Wall Street ends slightly higher, Dow near a record

NEW YORK (Reuters) - Stocks closed modestly higher on Tuesday, putting the Dow within striking distance of an all-time high, as investors looked ahead to President Barack Obama's State of the Union address.

Investors will be listening to Obama's speech for any clues on a deal with Republicans to avert automatic spending cuts due to take effect March 1. The tone of the speech will also be scrutinized, with any sign of compromise likely to be warmly received.

The S&P 500 has risen for the past six weeks, putting it up 6.5 percent so far this year, while the Dow is about 1 percent away from its all-time closing record of 14,164.53, reached in October 2007.

But gains have been harder to come by since the S&P hit a five-year high on February 1. Daily moves have been small and trading volume light as investors search for new reasons to drive stocks higher.

About 5.73 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT on Tuesday, below the daily average so far this year of about 6.48 billion shares.

"We're likely to settle in for a period and digest the gains we've had, though there's still a bias towards positive momentum," said Eric Teal, chief investment officer at First Citizens Bancshares in Raleigh, North Carolina.

"Questions over government spending are the big overhang, and we're looking for Obama to inspire some confidence over that tonight."

The White House has signaled Obama will urge investment in infrastructure and clean energy, suggesting companies in those sectors may be volatile in Wednesday's session.

"Gun makers could also see a reaction if Obama talks about anything with respect to gun control," said Teal, who helps oversee $5 billion. Shares of Smith & Wesson fell 2 cents to $9.11 while Sturm Ruger was up 0.4 percent at $53.91.

The Dow Jones industrial average <.dji> was up 47.46 points, or 0.34 percent, at 14,018.70. The Standard & Poor's 500 Index <.spx> was up 2.42 points, or 0.16 percent, at 1,519.43. The Nasdaq Composite Index <.ixic> was down 5.51 points, or 0.17 percent, at 3,186.49.

Housing shares were among the strongest of the day, led by a 12.5 percent jump in Masco Corp to $20.02 after the home improvement product maker said it expects new home construction to show strong growth in 2013. The PHLX housing sector index <.hgx> rose 3.7 percent.

Avon Products Inc surged 20 percent to $20.79 as the S&P 500's top percentage gainer after the cosmetics company reversed sales declines and cut costs.

On the downside, Coca-Cola Co fell 2.7 percent to $37.56 and was the biggest drag on the Dow after reporting revenue below estimates, hurt by a weaker-than-expected performance in Europe.

Michael Kors Holdings shares jumped 8.8 percent to $62.04 after the fashion company handily beat Wall Street's estimates and raised its full-year outlook.

With earnings season starting to wind down, Thomson Reuters data through Tuesday morning shows of the 353 companies in the S&P 500 that have reported results, 70.3 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.3 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

About 62 percent of stocks traded on the New York Stock Exchange closed higher while 59 percent of Nasdaq-listed shares closed in positive territory.

(Editing by Nick Zieminski)

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Putin Aims to Limit Officials’ Investments Abroad

MOSCOW — President Vladimir V. Putin introduced a draft law on Tuesday that would ban senior Russian officials from holding bank accounts or stocks outside Russia, the latest in a series of recent measures intended to insulate the country’s governance from foreign influences.

The draft law, which requires legislative approval, applies to a wide range of top officials, including lawmakers, ministers, top officials at the Central Bank and other state funds, and those whose work involves “the sovereignty or national security of the Russian Federation,” as well as their spouses and young children.

The change, though appealing to the broad public, would come as a jolt to many in Russia’s ruling class, who are both wealthy and deeply integrated into the West.

First presented in discussions on “nationalization of the elite,” the ban has been framed primarily as a way to guarantee officials’ loyalty to Russia, and also as a check on corruption, a topic on which the Kremlin knows that it is politically vulnerable. Commenting on a similar proposal by legislators last fall, a Kremlin spokesman, Dmitri S. Peskov, said officials with investments outside Russia “are not safe, in terms of being firm in defending the state’s interests.”

