Wall Street climbs on Bernanke, economic data

NEW YORK (Reuters) - Stocks rose 1 percent on Wednesday as Federal Reserve Chairman Ben Bernanke remained steadfast in his support of the Fed's stimulus policy and data pointed to economic improvement.


In his second day before a congressional committee, Bernanke repeated testimony in which he defended the Fed's policy of buying bonds to keep interest rates low in order to promote growth and bring down the unemployment rate.


Adding to the positive tone was economic data which showed a gauge of planned U.S. business spending in January recorded its largest increase in just over a year and contracts to buy new homes neared a three-year high last month.


Bernanke's remarks supporting the Fed's stance before a Senate panel on Tuesday helped the market rebound from its worst decline since November. The S&P 500 <.spx> is now back above 1,500, a closely watched level that has been technical support until recently.


"By and large you can track the turn in the market yesterday and today with Bernanke. He is just adamant," said Keith Bliss, senior vice-president at Cuttone & Co in New York.


"It doesn't matter what the Fed minutes tell you, he is going to keep refilling the punch bowl until we get unemployment down below 6 percent."


The S&P 500 had climbed 6 percent for the year and came within reach of all-time highs before the minutes from the Fed's January meeting were released last Wednesday and raised questions about whether the Fed may slow or halt its economy-stimulating measures soon.


An Italian bond auction that drew solid demand reassured investors after this week's inconclusive elections in Italy, which rekindled fears of a new euro zone debt crisis.


The Dow Jones industrial average <.dji> gained 140.15 points, or 1.01 percent, to 14,040.28. The Standard & Poor's 500 Index <.spx> climbed 16.80 points, or 1.12 percent, to 1,513.74. The Nasdaq Composite Index <.ixic> advanced 38.18 points, or 1.22 percent, to 3,167.82.


In earnings news, discount retailer Target Corp appeared poised for a solid showing in the first quarter and forecast a higher profit for the full year after a weak performance in the key holiday season. The stock dipped 1 percent to $63.44.


But Dollar Tree Inc jumped 12.5 percent to $46.21 after reporting a higher quarterly profit as shoppers spent more and the chain controlled costs.


TJX Cos Inc advanced 1.7 percent to $44.40 after the owner of the low-price T.J. Maxx and Marshalls chains posted higher fourth-quarter results and said it plans to expand its chains abroad and domestically this year and introduce e-commerce.


The S&P retail index <.spxrt> climbed 1.6 percent.


With 93 percent of the S&P 500 companies having reported results so far, 69.5 percent beat profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6.2 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)



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IHT Rendezvous: Memories of Floating Over Luxor, Now Tinged With the Macabre

My 5-year-old son spent the entire hot-air balloon ride over Luxor crouched in the bottom of the basket, terrified of the flames that kept shooting into the balloon—the flames that produced the hot air that kept us afloat. He missed the glorious views: of the ancient ruins and the quilts of green grass, of the magnificent sunrise and the dancing shadows it created out of the dozens of other hot-air balloons with which we shared the early-morning sky.

We had hardly thought about danger when we booked the ride, a staple of Luxor vacations, worrying only about whether it would be worth the $240 pricetag for our family of four—and the 4:40 a.m. wake-up call. Less than two months later, with Tuesday’s horrific headlines about a crash on one of those very balloons that killed at least 18, it seems my son may have been on to something.

This is not my first there-but-for-the-grace experience. Days after I went skydiving in the Chicago suburbs to celebrate a friend’s 40th birthday, I read that a skydiver who crash-landed into a lake we had flown over had drowned. While covering the small-plane crash that killed Senator Paul Wellstone of Minnesota in 2002, I discovered that the day I had spent with him three weeks earlier was on the very same King Air A-100.

Skydiving and small-plane rides in rural areas are known risks. But a fatal hot-air balloon ride? Did not occur to me. (Maybe it’s that tourist mentality: I never inquired about whether the camels we rode through back roads and villages were insured, either.)

Before this morning, the balloon ride was easily one of the best memories of our weeklong adventure in Luxor and Cairo over New Year’s.

It did not begin well: The hotel failed to make that 4:40 a.m. wake-up call, and we were hopelessly late. That meant we kept a literal boatload of Chinese tourists waiting to cross the Nile. Aboard the rickety wooden boat there was instant coffee, tea, and, oddly, Twinkies. On the other side, we were shuttled in vans to the open field where these huge, colorful balloons were in various stages of life—some lying limp on the ground, others half-filled, some taking flight.

