Wednesday, October 1, 2014
YOLO COUNTY NEWS
99 CENTS

Market ends week with loss

By
From page A9 | May 26, 2013 |

NEW YORK (AP) — Major stock indexes closed out their first weekly loss in a month in quiet trading Friday.

The Standard & Poor’s 500 index dropped 0.91 of a point to close at 1,649.60. The Dow Jones industrial average rose 8.60 points to 15,303, a gain of 0.1 percent. Procter & Gamble supported the Dow with an increase of 4 percent.

Both indexes had their first weekly losses since the week ending April 19. A disappointing manufacturing report out of China and a sharp fall in Japan’s stock market rattled investors’ nerves this week. But anxiety over the Federal Reserve’s bond-buying program was the main culprit. Some investors interpreted comments from Fed officials to mean that the bank may start pulling its support for the economy sooner than they expected.

The S&P 500, widely used by mutual funds as a proxy for the stock market, lost 1.1 percent for the week. It’s still up 15.7 percent for the year.

Marty Leclerc, the managing partner of Barrack Yard Advisors, an investment firm in Bryn Mawr, Pa., said the weekly drop wasn’t cause for concern. Even market rallies have to take the occasional break, he said.

“It’s up like a rocket blast this year,” Leclerc said of the stock market. “For there to be a little bit of a pullback is perfectly understandable.”

The market headed lower at the start of trading on Friday, then spent the rest of the day slowly recovering ground. By the closing bell, market indexes were roughly back to where they started.

Procter & Gamble announced late Thursday that it’s bringing back its former CEO, A.G. Lafley, to run the company. The world’s largest consumer-products maker, whose brands include Tide and Crest, is trying to increase sales in the face of tough competition. P&G rose $3.18 to $81.88.

Sears plunged 14 percent after the department-store chain reported a steep quarterly loss and slumping sales after the market closed Thursday. Sears lost $7.92 to $50.25.

The Nasdaq composite slipped 0.27 of a point to 3,459.14.

Eight of the 10 industry groups in the S&P 500 fell. Only financial stocks and consumer staples makers rose.

The stock market slipped Friday despite an encouraging report on U.S. manufacturing. The government said orders for long-lasting goods rebounded in April, helped by demand for aircraft and stronger business spending. The report suggests economic growth may hold steady this spring.

Until this week, signs of slow but steady economic growth and record profits for big companies had propelled stock-market indexes to all-time highs.

All but 11 companies in the S&P 500 have posted their first-quarter earnings, and the results have turned out much better than expected. Nearly seven of 10 have reported higher earnings than analysts had estimated. Overall profits in the first quarter are on track to climb 5 percent over the year before.

In the market for U.S. government bonds, the yield on the 10-year Treasury note dipped to 2.01 percent from 2.02 percent late Thursday.

The price of crude oil slipped 10 cents to settle at $94.15 a barrel, ending with a drop of $1.87 for the week. Gold lost $5.20 to $1,386.60 an ounce.

Trading was light ahead of the long weekend. U.S. financial markets will be closed Monday for Memorial Day.

————

By Matthew Craft, AP business writer

Comments

comments

The Associated Press

.

News

Undocumented Student Center offers help to immigrants

By Julia Ann Easley | From Page: A1 | Gallery

 
Rairdan supports more inquiry-based learning

By Jeff Hudson | From Page: A1 | Gallery

 
Mondavi Center hosts all-star lineup of classical, jazz, dance and more

By Enterprise staff | From Page: C3 | Gallery

Willett students sensitized to those who are different

By Maria Clayton | From Page: A3 | Gallery

 
Friends of the Library host biggest book sale of the year

By Enterprise staff | From Page: A3

Give blood and get a free movie ticket

By Enterprise staff | From Page: A3

 
Pedal around Davis on weekly bike ride

By Enterprise staff | From Page: A3

‘Edible City’ discussion planned

By Enterprise staff | From Page: A3

 
TSA bomb training may be noisy

By Enterprise staff | From Page: A3

Katehi will address Rotarians on Monday

By Enterprise staff | From Page: A3

 
 
‘ADHD — Myth or Reality’ addressed at UCD talk

By Enterprise staff | From Page: A4

 
AIM testing dates set this fall, winter

By Jeff Hudson | From Page: A4

 
Tour Honey Bee Haven on Friday

By Enterprise staff | From Page: A4

Woodland City Cemetery tours planned

By Enterprise staff | From Page: A4

 
UCD athletics have break-from-work entertainment for everyone

By Bruce Gallaudet | From Page: C5 | Gallery

Wetlands visitors may see ducks arriving

By Enterprise staff | From Page: A10 | Gallery

 
Boy Scouts host family event in park

By Enterprise staff | From Page: A10

How did the Aggies get their name?

By Enterprise staff | From Page: C12

 
.

Forum

Hey, it’s free childcare …

By Creators Syndicate | From Page: B5

 
Will you open your heart, and your home?

By Special to The Enterprise | From Page: A6

 
The right vote for education

By Letters to the Editor | From Page: A6

Just what Davis schools need

By Letters to the Editor | From Page: A6

 
Tom Meyer cartoon

By Debbie Davis | From Page: A6

Nolan’s a calm voice of reason

By Letters to the Editor | From Page: A6

 
.

Sports

DHS girls tennis team tames Lions

By Enterprise staff | From Page: B1 | Gallery

 
Devil girls play dynamite pool defense

By Spencer Ault | From Page: B1 | Gallery

Davis volleyballers finish strong at Franklin

By Enterprise staff | From Page: B1

 
Hard-working Blue Devil boys get a water polo win

By Spencer Ault | From Page: B1 | Gallery

A’s fall as AL wild-card game lives up to its name

By The Associated Press | From Page: B1 | Gallery

 
AYSO roundup: Beans, Capay can’t shake each other in U19 play

By Enterprise staff | From Page: B2 | Gallery

Legacy roundup: Milliennium takes Manteca tournament

By Enterprise staff | From Page: B2

 
Alliance roundup: Los Azules, Italia win tourneys

By Enterprise staff | From Page: B3 | Gallery

Sports briefs: Real Salt Lake has too much for Republic

By Enterprise staff | From Page: B8

 
.

Features

From the ground up: Rediscovering classic cheesecake

By Ann Evans | From Page: A10 | Gallery

 
.

Business

.

Obituaries

Leonard D. Blackford

By Special to The Enterprise | From Page: A4

 
Anne Elizabeth Elbrecht

By Special to The Enterprise | From Page: A4

.

Comics

Comics: Wednesday, October 1, 2014

By Creator | From Page: A8