Showing posts with label World. Show all posts
Showing posts with label World. Show all posts

Wall Street edges off five-year high, awaits earnings

NEW YORK (Reuters) - Stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits.


Shares of financial companies dipped after a group of major U.S. banks agreed to pay a total of $8.5 billion to end a government inquiry into faulty mortgage foreclosures. The KBW bank index <.bkx>, a gauge of U.S. bank stocks, was down 0.3 percent.


Other sectors were hit as well, most notably energy and utilities. The S&P 500 energy sector index <.gspe> fell 0.8 percent and the utilities sector <.gspu> was off 1.1 percent.


The day's decline came a session after the S&P 500 finished at a five-year high, boosted by a budget deal and strong economic data. The S&P 500 rose 4.6 percent last week, the best weekly gain in more than a year.


"It's a little bit of taking some risk off the table ahead of profit season, you're not going to see anything all that great" on earnings, said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston.


Earnings are expected to be only slightly better than the third-quarter's lackluster results, and analysts' current estimates are down sharply from where they were in October. Fourth-quarter earnings growth is expected to come in at 2.8 percent, according to Thomson Reuters data.


Aluminum company Alcoa Inc begins the reporting season by announcing its results after Tuesday's market close. Alcoa shares fell 1.7 percent at $9.10.


The Dow Jones industrial average <.dji> dropped 50.92 points, or 0.38 percent, to 13,384.29. The Standard & Poor's 500 Index <.spx> fell 4.58 points, or 0.31 percent, to 1,461.89. The Nasdaq Composite Index <.ixic> lost 2.84 points, or 0.09 percent, to 3,098.81.


Ten mortgage servicers - including Bank of America , Citigroup , JPMorgan , and Wells Fargo - agreed on Monday to pay $8.5 billion to end a case-by-case review of foreclosures required by U.S. regulators.


In a separate case, Bank of America also announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans.


The bank also entered into agreements with Nationstar Mortgage Holdings and Walter Investment Management to sell about $306 billion of residential mortgage servicing rights.


Bank of America shares lost 0.2 percent at $12.09 while Nationstar Mortgage Holdings jumped 16.8 percent to $38.83.


Citigroup shares were up 0.09 percent to $42.47, and Wells Fargo shares fell 0.5 percent to $34.77.


"The financials probably have the wind behind them now with a lot of the regulations coming out ... the market has to absorb a lot of the gains, and for that reason there's a pullback from this level," said Warren West, principal at Greentree Brokerage Services in Philadelphia.


Shares of U.S. jet maker Boeing Co dropped 2 percent after a Boeing 787 Dreamliner aircraft with no passengers on board caught fire at Boston's Logan International Airport on Monday morning.


Amazon.com shares hit their highest price ever at $269.22 after Morgan Stanley raised is rating on the stock. Shares were up 3.6 percent at $268.46.


Video-streaming service Netflix Inc shares gained 3.4 percent to $99.20 after it said it will carry previous seasons of some popular shows produced by Time Warner's Warner Bros Television.


Walt Disney Co stock fell 2.3 percent to $50.97. The company started an internal cost-cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters.


Volume was lower than average, as 4.78 billion shares were traded on the New York Stock Exchange, NYSE MKT and Nasdaq. This is well below the 2012 average of 6.42 billion per session.


Declining stocks outnumbered advancing ones on the NYSE by 1,629 to 1,363, while on the Nasdaq decliners beat advancers 1,438 to 1,066.


(Reporting By Gabriel Debenedetti; Editing by Kenneth Barry and Nick Zieminski)



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Enter NASA’s Winter Weather Photo Contest






If you’ve got awesome photos of winter weather, send ‘em to NASA.


The space agency is holding a photo contest (entitled “Let it Snow!”) to highlight its Global Precipitation Measurement mission.






The GPM mission is an international satellite mission that studies Earth’s water and energy cycles. One goal of the mission is to improve the forecasting of extreme weather. “Let It Snow!” follows an earlier extreme photo contest. Find the winning entries of that contest here. 


The contest runs from today (Jan. 7) until Feb. 4 and the winning entry will be featured on NASA’s Precipitation Measurement Missions website.


You can submit your photographs at the website for the photo contest. Here are the submission guidelines:


• Images should be in JPEG (.jpg) format in as high a resolution as possible.


• Please provide as much data about the image as you arecomfortable providing.


• Your name.


• Affiliation (e.g. school, community group, etc.).


• Location where photo was taken (country, city, state, latitude, longitude).


• Any other interesting details about the photo.


NASA reminds contestants to be careful when taking pictures of extreme winter weather, which can be dangerous to get out into and photograph.


Follow OurAmazingPlanet on Twitter @OAPlanet. We’re also on Facebook and Google+.


Copyright 2013 OurAmazingPlanet, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Weather News Headlines – Yahoo! News





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"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.


Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.


That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.


Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.


In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.


"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.


Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.


U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.


Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.


"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.


Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.


REVENUE WORRIES


One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.


S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.


On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.


For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.


Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.


In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.


"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.


Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.


Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.


(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)



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Weather disrupts Shell efforts to free Alaska oil rig






ANCHORAGE, Alaska (Reuters) – The U.S. Coast Guard and Shell were making fresh preparations on Sunday to tow a grounded Alaska oil rig, saying crews would keep trying to connect a tow line after rough weather prevented their efforts all Saturday.


According to a news release from the unified grounding response team, the aim, once the conditions are right, is to tow the rig to a sheltered bay nearby so experts can make a better assessment of its sea worthiness.






Officials have declined to speculate on the exact timing of the removal of the Kulluk from the rocky coast of tiny Sitkalidak Island, though a senior Shell executive said last week he believed it was a matter of days.


The fortunes of the grounded drillship, which started a well in the Beaufort Sea late last year, face particular scrutiny because it was a key part of Royal Dutch Shell‘s controversial and error-prone 2012 Arctic drilling program.


Sean Churchfield, Shell’s Alaska ventures manager, said salvage teams have found no signs of breaches to any of the Kulluk’s fuel tanks and only one area where seawater leaked onboard. A tow plan has been approved by government regulators.


“According to naval architects, the vessel is sound and fit to tow,” Churchfield said at a news conference late on Saturday.


All that is left, said Coast Guard Captain Paul Mehler, is to await the right combination of tides and weather, as well as equipment that still needs to be delivered.


“We want to get this off as soon as we can. And we’re looking at the best tides, the best opportunities,” Mehler said. “As I stand here today, we don’t have it all.”


The Kulluk went aground in a Gulf of Alaska storm on December 31 after the ship towing it lost power and its tow connection in the Kodiak archipelago – far from where it began a well in September and October. The rig was headed for maintenance near Seattle.


The removal plan is to pull the Kulluk about 30 miles to Kiliuda Bay, a site previously designated as a refuge for disabled vessels. Whether it continues on for its maintenance work will be determined after the assessment, Churchfield said.


The rig has about 155,000 gallons of diesel fuel and other petroleum products aboard, none of which has spilled, state environmental regulators said.


The Aiviq, the vessel that lost power and its tow connection to the Kulluk a week ago, is the ship designated to tow it to safe refuge. An investigation into its failures is not yet complete, Churchfield said.


Alaska environmentalist Rick Steiner questioned Shell’s reliance on the Aiviq, and believed all the problems with the Kulluk and its other contracted drillship, the Noble Corp-owned Discoverer, would preclude any drilling this year. “The 2013 season is on the rocks in Kodiak with the Kulluk,” he said.


