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

Housing, job data push S&P to five-year high; Intel down late

NEW YORK (Reuters) - Stronger-than-expected data on housing starts and jobless claims lit a fire under stocks on Thursday, pushing the S&P 500 to a five-year high and its third day of gains.


A pair of economic reports lifted investors' sentiment. The number of Americans filing new claims for unemployment benefits fell to a five-year low last week and housing starts jumped last month to the highest since June 2008.


Strength in the housing and labor markets is key to sustained growth and higher corporate profits, helping to bring out buyers even on a day when earnings reports were mixed.


Gains were tempered by weakness in the financial sector, with Bank of America down 4.2 percent to $11.28 and Citigroup off 2.9 percent to $41.24 after their results.


In other negative earnings news, shares of chipmaker Intel fell 5.2 percent to $21.49 in extended-hours trading after the company forecast quarterly revenue that fell short of analysts' expectations. Intel had ended the regular session up 2.6 percent at $22.68.


The S&P 500 ended at its highest since December 2007 and now sits just 5.6 percent from its all-time closing high of 1,565.15.


"Having consolidated really for the last two weeks, the fact that we broke out, I think that that is sucking in quite a bit of money," said James Dailey, portfolio manager of TEAM Asset Strategy Fund in Harrisburg, Pennsylvania.


The Dow Jones industrial average <.dji> was up 84.79 points, or 0.63 percent, at 13,596.02. The Standard & Poor's 500 Index <.spx> was up 8.31 points, or 0.56 percent, at 1,480.94. The Nasdaq Composite Index <.ixic> was up 18.46 points, or 0.59 percent, at 3,136.00.


Better-than-expected earnings and revenue reported by online marketplace eBay late Wednesday helped the stock gain 2.7 percent to $54.33.


In the housing sector, PulteGroup Inc shares gained 4.9 percent to $20.29 and Toll Brothers Inc advanced 3.1 percent to $35.99. The PHLX housing sector index <.hgx> climbed 2.4 percent, reaching its highest close since August 2007.


Semiconductor shares <.sox> rose 2 percent to the highest close in eight months.


Financials were the only S&P 500 sector to register a slight decline for the day.


Bank of America's fourth-quarter profit fell as it took more charges to clean up mortgage-related problems. Citigroup posted $2.32 billion of charges for layoffs and lawsuits.


Energy shares led gains on the Dow as U.S. crude oil prices jumped more than 1 percent. Shares of Exxon Mobil were up 0.8 percent at $90.20 while shares of Chevron were up 0.7 percent at $114.75.


S&P 500 earnings are expected to have risen 2.3 percent in the fourth quarter, Thomson Reuters data showed. Expectations for the quarter have fallen considerably since October when a 9.9 percent gain was estimated.


Volume was roughly 6.5 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.


Advancers outpaced decliners on the NYSE by about 22 to 7 and on the Nasdaq by about 2 to 1.


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



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‘Gadget Graveyard’ Voters Say: CD-ROMs Are Doomed, Cameras Aren’t






CD-ROMs and radios are the gadgets most likely to go extinct, as determined in a “Gadget Graveyard” voting contest. Meanwhile, cameras and desktop computers avoided the same forecast, despite consumers snapping up smartphones and tablets in 2013.


More than 1,700 people participated in person or online by voting “yes” or “no” on whether gadgets would end up in the Gadget Graveyard this year. (The Institute of Electrical and Electronics Engineers, which organized the Gadget Graveyard contest, recruited a ghostly Thomas Edison projection to publicize it at the Consumer Electronics Show last week in Las Vegas.)






The 30-year-old CD-ROM technology received 75 percent “yes” votes from participants. That came as little surprise, given how CD-ROMs have been facing the threat of extinction since the rise of more-portable USB flash drives.


But voters — a mix of IEEE members, engineers, engineering students and CES attendees — seemed more divided over the fate of other gadgets.


Radios came in second on the Gadget Graveyard list with 58 percent “yes” votes, followed by MP3 players with 55 percent, DVDs with 53 percent, and cable boxes with 51 percent. The voting may reflect how consumers have been gravitating toward online streaming or Internet downloads for TV shows, films and music entertainment.


The pessimism toward MP3 players also could gauge people’s preference for using their smartphones to listen to music.


Still, smartphones have not completely won over people’s hearts and minds as all-in-one mobile devices that can snap pictures and guide people on the go. Voters seemed optimistic about the future of stand-alone cameras and GPS systems — those devices got “no” votes of 75 percent and 58 percent, respectively, regarding their chances of ending up in the junk heap.


Voters also saved desktop computers from the Gadget Graveyard, with 62 percent voting “no” even as tablets and laptops rise in popularity for businesses and homeowners.


Several paper-based items topped the list of “gadgets” most likely to live another year, based on the percentage of “no” votes. They included printers (81 percent), printed money (74 percent) and even spiral-bound notebooks (64 percent) — a sign that futuristic trends such as a cashless society or electronic notebooks remain far from the mainstream.


This story was provided by TechNewsDaily, a sister site to LiveScience. Follow TechNewsDaily on Twitter @TechNewsDaily. 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.
Science News Headlines – Yahoo! News





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S&P 500 ends flat as bank profits temper growth concerns

NEW YORK (Reuters) - The S&P 500 ended nearly flat on Wednesday as solid earnings from two major banks and a bounceback in Apple shares offset concerns about a lower forecast for global growth in 2013.


Shares of Goldman Sachs hit their highest since May 2011 as earnings nearly tripled on increased revenue from dealmaking and lower compensation expenses. JPMorgan Chase said fourth-quarter net income jumped 53 percent and earnings for 2012 set a record.


JPMorgan shares rose 1 percent to $46.82, while Goldman climbed 4.1 percent to $141.09.


They were among the first big banks to report results and helped to lift estimates for S&P 500 corporate earnings slightly, to a 2.2 percent gain, Thomson Reuters data showed.