If the measure becomes law, as expected, officials will have three months to close their foreign accounts and sell their stock, or else face possible dismissal based on “lack of trust.” State auditors can initiate investigations into officials based on information provided by journalists, law enforcement bodies, political organizations and other sources.

The introduction of the draft law met with cheers from lawmakers, who have embraced a series of populist —some say reactionary — measures in the months since Mr. Putin returned to the presidency. An ultranationalist lawmaker, Vladimir V. Zhirinovsky, said foreign holdings marked government officials as members of a “fifth column.”

“They’ve bought half of Europe — the real estate, the accounts in all banks, they vacation there, their children study there, their relatives live there, they give birth there, they get medical treatment there,” he told a television reporter. “And it’s easy to influence them. A fifth column is formed here. One has to live at home, vacation at home, work and study. If you don’t like it, do not enter state service.”

A number of legislators said Tuesday that Mr. Putin’s measure could be broadened. Nikolai Levichev, of the party A Just Russia, suggested widening the circle of relatives who would come under scrutiny, noting that there are “multiple cases when a grown son or a niece of some governor or minister is a multimillionaire, in some cases invested in foreign banks.” In their proposal, some legislators had recommended banning Russians from owning real estate overseas as well, but Mr. Putin seems to have set that provision aside.

Foreign bank accounts have traditionally been used by officials as “an instrument for bribetaking,” noted Yevgeny Minchenko, a political analyst, in an interview with the Kommersant FM radio station. But the measure presented Tuesday leaves gaping loopholes, he said, because officials can still keep their money in accounts associated with offshore companies, or under the names of proxies or friends. “It’s clear that any law can be bypassed,” he said.

High-level corruption — and especially lavish spending by Russian officials overseas — has been a perennial theme for Mr. Putin’s critics, and some saw the measure presented on Tuesday as the president’s attempt to claim the issue as his own. Kirill Kabanov, chairman of the National Anticorruption Committee, a watchdog organization, said he believed that Mr. Putin had resolved to wrest control over the financial practices of the elite.

He said officials were being presented with a choice: either leave state service and retain foreign assets, or “stay in the real vertical — but if it becomes clear that in reality you are thinking about how to maintain your life in Côte d’Azur, you will be thrown out of the caste.”

“It’s not a secret to anybody that for many people, the motive for entering state service is to provide for a quiet life beyond the borders of our motherland at the expense of our budget,” he said.

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NH bills: Bosses can’t seek social media passwords

CONCORD, N.H. (AP) — New Hampshire is considering joining a handful of states that bar employers from asking job applicants and employees for their social media user names and passwords.

The House’s labor committee is holding a hearing on two similar bills Tuesday that would prohibit an employer from requiring the disclosure. Maryland, California, Delaware, Michigan, New Jersey and Illinois have similar laws and two dozen besides New Hampshire are considering legislation, according to the National Conference of State Legislatures.

In their effort to vet job applicants, some companies and government agencies have started asking for passwords to log into a prospective employee’s accounts on social media sites, such as Facebook and Twitter. Critics call it an invasion of privacy akin to handing over the keys to the person’s house.

State Sen. Donna Soucy, a co-sponsor on both New Hampshire bills, said Monday that employers can gain access to information about an employee or job applicant through social media accounts like Facebook that they otherwise could not legally obtain. She said people post personal information about themselves on Facebook or others post on the person’s page that should be protected.

She said she has not heard of any New Hampshire employers demanding the information.

“I think the issue is something we need to consider a lot more seriously than we used to” with the growth of social media accounts, she said. “At the very least, I would hope we would have a study.”

Soucy, D-Manchester, said employers can use information on social media accounts to discriminate. For example, the applicant might be obese but the person’s weight would not be required on the application. The employer might not know until seeing a picture on Facebook, she said.

“Would they interview them if they saw their picture on Facebook?” she said.

Soucy said other people can post information on the person’s page that the person might not delete before a prospective employer saw it.

“As responsible as somebody might trying to be, it is still a reflection on them,” she said.

Allowing employers access to social media accounts also gives them access to others linked to the account at the infringement on their privacy, she said.

