Wall Street advances as defensive stocks extend rally

NEW YORK (Reuters) - Stocks advanced on Tuesday, led by defensive sectors, in a sign the cash piles recently moving into the market are being put to use by cautious investors to pick up more gains.

The S&P 500 is on track to post its best monthly performance since October 2011 and its best January since 1997 as investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record. [ID:nL1N0AX45Q] The Dow Jones industrial average has been flirting with 14,000, a level it hasn't seen since October 2007.

Shares of Amazon.com jumped nearly 7 percent in extended trade after the world's largest Internet retailer posted fourth-quarter revenue that jumped 22 percent to $21.27 billion. The stock closed down 5.7 percent at $260.35 in regular trading.

Among rising defensive shares, which are companies relatively immune to economic swings, were drugmaker Pfizer , up 3.2 percent to $27.70 after posting earnings and AT&T , 1.6 percent higher at $34.68.

"Cyclical were moving very nicely, now you see balance with some of the defensive. Many managers use that as an internal hedge in equity portfolios," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

She said the market is cautious ahead of Wednesday's statement following the Federal Reserve's two-day meeting. In addition, defensive stocks would hold up better if Friday's payrolls report surprises on the downside.

The S&P hovered near 1,500, and market technicians say the benchmark is at an inflection point which will determine the overall direction in the near term.

"The public is pouring in now," said Carter Worth, chief market technician at Oppenheimer & Co in New York. "It reflects complacency and that typically leads to hubris, and hubris leads to trouble. Everyone's buying."

The top performing sectors on the S&P 500 were healthcare <.spxhc> and telecom services <.splrcl>, so-called defensive sectors, both up more than 1 percent.

The energy sector also advanced, on the back of strong earnings from Valero Energy Corp and a hedge fund move to break up Hess Corp to boost investor returns.

Valero shares jumped 12.8 percent to $43.77 and Hess gained 9 percent to $68.11.

The equity gains have largely come on a strong start to earnings season, though results were mixed on Tuesday with Pfizer rising but Ford Motor Co down after its report.

Both companies reported profits that topped expectations, but Ford also forecast a wider loss in its European segment. Ford dropped 4.6 percent to $13.14 as one of the biggest percentage losers on the S&P 500.

The Dow Jones industrial average <.dji> was up 72.49 points, or 0.52 percent, at 13,954.42. The Standard & Poor's 500 Index <.spx> was up 7.66 points, or 0.51 percent, at 1,507.84. The Nasdaq Composite Index <.ixic> was down 0.64 points, or 0.02 percent, at 3,153.66.

Thomson Reuters data showed that of the 174 companies in the S&P 500 that have reported earnings this season, 68.4 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.

Disappointing outlooks from Seagate Technology and BMC Software pressured their shares. Seagate lost 9.4 percent to $33.91 and BMC fell 6.3 percent to $41.71.

D.R. Horton Inc's quarterly profit more than doubled as it managed to sell more homes at higher prices, leading the No. 1 U.S. homebuilder to forecast a good spring selling season. The stock jumped 11.8 percent to $23.82.

U.S. home prices rose in November to rack up their best yearly gain since the housing crisis began, a further sign that the sector is on the mend, but consumer confidence fell to its lowest level in more than a year in the wake of higher taxes for many Americans.

(Reporting By Angela Moon; Editing by Nick Zieminski)

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Senate Approves Kerry for Secretary of State

WASHINGTON — The Senate on Tuesday confirmed Senator John Kerry as secretary of state, filling a key job in President Obama’s second-term national security team.

The nomination was approved by a vote of 94 to 3. Senators Ted Cruz and John Cornyn, Republicans of Texas, and Senator James M. Inhofe, Republican of Oklahoma, opposed the nomination. Mr. Kerry voted “present.”

Mr. Kerry, a Massachusetts Democrat who has served in the Senate since 1985, had strong support on both sides of the aisle. Earlier in the day, the Senate Foreign Relations Committee, the panel he has led for the past four years, gave his nomination unanimous approval.

Mr. Kerry, 69, a decorated Vietnam War veteran who was the 2004 Democratic presidential nominee, is the son of a Foreign Service officer. He will succeed Hillary Rodham Clinton, whose last day at the State Department is Friday.

Mr. Obama has also named former Sen. Chuck Hagel, Republican of Nebraska, to succeed Leon E. Panetta as secretay of defense, and John O. Brennan, currently his counterterrorism adviser, as director of the Central Intelligence Agency. Both will face more questions than Mr. Kerry did from senators of both parties when their confirmation hearings are held, though their nominations are expected to be approved. Mr. Hagel’s hearing is scheduled for Thursday, and Mr. Brennan’s for Feb. 7.

Mrs. Clinton, who was participating in a global forum at the State Department, expressed her hope that Mr. Kerry could make headway on the Middle East.

