Wall Street trades flat after two-day rally, GM jumps

NEW YORK (Reuters) - U.S. stocks barely budged on Wednesday as stalled "fiscal cliff" negotiations gave investors little reason to keep buying following the best two-day rally for the S&P 500 in a month.

General Motors bucked the overall weakness to surge 8 percent after the company said it will buy back 200 million of its shares from the U.S. Treasury, which plans to sell the rest of its GM stake over the next 15 months. GM shot up 8 percent to $27.52.

Talks on avoiding the tax hikes and spending cuts that are set to come into effect in the new year are at a standstill amid a Republican plan to vote on extending tax cuts for all but those making $1 million or more, senior administration officials said.

President Barack Obama said he is still optimistic a deal is possible and that he would like to get it done before Christmas.

Investors are concerned that the fiscal cliff could send the U.S. economy back into recession, though most expect an agreement will be reached eventually.

Investors are positioning for a possible retreat once a deal is announced as market participants may choose to sell on the news after the recent run-up, said Alan Lancz, president of Alan B. Lancz & Associates Inc, in Toledo, Ohio.

If expectations of a deal start to buoy the market, "we'd be more inclined to take profits than chase these valuations now," Lancz said.

The Dow Jones industrial average <.dji> slipped 14.45 points, or 0.11 percent, to 13,336.51. The Standard & Poor's 500 Index <.spx> shed 3.06 points, or 0.21 percent, to 1,443.73. The Nasdaq Composite Index <.ixic> added 1.75 points, or 0.06 percent, to 3,056.28.

Markets have been lifted in recent weeks by any signs that an agreement between policymakers over the budget may be reached, with banks and energy shares - groups that outperform during periods of economic expansion - leading gains.

The S&P 500 added 2.3 percent over the past two sessions, the first time it has marked two straight days of 1 percent gains since late July. Still, trading has been light ahead of the holidays, and with investors' focus on the budget talks.

Defensive sectors led the downside on Wednesday, with the S&P utilities sector index <.gspu> slipping 0.5 percent.

Gains in technology shares boosted the Nasdaq after Oracle reported earnings that beat expectations on strong software sales growth. Oracle jumped 4 percent to $34.19, while the S&P tech sector index <.gspt> was up 0.1 percent.

Knight Capital Group Inc climbed 5.7 percent to $3.52 after it agreed to be bought by Getco Holdings in a deal valued at $1.4 billion. The stock, which nearly collapsed after a trading error in August, remains down about 70 percent so far this year.

An index of housing stocks gained 0.2 percent after data showed homebuilding permits touched their highest level in nearly 4-1/2 years in November. The PHLX housing index <.hgx> has surged nearly 70 percent this year as the housing market has turned the corner.

(Additional reporting by Ryan Vlastelica; Editing by Jan Paschal)

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World Briefing | Mideast: Chief Public Prosecutor in Egypt Quits After One Month

Lynsey Addario for The New York Times

Supporters and opponents of President Mohammed Morsi of Egypt fought outside a courthouse in Cairo on Monday.

The chief public prosecutor appointed last month by President Mohamed Morsi stepped down Monday after a demonstration by district prosecutors accusing him of political bias. The district prosecutors accused the new chief, Talaat Ibrahim Abdullah, of pressing one of their peers to file charges against a group of opposition protesters accused of receiving money to use violence. Mr. Morsi had said that appointing Mr. Abdullah as chief prosecutor was one of the main goals of the Nov. 22 presidential decree granting himself temporary power above the courts, which set off weeks of protests here.

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Survivor Winner Denise Stapley: 'I'm in a Daze'

TV Watch

By Steve Helling

12/18/2012 at 01:10 PM EST

Denise Stapley

Nate Beckett/Splash News Online

Denise Stapley shattered Survivor records by being the only player in the show's 25-season history to go to every tribal council – including the final one, where six of the eight jury members voted to award her the million dollar prize.

Moments after exiting the stage at the Survivor reunion, the 41-year-old sex therapist from Iowa told PEOPLE what she'll do with her money – and how she got her incredible arms.

Before we talk Survivor, you are shorter than I expected!
I'm 5'2". Everyone says, "You're so little." I'm one of those people who look bigger on TV.

It's probably because you're so buff. How did you get those arms?
I love to swim. It's my recreation and my exercise. I am most comfortable in the water. I loved the water challenges in the Philippines.

But there weren't many at all!
I know! What's up with that? There were weather issues so we couldn't be in the water as much as I would have liked. But you adapt.

You were on a tribe that lost repeatedly. How did you adapt to that?
Just every day, you assess where you are and what you need to do. I was never in real danger because I was aligned with Malcolm. But yes, losing all those challenges was so demoralizing. We lost the first one, and the momentum just want away. On paper, our tribe was as strong as the others, but it just didn't work out that way in actuality.

