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<select name = "state" class = "smallboldtext">
<option value = "">Choose your state:</option>
<option value = "California">California</option>
<option value = "Colorado">Colorado</option>
<option value = "Florida">Florida</option>
</select>
.smallboldtext{font-weight: bold;}
There are issues with this in certain browsers. Mozilla allows you to style the text and the backgound, while IE allows you to only change the backgound.
For example, this CSS:
.myBold { font-weight: bold; background: #ffc; color: #369; }
and <option class="myBold">Something</option> will show different results in different browsers. In IE you will just see a background colour change, in Mozilla all 3 styles will apply!