"Pretty solid numbers from both JPMorgan and Goldman Sachs are putting a lot of momentum behind the financials, with a lot more names to report this week. But I think that's helping to put a better bid to the market overall," said Michael James, senior trader at Wedbush Morgan in Los Angeles.


Apple rebounded after three days of losses, helping the Nasdaq outperform the S&P 500 and Dow. Apple rose 4.2 percent to $506.09. It closed below $500 on Tuesday for the first time since February.


"There could not have been more negativity around Apple going into today. So was it due for an oversold bounce on a trading basis? Absolutely," James said.


A slow economic recovery in developed nations is holding back the global economy, the World Bank said on Tuesday, as it sharply scaled back its forecast for world growth in 2013 to 2.4 percent from an earlier forecast of 3.0 percent.


The Dow Jones industrial average <.dji> was down 23.66 points, or 0.17 percent, at 13,511.23. The Standard & Poor's 500 Index <.spx> was up 0.29 points, or 0.02 percent, at 1,472.63. The Nasdaq Composite Index <.ixic> was up 6.77 points, or 0.22 percent, at 3,117.54.


The biggest drag on the Dow was Boeing , whose shares fell 3.4 percent to $74.34 on concerns about its new Dreamliner passenger jets. Japan's two leading airlines grounded their fleets of 787s after an emergency landing, adding to safety concerns triggered by a series of recent incidents.


After the bell, shares of eBay were trading up 0.7 at $53.28, reversing an initial decline following the release of its results. Also after the close, shares of CBS rose 8.3 percent to $41.10 after it said it will convert its Outdoor Americas division into a real estate investment trust. [ID:nL4N0AL98X]


Earlier in the day, U.S. economic data showed consumer prices were flat in December, pointing to muted inflation pressures that should give the Federal Reserve room to prop up the economy by staying on its ultra-easy monetary policy path.


Other data showed U.S. homebuilder confidence in the market for single family homes held steady near seven year highs in January, suggesting the outlook for the housing market remained upbeat.


Volume was roughly 5.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.


Decliners outpaced advancers on the NYSE by nearly 8 to 7 and on the Nasdaq by almost 7 to 5.


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



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Balloon-like dwelling to be tested on Int’l Space Station






LAS VEGAS (Reuters) – A low-cost space dwelling that inflates like a balloon in orbit will be tested aboard the International Space Station, opening the door for commercial leases of future free-flying outposts and deep-space astronaut habitats for NASA.


The Bigelow Expandable Activity Module, nicknamed BEAM, will be the third orbital prototype developed and flown by privately owned Bigelow Aerospace.






The Las Vegas-based company, founded in 1999 by Budget Suites of America hotel chain owner Robert Bigelow, currently operates two small unmanned experimental habitats called Genesis 1, launched in 2006, and Genesis 2, which followed a year later.


BEAM, about 13 feet long and 10.5 feet in diameter when inflated, is scheduled for launch in mid-2015 aboard a Space Exploration Technologies‘ Dragon cargo ship, said Mike Gold, director of operations for Bigelow Aerospace.


“It will be the first expandable habitat module ever constructed for human occupancy,” Gold said.


A successful test flight on the space station would be a stepping stone for planned Bigelow-staffed orbiting outposts that the company plans to lease to research organizations, businesses and wealthy individuals wishing to vacation in orbit.


Bigelow has invested about $ 250 million in inflatable habitation modules so far. It has preliminary agreements with seven non-U.S. space and research agencies in the United Kingdom, the Netherlands, Australia, Singapore, Japan, Sweden and the United Arab Emirates.


“The value to me personally and to our company is doing a project with NASA,” Robert Bigelow said. “This is our first opportunity to do that. We do have other ambitions.”


NASA, which will pay Bigelow Aerospace $ 17.8 million for the BEAM habitat, also is interested in the technology to house crew during future expeditions beyond the space station, a $ 100 billion research complex that flies about 250 miles above Earth.


“Whether you’re going to the surface of the moon or even Mars, the benefits of expandable habitats are critical for any exploration mission,” Gold said.


The lightweight, soft-skinned inflatable, made of materials similar to Kevlar, has several advantages over traditional metallic space dwellings. BEAM, for example, weighs about 3,000 pounds (1,361 kg), less than a third of traditional, similarly sized space modules, so it can be launched for a fraction of the cost.


RADIATION EVENTS


It also offers a potentially safer radiation environment than metal structures, which can produce body-piercing secondary heavy particles during solar storms and other cosmic radiation events.


The U.S. space agency studied inflatable space habitats for humans in the 1990s under a NASA program called TransHab. The tests included blasting a model structure with bullet-like projectiles to see how well it would withstand micro meteoroid and orbital debris hits. The material proved space-worthy, though budget and political issues prompted the project’s cancellation in 2000.


Bigelow later licensed the technology from NASA and spent millions of dollars more to develop it.


“It’s one of our classical roles to advance technology so the private sector can utilize it. In this case, we’re going to be able to benefit from it again,” said NASA deputy administrator Lori Garver.


BEAM will be attached to the station’s Tranquility connecting node and inflated with pressurized air to form a rigid, cylinder-shaped, balloon-like dwelling.


Garver said there are no firm plans for what the station’s six live-aboard crew members will do with their spare room.


Initially, NASA and Bigelow are interested in getting information about how the structure withstands radiation and maintains a stable temperature in orbit, and also whether the fabric mildews or becomes a place where contaminants in the station’s air collects.


Beyond the test flight, Bigelow’s commercial business is dependent on the development of space taxis to fly company personnel and guests into orbit. NASA likewise is looking to the private sector to fly its astronauts to and from the space station, a service now solely provided by Russia at a cost of more than $ 60 million per person.


NASA is investing in three companies – Boeing Co, Space Exploration Technologies, also known as SpaceX, and Sierra Nevada Corp – in hopes of having at least one space transportation system ready to fly before the end of 2017. The space station, a project of 15 nations, currently is funded through 2020.


Bigelow has agreements with Boeing and SpaceX for launch services, if and when they become available. SpaceX plans a test launch with company astronauts before the end of 2015, and Boeing’s first piloted flight is pegged for 2016.