My twins hoped for one of the multicolored balloons, but we ended up in red. Some 20 strangers joined us in the basket, where the kids were just the right height to peer out of the footholds we had used to climb in. My daughter peeked; my son cowered. The blue flames roared, and we were
airborne.

The ride lasted perhaps a half-hour, each minute offering a landscape transformed by the relative height of our balloon, the others, and the emerging sun. It was remarkable, if was not quite peaceful — there were those loud, hot flames shooting up a few feet away every few seconds. It was flames like those that, for the doomed balloon, ignited the stream from a ripped gas hose at landing, sending it bouncing back into the air to explode.

For us, on Dec. 31, the landing was smooth. Once on the ground, each rider was given a signed certificate commemorating the flight. (We passed on the offers to purchase
photographs or video.)

My daughter excitedly pasted her certificate into the vacation journal she was keeping for kindergarten. Now that seems like a macabre piece of memorabilia. We will be waiting a long time to tell our children the postscript to our adventure.

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See the Most Amazing Oscar Red Carpet Run-Ins





Halle Berry takes Quvenzhané Wallis under her wing, Adele trades compliments with Jennifer Aniston and more star encounters








Credit: Joe Klamar/AFP/Getty



Updated: Sunday Feb 24, 2013 | 09:00 PM EST
By: Kiran Hefa




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C. Everett Koop, 'rock star' surgeon general, dies


NEW YORK (AP) — Dr. C. Everett Koop has long been regarded as the nation's doctor— even though it has been nearly a quarter-century since he was surgeon general.


Koop, who died Monday at his home in Hanover, N.H., at age 96, was by far the best known and most influential person to carry that title. Koop, a 6-foot-1 evangelical Presbyterian with a biblical prophet's beard, donned a public health uniform in the early 1980s and became an enduring, science-based national spokesman on health issues.


He served for eight years during the Reagan administration and was a breed apart from his political bosses. He thundered about the evils of tobacco companies during a multiyear campaign to drive down smoking rates, and he became the government's spokesman on AIDS when it was still considered a "gay disease" by much of the public.


"He really changed the national conversation, and he showed real courage in pursuing the duties of his job," said Chris Collins, a vice president of amfAR, the Foundation for AIDS Research.


Even before that, he had been a leading figure in medicine. He was one of the first U.S. doctors to specialize in pediatric surgery at a time when children with complicated conditions were often simply written off as untreatable. In the 1950s, he drew national headlines for innovative surgeries such as separating conjoined twins.


His medical heroics are well noted, but he may be better remembered for transforming from a pariah in the eyes of the public health community into a remarkable servant who elevated the influence of the surgeon general — if only temporarily.


"He set the bar high for all who followed in his footsteps," said Dr. Richard Carmona, who served as surgeon general a decade later under President George W. Bush.


Koop's religious beliefs grew after the 1968 death of his son David in a mountain-climbing accident, and he became an outspoken opponent of abortion. His activism is what brought him to the attention of the administration of President Ronald Reagan, who decided to nominate him for surgeon general in 1981. Though once a position with real power, surgeon generals had been stripped of most of their responsibilities in the 1960s.


By the time Koop got the job, the position was kind of a glorified health educator.


But Koop ran with it. One of his early steps involved the admiral's uniform that is bestowed to the surgeon general but that Koop's predecessors had worn only on ceremonial occasions. In his first year in the post, Koop stopped wearing his trademark bowties and suit jackets and instead began wearing the uniform, seeing it as a way to raise the visual prestige of the office.


In those military suits, he surprised the officials who had appointed him by setting aside his religious beliefs and feelings about abortion and instead waging a series of science-based public health crusades.


He was arguably most effective on smoking. He issued a series of reports that detailed the dangers of tobacco smoke, and in speeches began calling for a smoke-free society by the year 2000. He didn't get his wish, but smoking rates did drop from 38 percent to 27 percent while he was in office — a huge decline.


Koop led other groundbreaking initiatives, but perhaps none is better remembered than his work on AIDS.


The disease was first identified in 1981, before Koop was officially in office, and it changed U.S. society. It destroyed the body's immune system and led to ghastly death, but initially was identified in gay men, and many people thought of it as something most heterosexuals didn't have to worry about.