You mentioned your alliance with Malcolm, but he was very angry at you when you voted him off.
I made a move. You have to make moves in this game, and I made one to get rid of my biggest threat. Malcolm is great and we are friends, but if you don't make moves in Survivor, you go home.

How are things between you and Malcolm now?
Just fine, they really are. We will always be friends.

(Malcolm later told PEOPLE, "She's my jungle mama. If I couldn't win, I wanted her to win. I love her and we will always be close. Always.")

So you recognized Lisa Whelchel right away, correct?
Yes, I did. They didn't show it but I was the one who told Jonathan Penner who she was.

And what was it like competing against her?
You know, she was wonderful – just a nice, great woman. It's easy to say this because I won, but I really appreciated everyone out there.

Even Abi?
Even Abi. I meant what I said in tribal council. I stand behind the things that I said. But sure, I could have phrased things better.

So what were your strengths in the game?
I can listen to people very well. Pay attention to what they're saying, and react to them. I'm physically fit, and I was able to work hard around the camp. I also tried to adapt to each situation.

How sure were you that you were going to win?
I had a good idea that I might, but you don't want to assume. So I just felt cautiously optimistic.

What will you do with the $1 million prize?
I will relax a little bit, take a deep breath and go from there. I'm in a daze right now. My daughter is nine, so I'll set up college funds and all that. And I will always be thankful for Survivor for this incredible gift of the adventure ... and, of course, the million dollars!

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Experts: No link between Asperger's, violence

NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.

Asperger's is a mild form of autism often characterized by social awkwardness.

"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.

Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.

A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.

High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.

Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.

"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.

"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.

Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.

Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.

"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.

She said those with Asperger's tend to focus on rules and be very law-abiding.

"There's something more to this," she said. "We just don't know what that is yet."

After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.

__

AP Writer Matt Apuzzo contributed to this report.

___

Online:

Asperger's information: http://1.usa.gov/3tGSp5

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Wall Street rallies on "fiscal cliff" optimism

NEW YORK (Reuters) - U.S. stocks climbed on Tuesday, putting the S&P 500 on track for its best two-day run in a month, as investors gained confidence that "fiscal cliff" talks were progressing, even as significant differences separate Democrats and Republicans in Washington.

The gains followed a rally on Monday that lifted the S&P 500 to its highest point in nearly two months. Investors remain confident that Washington will come to an agreement to avoid a series of spending cuts and tax hikes before the end of the year that could hurt economic growth.

President Barack Obama's most recent offer makes concessions to the Republicans in taxes and entitlement spending, but House Speaker John Boehner said the offer is "not there yet," though he remains hopeful about an agreement. Senate Democrats, however, have expressed concern about entitlement cuts, particularly to Social Security.

"As you get more and more clarity and dialogue that there will be a compromise to avoid a fiscal cliff, I think the markets are going to rally," said Weston Boone, vice president of listed trading at Stifel Nicolaus Capital Markets, in Baltimore.

"What's holding this market back - the S&P 500 - from continuing to reach higher highs is the macro headwinds, and a lot of that emanates from (Washington) D.C."

For a second day, banks led the rally. Goldman Sachs Group shares shot up 3.1 percent to $127.30 and Morgan Stanley gained 3.2 percent to $19.13 after Jefferies Group reported a higher-than-expected adjusted quarterly profit.

Jefferies rose 2.9 percent to $18.77. The S&P 500 Financial Index <.gspf> climbed 1.2 percent.

"I think it's an expectation that if the fiscal cliff is resolved, it's going to be a better environment in 2013 for the financial names," said Michael James, senior trader at Wedbush Morgan in Los Angeles.

Shares of firearm makers sank on Tuesday as investors sold after the school shooting in Newtown, CT on Friday that killed 20 children and six adults.

Smith and Wesson fell 9.8 percent to $7.81, as the stock stayed on track for its busiest day in history. Sturm Ruger and Co slid 8.3 percent to $40.35.

The Dow Jones industrial average <.dji> jumped 104.46 points, or 0.79 percent, to 13,339.85. The Standard & Poor's 500 Index <.spx> rose 13.77 points, or 0.96 percent, to 1,444.13. The Nasdaq Composite Index <.ixic> gained 39.29 points, or 1.31 percent, to 3,049.89.

Tech shares rose, and gains in large-cap technology shares lifted the Nasdaq. Seagate Tech rose 4.9 percent to $29.41 while F5 Networks Inc gained 4.7 percent to $96.93. The S&P Information Technology Index <.gspt> rose 1.5 percent.

The S&P Energy Index <.gspe> also climbed 1.5 percent.

