Cliff fight may knock out December rally

NEW YORK (Reuters) - In normal times, next week's slew of U.S. economic data could be a springboard for a December rally in the stock market.

December is historically a strong month for markets. The S&P 500 has risen 16 times in the past 20 years during the month.

But the market hasn't been operating under normal circumstances since November 7 when a day after the U.S. election, investors' focus shifted squarely to the looming "fiscal cliff."

Investors are increasingly nervous about the ability of lawmakers to undo the $600 billion in tax increases and spending cuts that are set to begin in January; those changes, if they go into effect, could send the U.S. economy into a recession.

A string of economic indicators next week, which includes a key reading of the manufacturing sector on Monday, culminates with the November jobs report on Friday.

But the impact of those economic reports could be muted. Distortions in the data caused by Superstorm Sandy are discounted.

The spotlight will be more firmly on signs from Washington that politicians can settle their differences on how to avoid the fiscal cliff.

"We have a week with a lot of economic data, and obviously most of the economic data is going to reflect the effects of Sandy, and that might be a little bit negative for the market next week, but most of that is already expected - the main focus remains the fiscal cliff," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

Concerns about the cliff sent the S&P 500 <.spx> into a two-week decline after the elections, dropping as much as 5.3 percent, only to rally back nearly 4 percent as the initial tone of talks offered hope that a compromise could be reached and investors snapped up stocks that were viewed as undervalued.

On Wednesday, the S&P 500 gained more than 20 points from its intraday low after House Speaker John Boehner said he was optimistic that a budget deal to avoid big spending cuts and tax hikes could be worked out. The next day, more pessimistic comments from Boehner, an Ohio Republican, briefly wiped out the day's gains in stocks.

On Friday, the sharp divide between the Democrats and the Republicans on taxes and spending was evident in comments from President Barack Obama, who favors raising taxes on the wealthy, and Boehner, the top Republican in Congress, who said Obama's plan was the wrong approach and declared that the talks had reached a stalemate.

"It's unusual to end up with one variable in this industry, it's unusual to have a single bullet that is the causal factor effect, and you are sitting here for the next maybe two weeks or more, on that kind of condition," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago.

"And that is what is grabbing the markets."

BE CONTRARY AND MAKE MERRY

But investor attitudes and seasonality could also help spur a rally for the final month of the year.

The most recent survey by the American Association of Individual Investors reflected investor caution about the cliff. Although bullish sentiment rose above 40 percent for the first time since August 23, bearish sentiment remained above its historical average of 30.5 percent for the 14th straight week.

December is a critical month for retailers such as Target Corp and Macy's Inc . They saw monthly retail sales results dented by Sandy, although the start of the holiday shopping season fared better.

With consumer spending making up roughly 70 percent of the U.S. economy, a solid showing for retailers during the holiday season could help fuel any gains.

Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, believes the recent drop after the election could be a market bottom, with sentiment leaving stocks poised for a December rally.

"The concerns on the fiscal cliff - as valid as they might be - could be overblown. When you look at a lot of the overriding sentiment, that has gotten extremely negative," said Detrick.

"From that contrarian point of view with the historically bullish time frame of December, we once again could be setting ourselves up for a pretty nice end-of-year rally, based on lowered expectations."

SOME FEEL THE BIG CHILL

Others view the fiscal cliff as such an unusual event that any historical comparisons should be thrown out the window, with a rally unlikely because of a lack of confidence in Washington to reach an agreement and the economic hit caused by Sandy.

"History doesn't matter. You're dealing with an extraordinary set of circumstances that could very well end up in the U.S. economy going into a recession," said Phil Orlando, chief equity market strategist at Federated Investors in New York.

"And the likelihood of that is exclusively in the hands of our elected officials in Washington. They could absolutely drag us into a completely voluntary recession."

(Wall St Week Ahead runs every Friday. Questions or comments on this column can be emailed to: charles.mikolajczak(at)thomsonreuters.com )

(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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With Aid, Afghan ‘Honor’ Victim Inches Back

Mauricio Lima for The New York Times

Gul Meena, who was reportedly attacked by her brother for dishonoring their family, recovering at a hospital in Jalalabad.

JALALABAD, Afghanistan — It is doubly miraculous that the young woman named Gul Meena is alive. After she was struck by an ax 15 times, slashing her head and face so deeply that it exposed her brain, she held on long enough to reach medical care and then, despite the limitations of what the doctors could do, clung to life.