Shell officials in Alaska have so far declined to comment on the upcoming Arctic drilling season.


Prior to the Kulluk accident, Shell’s main problem in Alaska was the Discoverer, which was assigned to Chukchi Sea work.


The Discoverer failed to meet federal air standards, which prompted Shell in June to ask the Environmental Protection Agency for a permit with looser limits for air pollution. In September, the ship dragged its anchor in the Aleutian port of Dutch Harbor and nearly grounded on the beach there.


After completing a truncated 2012 drill season in the Chukchi, the Discoverer was temporarily detained by the Coast Guard in the port of Seward, Alaska. The Coast Guard cited numerous safety and environmental-systems deficiencies, which Shell and Noble vowed to fix before the summer season began.


(Reporting by Yereth Rosen; Editing by Braden Reddall and Tim Dobbyn)


Weather News Headlines – Yahoo! News





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"Cliff" concerns give way to earnings focus

NEW YORK (Reuters) - Investors' "fiscal cliff" worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way next week.


Financial results, which begin after the market closes on Tuesday with aluminum company Alcoa , are expected to be only slightly better than the third-quarter's lackluster results. As a warning sign, analyst current estimates are down sharply from what they were in October.


That could set stocks up for more volatility following a week of sharp gains that put the Standard & Poor's 500 index <.spx> on Friday at the highest close since December 31, 2007. The index also registered its biggest weekly percentage gain in more than a year.


Based on a Reuters analysis, Europe ranks among the chief concerns cited by companies that warned on fourth-quarter results. Uncertainty about the region and its weak economic outlook were cited by more than half of the 25 largest S&P 500 companies that issued warnings.


In the most recent earnings conference calls, macroeconomic worries were cited by 10 companies while the U.S. "fiscal cliff" was cited by at least nine as reasons for their earnings warnings.


"The number of things that could go wrong isn't so high, but the magnitude of how wrong they could go is what's worrisome," said Kurt Winters, senior portfolio manager for Whitebox Mutual Funds in Minneapolis.


Negative-to-positive guidance by S&P 500 companies for the fourth quarter was 3.6 to 1, the second worst since the third quarter of 2001, according to Thomson Reuters data.


U.S. lawmakers narrowly averted the "fiscal cliff" by coming to a last-minute agreement on a bill to avoid steep tax hikes this weeks -- driving the rally in stocks -- but the battle over further spending cuts is expected to resume in two months.


Investors also have seen a revival of worries about Europe's sovereign debt problems, with Moody's in November downgrading France's credit rating and debt crises looming for Spain and other countries.


"You have a recession in Europe as a base case. Europe is still the biggest trading partner with a lot of U.S. companies, and it's still a big chunk of global capital spending," said Adam Parker, chief U.S. equity strategist at Morgan Stanley in New York.


Among companies citing worries about Europe was eBay , whose chief financial officer, Bob Swan, spoke of "macro pressures from Europe" in the company's October earnings conference call.


REVENUE WORRIES


One of the biggest worries voiced about earnings has been whether companies will be able to continue to boost profit growth despite relatively weak revenue growth.


S&P 500 revenue fell 0.8 percent in the third quarter for the first decline since the third quarter of 2009, Thomson Reuters data showed. Earnings growth for the quarter was a paltry 0.1 percent after briefly dipping into negative territory.


On top of that, just 40 percent of S&P 500 companies beat revenue expectations in the third quarter, while 64.2 percent beat earnings estimates, the Thomson Reuters data showed.


For the fourth quarter, estimates are slightly better but are well off estimates for the quarter from just a few months earlier. S&P 500 earnings are expected to have risen 2.8 percent while revenue is expected to have gone up 1.9 percent.


Back in October, earnings growth for the fourth quarter was forecast up 9.9 percent.


In spite of the cautious outlooks, some analysts still see a good chance for earnings beats this reporting period.


"The thinking is you need top line growth for earnings to continue to expand, and we've seen the market defy that," said Mike Jackson, founder of Denver-based investment firm T3 Equity Labs.


Based on his analysis, energy, industrials and consumer discretionary are the S&P sectors most likely to beat earnings expectations in the upcoming season, while consumer staples, materials and utilities are the least likely to beat, Jackson said.


Sounding a positive note on Friday, drugmaker Eli Lilly and Co said it expects profit in 2013 to increase by more than Wall Street had been forecasting, primarily due to cost controls and improved productivity.


(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)



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Here, Bella! Top Pet Names for 2012






Move over, Rover, there’s a new top dog in town, and her name is Bella. For 2012, the “Twilight Saga”-inspired moniker was the most popular for dogs and second-most popular for cats, according to a survey by one veterinary organization. For dogs, Max took second place.


The survey gathered names of 2.5 million dogs and cats at the Banfield Pet Hospital, a veterinary network in Portland, Ore.






The top names resemble those from years past, said Laura Wattenberg, a baby-name expert and the creator of babynamewizard.com


“Max in particular has been the top name for male dogs for a number of years now,” Wattenberg told LiveScience. 


Cuddly fur babies


In general, pets have been given much more humanlike names over the past generation, Wattenberg said. That reflects a change in society, in which owners see their fur babies more as family members than animals, she said. [What Your Dog's Breed Says About You]


The names people choose for their pets also reflect a sweet, nostalgic innocence.


“There’s a particular slice of human names that have risen for baby names as well, but they’re particularly popular for pets. That’s the cute, cuddly names of the early 20th century.”


These names, such as Max and Lucy, tend to crop up frequently as heroes or heroines in kids’ picture books, Wattenberg said. For instance, the hero in “Where the Wild Things Are” was named Max. These names may reflect how people see their pets.


“They’re like children who never have to grow up,” she said.


Old and new


Pop-culture trends also influenced the popularity of pet names found in the survey. Aside from the top-ranked Bella, Katniss also saw wide use, becoming 18 times more popular for dogs and 14 times more popular for cats, compared with 2011, following the release of the “Hunger Games” in March.  Reality TV stars also got their due, with Honey Boo Boo (a 6-year-old beauty pageant star of “Here Comes Honey Boo Boo“) and Purrfect (the name of Cee Lo Green’s cat on “The Voice”) rising in the ranks.


Still, for dog and cat names alike, familiar can still win out over hip. Perennial favorites like Max and Buddy took the second and third slots for dogs, while the perhaps unimaginative Kitty was the most popular name for cats.


Cats vs. dogs


Interestingly, more humanlike names, such as Charlie or Lucy, were popular for dogs, while unisex monikers like Smokey, Shadow and Tigger describing physical traits like color ranked high for felines in 2012.


That may reflect how much people project a human role onto their pets. For instance, one study showed that animals kept in the house are more likely to get human names, Wattenberg said.


“You could infer from this that people feel a little bit more attached or feel like they have a more personal relationship with their dogs,” she said. “Obviously cat lovers will howl at that, but that’s what the names say.”


In general, pet names overlapped very little with baby names. While the trend toward nostalgic, 20th century names carried over from baby naming trends, formal names ruled for human tots. But cuddly, affectionate nicknames took precedence for pets. From the list of pet names, only Chloe made the list of most popular girl names in 2011.


For instance, pet names like Coco or Rocky are more intensely retro than Ava or Jacob (which are more likely to be given to babies). That suggests, as a society, “we’re more willing to push the style to the extreme with pets and maybe even live out the naming fantasies that we wouldn’t quite be able to give to our children,” Wattenberg said.