(Editing by Tom Brown, Dan Grebler, Kevin Gray and David Gregorio)


Science News Headlines – Yahoo! News





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Dow, S&P 500 inch up with retailers but Apple drags again

NEW YORK (Reuters) - The Dow and S&P 500 edged higher on Tuesday after stronger-than-expected retail data, though tech heavyweight Apple dragged on the market for a third day.


Apple was the biggest weight on both the S&P 500 and Nasdaq 100 <.ndx> after reports on Monday of cuts to orders for iPhone parts. Shares declined 3.2 percent to $485.92 and closed below $500 for the first time since February.


Retail stocks advanced after a government report showing retail sales rose more than expected in December was seen as a favorable sign for fourth-quarter growth. A separate report showed manufacturing activity in New York state contracted for the sixth month in a row in January.


"A little better-than-expected news on retail sales once again reinforces that the consumer remains alive and reasonably well," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, which manages about $54 billion in assets.


Among retailers, American Eagle Outfitters Inc gained 4.8 percent to $20.58 and Gap Inc rose 3.4 percent to $32.46. The Morgan Stanley retail index <.mvr> advanced 1.5 percent.


Express Inc surged 23.8 percent to $17.40 after the apparel retailer raised its fourth-quarter and full year 2012 outlook.


The Dow Jones industrial average <.dji> was up 27.57 points, or 0.20 percent, at 13,534.89. The Standard & Poor's 500 Index <.spx> was up 1.66 points, or 0.11 percent, at 1,472.34. The Nasdaq Composite Index <.ixic> was down 6.72 points, or 0.22 percent, at 3,110.78.


Apple's stock has lost about 7 percent in the last three sessions and is down 8.7 percent since the start of the year.


"It's tough to discern exactly what's putting the pressure on it. But at the end of the day, its influence, considering it's still 3 1/2 to 4 percent of the S&P 500 index, is being felt," Luschini said.


"I attribute (it) to just some of the bloom coming off of the rose. They haven't necessarily done anything wrong, as much as others have caught up."


Also keeping investors on edge is the looming debt ceiling debate. On Monday, President Barack Obama rejected any negotiations with Republicans over raising the U.S. debt ceiling. The United States could default on its debt if Congress does not increase the borrowing limit.


Resolving the debt ceiling is more a question of how than if. Investors don't expect a U.S. default, but they are also wary of another eleventh-hour agreement like the one in August 2011.


An expected lackluster earnings season, too, kept investors from taking aggressive bets. Analyst estimates for the quarter have fallen sharply since October. S&P 500 earnings growth is now seen up just 1.8 percent from a year ago, Thomson Reuters data showed.


Homebuilder Lennar reported a sharp rise in quarterly profit, but the stock declined 0.8 percent to $40.68 on worries that growth in orders was slowing.


Dell Inc shares added to Monday's gains, ending up 7.2 percent to $13.17 after sources said talks to take the computer maker private are in an advanced stage.


On the down side, shares of Facebook dropped 2.7 percent to $30.10. The company unveiled a "graph search" feature that CEO Mark Zuckerberg said would help its billion-plus users sort through content within the social network and its content feeds.


Volume was roughly 5.8 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.


Advancers outpaced decliners on the NYSE by about 17 to 12 and on the Nasdaq by about 13 to 11.


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



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Denbury Resources rises on ConocoPhillips deal






NEW YORK (AP) — Shares of Denbury Resources rose on Tuesday after it said a subsidiary will buy properties in North Dakota and Montana for $ 1.05 billion from ConocoPhillips.


THE SPARK: The Plano, Texas oil and natural gas company said it will pay for the deal with part of the $ 1.3 billion in cash it got from the first phase of its deal to sell its holdings in the Bakken oil field to Exxon Mobil Corp., which closed in December.






THE BIG PICTURE: Oil companies are jockeying for position in the Bakken oil fields, as they try to get onto the properties that are the best fit with their business. Denbury said the deal announced Tuesday gets them focused on the type of oil recovery they do best. The deal is expected to close in the first quarter.


Sterne Agee analyst Tim Rezvan wrote that the deal is also a tax move because it defers most of the $ 500 million in cash taxes the company faced on the sale and swap of its Bakken assets.


SHARE ACTION: Up 88 cents, or 5.2 percent, to close at $ 17.76. Over the past year they’ve traded between $ 13.13 and $ 21.37.


Energy News Headlines – Yahoo! News





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Apple drags on S&P, Nasdaq; Dell jumps after report

NEW YORK (Reuters) - The S&P 500 and Nasdaq ended lower on Monday as worries over demand for Apple products drove down its shares and investors braced for earnings disappointments.


Running counter to that was Dell Inc's stock which jumped 13 percent to about a five-month high at $12.29 after Bloomberg reported the No. 3 personal computer maker is in talks with private equity firms to go private. Dell's gains offset some tech-sector weakness.


Tech heavyweight Apple lost 3.6 percent to $501.75 and was the biggest weight on both the S&P 500 and Nasdaq 100 <.ndx> indexes after reports the company has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand. The stock hit a session low of $498.51, the first dip below $500 since February 16.


"With Apple, it seems as if the sentiment has shifted from this being the one stock that everybody wanted to own to people beginning to look at it as a company (whose) business is slowing down somewhat," said Eric Kuby, chief investment officer of North Star Investment Management Corp in Chicago.


Adding to investor unease, fourth-quarter earnings kick into high gear this week. Analyst estimates for the quarter have fallen sharply since October. S&P 500 earnings growth is now seen up just 1.9 percent from a year ago, Thomson Reuters data showed.


The Dow Jones industrial average <.dji> was up 18.89 points, or 0.14 percent, at 13,507.32. The Standard & Poor's 500 Index <.spx> was down 1.37 points, or 0.09 percent, at 1,470.68. The Nasdaq Composite Index <.ixic> was down 8.13 points, or 0.26 percent, at 3,117.50.


Apple suppliers also lost ground, with Cirrus Logic off 9.4 percent at $28.62 and Qualcomm down 1 percent at $64.24.