“We had no hope she would survive,” said Dr. Zamiruddin, a neurosurgeon at the Nangarhar Regional Medical Center in the eastern city of Jalalabad who, like many Afghans, uses only one name. After she was brought in, he worked for more than six hours in the hospital’s rudimentary operating theater, gently reinserting her brain and stitching her many wounds.

For weeks afterward, she was often unconscious, always uncommunicative and, but for the hospital staff, utterly alone, with no family members to care for her. That is because, if the accounts from her home province are true, she is an adulterer: though already married, she ran away with another man, moving south until her family caught up with them.

Locals say that the man who wielded the ax against her, and also killed the man with her, was most likely her brother.

That she reached a hospital and received care at all is the second part of the miracle: the villagers, doctors and nurses who helped her were bucking a deeply ingrained tradition that often demands death for women who dishonor their families.

Such “honor killings” of women exist in a number of cultures, but in Afghanistan they are firmly anchored by Pashtunwali, an age-old tribal code prevalent in the ethnic Pashtun areas of the country that the government and rights advocates have fought for years to override with a national civil legal system. This year, six such killings have been reported in Afghanistan’s far east alone, more than in each of the past two years, and for every one that comes to light, human rights advocates believe a dozen or more remain hidden.

Gul Meena’s story, as best it can be pieced together from relatives, tribal elders and others, gives insight into that deeply entrenched tribal culture. But it is also a story about a society struggling to come to terms with a different way of thinking about women.

The Americans and Europeans have put a special emphasis on programs to help Afghan women and raise awareness of their rights. Now, as the Western money and presence are dwindling, women’s advocates fear that even the limited gains will erode and a more tribal and Taliban culture will prevail, especially in the south and east of the country, where Pashtun tribal attitudes toward women are strongly held.

It is a credit to many people — villagers, doctors, the police, rights advocates — that they chose to help Gul Meena, overcoming centuries of distaste for dealing with so-called moral crimes. The doctors at the Nangarhar Regional Medical Center who first treated her and cared for her for weeks were aware of her likely transgressions and chose to ignore them. However, the doctors, who say Gul Meena is about 18, were also bewildered about what to do with her.

“She has no one; no mother has come, no father, no one from her tribe has come,” said Dr. Abdul Shakoor Azimi, the hospital’s medical director, as he stood at the foot of her bed looking at her. “What is the solution? Even the government, the police, even the Women’s Affairs Ministry, they are not coming here to follow up and visit the patient.”

A patient in an Afghan hospital without a family member is a neglected soul. Most hospitals are so impoverished that they offer only the bed itself and limited medical care. Gul Meena lay in her own urine when a reporter first visited her because no relative was there to change her sheets. Hospital staff members were able to tend to her sporadically, but they are overstretched. Without a relative, the patient has no one to pay for drugs, drips, needles or food, no one to bring fresh clothes.

Sangar Rahimi contributed reporting from Jalalabad, and an employee of The New York Times from Kunar Province.

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App of the Week: Hooked

App Name: Hooked

Price: Free

Available Platforms: Android

What does this app do? Words with Friends, Angry Birds, Mahjong Connect – these are just a few of the popular apps in the Google Play Store for Android devices. For game app lovers, wading through the possibilities can be daunting.

Hooked, a game recommendation app developed by Hooked Media Group, can help.

“There are hundreds of thousands of apps out there people may really enjoy,” says Pita Uppal, CEO of the San Francisco based company.

Uppal, who recognizes people like to play with variety game apps but may have no idea what to try, likens Hooked to Netflix and Pandora rolled into one.

Once you download the app, Hooked analyses more than 40 factors, such as device type, the kinds of games a user has on his or her device, and usage statistics. By looking at what a consumer already has and how he or she is using those games, Hooked aims to offer users intelligent suggestions.

From the homescreen, select the menu button at the top and then search categories such as “Top Picks for You,” which provides a customized, star-rated list of recommendations. Press the tools key in the upper right hand corner and customize your recommendations by category, such as puzzle and racing, or by price.

Select “My Games”, and the app displays a dashboard of icons to help you understand your game activity. A folder icon, for example, shows what and how many games you have installed, and a clock icon tells you the amount of time you’ve spent playing a particular game. I spent an entire minute playing “Stupid Zombies.”

Logging in through Facebook or Google+ allows you to see what your friends and connections are playing, too.

Is it easy to set up? Yes, the 2.1MB app installs quickly. Log in with your account and go.