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Is Adele's New Tattoo a Tribute to Her Son?

Mom & Babies
Celebrity Baby Blog

02/11/2013 at 10:00 AM ET

Jordan Strauss/Invision/AP. Inset: Christopher Pol

A is for … Angelo?

During Sunday’s Grammy Awards, Adele brought some serious flower power to the red carpet.

But her Valentino embroidered floral dress, which she accessorized with matching printed pumps, burgundy diamond flower earrings, a black ruffled pouch purse and a vintage up ‘do, wasn’t the only thing that caught our attention.

The singer — who nabbed an award for best solo pop performance for her hit, “Set Fire to the Rain” — showed off some new ink: a discreet “A” in script behind her right ear.

The new mom is mum on the inspiration for her latest tattoo, but could it be another ode to her baby boy’s name?

It certainly wouldn’t be the first time. Days after she scored a Golden Globe in January, Adele was spotted sporting a gold nameplate “Angelo” necklace.

– Anya Leon

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Pope shows lifetime jobs aren't always for life

The world seems surprised that an 85-year-old globe-trotting pope who just started tweeting wants to resign, but should it be? Maybe what should be surprising is that more leaders his age do not, considering the toll aging takes on bodies and minds amid a culture of constant communication and change.

There may be more behind the story of why Pope Benedict XVI decided to leave a job normally held for life. But the pontiff made it about age. He said the job called for "both strength of mind and body" and said his was deteriorating. He spoke of "today's world, subject to so many rapid changes," implying a difficulty keeping up.

"Usually a man who is entirely healthy in his early 80s has demonstrated his survival prowess" and can live much longer, said Dr. Thomas Perls, an expert on aging at Boston University and director of the New England Centenarians Study. The pope's comments about strength of mind "does make one worry that he is concerned about his mind," Perls said.

But aging alone is reason enough. It has driven many from jobs that used to be for life — Supreme Court justices, monarchs and other heads of state. As lifetimes expand, the woes of old age are catching up with more in seats of power. Some are choosing to step down rather than suffer long declines and disabilities as the pope's last predecessor did.

Since 1955, only one U.S. Supreme Court justice — Chief Justice William Rehnquist — has died in office. Twenty-one others chose to retire.

One in 5 U.S. senators is 70 or older, and some have retired rather than seek new terms, such as Hawaii's Daniel Akaka, who left office in January at age 88.

The Netherlands' Queen Beatrix, who just turned 75, recently said she will pass the crown to a son and put the country "in the hands of a new generation."

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Wall Street ends flat as investors seek new catalysts

NEW YORK (Reuters) - Stocks ended a quiet session with slight moves on Monday as investors found few reasons to keep pushing shares higher following a six-week advance, though the longer-term trend was still viewed as positive.

The benchmark index is up more 6.4 percent in 2013, putting both the S&P 500 and Dow industrials near multi-year highs. The S&P is less than 4 percent from its all-time intraday high of 1,576.09, hit in October 2007.

"This is still a market that looks terrific, but when you're up for six weeks in a row, everyone is going to want to take a pause going into the seventh week even if there is no bad news out there," said Eric Kuby, chief investment officer at North Star Investment Management in Chicago.

Volume was light, with about 4.812 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, well below the daily average so far this year of about 6.48 billion shares.

Wall Street was modestly lower throughout the session but regained some ground in the final hour of trading as Google Inc rebounded off earlier losses. Shares of the Internet search giant dipped 0.4 percent to $782.42, recovering from earlier declines of 1 percent after the company said in a filing former chief executive Eric Schmidt is selling roughly 42 percent of his stake in the company.

Also in the tech space, Apple Inc rose up 1 percent to $479.93 after the New York Times reported the iPhone maker was experimenting with the design of a device similar to a wristwatch.

The Federal Reserve's Vice Chair Janet Yellen, seen as a potential successor to Fed Chairman Ben Bernanke next year, said the Fed is still aggressively stimulating an anemic U.S. economic recovery that has failed to bring rapid progress on employment.