The Dow fared better than the other two indexes, helped in part by Hewlett-Packard shares, which rose 4.9 percent to $16.95. The stock, up early in the session after JPMorgan upgraded its rating on the shares and raised its price target to $21 from $15, added to gains following the Dell report.


Tech has "become the arena for private equity or other capital-restructuring type of maneuvers because of the way their valuations and their balance sheets are," Kuby said.


Appliance and electronics retailer Hhgregg Inc slumped 5.7 percent to $7.44 after the company cut its same-store sales forecast for the full year.


Earnings reports are due this week from Goldman Sachs , Bank of America , Intel and General Electric , among other companies. Third-quarter reports ended with a gain of just 0.1 percent, the worst for an S&P 500 profit period in three years, according to Thomson Reuters data.


President Barack Obama warned Congress at a news conference on Monday that a refusal to raise the U.S. debt ceiling next month could mean a government shutdown and trigger economic chaos.


S&P futures had little reaction to comments after the bell by Federal Reserve Chairman Ben Bernanke, who urged lawmakers to lift the country's borrowing limit to avoid a debt default.


Volume was roughly 5.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.


Decliners were about even with advancers on the NYSE while decliners outpaced advancers on the Nasdaq by about 12 to 11.


(Additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry, Nick Zieminski and Andrew Hay)



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Gas prices holding steady in RI






PROVIDENCE, R.I. (AP) — Prices at the pump in Rhode Island are holding steady.


AAA Southern New England said Monday that the average cost of a gallon of regular gasoline is $ 3.53, the same as last week.






Prices in Rhode Island are up two cents in the last month. The current local per-gallon average is 23 cents above the national average of $ 3.30.


Rhode Islanders were paying an average of $ 3.48 a gallon a year ago this week.


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Getting comfortable with living on the edge


LONDON (Reuters) - Just as you learn to put up with a nagging toothache, this week is expected to provide fresh evidence that the U.S. economy is getting used to life on the edge of the fiscal cliff.


Of course, putting off that trip to the dentist is not necessarily wise. The longer Washington delays, the more painful it will become to narrow its gaping budget deficit.


But surveys of U.S. consumer confidence in January and of house builder sentiment in December are likely to show resilience, buttressing the argument of equity bulls that Wall Street's firm start to the year is more than a relief rally or a desperate search for higher returns on investment.


Bluford Puttnam, chief economist of CME Group, said the U.S. economy had managed to grow almost 2 percent last year and create about 1.8 million jobs despite stagnation in Europe, a slowdown in China and the deadlocked budget talks.


"So I see a lot of momentum going into 2013," Puttnam said. "If we can get past this fiscal cliff, the economy is poised to have a much more confident year."


Despite fiscal tightening, he said growth could reach 2.5 percent to 3.0 percent.


Puttnam said the next rounds in the budget battle later this quarter would again be bitterly fought and the resolution would again satisfy no one. But, as with the showdown at the end of 2012, the economy would quickly move on.


"There is a one-in-ten chance that the government may even shut down for a week. It's just going to be ugly. And then it will be over. There will be some kind of compromise, and by April it will fade quickly into the background," he said.


THREE GORGES


U.S. retail sales are likely to have increased only 0.2 percent in December, dampened by the budget worries, according to economists polled by Reuters.


But a pair of regional Federal Reserve surveys and the monthly Reuters/University of Michigan consumer poll are projected to improve, while housing starts, new building permits and builders' confidence should all show that the housing recovery stands on firm foundations.


"That's what's really encouraging consumers to feel that the economy is getting better and that the momentum is broadly positive," said Jerry Webman, chief economist at OppenheimerFunds in New York.


While the phrase fiscal cliff used by U.S. Federal Reserve chief Ben Bernanke conjured up an image of an immediate plunge at the start of this year, in truth any austerity was always likely to take effect on the economy gradually.


Bank of America Merrill Lynch describes the challenges the United States faces in coming months rather as three fiscal gorges it must leap over.


The government could hit the debt ceiling approved by Congress as early as mid-February; across-the-board spending cuts are due to kick in on March 1; and the ‘continuing resolution' to fund all discretionary government spending expires on March 27.


Ideally, investors would like Democrats and Republicans to resolve all three issues with an overarching agreement to slash the deficit by $4 trillion over the next decade.


Instead, given the dysfunctional state of politics, Webman said the best that could be hoped for was another short-term fix that cuts spending and ends some tax breaks.


"The U.S. doesn't move by grand bargains, by big deals. We move by incremental decisions, and I think we'll make some imperfect but improved decisions over the course of 2013," he said.


CHINA ON THE MEND, EUROPE EERILY CALM


Encouraging economic news from China, including stronger-than-expected exports and imports in December, has also supported the start-of-year move by financial market investors out of cash and into riskier assets.


Figures on Friday are expected to show that the world's second-largest economy grew 7.8 percent from a year earlier, rebounding from the 7.4 percent pace of the third quarter and further allaying fears of a hard landing.


"Given some of the bearish commentary on China a few months ago, this should be a relief for markets and it's good for the world economy," said Derry Pickford, macro analyst at investment managers Ashburton in London.


Continuing calm in the euro zone has also helped equities, even though full-year German GDP data on Tuesday will serve as a reminder of the area's economic malaise.


Europe's largest economy contracted last quarter as factories slashed output in response to weak demand from Germany's neighbors, the Economy Ministry said on Friday.


At a news conference a day earlier, European Central Bank President Mario Draghi said he expected a recovery in euro zone growth later this year. But he ruled out an early end to the ECB's crisis policy measures and cautioned that risks were still tilted to the downside. Markets shrugged.


In Europe as in the United States, investors seem to have got used to high levels of policy uncertainty, said Ethan Harris, chief U.S. economist at Bank of America Merrill Lynch.


"It appears that the markets will look past brinkmanship moments unless policy makers break new ground," he said.