Should I try it? Hooked is like a personal shopper for game-loving app users, and the more you use it the more it understands what you might like. For the moment, it is only available for Android, but Uppal says the company plans to launch Hooked for iOS in the coming months.

Also Read
Wireless News Headlines – Yahoo! News

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Ashley Hebert and J.P. Rosenbaum Are Married

People Exclusive

By Monica Rizzo

12/01/2012 at 06:15 PM EST

J.P. Rosenbaum and Ashley Hebert

Victor Chavez/Getty

It’s official: Bachelorette star Ashley Hebert and her fiancé J.P. Rosenbaum tied the knot Saturday afternoon in Pasadena, Calif.

Surrounded by family, friends and fellow Bachelor and Bachelorette alumni like Ali Fedotowsky, Emily Maynard, and Jason and Molly Mesnick, the couple said "I do" in an outdoor ceremony officiated by franchise host Chris Harrison.

"Today is all about our friends and family," Hebert, whose nuptials will air Dec. 16 on a two-hour special on ABC, tells PEOPLE. "It's about standing with J.P., looking around at all the people we love in the same room there to celebrate our love."

The 28-year-old dentist from Madawaska, Maine, met New York construction manager Rosenbaum, 35, on season 7 of The Bachelorette. The couple became engaged on the season finale.

Hebert and Rosenbaum are the second couple in the franchise's 24 seasons to make it from their show finale to the altar, following in the footsteps of Bachelorette Trista Rehn, who married Vail, Colo., firefighter Ryan Sutter in 2003.

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Cliff fight may knock out December rally

NEW YORK (Reuters) - In normal times, next week's slew of U.S. economic data could be a springboard for a December rally in the stock market.

December is historically a strong month for markets. The S&P 500 has risen 16 times in the past 20 years during the month.

But the market hasn't been operating under normal circumstances since November 7 when a day after the U.S. election, investors' focus shifted squarely to the looming "fiscal cliff."

Investors are increasingly nervous about the ability of lawmakers to undo the $600 billion in tax increases and spending cuts that are set to begin in January; those changes, if they go into effect, could send the U.S. economy into a recession.

A string of economic indicators next week, which includes a key reading of the manufacturing sector on Monday, culminates with the November jobs report on Friday.

But the impact of those economic reports could be muted. Distortions in the data caused by Superstorm Sandy are discounted.

The spotlight will be more firmly on signs from Washington that politicians can settle their differences on how to avoid the fiscal cliff.

"We have a week with a lot of economic data, and obviously most of the economic data is going to reflect the effects of Sandy, and that might be a little bit negative for the market next week, but most of that is already expected - the main focus remains the fiscal cliff," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

Concerns about the cliff sent the S&P 500 <.spx> into a two-week decline after the elections, dropping as much as 5.3 percent, only to rally back nearly 4 percent as the initial tone of talks offered hope that a compromise could be reached and investors snapped up stocks that were viewed as undervalued.

On Wednesday, the S&P 500 gained more than 20 points from its intraday low after House Speaker John Boehner said he was optimistic that a budget deal to avoid big spending cuts and tax hikes could be worked out. The next day, more pessimistic comments from Boehner, an Ohio Republican, briefly wiped out the day's gains in stocks.

On Friday, the sharp divide between the Democrats and the Republicans on taxes and spending was evident in comments from President Barack Obama, who favors raising taxes on the wealthy, and Boehner, the top Republican in Congress, who said Obama's plan was the wrong approach and declared that the talks had reached a stalemate.

"It's unusual to end up with one variable in this industry, it's unusual to have a single bullet that is the causal factor effect, and you are sitting here for the next maybe two weeks or more, on that kind of condition," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago.

"And that is what is grabbing the markets."

BE CONTRARY AND MAKE MERRY

But investor attitudes and seasonality could also help spur a rally for the final month of the year.

The most recent survey by the American Association of Individual Investors reflected investor caution about the cliff. Although bullish sentiment rose above 40 percent for the first time since August 23, bearish sentiment remained above its historical average of 30.5 percent for the 14th straight week.

December is a critical month for retailers such as Target Corp and Macy's Inc . They saw monthly retail sales results dented by Sandy, although the start of the holiday shopping season fared better.

With consumer spending making up roughly 70 percent of the U.S. economy, a solid showing for retailers during the holiday season could help fuel any gains.

Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, believes the recent drop after the election could be a market bottom, with sentiment leaving stocks poised for a December rally.