Here are the top ten names for dogs and cats in order of more to less popular:


Top Dog Names:


  1. Bella

  2. Max

  3. Buddy

  4. Daisy

  5. Bailey

  6. Coco

  7. Lucy

  8. Charlie

  9. Molly

  10. Rocky

Top Cat Names:


  1. Kitty

  2. Bella

  3. Tiger

  4. Max

  5. Smokey

  6. Shadow

  7. Tigger

  8. Lucy

  9. Chloe

  10. Charlie

Follow LiveScience on Twitter @livescience. We’re also on Facebook & Google+


Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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S&P 500 finishes at 5-year high on economic data

NEW YORK (Reuters) - The benchmark Standard & Poor's 500 index ended at a five-year high on Friday, lifted by reports showing employers kept up a steady pace of hiring workers and the vast services sector expanded at a brisk rate.


The gains on the S&P 500 pushed the index to its highest close since December 2007 and its biggest weekly gain since December 2011.


Most of the gains came early in the holiday-shortened week, including the largest one-day rise for the index in more than a year on Wednesday after politicians struck a deal to avert the "fiscal cliff."


The Dow Jones industrial average <.dji> gained 43.85 points, or 0.33 percent, to 13,435.21. The Standard & Poor's 500 Index <.spx> rose 7.10 points, or 0.49 percent, to 1,466.47. The Nasdaq Composite Index <.ixic> edged up 1.09 points, or 0.04 percent, to 3,101.66.


For the week, the S&P gained 4.6 percent, the Dow rose 3.8 percent and the Nasdaq jumped 4.8 percent to post their largest weekly percentage gains in more than a year.


The CBOE Volatility index <.vix>, a measure of investor anxiety, dropped for a fourth straight session, giving the index a weekly decline of nearly 40 percent, its biggest weekly fall ever. The close of 13.83 on the VIX marks its lowest level since August.


In Friday's economic reports, the Labor Department said non-farm payrolls grew by 155,000 jobs last month, slightly below November's level. Gains were distributed broadly throughout the economy, from manufacturing and construction to healthcare.


Also serving to boost equities was data from the Institute for Supply Management showing U.S. service sector activity expanding the most in 10 months.


With the S&P 500 index at a five-year closing high, analysts said any gains above the index's intraday high near 1,475 in September may be harder to come by.


"We are getting to a point where we need a strong catalyst, which could be earnings, it could be three months of good economic data, it could be a variety of things," said Adam Thurgood, managing director at HighTower Advisors in Las Vegas, Nevada.


"What is going on right now is this conflicting view of fundamentals look pretty good and improving, and then you've got these negative tail risks that could blow everything up," Thurgood said.


He referred to "a fiscal superstorm brewing" of issues still left unresolved in Washington, including tough federal budget cuts and the need to raise the government's debt ceiling all within a couple of months.


The rise in payrolls shown by the jobs data did not make a dent in the U.S. unemployment rate still at 7.8 percent.


A Reuters poll on Friday of economists at Wall Street's top financial institutions showed that most expect the Fed in 2013 to end the program with which it bought Treasury debt in an effort to stimulate the economy.


A drop in Apple Inc shares of 2.6 percent to $528.36 kept pressure on the Nasdaq.


Adding to concerns about Apple's ability to produce more innovative products, rival Samsung Electronics Co Ltd is expected to widen its lead over Apple in global smartphone sales this year with growth of 35 percent. Market researcher Strategy Analytics said Samsung had a broad product lineup.


Eli Lilly and Co was among the biggest boost's to the S&P, up 3.7 percent to $51.56 after the pharmaceuticals maker said it expects its 2013 earnings to increase to $3.75 to $3.90 per share, excluding items, from $3.30 to $3.40 per share in 2012.


Fellow drugmaker Johnson & Johnson rose 1.2 percent to $71.55 after Deutsche Bank upgraded the Dow component to a "Buy" from a "Hold" rating. The NYSEArca pharmaceutical index <.drg> climbed 0.6 percent.


Shares of Mosaic Co gained 3.3 percent to $58.62. Excluding items, the fertilizer producer's quarterly earnings beat analysts' expectations, according to Thomson Reuters I/B/E/S.


Volume was modest with about 6.07 billion shares traded on the New York Stock Exchange, NYSE MKT and Nasdaq, slightly below the 2012 daily average of 6.42 billion.


Advancing stocks outnumbered declining ones on the NYSE by 2,287 to 701, while on the Nasdaq, advancers beat decliners 1,599 to 866.


(Reporting by Chuck Mikolajczak; Editing by Nick Zieminski and Kenneth Barry)



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Will China Launch an Anti-Satellite Test Soon?






China may be gearing up to perform a controversial anti-satellite test this month, perhaps in the next week or two, some experts say.


For several months, rumors have been circulating within the United States defense and intelligence communities that a Chinese anti-satellite test is imminent, says Gregory Kulacki of the Union of Concerned Scientists. It could even be conducted on Jan. 11, the date on which China performed ASAT operations in both 2007 and 2010. 






“Given these high-level administration concerns, and past Chinese practice, there seems to be a strong possibility China will conduct an ASAT test within the next few weeks,” Kulacki wrote in a blog post today (Jan. 4). “What kind of test and what the target might be is unclear.”


In the 2007 test, China destroyed one of its own defunct weather satellites at an altitude of 530 miles (850 kilometers), spawning about 3,000 new pieces of space junk. The 2010 operation used similar technology to take out an object that was not in orbit.


The upcoming ASAT test — if China is indeed planning one — may not necessarily be so destructive, Kulacki says. [Top 10 Space Weapons]


“There are different types of technologies that can be used as ASAT weapons, and a satellite may not be destroyed at all,” he wrote today. “The planned test could be of the same technology as the 2007 and 2010 tests but in a missile defense or flyby mode, or a test of technology that doesn’t destroy a satellite.”


Some U.S. officials suspect China may want to go higher than it did in either 2007 or 2010, targeting an object 12,000 miles (20,000 km) or so above Earth’s surface. This ability to reach medium-Earth orbit (MEO) could theoretically put the constellation of U.S. Global Positioning System navigational satellites at risk.


“But there are good reasons for China not to destroy a satellite at this orbit, including that China plans to use this part of space,” Kulacki wrote. “Creating debris, as it now understands, would threaten its own satellites. Over the next several years, China plans to place more than 20 new navigational satellites in MEO.”


Kulacki urges the Obama Administration to attempt to dissuade China from conducting any more destructive ASAT tests. Both the United States and the Soviet Union abandoned such tests as their space programs matured, he notes.


“Hopefully, China will eventually come to a similar conclusion,” Kulacki wrote. “Beginning a meaningful bilateral dialogue on space security between the United States and China could hasten the day.”


Follow SPACE.com on Twitter @Spacedotcom. We’re also on Facebook & Google+


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Fed minutes short-circuit Wall Street rally

NEW YORK (Reuters) - U.S. stocks dipped on Thursday after signs the Federal Reserve has growing concern about its highly stimulative monetary policy, giving investors reason to pull back after a two-day rally.


The minutes from the Fed's December policy meeting, released on Thursday, showed increasing reticence about adding to the central bank's $2.9 trillion balance sheet, which it expanded sharply in response to the financial crisis and recession of 2007-2009.


Some policymakers thought asset buying should be slowed or stopped before the end of 2013 while others highlighted the need for further stimulus. The Fed's policy of easy credit has helped push the S&P 500 to a 13.4 percent gain in 2012. Ending that policy would remove an incentive for investors to purchase riskier assets like stocks.


"The surprise was the changes to duration and extent of that program in 2013, but given the tone in previous Fed meeting minutes, it should not have been an entire surprise," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon.