U.S. scientists worked hard to identify the virus and work on ways to fight it, but the government's health education and policy efforts moved far more slowly. Reagan for years was silent on the issue. Following mounting criticism, Reagan in 1986 asked Koop to prepare a report on AIDS for the American public.


His report, released later that year, stressed that AIDS was a threat to all Americans and called for wider use of condoms and more comprehensive sex education, as early as the third grade. He went on to speak frankly about AIDS in an HBO special and engineered the mailing of an educational pamphlet on AIDS to more than 100 million U.S. households in 1988.


Koop personally opposed homosexuality and believed sex should be saved for marriage. But he insisted that Americans, especially young people, must not die because they were deprived of explicit information about how HIV was transmitted.


Koop's speeches and empathetic approach made him a hero to a wide swath of America, including public health workers, gay activists and journalists. Some called him a "scientific Bruce Springsteen." AIDS activists chanted "Koop, Koop" at his appearances and booed other officials.


"I was walking down the street with him one time" about five years ago, recalled Dr. George Wohlreich, director of the College of Physicians of Philadelphia, a medical society with which Koop had longstanding ties. "People were yelling out, 'There goes Dr. Koop!' You'd have thought he was a rock star."


Koop angered conservatives by refusing to issue a report requested by the Reagan White House, saying he could not find enough scientific evidence to determine whether abortion has harmful psychological effects on women.


He got static from some staff at the White House for his actions, but Reagan himself never tried to silence Koop. At a congressional hearing in 2007, Koop spoke about political pressure on the surgeon general post. He said Reagan was pressed to fire him every day.


After his death was reported Monday, the tributes poured forth, including a statement from New York Mayor Michael Bloomberg, who has made smoking restrictions a hallmark of his tenure.


"The nation has lost a visionary public health leader today with the passing of former Surgeon General C. Everett Koop, who was born and raised in Brooklyn," Bloomberg said. "Outspoken on the dangers of smoking, his leadership led to stronger warning labels on cigarettes and increased awareness about second-hand smoke, creating an environment that helped millions of Americans to stop smoking — and setting the stage for the dramatic changes in smoking laws that have occurred over the past decade."


Dr. Anthony Fauci of the National Institutes of Health taught Koop what was known about AIDS during quiet after-hours talks in the early 1980s and became a close friend.


"A less strong person would have bent under the pressure," Fauci said. "He was driven by what's the right thing to do."


Carmona, a surgeon general years later, said Koop was a mentor who preached the importance of staying true to the science in speeches and reports — even when it made certain politicians uncomfortable.


"We remember him for the example he set for all of us," Carmona said.


Koop's nomination originally was met with staunch opposition. Women's groups and liberal politicians complained Reagan had selected him only because of his conservative views, especially his staunch opposition to abortion.


Foes noted that Koop traveled the country in 1979 and 1980 giving speeches that predicted a progression "from liberalized abortion to infanticide to passive euthanasia to active euthanasia, indeed to the very beginnings of the political climate that led to Auschwitz, Dachau and Belsen."


But Koop, a devout Presbyterian, was confirmed as surgeon general after he told a Senate panel he would not use the post to promote his religious ideology. He kept his word and eventually won wide respect with his blend of old-fashioned values, pragmatism and empathy.


Koop was modest about his accomplishments, saying before leaving office in 1989, "My only influence was through moral suasion."


The office declined after that. Few of his successors had his speaking ability or stage presence. Fewer still were able to secure the support of key political bosses and overcome the meddling of everyone else. The office gradually lost prestige and visibility, and now has come to a point where most people can't name the current surgeon general. (It's Dr. Regina Benjamin.)


Even after leaving office, Koop continued to promote public health causes, from preventing childhood accidents to better training for doctors.


"I will use the written word, the spoken word and whatever I can in the electronic media to deliver health messages to this country as long as people will listen," he promised.


In 1996, he rapped Republican presidential hopeful Bob Dole for suggesting that tobacco was not invariably addictive, saying Dole's comments "either exposed his abysmal lack of knowledge of nicotine addiction or his blind support of the tobacco industry."


He maintained his personal opposition to abortion. After he left office, he told medical students it violated their Hippocratic oath. In 2009, he wrote to Senate Majority Leader Harry Reid, urging that health care legislation include a provision to ensure doctors and medical students would not be forced to perform abortions. The letter briefly set off a security scare because it was hand delivered.