Baker Hughes Inc said third-quarter margins and revenue would be below its expectations because of lower land drilling activity and price erosion. Shares rose 4.3 percent to $42.3417, reversing a decline in the premarket session.

Arbitron Inc surged 23.6 percent to $47 after Nielsen Holdings NV agreed to buy the media and marketing research firm in a deal worth $1.26 billion. Nielsen rose 3.5 percent to $30.66.

(Editing by Jan Paschal)

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In Spain, Having a Job No Longer Guarantees a Paycheck

Working but Waiting:
The Times’s Suzanne Daley reports on struggling Spanish workers who have avoided losing their jobs but often face weeks or months without paychecks.

VALENCIA, Spain — Over the past two years, Ana María Molina Cuevas, 36, has worked five shifts a week in a ceramics factory on the outskirts of this city, hand-rolling paint onto tiles. But at the end of the month, she often went unpaid.

Still, she kept showing up, trying to keep her frustration under control. If she quit, she reasoned, she might never get her money. And besides, where was she going to find another job? Last month, she was down to about $130 in her bank account with a mortgage payment due.

“On the days you get paid,” she said at home with her disabled husband and young daughter, “it is like the sun has risen three times. It is a day of joy.”

Mrs. Molina, who is owed about $13,000 by the factory, is hardly alone. Being paid for the work you do is no longer something that can be counted on in Spain, as this country struggles through its fourth year of an economic crisis.

With the regional and municipal governments deeply in debt, even workers like bus drivers and health care attendants, dependent on government financing for their salaries, are not always paid.

But few workers in this situation believe they have any choice but to stick it out, and none wanted to name their employers, to protect both the companies and their jobs. They try to manage their lives with occasional checks and partial payments on random dates — never sure whether they will get what they are owed in the end. Spain’s unemployment rate is the highest in the euro zone at more than 25 percent, and despite the government’s labor reforms, the rate has continued to rise month after month.

“Before the crisis, a worker might let one month go by, and then move on to another job,” said José Francisco Perez, a lawyer who represents unpaid workers in the Valencia area. “Now that just isn’t an option. People now have nowhere to go, and they are scared. They are afraid even to complain.”

No one is keeping track of workers like Mrs. Molina. But one indication of their number can be seen in the courts, which have become jammed with people trying to get back pay from a government insurance fund, aimed at giving workers something when a company does not pay them.

In Valencia, Spain’s third-largest city, the unemployment rate is 28.1 percent and the courts are so overwhelmed that processing claims, which used to take three to six months, now takes three to four years.

Since the start of the crisis in 2008, the insurance fund has paid nearly a million workers nationally back pay or severance. In 2007, it paid 70,000 workers. It is on track to pay more than 250,000 this year, and experts say the figures would be much higher if not for the logjam in the courts.

Often the unpaid workers, like Mrs. Molina, whose company is now in bankruptcy proceedings, hope their labor will keep a struggling operation afloat over the long run. Unemployment benefits last only two years, they point out, and they wonder what they would do after that. But in the meantime, they cannot even claim unemployment benefits. And no amount of budgeting can cover no payment at all.

Beatriz Morales García, 31, said she could not remember the last time she went shopping for herself. A few years ago, she and her husband, Daniel Chiva, 34, thought that they had settled into a comfortable life, he as a bus driver and she as a therapist in a rehabilitation center for people with mental disabilities. His job is financed by the City of Valencia, and hers by the regional government of Valencia.

They never expected any big money. But it seemed reasonable to expect a reliable salary, to take on a mortgage and think about children. In the past year, however, both of them have had trouble being paid. She is owed 6,000 euros, nearly $8,000. They have cut back on everything they can think of. They have given up their landline and their Internet connection. They no long park their car in a garage or pay for extra health insurance coverage. Mr. Chiva even forgoes the coffee he used to drink in a cafe before his night shifts. Still, the anxiety is constant.

“There are nights when we cannot sleep,” he said. “Moments when you talk out loud to yourself in the street. It has been terrible, terrible.”

Mrs. Morales said it was particularly hard to watch other mothers in the park with their children while she must leave her own toddler to go to work, unsure she will ever get paid.

“We are working eight hours, and we’re suffering more than people who are not working,” she said.

The couple’s pay has been so irregular that they are having a hard time even keeping track of how much they are owed, because small payments show up sporadically in their account.

Rachel Chaundler contributed reporting.

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RIM begins BlackBerry 10 tests with business, government clients

TORONTO (Reuters) – Research In Motion Ltd said on Monday that it had begun a “beta testing” program that allows 120 companies and government departments to try out its new BlackBerry 10 smartphones before their global launch on January 30.

