S&P 500 eases, ends longest winning run in eight years

NEW YORK (Reuters) - The S&P 500 eased slightly on Monday after an eight-day run of gains, while the Nasdaq edged higher as Apple shares rebounded.


The index remained above 1,500, however, after closing above that level on Friday for the first time in more than five years. The S&P 500's eight sessions of gains was its longest winning streak in eight years.


Caterpillar shares helped cap losses in the Dow industrials even as the company posted a 55 percent drop in quarterly profit due to a charge connected with accounting fraud at a Chinese subsidiary and weak demand among its dealers. Caterpillar's shares, down 2.2 percent in the past three sessions, rose 2 percent Monday to $97.45.


"I think this multi-year high is really something that's in play both for shorter-term traders and with folks with money on the sidelines," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.


Bargain hunters lifted Apple after the tech giant's stock dropped 14.4 percent in the previous two sessions. With Apple's stock up 2.3 percent at $449.83, the iPad and iPhone maker regained the title as the largest U.S. company by market capitalization as Exxon Mobil fell 0.7 percent to $91.11 and slipped back to second place.


On the down side, Boeing fell 1.4 percent to $74 on worries about the potential hit from delays in its 787 Dreamliner program.


The Dow Jones industrial average <.dji> was down 14.05 points, or 0.10 percent, at 13,881.93. The Standard & Poor's 500 Index <.spx> was down 2.78 points, or 0.18 percent, at 1,500.18. The Nasdaq Composite Index <.ixic> was up 4.59 points, or 0.15 percent, at 3,154.30.


Investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record, research provider TrimTabs Investment Research said.


"What we have seen this year is, it appears the individual investor is allocating some 401(k) money to equities. Hopefully that's a decision that will be with us for a while," Hellwig said.


Data on Monday pointed to growing economic momentum as companies sensed improved consumer demand.


U.S. durable goods orders jumped 4.6 percent in December, a pace that far outstripped expectations for a rise of 1.8 percent. Pending home sales, however, unexpectedly dropped 4.3 percent. Analysts were looking for an increase of 0.3 percent.


Corporate earnings so far have mostly been stronger than expected. Thomson Reuters data showed that of the 150 companies in the S&P 500 that have reported earnings so far, 67.3 percent have beaten analysts' expectations, which is a higher proportion than over the past four quarters and above the average since 1994.


Stocks have also gained support from a recent agreement in Washington to extend the government's borrowing power. On Monday, Fitch Ratings said that agreement removed the near-term risk to the country's 'AAA' rating.


Hess Corp shares shot up 6.1 percent to $62.48 after the company said it would exit its refining business, freeing up to $1 billion of capital. Separately, hedge fund Elliott Associates is looking for approval to buy about $800 million more in Hess stock.


(Additional reporting by Rodrigo Campos; Editing by Jan Paschal and Nick Zieminski)



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At War Blog: On the Job in Afghanistan, Female Soldiers Reflect

KABUL, Afghanistan — In the shadow of transport aircraft, rows of helicopters and supply pallets, women in uniform are a well-established part of the fabric of military life on bases and near the front lines in Afghanistan — a minority, to be sure, but one so common on the job that it’s hardly seen as an issue.

For active-duty military women in Afghanistan, the news of the end of the combat exclusion for women seemed far less momentous than it may have back in the United States. Not that it wasn’t seen as good news, and an important moment, but the talk here quickly turned to practicalities: what the change might mean for them, for their friends, for the women who will come after them.

The one thing soldiers wanted to make clear was that women had been there already — doing at least some of the jobs that they will now be able to do as full members of combat units rather than in external groups attached to them. And no doubt there will gradually be more of them making the shift.

“The biggest issue that America needs to understand is that we have been out there in the field, on the front lines,” said Sgt. Natasha Nelson, 23, a signal communications specialist. “There’s one of my best friends, and she’s a medic and she’s been out there on the front lines forever. From my experience, now I’ve only been in for four years, but it’s not new to us, it’s new to them,” she said, referring to the American public.

Capt. Jessica Kirkendall, 32, an intelligence officer, echoed that thought: “To an extent, it’s a reflection of what’s already on the battlefield.”

And, said Sgt. Maj. Micheal Horton, 48, it’s a natural progression. When she entered the military 24 years ago, the job of being a sapper had just opened to women. Sapper, a term popularly associated with demining, actually covers most combat engineering tasks that are done in support of combat infantry units.