Koop served as chairman of the National Safe Kids Campaign and as an adviser to President Bill Clinton's health care reform plan.


Worried that medicine had lost old-fashioned caring and personal relationships between doctors and patients, Koop opened an institute at Dartmouth College in New Hampshire to teach medical students basic values and ethics. He also was a part-owner of a short-lived venture, drkoop.com, to provide consumer health care information via the Internet.


Koop was the only son of a Manhattan banker and the nephew of a doctor. He said by age 5 he knew he wanted to be a surgeon and at age 13 he practiced his skills on neighborhood cats. He attended Dartmouth, where he received the nickname Chick, short for "chicken Koop." It stuck for life.


He received his medical degree at Cornell Medical College, choosing pediatric surgery because so few surgeons practiced it. In 1938, he married Elizabeth Flanagan, the daughter of a Connecticut doctor. They had four children. Koop's wife died in 2007, and he married Cora Hogue in 2010.


He was appointed surgeon-in-chief at Children's Hospital in Philadelphia and served as a professor at the University of Pennsylvania School of Medicine. He pioneered surgery on newborns and successfully separated three sets of conjoined twins. He won national acclaim by reconstructing the chest of a baby born with the heart outside the body.


Although raised as a Baptist, he was drawn to a Presbyterian church near the hospital, where he developed an abiding faith. He began praying at the bedside of his young patients — ignoring the snickers of some of his colleagues.


___


Contributing to this report were Associated Press writers Wilson Ring in Montpelier, Vt.; Jeff McMillan in Philadelphia; and AP Medical Writer Lauran Neergaard in Washington.


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Wall Street up as Bernanke defends policy, warns on cuts

NEW YORK (Reuters) - Stocks advanced on Tuesday after Federal Reserve Chairman Ben Bernanke defended the Fed's bond-buying stimulus before Congress, but he warned forced spending cuts that could be triggered this week represented a headwind for the economy.


Gains in homebuilders and other consumer stocks, following strong economic data, kept the S&P 500 up slightly and a 5 percent jump in Home Depot lifted the Dow industrials. The PHLX housing sector index <.hgx> rose 2.6 percent.


Stocks hit session highs shortly after Bernanke, in testimony before the Senate Banking Committee, strongly defended the Fed's bond-buying stimulus program that has been essential for the stock market's recovery.


However, he also urged lawmakers to avoid sharp spending cuts set to go into effect on Friday, which he warned could combine with earlier tax increases to create a "significant headwind" for the economic recovery.


Bernanke's cautiousness was behind a late morning pullback in stocks, according to Robert Pavlik, chief market strategist at Banyan Partners LLC in New York.


He also said concerns about the Fed's next move are unjustified for the moment.


"The Fed isn't going to be pulling back monetary stimulus any time soon," Pavlik said.


The Dow Jones industrial average <.dji> rose 92.07 points or 0.67 percent to 13,876.24. The S&P 500 <.spx> gained 4.67 points or 0.31 percent to 1,492.52. The Nasdaq Composite <.ixic> added 1.44 points or 0.05 percent to 3,117.69.


The S&P 500 failed to move above 1,500, a closely watched level that was technical support until recently, but could now become a hurdle.


Cable network AMC Networks was among the Nasdaq's biggest percentage decliners after the home of popular shows such as "The Walking Dead" and "Mad Men" reported a quarterly profit way below analysts' estimates. Its stock fell 6.7 percent to $54.19.


Equities continued to be weighed by concerns about a stalemate in Italy after a general election failed to give any party a parliamentary majority, posing the threat of prolonged instability and financial crisis in Europe.


The FTSEurofirst-300 index of top European shares <.fteu3> closed down 1.4 percent. The benchmark Italian index <.ftmib> tumbled 4.9 percent.


Dow component Home Depot was the top gainer in both the Dow and the S&P 500 after the world's largest home improvement chain reported adjusted earnings and sales that beat expectations. Its shares jumped 5.5 percent to $67.43.


Macy's shares climbed 3.5 percent to $39.87 after the department-store chain stated it expects full-year earnings to be above analysts' forecasts because of strong holiday sales.