Taking note of the recent Israeli parliamentary elections, in which a centrist coalition made significant gains, Mrs. Clinton said that the shifting political landscape might facilitate progress.

“I actually think that this election opens doors, not nails them shut,” she said. “I know that President Obama, my successor, soon to be Secretary of State John Kerry, will pursue this.”

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TSX little changed, RIM positioning offsets banks

TORONTO (Reuters) – Canada‘s main stock index finished little changed on Monday, as gains in the financial group were partially offset by Research In Motion Ltd shares, which sagged ahead of its critical BlackBerry 10 launch this week.

The Toronto Stock Exchange‘s S&P/TSX composite index <.gsptse> was down 0.72 of a point at 12,815.91. Half of the index’s 10 key sectors climbed higher.</.gsptse>

(Reporting by Solarina Ho)

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'Lily' from Modern Family: A Precious Pose on SAG Red Carpet

By Mike Fleeman

01/28/2013 at 05:30 PM EST

Aubrey Anderson-Emmons – all of 5 years old – is barely bigger than the statue she'd later win Sunday night at the SAG Awards.

But the girl who plays Lily on Modern Family was right out there on the red carpet Sunday night, posing ever so delicately, almost too tiny small for all the hoopla.

Backstage, after the cast won for best ensemble for a TV comedy, Aubrey's proud mom Amy Anderson told PEOPLE what went into getting the pint-sized actress ready for such a big night.

"She borrowed this dress from a neighbor," says Anderson. "The neighbor has a first-grader and she said she kept everything. I asked if she had a dress we could use for the SAG Awards. So she brought over a bunch, and [Aubrey] loved the ruffles."

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Soldier who lost 4 limbs has double-arm transplant

The first soldier to survive after losing all four limbs in the Iraq war has received a double-arm transplant.

Brendan Marrocco had the operation on Dec. 18 at Johns Hopkins Hospital in Baltimore, his father said Monday. The 26-year-old Marrocco, who is from New York City, was injured by a roadside bomb in 2009.

He also received bone marrow from the same dead donor who supplied his new arms. That novel approach is aimed at helping his body accept the new limbs with minimal medication to prevent rejection.

The military is sponsoring operations like these to help wounded troops. About 300 have lost arms or hands in the wars.

"He was the first quad amputee to survive" from the wars in Iraq and Afghanistan, and there have been four others since then, said Brendan Marrocco's father, Alex Marrocco. "He was really excited to get new arms."

The Marroccos want to thank the donor's family for "making a selfless decision ... making a difference in Brendan's life," the father said.

Surgeons plan to discuss the transplant at a news conference with the patient on Tuesday.

The 13-hour operation was led by Dr. W.P. Andrew Lee, plastic surgery chief at Johns Hopkins, and is the seventh double-hand or double-arm transplant done in the United States. Lee led three of those earlier operations when he previously worked at the University of Pittsburgh, including the only above-elbow transplant that had been done at the time, in 2010.

Marrocco's "was the most complicated one" so far, Lee said in an interview Monday. It will take more than a year to know how fully Marrocco will be able to use the new arms, Lee said.

"The maximum speed is an inch a month for nerve regeneration," he explained. "We're easily looking at a couple years" until the full extent of recovery is known.

While at Pittsburgh, Lee pioneered the novel immune suppression approach used for Marrocco. The surgeon led hand transplant operations on five patients, giving them marrow from their donors in addition to the new limbs. All five recipients have done well and four have been able to take just one anti-rejection drug instead of combination treatments most transplant patients receive.

Minimizing anti-rejection drugs is important because they have side effects and raise the risk of cancer over the long term. Those risks have limited the willingness of surgeons and patients to do more hand, arm and even face transplants. Unlike a life-saving heart or liver transplant, limb transplants are aimed at improving quality of life, not extending it.

Quality of life is a key concern for people missing arms and hands — prosthetics for those limbs are not as advanced as those for feet and legs.

Lee has received funding for his work from AFIRM, the Armed Forces Institute of Regenerative Medicine, a cooperative research network of top hospitals and universities around the country that the government formed about five years ago. With government money, he and several other plastic surgeons around the country are preparing to do more face transplants, possibly using the new minimal immune suppression approach.

Marrocco expects to spend three to four months at Hopkins, then return to a military hospital to continue physical therapy, his father said. Before the operation, he had been living with his older brother in a handicapped-accessible home on New York's Staten Island built with the help of several charities.

The home was heavily damaged by Superstorm Sandy last fall.

Despite being in a lot of pain for some time after the operation, Marrocco showed a sense of humor, his father said. He had a hoarse voice from a tube in his throat during the long surgery, decided that he sounded like Al Pacino, and started doing movie lines.

"He was making the nurses laugh," Alex Marrocco said.

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AP writer Alex Dominguez contributed to this report.

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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)

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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.

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

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