In Europe, that might mean not just threatening to eject Greece from the euro zone but actually forcing the exit. In the United States, that might mean not just threatening to violate the debt ceiling but actually doing so, Harris said in a report.


As long as such extreme events do not occur, Harris expects periodic swoons in confidence but no acute crisis.


"This renewed resilience is important because we expect many brinkmanship moments in the months ahead. A now-regular pattern has been established where deals are only struck at the last minute and often under market pressure," he wrote.


(Editing by Patrick Graham)



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Gas prices surge 7 cents after months of decline






CAMARILLO, Calif. (AP) — After months of dropping, gas prices are back on the upswing.


The average U.S. price of a gallon of gasoline has surged seven cents in the last three weeks. That’s according to the Lundberg Survey of fuel prices released Sunday that puts the price of a gallon of regular at $ 3.32.






Midgrade costs an average of $ 3.50 a gallon, and premium is $ 3.63. Diesel remained unchanged at $ 3.96 a gallon.


Of the places surveyed in the lower 48 states, Salt Lake City has the nation’s lowest average price at $ 3.04. Long Island, N.Y., has the highest at $ 3.75.


In California, the lowest average price was $ 3.46 in Sacramento and the highest was $ 3.65 in Bakersfield. The average statewide for a gallon of regular was $ 3.59, up a dime.


Energy News Headlines – Yahoo! News





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Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.


The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.


Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.


An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.


"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.


"What we're looking for is demand. Demand from small business owners, from consumers."


EARNINGS AND ECONOMIC EXPECTATIONS


Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.


Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.


Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.


The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.


Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.


HOUSING, INDUSTRIAL DATA ON TAP


Next week will also feature the release of a wide range of economic data.


Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.


Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.


Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.


"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."


POLITICAL ANXIETY


Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.


The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.


Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.


The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.


"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.


The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.


"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."


(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)



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Astronaut Hall of Fame to Add 3 Shuttle Veterans in April






A trailblazing commander, the commander of a trailblazer, and a payload commander will be inducted into the U.S. Astronaut Hall of Fame this April.


Eileen Collins, the first woman to lead a shuttle mission, Curtis Brown, who commanded John Glenn’s triumphant return to space and Bonnie Dunbar, who managed life and science experiments on Spacelab and Mir space station missions, were confirmed as this year’s honorees by the Astronaut Scholarship Foundation (ASF), which oversees the Hall of Fame’s annual selections.






The three veteran space shuttle crew members will be added to the 81 astronauts enshrined in the Astronaut Hall of Fame since 1990, including NASA‘s Mercury, Gemini and Apollo program pioneers.


An induction ceremony will be held on Saturday, April 20, at the Kennedy Space Center Visitor Complex in Florida, where the Astronaut Hall of Fame is located.


The Astronaut Scholarship Foundation will host a gala in the three astronauts’ honor on Friday, April 19, with many of the Hall’s earlier inductees expected to attend. [7 Notable Space Shuttle Astronauts]


Trailblazing commander


Twenty-seven women proceeded Eileen Collins into space, but it was on her first spaceflight in February 1995 that she became the first female astronaut to take control of a spacecraft. As pilot of space shuttle Discovery on the STS-63 mission, Collins helped her commander (and 2009 Hall of Fame inductee) James Wetherbee perform the first shuttle rendezvous with the Russian space station Mir. [Women in Space: A Gallery of Firsts (Photos)]


Two years later, Collins revisited Mir, this time docking at the outpost, as pilot of Atlantis’ STS-84 mission. She then was assigned her first command and, as the first female mission commander, led the STS-93 crew flying Columbia to deploy the Chandra X-ray Observatory in July 1999.


It was the tragic loss of Columbia, 10 years ago this Feb. 1, that led to Collins leading the fleet’s second “return to flight” mission. As commander of the STS-114 mission in 2005, Collins and her crew visited the International Space Station (ISS) and tested new safety procedures.


Collins left NASA in 2006 after logging nearly 40 days in space. A former test pilot, Collins retired from the U.S. Air Force with the rank of colonel.


Commanding a trailblazer


Curtis Brown flew six times to space, including leading a mission to service the Hubble Space Telescope, but his most high profile flight came in 1998 when he commanded a crew of five “astronaut heroes and an American legend.”


Selected as an astronaut in 1987, Brown’s first flight was as pilot of NASA’s 50th space shuttle mission, STS-47 in Sept. 1992. He followed that with two more flights as pilot: STS-66, dedicated to studying how the energy of the sun affects Earth’s climate and its environment, and STS-77, devoted to commercial science experiments.


Brown’s first command was of the STS-85 mission, which deployed and retrieved a satellite to study Earth’s middle atmosphere. The flight also tested a Japanese robotic arm before its design was to be used on board the International Space Station.


It was a crew member, rather than a payload, that grabbed the spotlight on Brown’s next flight. Launching on the 25th mission for space shuttle Discovery, Brown’s six member STS-95 crew included John Glenn, who 36 years earlier became the first American to orbit the Earth. The mission was dedicated in part to studying the effects microgravity had on the aging process as Glenn, at 77, was the oldest person to ever fly into space.


Brown’s final flight was as commander of the third mission to service the Hubble Space Telescope. Flying on board Discovery, the STS-103 mission broke the record for the highest orbit ever achieved by the space shuttle. At their apogee, Brown and his crewmates were 378 miles (609 kilometers) above the Earth.


Brown retired from the astronaut corps soon after returning to Earth, having logged over his career a total of nearly 60 days in space. A retired U.S. Air Force colonel, he went on to fly for American Airlines.


Payload commander


Bonnie Dunbar was working as a guidance and navigation officer (GUIDO) in Mission Control when she was chosen as an astronaut in August 1981, just four months after the space shuttle began flying.


The ninth woman to fly in space, Dunbar’s maiden launch in 1985 was on board Challenger’s final complete mission before it was lost in flight in January 1986. Dunbar and her seven STS-61A crewmates set the record for the largest contingent on any single spacecraft for the entire mission from launch to landing.