Despite the concerns about the effects of its asset purchases, the Fed look set to continue its open-ended stimulus program for now.


Stocks pushed the S&P 500 index 4.3 percent higher in the previous two sessions. On Thursday investors turned their focus to coming battles in Congress, including the likelihood of bitter fights over budget cuts and raising the federal debt ceiling.


"We were definitely technically extended and ripe for a little bit of a consolidation and today is very orderly - traders and investors are still trying to digest the language and the details from the 2012 taxpayer act," Dickson said.


The Dow Jones industrial average <.dji> dropped 21.19 points, or 0.16 percent, to 13,391.36. The Standard & Poor's 500 Index <.spx> shed 3.05 points, or 0.21 percent, to 1,459.37. The Nasdaq Composite Index <.ixic> lost 11.70 points, or 0.38 percent, to 3,100.57.


Economic data showed U.S. private-sector employers shrugged off a looming budget crisis and stepped up hiring in December, offering further evidence of underlying strength in the economy as 2012 ended.


The government's broader monthly payrolls report, due on Friday, is expected to show the economy created 150,000 jobs compared with 146,000 in November, according to a Reuters poll. The U.S. unemployment rate is seen holding steady at 7.7 percent.


Retailers advanced after several major companies in the sector beat expectations of modest sales increases in December, with the S&P retail index <.spxrt> up 0.4 percent.


Shares in Costco Wholesale Corp rose 1 percent to $102.49 after the company reported a better-than-expected 9 percent rise in December sales at stores open at least a year.


Gap Inc stock climbed 2.3 percent to $32.09 following news that the retailer will buy women's fashion boutique Intermix Inc, the Wall Street Journal reported.


Family Dollar Stores Inc stumbled 13 percent to $55.74 on the company's report of lower-than-expected quarterly profit.


Volume was relatively strong, with about 6.68 billion shares traded on the New York Stock Exchange, NYSE MKT and Nasdaq, slightly above the 2012 daily average of 6.42 billion.


Advancing stocks outnumbered declining ones on the NYSE by 1,692 to 1,321, while on the Nasdaq, decliners beat advancers 1,287 to 1,187.


(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)



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Ark. Electric Cooperative enters wind power pact






LITTLE ROCK, Ark. (AP) — Arkansas Electric Cooperative Corp. says it has entered into an agreement to buy wind-generated electricity from a wind farm in Kansas.


The long-term agreement announced Thursday has the Flat Ridge 2 Wind Farm providing the cooperative with 51 megawatts of wind energy.






The cooperative is a wholesale electricity supplier that provides power to members with 500,000 customers.


The Flat Ridge 2 Wind Farm will provide energy to consumers in Arkansas, Louisiana and Missouri.


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Wall Street starts new year with a bang after "cliff" deal

NEW YORK (Reuters) - Stocks kicked off the new year with their best day in over a year on Wednesday, sparked by relief over a last-minute deal in Washington to avert the "fiscal cliff" of tax hikes and spending cuts that threatened to derail the economy's growth.


In 2013's first trading session, the S&P 500 achieved its biggest one-day gain since December 20, 2011, pushing the benchmark index to its highest close since September 14.


Concerns over Washington's ability to sidestep the cliff had driven the S&P 500 down for five straight sessions, before signs that a resolution was near sent the benchmark index higher on the final trading session of 2012.


The CBOE Volatility Index or the VIX <.vix>, Wall Street's favorite gauge of investor anxiety, dropped 18.5 percent to 14.68 at the close. The VIX has fallen 35.4 percent over the past two sessions, the biggest 2-day percentage drop in the history of the index.


The Dow Jones industrial average <.dji> jumped 308.41 points, or 2.35 percent, to 13,412.55 at the close. The Standard & Poor's 500 Index <.spx> gained 36.23 points, or 2.54 percent, to finish at 1,462.42. The Nasdaq Composite Index <.ixic> climbed 92.75 points, or 3.07 percent, to end at 3,112.26.


U.S. markets were closed on Tuesday for New Year's Day.


Market breadth reflected the strong rally, with 10 stocks rising for every one that fell on the New York Stock Exchange. All 10 of the S&P 500 industry sector indexes gained at least 1 percent. The S&P financial index <.gspf> shot up 2.9 percent.


The S&P Information Technology index <.gspt> gained 3.2 percent, including Hewlett-Packard , which climbed 5.4 percent to $15.02. HP's gain followed a miserable 2012 when the stock fell nearly 45 percent as one of the S&P 500's worst performers for 2012.


On Tuesday, Congress passed a bill to prevent huge tax hikes and delay spending cuts that would have pushed the world's largest economy off a "fiscal cliff" and possibly into recession.


The vote avoided steep income-tax increases for a majority of Americans, but failed to resolve a major showdown over cutting the budget deficit, leaving investors and businesses with only limited clarity about the outlook for the economy. Spending cuts of $109 billion in military and domestic programs were temporarily delayed, and another fight over raising the U.S. debt limit also looms.


"We got through the fiscal cliff. The next big thing, and probably more contentious thing, is negotiating the debt ceiling and possibly entitlement reform in early 2013," said Jim Russell, senior equity strategist for U.S. Bank Wealth Management in Cincinnati.


Hard choices about budget cuts and the critical need to raise the debt ceiling will confront Congress about the same time in two months "so the fur will be flying," Russell said.


U.S. stocks ended 2012 with the S&P 500 up 13.4 percent for the year, as investors largely shrugged off worries about the fiscal cliff. For the year, the Dow gained 7.3 percent and the Nasdaq jumped 15.9 percent.


Bank shares rose following news that U.S. regulators are close to securing another multibillion-dollar settlement with the largest banks to resolve allegations that they unlawfully cut corners when foreclosing on delinquent borrowers.


Bank of America Corp rose 3.7 percent to $12.03 and Citigroup Inc gained 4.3 percent to $41.25. The KBW bank index <.bkx> rose 3.2 percent.


Shares of Zipcar Inc surged 47.8 percent to $12.18 after Avis Budget Group Inc said it would buy Zipcar for about $500 million in cash to compete with larger rivals Hertz and Enterprise Holdings Inc. Avis advanced 4.8 percent to $20.77.


Shares of Apple rose 3.2 percent to $549.03, helping to lift the S&P information technology index <.gspt> up 3.2 percent following a report that the most valuable tech company has started testing a new iPhone and a new version of its iOS software.


Economic data from the Institute for Supply Management showed U.S. manufacturing ended 2012 on an upswing despite fears about the fiscal cliff, but the Commerce Department reported that construction spending fell in November for the first time in eight months.


Volume was heavy, with about 7.8 billion shares traded on the New York Stock Exchange, the NYSE MKT and the Nasdaq, well above the 2012 daily average of 6.42 billion.


(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)



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APNewsBreak: Feds say delay made oil spill worse






BILLINGS, Mont. (AP) — Delays in Exxon Mobil Corp.‘s response to a major pipeline break beneath Montana’s Yellowstone River made an oil spill far worse than it otherwise would have been, federal regulators said in a new report.


The July 2011 rupture fouled 70 miles of riverbank along the scenic Yellowstone, killing fish and wildlife and prompting a massive, months-long cleanup.






The damage could have been significantly reduced if pipeline controllers had acted more quickly, according to Department of Transportation investigators.


The report, provided to The Associated Press by the office of Montana U.S. Sen. Max Baucus, marks the first time federal regulators have highlighted specific actions by Exxon as contributing to the severity of the spill.