“They had just opened up engineering work to females, so I got to be a heavy equipment operator,” she said. Then a few years ago the job of being a bridge crew member opened, and “that was a major thing.”

So the next step – opening all combat units to women –  seems logical, especially since the realities of the 21st-century battlefield demand that women work alongside their male counterparts. Sergeant Major Horton pointed to members of “female engagement teams,” who are attached to infantry units and tasked with gathering intelligence from female civilians, among other things, as examples of women who are already in combat situations.

“The female engagement teams are embedded with infantry — they can talk it, they can walk it, they can carry their load,” she said.

Sergeant Major Horton did, however, sound a bit regretful that the exclusion had not been lifted sooner so that she could have risen to be a commander in a combat unit. Will she benefit? “Not at my echelon – I can’t apply for any more jobs,” she said. “I could be nominated probably for some of the positions, but I still wouldn’t have had the experience as a junior commander.”

The change will make the greatest difference for young women who are just now choosing their military occupational field or are still at a fairly junior level and could switch into a combat unit and still have time to build a career.

For Sergeant Nelson, who loves her work as a signal communications specialist, there’s the opportunity to become part of an infantry unit now and go to the front lines. She’s not sure she will do that, but finally it’s at least a real prospect.

These women played down the numbers of women who would be likely to take advantage of the new opportunity. “Do I think the floodgates will open? No,” Captain Kirkendall said.

Lt. Cmdr. Laura Reshetar, 33, who formerly served as a naval surface warfare officer and is now a future operations planner at the International Security Assistance Force headquarters in Kabul, sounded palpably excited about the decision. But she agreed with Captain Kirkendall that only a small number of women would seek combat slots at first.

“Personally I think it’s awesome, but I don’t think there will be tons of women rushing to do those jobs,” she said. “It will be the alpha females: highly athletic, highly motivated.” She added that she would not choose a combat specialty in part because she eventually wants to be a mother and would worry that she would not be able to give her all to the job if she were worrying about a child.

Above all, these women felt that at last, military policy was catching up with women’s aspirations.

“It seems very undemocratic of us to say, ‘Hey you want to serve your country, great, but you can only do these certain jobs because of your gender,’” Captain Kirkendall said. “In a country that espouses this whole idea of choosing your path in life and pursuing that path to the best of your ability, it just doesn’t seem very American to say ‘except for 20 percent of you.’”

She added, “As time progresses, people will see that women are very proficient in these roles.”

Related Coverage:


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Twitter launches advertising services in Middle East






DUBAI (Reuters) – Twitter Inc launched advertising services in the Middle East and North Africa on Sunday as the social media firm seeks to exploit a tripling of its regional subscriber base following its widespread use during the Arab Spring protests.


Digital advertising is relatively undeveloped in the region, accounting for an estimated 4 percent of its total advertising spending, but a young, tech-savvy population and rising Internet penetration points to significant potential for growth.






“The two are interconnected – the rapid growth of our user base with the timing of why we want to help brands connect with that audience,” said Shailesh Rao, Twitter vice-president for international operations.


Twitter does not provide a regional breakdown of its more than 200 million users worldwide, but Rao said its MENA subscriber base had tripled in the past 12 months.


The company has recruited Egypt’s Connect Ads, which is ultimately owned by Cairo-listed Orascom Telecom Media and Technology, to launch advertising initially in Egypt, Saudi Arabia, Pakistan, Kuwait and the United Arab Emirates.


Pepsi and Saudi telecom operator Etihad Etisalat (Mobily) are among its confirmed clients, the company said.


Twitter says the products it promotes typically have an audience response rate of 1 to 3 percent, significantly higher than traditional advertising rate of 0.1 to 0.5 percent.


“Social media advertising is totally different because it relies on what people say. It’s about two-way, not one-way, communication,” said Mohamed El Mehairy, Connect Ads managing director.


(editing by Jane Baird)


Tech News Headlines – Yahoo! News





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SAG Nominees' Best Style Moments





See the best dressed baby bump on TV, the most badass aviators on the big screen and the sexiest movie wardrobe of 2013








Credit: ABC/Peter "Hopper" Stone



Updated: Wednesday Jan 16, 2013 | 12:00 PM EST
By: Zoë Ruderman




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CDC: Flu seems to level off except in the West


New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.