Economic reports that showed strength in housing and consumer confidence also supported stocks. U.S. home prices rose more than expected in December, according to the S&P/Case-Shiller index. Consumer confidence rebounded in February, jumping more than expected, and new-home sales rose to their highest in 4-1/2 years.


(Reporting by Rodrigo Campos; Additional reporting by Sam Forgione; Editing by Jan Paschal)



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India Ink: ‘Life of Pi’ Shines at the Oscars

While no Indian film was up for nomination in the 85th annual Academy Awards, held Sunday night in Los Angeles, Taiwan-born Ang Lee’s win in the Best Director category for “Life of Pi’’ ensured a national connection to this year’s Oscars.

The movie, based on the 2001 novel by Yann Martel, is set in the mid-1970s in the town of Pondicherry (now Puducherry), a former French colony in India. Mr. Lee shot the film in Puducherry, as well as the hill station of Munnar in Kerala state and in Taiwan. The movie had a large Indian cast, including Suraj Sharma as the 16-year-old protagonist, Pi; Irrfan Khan as an adult Pi; Tabu as Pi’s mother; and Adil Hussain as his father. Younger versions of Pi were played by Gautam Belur and Ayush Tandon, while Pi’s older brother was played by Ayan Khan, Mohamed Abbas Khaleeli and Vibish Sivakumar. Shravanthi Sainath plays Pi’s teenage girlfriend. The film also stars Gérard Depardieu. 

“Life of Pi” was the highest-grossing Hollywood film in India in 2012, pulling in $17 million, according to The Hollywood Reporter. Worldwide, it grossed more than $583 million at the box office as of February 24.

“Life of Pi” also won for Original Score. Michael Dynna accepted the award and thanked his Indian-born wife, Aparna, and their two boys. Aparna Dynna wore a blue-and-silver Indian lehenga, or skirt, blouse and  dupatta, or scarf, to the Oscars.

The movie also took home Oscars for both Cinematography and Visual Effects. Some of the visual effects for the film were done in Mumbai and Hyderabad, at the offices of Rhythm & Hues Studios, which is headquartered in California.

“Pi’s Lullaby,” sung by Jayashri Ramnath, a Carnatic music singer popularly known as Bombay Jayashree, was up for Best Song, but it lost to Adele Atkins for the James Bond theme song, “Skyfall.” Bombay Jayashree looked resplendent in a red silk sari and pearls on the red carpet.

Centered around the adventures of Pi, short for Piscine Molitor Patel, “Life of Pi” brings together fantasy and mysticism as an older Pi (Khan) recounts two alternate versions of his time on a boat with a tiger, named Richard Parker. The young Pi’s family owns a zoo in Pondicherry, but upon selling it to the local government, decides to migrate to Canada. The family and the animals from the zoo embark on their journey to Canada but meet with disaster on the ocean. The story is a retelling of that fateful journey, based on the older Pi’s recollections of what transpired. There is a strong spiritual undercurrent to the story, with the idea of God a central theme.

“Life of Pi” wasn’t immune to controversies, with Bombay Jayashri accused of borrowing from a well-known Malayalam lullaby in composing her song for the film. Ms. Jayashri has denied the allegations.

Although Mr. Khan and Ms. Tabu are well known in India, Mr. Sharma, who played the teenage Pi, had never acted before. Mr. Lee, in his acceptance speech at the Academy Awards, called him a “miracle,” before signing off in both Mandarin and Sanskrit: “Xie, xie” and “namaste.”

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Still Got It! Seven PEOPLE's Sexiest Men Alive Hit Oscar Red Carpet





Years have passed for some of our favorites, but that didn't stop Ben Affleck, Richard Gere, Denzel Washington and more from looking stunning








Credit: George Pimentel/Getty



Updated: Monday Feb 25, 2013 | 01:30 PM EST




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FDA approves new targeted breast cancer drug


WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.


The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.


Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.


"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."


Cobleigh helped conduct the key studies of the drug at the Chicago facility.


The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.


The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.


Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.


FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.


Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.


FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer


Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.


Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.


Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.


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Dow, S&P slip after uncertain Italian election

NEW YORK (Reuters) - U.S. stocks mostly fell on Monday on fears that a divided parliament in Italy would get in the way of the country's reforms and hamper the euro zone's stability.


Election projections showed the center-right coalition led by former prime minister Silvio Berlusconi was leading in the race for the Italian Senate, contradicting initial exit polls and raising the specter of deadlock in parliament.