An Exxon spokeswoman said Wednesday the company was reviewing the findings.


The spill released about 63,000 gallons of crude into the river near the city of Laurel. That damage would have been reduced by about two-thirds if controllers in Houston isolated the rupture as soon as problems emerged, investigators said.


Instead, as Exxon personnel weighed the appropriate response, crude drained from the severed, 12-inch pipeline for another 46 minutes before a control valve was finally closed.


Exxon spent $ 135 million on its response to the spill, including cleanup and repair work.


Spokeswoman Rachael Moore said the company will continue to cooperate with Pipeline and Hazardous Materials Safety Administration and “is committed to learning from these events.”


The report chalks up the immediate cause of the spill to floodwaters that damaged the pipeline and left it exposed. Debris washing downriver piled up on the line, increasing pressure until it ruptured.


The “volume would have been much less” and the location of spill “would have been identified far more quickly” if Exxon’s emergency procedures had called for the immediate closure of upstream valves, investigators said.


The report also faulted Exxon for lacking a plan to notify pipeline controllers that the river was flooding.


Exxon workers were not blamed, however, for steps taken in the lead-up to the spill.


Exxon’s field observations and “depth of cover survey took reasonable precautions to address the flooding of the Yellowstone River it the spring and early summer of 2011,” the investigators wrote.


City officials in Laurel had warned Exxon that the riverbank was eroding. The company, however, continued to run crude beneath the Yellowstone after finding that a section of pipeline leading away from the river was still buried more than 6 feet deep.


The report did not address concerns raised by Baucus, a Democrat, and other lawmakers over whether existing pipeline regulations do enough to prevent spills at river crossings.


Under current rules, companies must bury pipelines 4 feet beneath a riverbed and inspect them periodically.


Those rules are being reviewed, and Baucus said Wednesday that “transparency and oversight are critical to making sure we never have to go through the devastation of the Yellowstone River oil spill again.”


Landowners along the river have sued Exxon, saying the company didn’t do enough to prevent the spill and should have shut down the line during flooding. Exxon is fighting the lawsuits.


The federal investigation into the spill remains open. Whether any citations will be issued is under review, said spokesman Damon Hill with the Department of Transportation’s Pipeline and Hazardous Materials Safety Administration.


No timetable was available for any such decision, Hill added.


Energy News Headlines – Yahoo! News





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Asia holds breath as U.S. fiscal talks go to the wire


SYDNEY (Reuters) - Markets were eerily quiet in Asia as trade resumed on Wednesday with investors anxiously waiting to see if the U.S. Congress could strike a last-minute deal to avoid triggering tax rises and spending cuts that could threaten the global economy.


The U.S. Senate early on Tuesday passed a bill that aims to avoid the "fiscal cliff" of $600 billion in automatic spending cuts and tax increases.


However, the package immediately ran into opposition from House Republicans, who were meeting to decide whether to reject or amend the bill .


"Frankly, we don't know what to make of it all. It's like a circus there," said one exasperated forex dealer at an Australian bank in Sydney.


"The markets have always assumed they would eventually strike a deal that would avoid the worst affects of the fiscal cliff, but it's getting harder and harder to stay optimistic."


He suspected equity markets would be on the defensive as they opened, with safe-haven bonds in demand. Getting a read on trends was tricky as U.S. Treasuries and stock futures were yet to trade, while Tokyo was off on holiday.


Currencies were trading, but the only major move was further weakness in the Japanese yen as investors wagered the Bank of Japan would have to take ever more aggressive easing steps to support the economy and satisfy the new government.


The dollar held firm on the yen at 86.75 yen, having touched its highest level since August 2010. The Japanese currency also dropped to depths not seen in over four years against the Australian and New Zealand dollars.


The euro was a shade firmer against the U.S. dollar at $1.3216, but turnover was extremely thin.


Spot gold was little changed at $1,674 an ounce, while oil futures dipped 20 cents to $91.62.


(Reporting by Wayne Cole; Editing by Eric Meijer)



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Wall Street ends 2012 riding high on "cliff" deal optimism

NEW YORK (Reuters) - U.S. stocks closed out 2012 with their strongest day in more than a month, putting the S&P 500 up 13.4 percent for the year, as lawmakers in Washington closed in on a resolution to the "fiscal cliff" negotiations.


The S&P 500's gain for the year marks its best performance since 2009, as stocks navigated through debt crises in Europe and the United States that dominated the headlines. Still, with numerous issues involving budget talks unresolved, markets could still be open to a shock should the deal break down unexpectedly.


Fittingly, in the last session of the year, stocks bounced back and forth on the headlines out of Washington, as both President Barack Obama and Republican Senate leader Mitch McConnell issued statements indicating a deal to avert the cliff was close.


"The worst news could have been the president coming out and saying, 'We don't have a deal and we've giving up,' and he didn't say that," said Ron Florance, managing director of investment strategy for Wells Fargo Private Bank, based in Scottsdale, Arizona.


"My personal skepticism, I don't trust anything out of Washington until it is signed, sealed and delivered, and it is not signed, sealed and delivered."


While a deal on the cliff is not yet official, investors may be ready to take on more risk next year in hopes of a greater reward.


McConnell said an agreement had been reached with Democrats on all of the tax issues in the potential deal, removing a large hurdle in the talks. An agreement is needed in order to avert a combination of tax hikes and spending cuts that many believe could push the U.S. economy into recession.


A source familiar with the matter said an emerging deal, if adopted by Congress and President Barack Obama, would raise $600 billion in revenue over the next 10 years by increasing tax rates for individuals making more than $400,000 and households earning above $450,000 annually.


Despite the uncertainty, the market encountered only occasional bouts of volatility this year. For the first time since 2006, the CBOE Volatility Index or VIX <.vix>, the market's favored indicator of anxiety, did not surpass the 30 level, a threshold that usually signals heightened worry among investors.


"Given all the threats in 2012, the VIX was relatively tranquil," said Bill Luby, the author of the VIX and More blog in San Francisco, citing the crises in Spain and Greece, along with constant intervention from the Federal Reserve.


The Dow Jones industrial average <.dji> gained 166.03 points, or 1.28 percent, to end at 13,104.14. The Standard & Poor's 500 Index <.spx> gained 23.76 points, or 1.69 percent, to finish at 1,426.19. The Nasdaq Composite Index <.ixic> gained 59.20 points, or 2.00 percent, to close at 3,019.51.


Monday's gains enabled the S&P 500 to snap a five-day losing streak, its longest skid since September.


The S&P 500 closed out 2012 with a 13.4 percent gain for the year, compared with a flat performance in 2011. The Dow rose 7.3 percent in 2012 and the Nasdaq climbed 15.9 percent.


Financials <.gspf> were the strongest of the S&P's 10 industry sectors this year, gaining more than 26 percent, led by Bank of America , which more than doubled in 2012, and was the best performer of the Dow industrials.


Of the S&P's 10 sectors, only defensively oriented utilities <.gspu> ended the year lower, falling 2.9 percent.


Gains in Apple Inc , the most valuable U.S. company, helped lift the Nasdaq. The stock rose 4.4 percent to $532.17, lifting the S&P information technology sector index <.gspt> up 2.2 percent. For the year, Apple rose 31.4 percent, ending with a market value of about $501.4 billion.


Each of the Dow's 30 components finished the session in positive territory, led by a 3.2 percent climb in Caterpillar Inc to $89.58.


Volume was modest, with about 6.06 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, slightly below the daily average of 6.42 billion.