The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.


Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.


There is still vaccine available although it may be hard to find. The CDC has a website that can help.


___


CDC: http://www.cdc.gov/flu/


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Fed waits for job market to perk up


LONDON (Reuters) - The Federal Reserve's ultra-loose monetary policy is a root cause of the "currency wars" that some see as a looming threat to the world economy, but don't expect the U.S. central bank to signal a shift back to normal any time soon.


The Fed, whose policy-setting Federal Open Market Committee concludes a two-day meeting on Wednesday, said just last month that it expects to keep short-term interest rates exceptionally low until the U.S. unemployment rate falls to 6.5 percent, inflation permitting.


That goal is still distant. Figures on Friday are likely to show that the jobless rate was unchanged in January at 7.8 percent, while the economy created 155,000 jobs, the same as in December, according to economists polled by Reuters.


So it would be a huge surprise if the Fed were to do anything other than reaffirm last month's decision to anchor short-term interest rates in a range of zero to 0.25 percent and to keep buying $85 billion of bonds each month to hold down long-term rates.


The only question mark is whether the FOMC vote will be unanimous now that Richmond Fed President Jeffrey Lacker, who opposes the current round of bond-buying, has rotated off the panel, said Harm Bandholz, an economist with UniCredit Bank in New York.


Most economists polled by Reuters expect the Fed to keep its open-ended bond-buying program in place well into next year, even though the economic news flow and market confidence are improving markedly.


True, Wednesday's preliminary report on fourth-quarter GDP is likely to show that growth slowed to an annualized rate of 1.2 percent from 3.1 percent in the July-September period.


And the current quarter will also be soft as the expiry of a 2 percent payroll tax cut is dampening consumer spending.


But then Bandholz expects an average growth rate of 2.8 percent over the rest of the year. That would be the strongest three-quarter period of the recovery so far, he said.


"The outlook has improved a lot in the U.S. I've been on the cautious side for the last three years, but this time I'm a bit more bullish," he said.


THE FED BIDES ITS TIME


The recovery in housing would add at least half a percentage point to GDP growth in 2013, while capital spending was likely to revive now that uncertainty over budget talks in Washington had been largely allayed, Bandholz said.


"There's a lot of pent-up demand in the system. I don't think all these investments have been abandoned; they've just been postponed," he said.


At some point, investors' exuberance over the super-easy stance of the world's major central banks will give way to worries that they are about to take away the punch bowl.


Gustavo Reis, an economist with Bank of America Merrill Lynch in New York, said concerns about the costs of money-printing were likely to spread but would be offset by uncertainty over the impact on growth of fiscal tightening in the United States and Europe.


"All told, although global activity seems more robust now than at any point in 2012, we expect policymakers to continue to worry predominantly about downside risks," he said in a note.


The bank does not expect the Fed to consider halting asset purchases before 2014, while the latest episode of monetary easing announced by the Bank of Japan is likely to be ‘long-lived and significant'.


Many economists argue that bold monetary action is long overdue in Japan, whose nominal output has not grown in 20 years, saddling the government with a debt-to-GDP ratio of more than 220 percent.


But Douglas McWilliams, who heads the Centre for Economics and Business Research, a London consultancy, fears Japan's decision will lead the global economy into unpredictable currency wars.


"It's a bit like if someone's rude to you, you're rude to them back. You get tit-for-tat behavior," McWilliams said.


CURRENCY FRICTION, BUT NO WAR


Olivier Blanchard, the chief economist of the International Monetary Fund, last week called talk of currency wars overblown and said countries had to pull the right policy levers to get their economies back on track, with corresponding consequences for exchange rates.


However, McWilliams said the problem was that it was difficult to get countries to agree NOT to wage currency wars.


Tellingly, Chancellor Angela Merkel voiced German concerns last week that Japan might be deliberately seeking to cheapen the yen to give its exporters a competitive edge.


"So we may well find that there is a period of very heavy volatility before the authorities involved try and get some kind of agreement," McWilliams said.


In a relatively quiet week for economic data in the euro zone - money supply figures and confidence surveys from the European Commission are the highlights - the focus is likely to remain squarely on the euro, which has been rising briskly as traders price in the policy shifts that Blanchard had in mind.


While the Fed and the Bank of Japan are expanding their balance sheets, the European Central Bank is starting to soak up some of the emergency cash it lent to banks a year ago.