Dunbar’s second mission, STS-32, saw her take control of the shuttle’s robotic arm to grab hold of the Long Duration Exposure Facility (LDEF), a school bus-sized cylindrical experiment module, for its return to the Earth. Her third spaceflight, STS-50, set a new duration record of 13 days as the first Extended Duration Orbiter (EDO) mission.


Dunbar’s fourth trip to space marked the first time a space shuttle docked with Russia’s Mir space station, as well as the 100th crewed mission for the United States. Prior to flying on STS-71, Dunbar trained for 13 months at the Yuri Gagarin Cosmonaut Training Center in Star City, located outside of Moscow, where she qualified for a long duration flight aboard Mir (a mission that never came to be).


For her final flight, Dunbar served as payload commander on STS-89, the second to last shuttle-Mir docking, making her responsible for all payload activities including over 20 technology and science experiments. In total, she logged more than 50 days in orbit in the course of her flying five missions.


Before resigning from NASA in 2005, Dunbar was named assistant director of the Missions Operations Directorate at Johnson Space Center in Houston and served as the deputy associate administrator for the Office of Life and Microgravity Sciences at NASA Headquarters. Following her departure, she served as president and CEO of The Museum of Flight in Seattle until April 2010.


Joining the ranks


Brown, Collins and Dunbar comprise the 12th class of astronauts from the space shuttle program chosen for the U.S. Astronaut Hall of Fame. They are the second group of space shuttle veterans to be selected since the 30-year program came to its end in 2011.


They were chosen by a committee of more than 80 retired NASA officials, historians, journalists and all the members of the Hall of Fame, as organized and managed by the Astronaut Scholarship Foundation.


To have been eligible for consideration in 2013, astronauts needed to have made their first space mission in 1995 or earlier. They also had to be retired from flight status as a NASA commander, pilot or mission specialist for at least five years, be a U.S. citizen; and have orbited the Earth at least once.


Follow collectSPACE on Facebook and Twitter @collectSPACE and editor Robert Pearlman @robertpearlman. Copyright 2012 collectSPACE.com. All rights reserved.


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Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.


The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.


Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.


An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.


"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.


"What we're looking for is demand. Demand from small business owners, from consumers."


EARNINGS AND ECONOMIC EXPECTATIONS


Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.


Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.


Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.


The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.


Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.


HOUSING, INDUSTRIAL DATA ON TAP


Next week will also feature the release of a wide range of economic data.


Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.


Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.


Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.


"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."


POLITICAL ANXIETY


Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.


The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.


Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.


The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.


"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.


The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.


"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."


(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)



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Federal report: Warming is changing US daily life






WASHINGTON (AP) — A massive new federal scientific report says global warming is already changing America from sea to rising sea and how Americans live.


The government issued Friday a 1,146-page draft report that details in dozens of ways how climate change is already disrupting the health, homes and other facets of daily American life. It warns that those disruptions will increase in the future.






The blunt report takes a global environmental issue and explains what it means for different U.S. regions, for various sectors of the economy and for future generations.


The National Climate Assessment doesn’t say what should be done about global warming. White House science adviser John Holdren writes that it will help leaders, regulators, city planners and even farmers figure out what to do to cope with coming changes.


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Wall Street climbs as China data puts S&P back at five-year high

NEW YORK (Reuters) - Stocks rose on Thursday and the S&P 500 ended at a fresh five-year high as stronger-than-expected exports from China spurred optimism about global growth prospects.


Buying accelerated late in the day after the S&P 500 broke through technical resistance at 1,466.47, which was the market's closing level last Friday and the highest level since December 2007.


"Historically, January is a positive month for the market and you're seeing that play out," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut.


Financial and energy stocks were the day's top gainers. The financial sector index <.gspf> rose 1.4 percent and the energy sector <.gspe> was up 1 percent.


Analysts cited economic data out of China as the day's catalyst, which showed the country's export growth rebounded sharply to a seven-month high in December, a strong finish to the year after seven straight quarters of slowdown.


"It is being interpreted positively that they've stopped the downturn (in growth)," said Kurt Brunner, portfolio manager at Swarthmore Group in Philadelphia.


"If they continue to produce good growth, that's going to be supportive of our global manufacturers."


Wall Street's fear gauge, the CBOE Volatility Index <.vix> suggested markets were relatively calm. The VIX was down 2.3 percent at 13.49.


At Thursday's close, the S&P sits about 6 percent below its all-time closing high of 1,565.15, hit in October 2007.


The Dow Jones industrial average <.dji> gained 80.71 points, or 0.60 percent, to 13,471.22. The Standard & Poor's 500 Index <.spx> rose 11.10 points, or 0.76 percent, to 1,472.12. The Nasdaq Composite Index <.ixic> added 15.95 points, or 0.51 percent, to 3,121.76.


Thursday's session had earlier included a dip that traders said was triggered by a trade in the options market that prompted a large amount of S&P futures to hit the market at the same time. That sent the S&P 500 index down rapidly but those losses were reversed through the afternoon.


Financials benefited from events this week that added clarity to mortgage rules and banks' potential exposure to the housing market.


The U.S. government's consumer finance watchdog announced mortgage rules on Thursday that will force banks to use new criteria to determine whether a borrower can repay a home loan.


Earlier this week, several big mortgage lenders reached a deal with regulators to end a review of foreclosures mandated by the government.


"It's a resolution. It's not hanging over their heads," said Brunner.


Bank of America gained 3.1 percent to $11.78, while Morgan Stanley was up 3.7 percent at $20.34, one day after sources said the bank plans to cut jobs.


Shares of upscale jeweler Tiffany dropped 4.5 percent to $60.40 after it said sales were flat during the holidays.


Herbalife Ltd stepped up its defense against activist investor Bill Ackman, stressing it was a legitimate company with a mission to improve nutrition and help public health. The stock ended down 1.8 percent at $39.24 after a volatile day.


After the closing bell, American Express said it would cut about 5,400 jobs, and take about $600 million in after-tax charges in the fourth quarter. The stock added 0.7 percent to $61.20 in after-hours trade.