The Dow Jones industrial average <.dji> was down 21.81 points, or 0.16 percent, at 13,971.16. The Standard & Poor's 500 Index <.spx> was down 0.92 points, or 0.06 percent, at 1,517.01. The Nasdaq Composite Index <.ixic> was down 1.87 points, or 0.06 percent, at 3,192.00.

Upbeat U.S. and Chinese data last week helped the S&P 500 extend its weekly winning streak to six. The index gained about 8 percent over that period.

Equities have been strong performers lately and many investors have used any declines in the market as opportunities to buy.

"Everyone wants to buy on a dip in this market, but if you're on the sidelines right now, the decline we're seeing today just isn't the kind you would jump in on," Kuby said.

President Barack Obama will describe his plan for spurring the economy in his State of the Union address on Tuesday. He is expected to offer proposals for investment in infrastructure, manufacturing, clean energy and education.

Opposition has grown to the $24.4 billion buyout of Dell Inc , the No. 3 personal computer maker, as three of the largest investors joined Southeastern Asset Management on Friday in raising objections. Dell said in a regulatory filing it had considered many strategic options before opting to go private in a buyout led by Chief Executive Michael Dell.

Dell shares hovered near $13.65, the buyout offer price.

Regeneron Pharmaceuticals Inc shares rose 2.7 percent at $170.35 after it said longtime drug development partner Sanofi plans to boost its stake.

Moody's Corp was one of the strongest percentage gainers on the S&P 500, rising 4.9 percent to $45.49. Last week the stock plunged 22 percent after the U.S. government launched a civil lawsuit against the company. The sell-off marked the stock's worst week since October 2008.

About 53 percent of stocks traded on the New York Stock Exchange closed lower while slightly more Nasdaq-listed stocks closed in negative territory.

(Editing by Nick Zieminski)

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The Lede: Latest Updates on the Pope’s Resignation

The Lede is providing updates on Pope Benedict XVI’s announcement on Monday that he intends to resign on Feb. 28, less than eight years after he took office, the first pope to do so in six centuries. (Turn off auto-refresh to watch videos.)

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Tech wizards honored by Oscars organizers

BEVERLY HILLS, California (Reuters) – Some of the most ingenious behind-the-scenes innovators, whose breakthroughs in computer technology and other fields were key to the making of movies such as “Shrek” and “Avatar,” were awarded at an early Oscar organizers’ ceremony in Los Angeles on Saturday night.

From the team who developed a system to bring to life computerized digital stunt doubles for fantastic creatures in movies such as “The Hobbit: An Unexpected Journey,” to the man who simply developed one of the most versatile lighting delivery systems in film production, the Scientific and Technical Achievement Awards showcased emotional speeches and lifetimes of work for those whose lives are spent behind the camera.

The Beverly Hills ceremony honored 25 individuals with nine awards. Unlike the main Oscars ceremony, which will be held on Sunday, February 24 and will only recognize movie achievements from 2012, the Scientific and Technical Awards honored those with a proven record of achievement in the process of making feature films.

The ceremony was hosted by actors Chris Pine and Zoe Saldana, who respectively played Captain James T. Kirk and Uhura in “Star Trek” in 2009 and who will reprise those roles in this May’s sequel. Saldana payed tribute to the night’s honorees, saying they made it possible for life in front of the camera.

Richard Mall received perhaps the greatest applause of the night, for his invention of the Matthews Max Menace Arm, a portable device which allows studio lights to be moved and positioned all over a set, often where normal lighting cannot be used because of on-site restrictions of other difficult conditions.

“I am a little humbled to be up here with all this technology, because basically I built something in my garage,” Mall said to applause and cheers. He thanked his wife for all the strange noises that had come out of that garage. His invention has been sold to over 40 countries and used in more than 300 films.

The evening was also devoted to people who had invented systems such as “Tissue: A Physically-Based Character Simulation Framework,” which has made huge advances in bringing to life computer-generated characters such as Gollum in “The Hobbit“. An Academy Plaque for Scientific and Engineering went to Simon Clutterbuck, James Jacobs and Dr. Richard Dorling for this technique.