The central bank said on Friday that banks would repay early 137 billion euros of cheap borrowed money.


"I'm not sure if we have too strong a euro for the moment but certainly we would not want to see a currency war of competitive devaluations which would have a negative effect on the euro," the European Union's top monetary official, Olli Rehn, told Reuters.


(Additional reporting by Paul Taylor in Davos; editing by Jason Neely)



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Fire Sweeps Through Nightclub in Brazil; Scores Dead


Germano Rorato/Agencia RBS, via European Pressphoto Agency


A victim was carried from the scene of the nightclub fire in Santa Maria, Brazil.







RIO DE JANEIRO — A fire ignited by a flare from a band’s pyrotechnic spectacle swept through a nightclub filled with hundreds of university students early on Sunday morning in Santa Maria, a city in southern Brazil, killing at least 232 people, police officials said.




Health workers hauled bodies from the club, called Kiss, to hospitals in Santa Maria throughout Sunday morning. Some of the survivors were taken to the nearby city of Porto Alegre to be treated for burns. Valdeci Oliveira, a local legislator, said he saw piles of bodies in the nightclub’s bathrooms.


Col. Guido Pedroso de Melo, the commander of the city’s Fire Department, said security guards had locked exits, which intensified the panic as people in the club stampeded to the doors. One police investigator at the club, Elizabeth Shimomura, told a television news channel, “It is a scene of horror.”


Survivors described a scene of mayhem as patrons rushed for the main exit. “I only got out because I am strong,” Ezequiel Corte Real, 23, told reporters. He said he helped others escape the blaze.


The disaster in Santa Maria, which is in the relatively prosperous state of Rio Grande do Sul, shocked the country. President Dilma Rousseff canceled appointments at a summit meeting in Chile to travel to Santa Maria, a city of about 260,000 residents that is known for its cluster of universities.


The disaster ranks among the deadliest of nightclub fires, comparable to the 2003 blaze in Rhode Island that killed 100 people, one in 2004 in Buenos Aires in which 194 were killed, and a fire at a club in China in 2000 in which 309 people died.


The circumstances surrounding the blaze, including the use of pyrotechnics and the reports of the locked exits, are expected to raise questions about whether the club’s owners had been negligent. While it is not clear why patrons were initially not allowed to escape, it is common across Brazil for nightclubs and bars to have customers to pay their entire tab upon leaving, instead of on a per-drink basis.


More broadly, the blaze may focus attention on issues of accountability in Brazil and point to the relaxed enforcement of measures aimed at protecting citizens in an economy that is on solid footing. Preventable disasters still commonly claim lives in Brazil, as illustrated by Rio de Janeiro’s building collapses, manhole explosions and trolley mishaps.


“Bureaucracy and corruption also cause tragedies,” said Andre Barcinski, a columnist for Folha de São Paulo, one of Brazil’s largest newspapers.


Some of the survivors pointed to a heated argument over who was responsible. “Only after a multitude pushed down the security guards did they see the crap they had done,” Murilo de Toledo Tiecher, 26, a medical student who survived the fire, said in comments posted on Facebook.


Witnesses said the fire started about 2 a.m. after a rock band, Gurizada Fandangueira, began performing for an audience made up mostly of students in the agronomy and veterinary medicine programs at a local university.


At least one member of the five-person band, which is based in Santa Maria and had advertised its use of pyrotechnics, was said to have been killed. Many of the victims died of smoke inhalation, officials said.


“The smoke spread very quickly,” Aline Santos Silva, 29, one of the survivors, said in comments to the Globo News television network. “Those who were closest to the stage where the band was playing had the most difficulty getting out.”


Human rights officials focused Sunday on the grief in Santa Maria. “How many families are now searching for their young one?” asked Maria do Rosário Nunes, a cabinet minister who is Ms. Rousseff’s top human rights official.


Brazilian television stations broadcast images of trucks carrying corpses to hospitals where family members were gathering. Photographs taken shortly after the blaze and posted on the Web sites of local news organizations showed frantic scenes in which people on the street outside the nightclub pulled bodies from the charred debris.


The tragedy took place in a region of Brazil where Ms. Rousseff began her political career before rising to national prominence as a top aide to the former president, Luiz Inácio Lula da Silva, and running for president herself. Before leaving the summit in Chile, she appeared distraught, crying in front of reporters as she absorbed details of the blaze.