Advancing stocks outnumbered declining ones on the NYSE by a ratio of 6 to 1, while on the Nasdaq, four stocks rose for every one that fell.


(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)



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Oklahoma New Year’s Eve Opening Night Celebration 2013






Even though the weather forecast holds rain for today and a slight chance that the showers could turn icy if the temperatures dip, the Opening Night celebrations are planned in the state’s capital city. The event’s organizers, the Arts Council of Oklahoma City , expect a turnout of at least 70,000 people, reported NewsOK.com .


Opening Night 2013 to Herald in New Year






Opening Night 2013 will be the 27th such family-friendly New Year’s Eve celebration in Oklahoma City. With all of the venues indoors, except for the finale stage at Myriad Gardens, Stacy Hawthorne, Communications Director for the Arts Council of Oklahoma City, expects the weather to have little effect on either the planned activities or the anticipated attendees.


Opening Night festivities kick off at 7 p.m. with the countdown beginning at 11:30 p.m. and a fireworks finale at midnight. A warm-up event was held at the Downtown Metro OKC Library from noon to 1 p.m. with Jamie Bramble, acoustic singer and songwriter, providing an early peek into the evening’s festivities.


Who, Where and How Much Does It Cost?


Wristbands for Opening Night 2013 are available for $ 8 if purchased prior to the event; $ 10 at the event itself. Children age 5 and younger will be admitted free of charge.


Pre-event wristbands can be purchased at a variety of places, including 7-Eleven stores of Oklahoma, MidFirst Bank, Science Museum Oklahoma and Oklahoma City metro Homeland stores. Wristbands purchased at Opening Night can be purchased outside Myriad Gardens, the Cox Business Services Conventions Center, Devon Energy Center, Bank of Oklahoma or at Leadership Square.


Anyone and everyone are invited to attend. Families are welcome and will find that this year’s activities, like those of the past, are alcohol-free.


This map , provided by the Arts Council of Oklahoma City, shows the venues, parking, streets that will be closed for the event and more, including where to pick up free party favors. Before driving downtown tonight, you may want to check OKC180.com for up-to-date street closures.


Both the Oklahoma City Barons and the Oklahoma City Thunder have home games tonight, which Opening Night organizers feel certain will boost attendance at the New Year’s Eve event. You may want to plan your arrival accordingly.


Family Fun at Opening Night 2013


The Cox Convention Center will again be host to the Children’s Area, a place chock full of fun things to see and do such as face painting, an inflatable obstacle course and festive art projects in which the kids can participate. The Scavenger Hunt kicks off the evening at 7 p.m. at the Cox Convention Center. There will be musicians in the streets around the various venues also.


For additional fees, the family can skate outdoors at the Devon Ice Rink located in Myriad Gardens; show your Opening Night wristband and skate for $ 7, skate rental included. Another option from noon to 10 p.m. is Chesapeake Snow Tubing at the Redhawks field in Bricktown. Cost is $ 10 for each 90-minute session.


Bottom Line


There’s sure to be something for everyone with music and festivities planned throughout the evening. The toughest part of the night may be deciding which show or event to catch next.


Weather News Headlines – Yahoo! News





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Equity futures rise, but "cliff" stalemate suggests more losses


(Reuters) - Equity futures were slightly higher at the beginning of electronic trading on Sunday night as talks continued in Washington over resolving the "fiscal cliff."


However, stocks still could end up falling on Monday when the cash markets open if lawmakers are unable to come to an agreement to avoid a series of $600 billion in tax hikes and spending cuts that are expected to hurt economic growth.


"Hard to predict how or when there will be a deal, but I believe investors will show their displeasure tomorrow by selling stocks if there is no deal," said Mohannad Aama, managing director at Beam Capital Management, an investment advisory firm in New York.


S&P 500 futures were up 5.5 points, or 0.4 percent, to 1,389.50 in electronic trading. Stocks fell sharply on Friday, with significant losses in the last minutes of trading, as prospects for a deal worsened at the beginning of the weekend.


The rise in the futures market does not necessarily augur for a rally on Monday, however. The cash market and futures markets closed with a wide gulf on Friday, by virtue of the extra 15 minutes of trading in futures, when investors sold aggressively.


The S&P 500 closed at 1,402.43 at 4 p.m. EST on Friday, down 1.1 percent, but futures continued to fall before closing 15 minutes later with a loss of 1.9 percent. S&P futures and the S&P cash index don't match point by point, but that kind of disparity is uncommon, and it points to a weak opening in stocks on Monday.


One hour before they had hoped to present a plan, Democratic and Republican Senate leaders said they were still unable to reach a compromise that would stop the automatic tax hikes and spending cuts that could push the U.S. economy back into recession.


Earlier in the day, President Barack Obama, appearing on NBC's "Meet the Press," said investors could begin to show greater concerns in the new year.


"If people start seeing that on January 1st, this problem still hasn't been solved ... then obviously that's going to have an adverse reaction in the markets," he said,


Investors have remained relatively sanguine about the process, believing that it will eventually be solved. In the past two months, markets have not shown the kind of volatility that was present during the fight to raise the debt ceiling in 2011.


Both the Dow industrials and the S&P 500 lost 1.9 percent last week, after falling for five straight sessions, the S&P 500's longest losing streak in three months. Equities have largely performed well in the last two months despite constant chatter about the fiscal cliff, but the last few days shows a bit of increased worry.


The CBOE Volatility Index rose to its highest level since June on Friday, closing at 22.72.


(Reporting by David Gaffen; Editing by Jan Paschal)



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Wall Street ends sour week with 5th straight decline

NEW YORK (Reuters) - Stocks fell for a fifth straight day on Friday, dropping 1 percent and marking the S&P 500's longest losing streak in three months as the federal government edged closer to the "fiscal cliff" with no solution in sight.


President Barack Obama and top congressional leaders met at the White House to work on a solution for the draconian debt-reduction measures set to take effect beginning next week. Stocks, which have been influenced by little else than the flood of fiscal cliff headlines from Washington in recent days, extended losses going into the close with the Dow Jones industrial average and the S&P 500 each losing 1 percent, after reports that Obama would not offer a new plan to Republicans. The Dow closed below 13,000 for the first time since December 4.


"I was stunned Obama didn't have another plan, and that's absolutely why we sold off," said Mike Shea, managing partner at Direct Access Partners LLC in New York. "He's going to force the House to come to him with something different. I think that's a surprise. The entire market is disappointed in a lack of leadership in Washington."


In a sign of investor anxiety, the CBOE Volatility Index <.vix>, known as the VIX, jumped 16.69 percent to 22.72, closing at its highest level since June. Wall Street's favorite fear barometer has risen for five straight weeks, surging more than 40 percent over that time.


The Dow Jones industrial average <.dji> dropped 158.20 points, or 1.21 percent, to 12,938.11 at the close. The Standard & Poor's 500 Index <.spx> lost 15.67 points, or 1.11 percent, to 1,402.43. The Nasdaq Composite Index <.ixic> fell 25.59 points, or 0.86 percent, to end at 2,960.31.


For the week, the Dow fell 1.9 percent. The S&P 500 also lost 1.9 percent for the week, marking its worst weekly performance since mid-November. The Nasdaq finished the week down 2 percent. In contrast, the VIX jumped 22 percent for the week.


Pessimism continued after the market closed, with stock futures indicating even steeper losses. S&P 500 futures dropped 26.7 points, or 1.9 percent, eclipsing the decline seen in the regular session.


