the possibility of bal- ancing spending cuts with revenue increases that come from some revisions to the tax code. rally. The Dow was up about 30 points when Boehner started talking and about 80 points shortly after. Stocks managed a small September, when the Feder- al Reserve announced a third round of a bond-buy- ing program intended to hold down borrowing costs. The dimming outlook for Europe also weighed on markets this week. The European Commission, the executive arm of the Euro- pean Union, cut its forecast for economic growth in the region Wednesday. would not accept any approach to federal deficit reduction that doesn't ask the wealthy to pay more in taxes. A spokesman later said Obama would veto leg- islation extending tax cuts for families making $250,000 or more. The Dow began sliding just before Obama spoke, at 1 p.m., and had lost its gain for the day by 1:30. As they head into talks with Obama next week on the fiscal cliff, congression- al leaders no doubt remem- ber what can happen on Wall Street when investors are worried and watching Washington's every move. Then Obama said he In September 2008, at the depths of the financial crisis, the House defeated a $700 billion emergency res- cue of the nation's financial system, sending the Dow plunging 777 points. The Dow also slid for eight straight days in the summer of 2011 as politi- cians squabbled over a deal to raise the nation's federal borrowing limit before eventually reaching an accord Aug. 1. The index slipped as much as 634 points between July 27 as the political bick- ering intensified and Aug. 5, when S&P downgraded the national credit rating, citing the weakening of U.S. polit- Paid Advertisement ical institutions as a reason for the cut. On Friday, stocks pared losses as investors took encouragement about the economy from a report by the University of Michigan showing that consumer con- fidence rose more than expected in November. The Dow finished up 4.07 points at 12,815.39. The S&P advanced 2.34 points to 1,379.85, and the Nasdaq composite gained 9.29 points to 9,204.87. Stocks are well below the highs of this year. The S&P is down 5.5 percent from its peak of 1,465 in DAILYNEWS 1,72799 in Discount Coupons were published last week in the $ RED BLUFF TEHAMACOUNTY … And that does not Count all the ads offering percentage discounts, two-for-ones and Free-with-Purchase offers! 12149 HIGHWAY 99 W, RED BLUFF www.southmainstorage.com Don't miss a Day of it! Subscribe Today 527-2151 It pays for itself. Treasury note was little changed at 1.62 percent compared with 1.61 percent late Thursday. The yield on the benchmark government security has tumbled from as much as 1.84 percent Sept. 17, as investor aver- sion to risk has grown. Trea- sury yields fall as investor demand pushes up prices. Among other stocks making big moves: — Walt Disney fell $2.98, or 6 percent, to $47.06 after it said that advertising sales were flat at its ESPN unit, raising con- cern about the outlook for growth. The yield on the 10-year ny Groupon slumped $1.16, almost 30 percent, to $2.76 after it disclosed late Thursday that it was hurt by the economic problems in Europe and growth failed to meet expecta- tions. — Online deals compa- — J.C. Penney dropped $1.05 cents, or 4.8 percent, to $20.64 after the compa- ny reported a loss that was larger than investors were expecting. Shoppers have been abandoning the store after it got rid of block- buster sales in favor of everyday low prices. — Kayak Software surged $8.63, or 28 per- cent, to $39.67 after the company said it had agreed to be bought by rival travel website Price- line.com. K W I K K U T S Family Hair Salon $200 REGULAR HAIRCUT off with coupon Not good with other offers 1064 South Main St., Red Bluff • 529-3540 Reg. $13.95 Expires 11/30/12