“This is a tragedy,” she said, “for all of us.”


Jill Langlois contributed reporting from São Paulo, Brazil.



This article has been revised to reflect the following correction:

Correction: January 27, 2013

A picture of a hallway strewn with shoes that accompanied a previous version of this online article was used in error. It showed the aftermath of a fire in Buenos Aires in 2004, not Saturday night’s fire in Santa Maria, Brazil.



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Smartphone 4Q sales rise 36 pct led by Samsung






SAN FRANCISCO (AP) — Smartphone shipments rose 36 percent worldwide in the fourth quarter as the sleek devices supplanted personal computers and other gadgets on holiday shopping lists, according to a report released Friday.


The findings from the research firm International Data Corp. are the latest sign of the technology upheaval being wrought by the growing popularity of smartphones that can perform a wide variety of tasks, including surfing the Web and taking high-quality photos.






Companies whose fortunes are tied to the PC industry have been particularly hard hit by the shift to smartphones and tablet computers.


While some smartphone models were in short supply during the holiday season, fourth-quarter PC shipments fell by 6 percent from the previous year, according to another IDC report released earlier this month.


IDC estimates 219 million smartphones were shipped during the final three months of last year. That compares with nearly 161 million in the same 2011 period. Smartphones accounted for about 45 percent of all mobile phone shipments in the fourth quarter, the highest percentage recorded by IDC.


Samsung Electronics Co. retained its bragging rights as the smartphone leader, shipping nearly 64 million devices for a 29 percent share of the global market.


Apple Inc. ranked second with nearly 48 million iPhones shipped during the fourth quarter, translating into a market share of 22 percent.


For all of 2012, IDC estimated nearly 713 million smartphones were shipped worldwide, a 44 percent increase from the previous year. Meanwhile, annual PC shipments fell 3 percent from 2011, IDC said. It was the first annual decline since 2001.


Entering 2012, Apple held a slight edge over Samsung in the smartphone market. But Samsung sprinted past Apple during the year as it introduced an array of models, most of which run on Google Inc.‘s free Android software. Samsung’s top-selling line, the Galaxy, boasts larger display screens than the iPhone and other features.


Apple alleges Samsung’s devices illegally ripped off the iPhone’s innovations. After a high-profile trial in federal court, a jury in San Jose, Calif. sided with some of the patent infringement claims last August and decided Samsung should pay more than $ 1 billion in damages. Samsung has been trying to overturn the verdict.


Lower-priced smartphones from Samsung and other device makers also have hurt Apple, whose slowing iPhone growth has contributed to a $ 250 billion decline in its market value since its stock price peaked in late September.


IDC says Huawei Technologies Ltd.‘s emphasis on less expensive handsets helped it become the third largest smartphone maker with a market share of 5 percent at the end of the fourth quarter.


Gadgets News Headlines – Yahoo! News





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Ashton Kutcher Parties in Sundance After jOBS Premiere















01/26/2013 at 01:50 PM EST



Ashton Kutcher's much-hyped movie jOBS premiered at the Sundance Film Festival on Friday, and the star was on hand – minus girlfriend Mila Kunis – for all the festivities.

Kutcher was one of the first to arrive at the official after party, hosted by Nur Khan Presents NK on Main Street for the cast and filmmakers and sponsored by Red Touch Media.

Kutcher was captivated by a floor-to-ceiling portrait of late Apple visionary Steve Jobs, whom Kutcher portrays in the film. Guests were quick to snap a photo of the actor admiring the subject of his role.

Without Kunis by his side, Kutcher very much remained a one-man guy, focusing his attention all night on his table of male friends and colleagues and posing for pictures with fans, according to an observer. The pride he takes in jOBS was palpable, as Kutcher was incredibly excited to chat about his film and role with all the guests who came up to greet him.

Co-star Ahna O'Reilly spent the evening in a very social mood, dancing to the beats of DJ Cash and catching up with co-star Josh Gad. Not to live down his "funny man" persona, Gad went into the evening entertaining all the guests and causing an uproar of laughter with Kutcher and O'Reilly while catching up about filming and their time at Sundance.


– Jennifer Garcia


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CDC: Flu seems to level off except in the West


New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.


The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.


Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.


There is still vaccine available although it may be hard to find. The CDC has a website that can help.


___


CDC: http://www.cdc.gov/flu/


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