All 10 S&P 500 sectors fell during Friday's regular trading, with most posting declines of 1 percent, but energy and material shares were among the weakest of the day, with both groups closely tied to the pace of growth.


An S&P energy sector index <.gspe> slid 1.8 percent, with Exxon Mobil down 2 percent at $85.10, and Chevron Corp off 1.9 percent at $106.45. The S&P material sector index <.gspm> fell 1.3 percent, with U.S. Steel Corp down 2.6 percent at $23.03.


Decliners outnumbered advancers by a ratio of slightly more than 2 to 1 on the New York Stock Exchange, while on the Nasdaq, two stocks fell for every one that rose.


"We've been whipsawing around on low volume and rumors that come out on the cliff," said Eric Green, senior portfolio manager at Penn Capital Management in Philadelphia, who helps oversee $7 billion in assets.


With time running short, lawmakers may opt to allow the higher taxes and across-the-board federal spending cuts to go into effect and attempt to pass a retroactive fix soon after the new year. Standard & Poor's said an impasse on the cliff wouldn't affect the sovereign credit rating of the United States.


"We're not as concerned with January 1 as the market seems to be," said Richard Weiss, senior money manager at American Century Investments, in Mountain View, California. "Things will be resolved, just maybe not on a good timetable, and any deal can easily be retroactive."


Trading volume was light throughout the holiday-shortened week, with just 4.46 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT on Friday, below the daily average so far this year of about 6.48 billion shares. On Monday, the U.S. stock market closed early for Christmas Eve, and the market was shut on Tuesday for Christmas. Many senior traders were absent this week for the holidays.


Highlighting Wall Street's sensitivity to developments in Washington, stocks tumbled more than 1 percent on Thursday after Senate Majority Leader Harry Reid warned that a deal was unlikely before the deadline. But late in the day, stocks nearly bounced back when the House said it would hold an unusual Sunday session to work on a fiscal solution.


Positive economic data failed to alter the market's mood.


The National Association of Realtors said contracts to buy previously owned U.S. homes rose in November to their highest level in 2-1/2 years, while a report from the Institute for Supply Management-Chicago showed business activity in the U.S. Midwest expanded in December.


"Economic reports have been very favorable, and once Congress comes to a resolution, the market should resume an upward trend, based on the data," said Weiss, who helps oversee about $125 billion in assets. "All else being equal, we see any further decline as a buying opportunity."


Barnes & Noble Inc rose 4.3 percent to $14.97 after the top U.S. bookstore chain said British publisher Pearson Plc had agreed to make a strategic investment in its Nook Media subsidiary. But Barnes & Noble also said its Nook business will not meet its previous projection for fiscal year 2013.


Shares of magicJack VocalTec Ltd jumped 10.3 percent to $17.95 after the company gave a strong fourth-quarter outlook and named Gerald Vento president and chief executive, effective January 1.


The U.S.-listed shares of Canadian drugmaker Aeterna Zentaris Inc surged 13.8 percent to $2.47 after the company said it had reached an agreement with the U.S. Food and Drug Administration on a special protocol assessment by the FDA for a Phase 3 registration trial in endometrial cancer with AEZS-108 treatment.


(Reporting by Ryan Vlastelica; Editing by Jan Paschal)



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Top Health and Happiness Lessons of 2012






Entrepreneurs are more stressed, but happier than other workers. People who like their home cities report better health. Republicans are bummed about President Barack Obama‘s reelection. Middle-age puts you at the biggest risk of being fat.


Those findings are among the Gallup polling agency’s top insights about health and happiness in America in 2012.






As part of the Gallup-Healthways Well-Being Index, tens of thousands of Americans are surveyed every year about all aspects of their lives, from their financial security and health habits to their emotional state and overall satisfaction with life. Here are 10 findings from these polls that Gallup’s editors say intrigued them the most this year:


1. Stressed entrepreneurs are happier and healthier than other workers


Entrepreneurs experience more worry and stress than other workers, but they also report more positive experiences on the job, Gallup found in 2012. In particular, entrepreneurs are more optimistic and more likely to report that they learned something new or felt enjoyment in the past workday.


And being your own boss comes with a health edge, too. Entrepreneurs are less likely to have chronic diagnoses, such as high cholesterol, high blood pressure and diabetes. They also are much less likely to be obese than other workers (19 percent vs. 25 percent), Gallup found. [7 Things That Will Make You Happy]


2. Fewer young adults go without health insurance


After a provision in the Affordable Care Act allowed children to stay on their parents’ health plans until age 26, a growing number of young Americans have reported having health coverage. Since that rule went into effect in 2010, the number of uninsured 18- to 25-year-olds without insurance dropped by 3.8 percentage points to 24.2 percent in 2011. In 2012 that figure shrank to 23.4 percent, according to the polling group.


At the same time, the percentage of uninsured 26- to 64-year-olds is still trending higher — standing at 19.4 percent in the third quarter of 2012, up from 15 percent in January 2008, when Gallup first started tracking Americans’ health insurance coverage.


3. Liking where you live could be good for your health


This year, Gallup found that people who say they are satisfied with their community are less likely to report physical pain, obesity, headaches or a diagnosis of asthma or high cholesterol than those who aren’t satisfied. People who like their home cities scored an average of 78 on Gallup’s physical health index, compared with an average score of 69.1 for those who don’t like where they live.


It might be that location can determine access to healthy food and opportunities for exercise. For example, people who said their community offered a safe place to exercise scored a full 16 points healthier on the physical health index than people who said they didn’t have a safe place to work out, Gallup found. And people who felt safe walking alone at night scored 9 points higher on the same health scale compared to those who didn’t.


4. Republicans life ratings drop in good year for Democrats


Democrats’ outlook on life generally improved in 2012, while Republicans’ life ratings declined — and at no point in the year did their attitudes diverge as much as they did in November. In the month that President Obama clinched his reelection, Republicans’ score on the collective life evaluation index (which measures optimism regarding current life and anticipated future life situations) dropped to 40.3 from 47.0 in October, Gallup found. Democrats, meanwhile, became slightly more upbeat, with their score on the same scale climbing to 56.9 from 53.7 in October.


5. Middle-age could make you fat


For Americans, being middle-aged is the highest risk factor for being overweight, and this holds true even when controlling for ethnicity, race, marital status, gender, employment, income, education and region, according to Gallup. Being black is the second biggest risk factor for a high Body Mass Index (BMI), a measurement used to gauge how much fat a person is carrying around. [8 Reasons Our Waistlines Are Expanding]


6. Doctors seem to be practice what they preach


U.S. doctors have better health habits than other working adults, according to Gallup. Doctors are less likely to smoke, less likely to be obese, and more likely to say they exercised three or more days a week, compared with nurses and other employed adults as a whole, the polling group found this year.


Their better health is in part explained by their education — more highly educated Americans in general have better health habits. Nevertheless, the finding still suggests that physicians are setting a good example for their patients.


7. Putting strengths to work boosts well-being


Workers are more likely to be engaged in their work and to report lower levels of stress when they use their strengths at work, according to Gallup. But many American employees feel like their talents are being wasted — 21 percent say they use their strengths for just three hours or fewer per day and they’re more likely to report experiencing worry, stress, anger and sadness.


But these emotional burdens start vanishing when talents get put to use, Gallup found. Americans who say they use their strengths for 10 hours or more per day (about one in four do) report more happiness and energy and say they feel better-rested.