Earlier polls pointing to a center-left victory lifted stocks in Milan and other European markets on investors' belief that they would continue the path to pay down Italian debt, said Art Hogan, managing director of Lazard Capital Markets in New York.


"What we don't want to hear is a renewed fear about a euro- zone fracture," he said.


Last week, the benchmark S&P 500 closed below its 14-day moving average on Wednesday for the first time this year. At midday, the S&P 500 was trading just below that level, now near 1,515.


The index was, nonetheless, still near highs not seen in five years, as bets on a strong U.S. economy have given equities support. The S&P 500's slight fall last week was the first weekly drop after a seven-week string of gains.


Banks and other financial stocks led Monday's decline on concern about the sector's exposure to Italy's massive debt. The KBW Bank Index <.bkx> fell 0.7 percent.


The Dow Jones industrial average <.dji> slipped 18.58 points or 0.13 percent, to 13,981.99. The Standard & Poor's 500 <.spx> shed 2.30 points or 0.15 percent, to 1,513.30. But the Nasdaq Composite <.ixic> rose 3.03 points or 0.10 percent, to 3,164.85.


Barnes & Noble Inc shares climbed 11.9 percent to $15.12 after the bookseller's chairman offered to buy its declining retail business.


The Nasdaq received support from Amgen Inc , up 4.2 percent at $90.47, after a rival issued a voluntary recall of its only drug, an anemia treatment that competes with Amgen's top-selling red blood cell booster, Epogen.


The FTSEurofirst-300 index of top European shares <.fteu3> unofficially closed up 0.1 percent and Italy's main FTSE MIB <.ftmib> ended up 0.7 percent after earlier gaining near 4 percent.


U.S. equities will face a test with the looming debate over the so-called sequestration, U.S. government budget cuts that will take effect starting on Friday if lawmakers fail to reach an agreement over spending and taxes. The White House issued warnings about the harm the cuts are likely to inflict on the economy if enacted.


With 83 percent of the S&P 500 companies having reported results so far, 69 percent beat profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


(Editing by Kenneth Barry and Jan Paschal)



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In Last Sunday Address as Pope, Benedict Says He Will Continue to Serve


Andrew Medichini/Associated Press


Pope Benedict XVI delivered his final Sunday address from the window of his apartment overlooking St. Peter's Square.







VATICAN CITY — In his last Sunday blessing before he retires, Pope Benedict XVI reassured Catholics that he was not abandoning them but would continue to serve the church even in his retirement.




Romans, pilgrims and curious tourists filled St. Peter’s Square on Sunday for Benedict’s second-to-last public appearance before he steps down on Thursday, the first pope in six centuries to do so willingly.


Reading from prepared remarks as he stood at the window of the Apostolic Palace, Benedict that said he was being called by God “to climb up on the mountain” and to dedicate himself more to “prayer and meditation.”


“This doesn’t mean abandoning the church,” the pope added, to the applause of the crowd. “On the contrary, if God asks me, this is because I can continue to serve” the church “with the same dedication and the same love which I have tried to do so until now, but in a way more suitable to my age and to my strength.”


Cardinals from around the world have begun gathering in Rome to greet Benedict before he retires at 8 p.m. on Thursday. At that point, the cardinals will meet to discuss when to begin the conclave to elect his successor.


One member of the crowd in St. Peter’s Square on Sunday, Jan Cartwright, 61, said she had traveled to Rome from Wales. “We’ve come for the rugby, but we’re Catholic, and it is history, isn’t it,” she said.


Ms. Cartwright said she was surprised that the pope had decided to resign. “We have the queen,” she said. “No one in the royal family would step down, they just go on until they die, really.” But she said she admired Benedict’s decision. “I think it’s a brave thing to do,” she said. “He’s an old man.”


Maria Concetta Campanella from Rome was also in the crowd. “It’s a historic moment,” she said. “It teaches us humility. He teaches us that we can’t sit in our chairs forever, that when the time is right, we have to leave the chair.”


Vito Ugo, an Augustinian monk holding a Brazilian flag, was taking pictures with two of his fellow monks, all dressed in long black robes. “We feel great emotion to be here,” he said.


Asked whether he hoped the cardinals would elect a South American pope in the conclave, Brother Ugo smiled. “It’s what God wants,” he said humbly.


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