Volume was above the 2012 average of 6.42 billion shares traded a day, with roughly 6.77 billion shares changing hands on the New York Stock Exchange, the Nasdaq and the NYSE MKT.


Advancers outnumbered decliners on the NYSE by 1,916 to 1,039, while advancers also outpaced decliners on the Nasdaq by 1,439 to 1,036.


(Editing by Nick Zieminski)



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Largest Spiral Galaxy in Universe Revealed






Astronomers have crowned the universe’s largest known spiral galaxy, a spectacular behemoth five times bigger than our own Milky Way.


The title-holder is now NGC 6872, a barred spiral found 212 million light-years away in the southern constellation Pavo, researchers announced today (Jan. 10). The distance between NGC 6872′s two huge spiral arms is 522,000 light-years, compared to about 100,000 light-years for the Milky Way.






NGC 6872 has ranked among the largest known spiral galaxies for decades. But it has only now been crowned champion, after detailed study of data gathered by a number of instruments, including NASA’s Galaxy Evolution Explorer spacecraft, or GALEX.


“Without GALEX’s ability to detect the ultraviolet light of the youngest, hottest stars, we would never have recognized the full extent of this intriguing system,” lead scientist Rafael Eufrasio, of NASA’s Goddard Space Flight Center in Greenbelt, Md., and the Catholic University of America, said in a statement. [Photos: 65 All-Time Great Galaxy Hits]


Eufrasio presented the results today at the 221st meeting of the American Astronomical Society in Long Beach, Calif. He stressed that spirals bigger than NGC 6872 may be out there, still waiting to be spotted and studied in depth.


NCG 6872′s enormous size and odd appearance are the consequence of its gravitational interaction with a neighbor galaxy called IC 4970, which contains just 20 percent of NGC 6872′s mass, researchers said.


Computer simulations suggest that IC 4970 made its closest approach about 130 million years ago, stirring up a burst of activity in certain parts of NCG 6872.


“The northeastern arm of NGC 6872 is the most disturbed and is rippling with star formation, but at its far end, visible only in the ultraviolet, is an object that appears to be a tidal dwarf galaxy similar to those seen in other interacting systems,” Duilia de Mello, a professor of astronomy at Catholic University, said in a statement.


NGC 6872′s bar, which links the galaxy’s arms and its central regions, is also huge. With a radius of 26,000 light-years, it’s about twice as big as the bars of nearby spirals, researchers said. No evidence of recent star formation is apparent in NGC 6872′s bar, suggesting that it formed several billion years ago or more.


The $ 150 million GALEX mission launched in April 2003 to study the history of star formation in the universe. NASA stopped funding the mission in February 2011, and in May 2012 it handed the spacecraft’s reins over to the California Institute of Technology, which is keeping the mission going with private funds.


Follow SPACE.com senior writer Mike Wall on Twitter @michaeldwall or SPACE.com @Spacedotcom. We’re also on Facebook and Google+


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Wall Street rises after Alcoa reports earnings

NEW YORK (Reuters) - Stocks rose on Wednesday, rebounding from two days of losses, as investors turned their focus to the first prominent results of the earnings season.


Stocks had retreated at the start of the week from the S&P 500's highest point in five years, hit last Friday, on worries about possible earnings weakness.


Shares of Alcoa Inc were down 0.5 percent to $9.08 after early gains, following the company's earnings release after the bell on Tuesday. The largest U.S. aluminum producer said it expects global demand for aluminum to grow in 2013.


Herbalife Ltd stock rose 4.2 percent to $39.95 in its most active day of trading in the company's history after hedge fund manager Dan Loeb took a large stake in the nutritional supplements seller. Prominent short-seller Bill Ackman had previously accused the company of being a "pyramid scheme," which Herbalife has denied.


Traders have been cautious as the current quarter shaped up like the previous one, with companies recently lowering expectations, said James Dailey, portfolio manager of Team Asset Strategy Fund in Harrisburg, Pennsylvania. Lower expectations leave room for companies to surprise investors even if their results are not particularly strong.


"The big question and focus is on revenue, and Alcoa had better-than-expected revenue," which calmed the market a little, Dailey said.


Overall, corporate profits were expected to beat the previous quarter's meager 0.1 percent rise. Both earnings and revenues in the fourth quarter are expected to have grown by 1.9 percent, according to Thomson Reuters data.


The Dow Jones industrial average <.dji> gained 61.66 points, or 0.46 percent, to 13,390.51. The Standard & Poor's 500 Index <.spx> rose 3.87 points, or 0.27 percent, to 1,461.02. The Nasdaq Composite Index <.ixic> gained 14.00 points, or 0.45 percent, to 3,105.81.


Facebook Inc shares rose above $30 for the first time since July 2012, trading up 5.3 percent at $30.59. Facebook, which has been tight-lipped about its plans after its botched IPO in May, invited the media to its headquarters next week.


Clearwire Corp shares jumped 7.2 percent to $3.13 after Dish Network bid $2.28 billion for the company, beating out a previous Sprint offer and setting the stage for a takeover battle for the wireless service provider that owns crucial mobile spectrum.


Apollo Group Inc slid after heavier early losses, a day after it reported lower student sign-ups for the third straight quarter and cut its operating profit outlook for 2013. Apollo's shares were last off 7.8 percent at $19.32.


Volume was below the 2012 average of 6.42 billion shares traded per day, as 6.10 billion were traded on the New York Stock Exchange, NYSE MKT and Nasdaq.


Advancing stocks outnumbered declining ones on the NYSE by 2,014 to 963, while on the Nasdaq advancers beat decliners 1,603 to 859.


(Reporting by Gabriel Debenedetti; additional reporting by Angela Moon; Editing by Nick Zieminski)



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Wild Weather of Distant ‘Failed Star’ Revealed






LONG BEACH, Calif. — Astronomers have mapped out the weird and wild weather of a so-called “failed star” in unprecedented detail.


Using NASA’s Spitzer and Hubble space telescopes, researchers documented the windy, cloud-covered weather of a brown dwarf — a strange celestial object too big to be a planet but not massive enough to undergo fusion reactions like a star. The new results were presented at the American Astronomical Society meeting here Tuesday (Jan. 8).