8. Stay-at-home moms are at risk of depression


Compared with employed moms, stay-at-home moms were more likely to tell Gallup pollsters that they experienced a lot of sadness and anger during the previous day. Women who don’t have jobs for pay but stay at home with young children also are more likely to report having been diagnosed with depression at some point in their lives, while employed moms are about emotionally well-off as working women who don’t have kids at home, Gallup officials said. These trends held true across age and income groups.


9. Warmest year coincides with more exercise


For the United States, 2012 is expected to rank as the warmest year ever on record. At the same time, Americans this year reported exercising more than ever. In each month this year (except for April), more Americans said they worked out on three or more days per week than did so in the same month for each of the past four years, Gallup found.


There’s no evidence that the high temperatures and exercise uptick are directly linked. However, Americans’ seasonal workout habits suggest it’s not a coincidence. Americans tend to work out more in the spring and summer than the spring and fall, hinting that weather plays a big role in the likelihood of exercise.


10. Disengaged employees are more likely to come down with a case of the Mondays


Heading back to work after the weekend is easy for employees who like their jobs, but it’s a much more jarring transition for those who don’t. Gallup found that employees who are disengaged at work experience a significant slump in mood when going from weekends to weekdays. In another finding, actively engaged workers who are enthusiastic about their work are unfazed by long commute times, which otherwise can be a drag on happiness.


Follow LiveScience on Twitter @livescience. We’re also on Facebook & Google+.


Copyright 2012 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Wall Street rebounds on House session, but off for 4th day

NEW YORK (Reuters) - Stocks fell for a fourth day on Thursday, but recovered most of their losses after the House of Representatives, in the barest sign of progress, said it would come back to work on avoiding the "fiscal cliff" this weekend.


It was a jittery session for stocks, with shares falling more than 1 percent after Senate Majority Harry Reid warned a deal was unlikely before the deadline, only to rebound merely on the news that the House would reconvene Sunday, a day before the December 31 "cliff" deadline.


"There's no conviction in the move or the overall market, based on the across-the-board reduction we've seen in volume ... but there will be continued weakness until there's sustained positive direction coming from our leaders," said Joseph Cangemi, managing director at ConvergEx Group, in New York.


The market has been prone to quick reactions to headlines and those moves have sometimes seemed more dramatic because of reduced trading volume. About 5.18 billion shares changed hands on the New York Stock Exchange, the Nasdaq and the NYSE MKT, well below the daily average so far this year of about 6.48 billion shares.


Investors are looking for any hint that lawmakers will avert the $600 billion in tax hikes and spending cuts that will start to take effect next week and could push the U.S. economy into recession.


"Markets turned around in a heartbeat, as the House session is the first announcement of anything getting done," said Randy Bateman, chief investment officer of Huntington Asset Management, in Columbus, Ohio, which oversees $14.5 billion in assets. "I'm not convinced it will result in a deal, but you could get enough concessions by both parties to at least avoid the immediacy of going over the cliff."


In a sign of the anxiety, the CBOE Volatility Index <.vix>, or VIX, rose above 20 for the first time since July, suggesting rising worries, but ended up finishing the day down 0.4 percent as the stock market rebounded.


Stocks in the materials and the financial sectors, which are more vulnerable to the economy's performance, bore the brunt of the selling before recovering. Shares of Bank of America fell 0.6 percent to $11.47 while Freeport-McMoRan Copper & Gold fell 0.7 percent to $33.68.


Some of 2012's biggest gainers bucked the broader trend and rallied, a sign of year-end "window dressing." Expedia Inc was the S&P 500's top percentage gainer, climbing 4.1 percent to $60.30. The price of the online travel agency's stock has doubled this year.


The Dow Jones industrial average <.dji> slipped 18.28 points, or 0.14 percent, to 13,096.31 at the close. The Standard & Poor's 500 Index <.spx> declined 1.73 points, or 0.12 percent, to end at 1,418.10. The Nasdaq Composite Index <.ixic> dropped 4.25 points, or 0.14 percent, to close at 2,985.91.


Marvell Technology Group fell 3.5 percent to $7.14 after it said it would seek to overturn a jury's finding of patent infringement. The stock had fallen more than 10 percent in the previous session after a jury found the company infringed on patents held by Carnegie Mellon University and ordered the chipmaker to pay $1.17 billion in damages.


The four-day decline marked the S&P 500's longest losing streak in three months. The index has lost 1.8 percent over the period as investors grapple with the possibility that a deal may not be reached until next year.


President Barack Obama arrived back in Washington from Hawaii to restart stalled negotiations with Congress. House Speaker John Boehner and other Republican leaders were to hold a conference call with Republican lawmakers. The expectation was that lawmakers would be told to get back to Washington quickly if the Senate passed a bill.


Treasury Secretary Timothy Geithner announced the first of a series of measures that should push back the date when the U.S. government will hit its legal borrowing authority - a limit known as the debt ceiling - by about two months.


Economic data seemed to confirm worries about the impact of the fiscal cliff on the economy.


The Conference Board, an industry group, said its index of consumer confidence in December fell to 65.1 as the budget crisis dented growing optimism about the economy. The gauge fell more than expected from 71.5 in November.


However, the job market continues to mend. Initial claims for unemployment benefits dropped 12,000 to a seasonally adjusted 350,000 last week and the four-week moving average fell to the lowest since March 2008.


Decliners outnumbered advancers on the New York Stock Exchange by a ratio of about 8 to 7, while on the Nasdaq, about 14 stocks fell for every 11 that rose.


(Editing by Jan Paschal)



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EPA Administrator Lisa Jackson to Step Down






According to the Los Angeles Times, Environmental Protection Agency (EPA) Administrator Lisa P. Jackson announced at an agency staff meeting Thursday that she will be stepping down from the position next month. Jackson had spoken to President Barack Obama shortly after his re-election this past November about the possibility of her leaving the agency. Her single term under President Obama was marked with criticism from both GOP members and environmental advocates on some of the nation’s most important and controversial environmental issues.


Here are some facts and details about Jackson’s departure as head of the EPA and what it will mean for the future of the agency:






* The New York Times reported that Jackson told her staff that she was confident that “the ship is sailing in the right direction.”


* Jackson, who is a chemical engineer and the agency’s first African-American administrator, gave no indication of her future plans and so far the Obama administration has not announced who will replace her as the head of the EPA.


* Robert Perciasepe currently serves as the EPA deputy administrator and is expected to serve as the interim administrator until he or another individual is officially appointed.


* Jackson faced some tough issues during her four-year term that included the BP oil spill in the Gulf, the Keystone XL oil pipeline, pollution standards, and climate change, noted the Associated Press.


* During her term, she set historic fuel economy standards for passenger vehicles, which will be phased in and eventually require all new vehicles to average 54.5 mpg.


* She also help officially finalize clean air standards for mercury pollution from power plants.


* Whomever replaces Jackson will have to serve Obama through his second term as president and will ultimately face an unfinished agenda that includes issuing new health protections against carbon emissions from power plants.


* Other upcoming issues are regulations on toxic chemicals and water quality. The EPA is also in the middle of compiling a long-term and collective study on how fracking is impacting drinking water supplies and other aspects of the environment, according to an article from the Washington Post.


* Aside from Perciasepe, Gina McCarthy, who is in charge of the EPA’s air and radiation office, is considered another leading candidate for the position.


* In speaking about Jackson’s tenure and four years of service, President Obama offered praise for her “unwavering commitment to the health of our families and our children” and added “Lisa has been an important part of my team.”


Rachel Bogart provides an in-depth look at current environmental issues and local Chicago news stories. Currently pursuing her master’s degree in environmental science, she applies her knowledge and passion to both topics to garner further public awareness.


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