The team of Daniel Wexler, Lawrence Kesteloot and Drew Olbrich that created the Light system for computer graphics at PDI/DreamWorks was awarded for technical achievement. Their work, which combines light, color and rendering in one, was used in “Shrek,” “Madagascar” and other animated DreamWorks pictures.

(Editing by Sandra Maler)

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Helen Mirren's Surprising Pink Hair Inspiration Revealed

Stylewatch
Style News Now

02/10/2013 at 03:49 PM ET

Ian Gavan/Getty

What do Dakota Fanning, Katy Perry and Helen Mirren have in common? Until Sunday’s BAFTA awards in London, not a whole lot, but Mirren’s bright new do put them all in a rarefied group of stars who have rocked pink hair.

“I saw it on America’s Next Top Model, so I decided to have a go,” Mirren, 67, told reporters of her tress inspiration. The cotton-candy hue highlighted her brand-new choppy pixie cut, which she showed off to great effect in a white crew-neck Nicholas Oakwell Couture gown with floral embroidery. “I know I won’t win tonight,” she said of her best actress nomination for Hitchcock, “but I’m going to have lots of fun and celebrate anyway.”

Though we’re used to the star’s bold fashion choices, her colorful locks (rumored to be temporary) still managed to surprise us — if only because we’d bet she’s the first-ever Dame Commander of the British Empire to sport a pastel pink pixie.

Tell us: What do you think of Mirren’s new do?

–Alex Apatoff

PHOTOS: VOTE ON MORE STAR HAIR CHANGES HERE!

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After early start, worst of flu season may be over

NEW YORK (AP) — The worst of the flu season appears to be over.

The number of states reporting intense or widespread illnesses dropped again last week, and in a few states there was very little flu going around, U.S. health officials said Friday.

The season started earlier than normal, first in the Southeast and then spreading. But now, by some measures, flu activity has been ebbing for at least four weeks in much of the country. Flu and pneumonia deaths also dropped the last two weeks, the Centers for Disease Control and Prevention reported.

"It's likely that the worst of the current flu season is over," CDC spokesman Tom Skinner said.

But flu is hard to predict, he and others stressed, and there have been spikes late in the season in the past.

For now, states like Georgia and New York — where doctor's offices were jammed a few weeks ago — are reporting low flu activity. The hot spots are now the West Coast and the Southwest.

Among the places that have seen a drop: Lehigh Valley Hospital-Cedar Crest in Allentown, Pa., which put up a tent outside its emergency room last month to help deal with the steady stream of patients. There were about 100 patients each day back then. Now it's down to 25 and the hospital may pack up its tent next week, said Terry Burger, director of infection control and prevention for the hospital.

"There's no question that we're seeing a decline," she said.

In early December, CDC officials announced flu season had arrived, a month earlier than usual. They were worried, saying it had been nine years since a winter flu season started like this one. That was 2003-04 — one of the deadliest seasons in the past 35 years, with more than 48,000 deaths.

Like this year, the major flu strain was one that tends to make people sicker, especially the elderly, who are most vulnerable to flu and its complications

But back then, that year's flu vaccine wasn't made to protect against that bug, and fewer people got flu shots. The vaccine is reformulated almost every year, and the CDC has said this year's vaccine is a good match to the types that are circulating. A preliminary CDC study showed it is about 60 percent effective, which is close to the average.

So far, the season has been labeled moderately severe.

Like others, Lehigh Valley's Burger was cautious about making predictions. "I'm not certain we're completely out of the woods," with more wintry weather ahead and people likely to be packed indoors where flu can spread around, she said.

The government does not keep a running tally of flu-related deaths in adults, but has received reports of 59 deaths in children. The most — nine — were in Texas, where flu activity was still high last week. Roughly 100 children die in an average flu season, the CDC says

On average, about 24,000 Americans die each flu season, according to the CDC.

According to the CDC report, the number of states with intense activity is down to 19, from 24 the previous week, and flu is widespread in 38 states, down from 42.

Flu is now minimal in Florida, Kentucky, Maine, Montana, New Hampshire and South Carolina.

___

Online:

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

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