The Canadian company, which is trying to reverse a sharp decline in market share for the BlackBerry, said the program would enable so-called enterprise customers in business and government to size up the BB10.

Features of the BB10 include the ability to separate personal and business information so that the user can store both without compromising security.

RIM has struggled in recent years to hold on to its base of enterprise customers, which typically pay a higher subscription fee than consumers, as their employees push to use devices such as Apple Inc’s iPhone for business as well as personal communications.

“This is a crucial step for us in getting our large enterprise customers ready to support BlackBerry 10 at the point of launch date, as opposed to post-launch date,” Bryan Lee, senior director for enterprise accounts, said in a phone interview.

RIM is providing the software and handsets at no charge, and the companies do not have to buy anything once the trial is finished.

The company plans to release its quarterly results on Thursday, and analysts expect it to report its third straight loss as it struggles to sell its older devices.

RIM made its name selling mobile email devices to bankers, lawyers and other professionals before expanding to sell phones to consumers.

The company said the BB10 testers were from financial, insurance, healthcare, manufacturing, media, and distribution industries and include 64 Fortune 500 companies, as well as government departments.

Lee would not identify any of the entities, beyond Integris Health and the U.S. Immigration and Customs Enforcement agency, which have both said they are testing the new devices.

The customers have installed test versions of RIM’s new server software, which manages iPhones and devices using Google Inc’s Android software as well as BlackBerrys, and will each receive two preproduction BlackBerry 10 handsets later this week.

RIM shares were down 2.1 percent at C$ 13.59 in morning Toronto Stock Exchange trading.

The stock has rallied from September’s multiyear lows around C$ 6.50 on a wave of optimism over the new devices, but the share price is still far below mid-2008 highs of around C$ 150.

(Reporting by Alastair Sharp; Editing by Lisa Von Ahn)

Tech News Headlines – Yahoo! News

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Hilary Duff: I May Be 'One and Done' with My Son Luca

Mom & Babies
Celebrity Baby Blog

12/17/2012 at 01:00 PM ET

Steve Granitz/WireImage

This Christmas will mark the first as a family of three for Hilary Duff and she couldn’t be more excited to celebrate — Luca Cruz, lopsided tree and all.

“He’s into everything. I’m running around the house just trying to keep up with him. He’s so fast!” Duff, 25, tells Access Hollywood Live.

“He loves the Christmas tree. Obviously we have a funny looking Christmas tree [because] all the ornaments are at the top.”

Continuing with tradition, the trio — Duff, husband Mike Comrie and their 9-month-old son — will spend the holidays in Newport Beach, Calif. and take part in his family’s festivities.

“It’s nine kids going crazy, basically wrapping paper flying in the air, toys everywhere and mayhem,” she says. “We’re really looking forward to that  — we get to bring a baby this year! — so it’s really exciting.”

In addition to cherishing time with her son, animal advocate Duff recently contributed to A Letter to My Dog: Notes to Our Best Friends. And with her pack of pooches a big part of the household, the new mom and Comrie made it their priority to prep them for baby boy’s arrival last March.

“We kicked the dogs out of the bed a month before Luca came so they didn’t blame the baby for why they couldn’t sleep in the bed any more,” she explains.

“We gave them a blanket … that Luca’s smell had been on in the hospital — and it worked. Mike brought Luca in, I came and gave the blanket to the dogs and loved on them … They’ve been fine with him.”

Having just regained her pre-baby body, Duff admits adding another baby to the mix isn’t in the couple’s immediate future.

“Mike and I are literally obsessed with Luca. We’re like, ‘He’s perfect. We should just be one and done,’” she shares. ”But I think once your baby starts getting older you miss that phase and you go in for round two. Maybe when [Luca's] two or three?”

– Anya Leon

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Experts: No link between Asperger's, violence

NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.

Asperger's is a mild form of autism often characterized by social awkwardness.

"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.

Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.

A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.

High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.

Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.

"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.

"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.

Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.

Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.

"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.

She said those with Asperger's tend to focus on rules and be very law-abiding.

"There's something more to this," she said. "We just don't know what that is yet."

After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.

__

AP Writer Matt Apuzzo contributed to this report.

___

Online:

Asperger's information: http://1.usa.gov/3tGSp5

Read More..

S&P 500 rises more than 1 percent

In the aftermath of Friday's Newtown school shooting, we've heard tales mostly horrifying and occasionally heroic, from surviving witnesses and mourning citizens alike, but this one lies somewhere in between, all the more unshakeable. One six-year-old Sandy Hook student played dead in her first-grade classroom, her family pastor said late Sunday, with the kind of quick thinking that ended up saving her life but now leaves her with the unshakeable memories of watching all her classmates being shot and killed. ...

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