Like the objects themselves, brown dwarf weather is odd and intriguing, researchers said.


“Unlike the water clouds of Earth or the ammonia clouds of Jupiter, clouds on brown dwarfs are composed of hot grains of sand, liquid drops of iron and other exotic compounds,” study co-author Mark Marley, of NASA’s Ames Research Center in Moffett Field, Calif., said in a statement. “So this large atmospheric disturbance found by Spitzer and Hubble gives a new meaning to the concept of extreme weather.”


The two spacecraft monitored a brown dwarf with the clunky name of 2MASS J22282889-431026. Spitzer and Hubble used different wavelengths of light to monitor the ways its clouds moved at any given time, spotting storms the size of Earth swirling through the brown dwarf’s atmosphere.


Although such observations are new for odd objects such as brown dwarfs, weather patterns like this have been observed elsewhere in the universe.


“What we see here is evidence for massive, organized cloud systems, perhaps akin to giant versions of the Great Red Spot on Jupiter,” co-author Adam Showman of the University of Arizona said in a statement.


“These out-of-sync light variations provide a fingerprint of how the brown dwarf’s weather systems stack up vertically,” Showman added. “The data suggest regions on the brown dwarf where the weather is cloudy and rich in silicate vapor deep in the atmosphere coincide with balmier, drier conditions at higher altitudes — and vice versa.”


While they’re cooler than bona fide stars, brown dwarfs are still extremely hot. The brown dwarf the team studied has an estimated temperature between 1,100 and 1,300 degrees Fahrenheit (600 to 700 degrees Celsius).


Researchers plan to use Spitzer and Hubble to monitor the weather of more brown dwarfs in the future to see how this one stacks up by comparison. The techniques employed in the study should also come in handy to help characterize alien planets with future instruments, scientists said.  


You can follow SPACE.com staff writer Miriam Kramer on Twitter @mirikramer. Follow SPACE.com on Twitter @Spacedotcom. We’re also on Facebook & Google+


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Wall Street slips as earnings season gets under way

NEW YORK (Reuters) - Stocks fell on Tuesday, retreating from last week's rally on the "fiscal cliff" deal in Washington, as companies started to report results for the fourth quarter.


After a 4.3 percent jump in the two sessions around the close of the fiscal cliff negotiations, the S&P has declined a bit, with investors finding few catalysts to extend the rally that took the benchmark to five-year highs.


"We had a brief respite, courtesy of what happened on the fiscal cliff deal and the flip of the calendar with new money coming into the market," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.


Shares of AT&T Inc dropped 1.7 percent to $34.35, making it one of the biggest drags on the S&P 500, after the company said it sold more than 10 million smartphones in the quarter.


This figure beat the same quarter in 2011, but also means increased costs for the wireless service provider. Providers like AT&T pay hefty subsidies to handset makers so that they can offer discounts to customers who commit to two-year contracts.


Fourth-quarter profits are expected to beat the previous quarter's lackluster results, but analyst estimates are down sharply from October. Quarterly earnings are expected to grow by 2.7 percent, according to Thomson Reuters data. Dow component Alcoa, the largest U.S. aluminum producer, reported results after the closing bell.


The Dow Jones industrial average <.dji> dropped 55.44 points, or 0.41 percent, to 13,328.85. The Standard & Poor's 500 Index <.spx> fell 4.74 points, or 0.32 percent, to 1,457.15. The Nasdaq Composite Index <.ixic> lost 7.01 points, or 0.23 percent, to 3,091.81.


"The stark reality of uncertainty with regard to earnings, plus the negotiations on the debt ceiling, are there and that doesn't give investors a lot of reason to take bets on the long side," Hellwig said.


With AT&T's fall, the S&P telecom services index <.gspl> was the worst performer of the 10 major S&P sectors, down 2.7 percent.


Sears Holdings shares dropped 6.4 percent to $40.16 a day after the company said Chairman Edward Lampert would take over as CEO from Louis D'Ambrosio, who is stepping down due to a family member's health issue. The U.S. retailer also reported a 1.8 percent decline in quarter-to-date sales at stores open at least a year.


Markets went lower as some of the first reported earnings were weak.


"It doesn't seem to be bouncing back, it might stay here or sell off a little further," said Stephen Carl, head of U.S. equity trading at The Williams Capital Group in New York.


Shares of restaurant-chain operator Yum Brands Inc fell 4.2 percent to $65.04 a day after the KFC parent warned sales in China, its largest market, shrank more than expected in the fourth quarter.


GameStop was one of the worst performers on the S&P 500 as shares slumped 6.3 percent to $23.19 after the video game retailer reported low customer traffic for the holiday season and cut its guidance.


Shares of Monsanto Co gained 2.5 percent to $98.42 after reaching a more than four-year high at $99.99. The world's largest seed company raised its earnings outlook for fiscal year 2013 and posted strong first-quarter results.


Volume was below the 2012 average of 6.42 billion shares traded per day, as 6.19 billion were traded on the New York Stock Exchange, NYSE MKT and Nasdaq.


Declining stocks outnumbered advancing ones on the NYSE by 1,495 to 1,458, while on the Nasdaq decliners beat advancers 1,305 to 1,158.


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



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Year of oppressive US heat illustrated in numbers






Last year was by far the hottest year on record in the United States. Here’s 2012′s heat by the numbers:


— Average annual temperature: 55.32 degrees F, a record. The old record was 54.32 degrees, set in 1998.






— Weather stations across the Lower 48 states setting all-time high temperatures: 356.


— Weather stations setting all-time low temperatures: Four.


— Number of states that had their warmest year: 19.


— Months in 2012 that set U.S. heat records: March and July.


— Number of people who experienced at least 10 days of 100-degree heat: 99.1 million.


— Number of consecutive months that the United States had warmer than average temperatures: 16.


— New all-time warmest temperature in South Carolina: 113 degrees.


___


Source: National Climatic Data Center.


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