"The concerns on the fiscal cliff - as valid as they might be - could be overblown. When you look at a lot of the overriding sentiment, that has gotten extremely negative," said Detrick.

"From that contrarian point of view with the historically bullish time frame of December, we once again could be setting ourselves up for a pretty nice end-of-year rally, based on lowered expectations."

SOME FEEL THE BIG CHILL

Others view the fiscal cliff as such an unusual event that any historical comparisons should be thrown out the window, with a rally unlikely because of a lack of confidence in Washington to reach an agreement and the economic hit caused by Sandy.

"History doesn't matter. You're dealing with an extraordinary set of circumstances that could very well end up in the U.S. economy going into a recession," said Phil Orlando, chief equity market strategist at Federated Investors in New York.

"And the likelihood of that is exclusively in the hands of our elected officials in Washington. They could absolutely drag us into a completely voluntary recession."

(Wall St Week Ahead runs every Friday. Questions or comments on this column can be emailed to: charles.mikolajczak(at)thomsonreuters.com )

(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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The Saturday Profile: Mazarine Pingeot, Mitterrand Daughter, Looks Back

PARIS SHE would sneak into the Élysée Palace to see her father, the president of France, through a back door that led directly to his private apartments. On winter days, they dined together in the library, by the fireplace.

Mazarine Pingeot is the daughter of François Mitterrand and Anne Pingeot, his longtime mistress, and for much of her youth and nearly his entire 14-year presidency she was a state secret.

“When he was absent, he was the president,” said Ms. Pingeot (pronounced pan-JOH), who has her father’s intense dark eyes. “When he was home, he was for me.”

Mr. Mitterrand, who was known as the Sphinx, began his double life long before he was elected president, but the existence of his second family was revealed only near the end of his political career. Less than a year after leaving office in 1995, he died of cancer, an illness he also tried to keep secret. Anne and Mazarine Pingeot attended the state funeral along with Mr. Mitterrand’s wife, Danielle, and the Mitterrands’ two sons.

During his presidency, Mr. Mitterrand lived officially with Danielle in his home on the Rue de Bièvre, on the Left Bank. But he spent most nights with Anne Pingeot, who was a curator at the Musée d’Orsay, and Mazarine, who still uses her mother’s family name. In 1984, while president, Mr. Mitterrand legally recognized Ms. Pingeot as his daughter, but that was kept secret, too, as was the existence of his second family until near the end of his life.

Ms. Pingeot, now 37, an author and philosophy professor, lived with her mother in an apartment owned by the French state, under the protection of government bodyguards. It was not until 1994 that the story came out, when pictures of her and her father were published in the magazine Paris Match.

Last month, Ms. Pingeot published “Bon Petit Soldat,” (“Good Little Soldier”), a diary that includes memories of her childhood as a state secret. It is another attempt, she said, to “unravel” the enigmas of her past, seven years after she published “Bouche Cousue” (“Sealed Lips”).

“Being unable to share a secret makes this secret very heavy,” she said in an interview at Julliard, her publisher. “You protect it rather than protecting yourself.”

Ms. Pingeot described in her autobiographical books and in interviews how Mr. Mitterrand spent almost every night of his 14 years in office with his daughter and mistress in a secret apartment in the Seventh Arrondissement of Paris, across the river and three miles from the Élysée.

Ms. Pingeot spent her childhood surrounded by books, pets and eight bodyguards. She wrote poems and read Flaubert, Balzac and Zola because “literature goes with loneliness,” and when she got a bicycle, her bodyguards followed her on bicycles, too.

Mr. Mitterrand liked “ambivalence,” Ms. Pingeot said. It was a different age, one more protective of the private lives of high officials, and, she said, Mr. Mitterrand liked to eat with her at restaurants and stroll with her along the banks of the Seine.

BUT he was careful, too, even suspicious. He ordered his security staff to wiretap those who knew about her existence, including a journalist, Jean-Edern Hallier. He spoke of his daughter to a tiny circle of friends, said Christian Prouteau, Mr. Mitterrand’s chief of security, but sheltered his second family in houses bought with state money.

For the outside world, Ms. Pingeot was “the lovely little lie,” as she described herself in “Bouche Cousue.” She met Mr. Mitterrand’s official children several days before her father’s funeral, and discovered Jarnac, her father’s native village in southwestern France, after he died in 1996.

At home, Ms. Pingeot was the cherished only daughter, where she would joke with her father and he would act very unpresidential. “My father would hide an egg behind his back and say, ‘Look at me: I’m a hen,’ ” Ms. Pingeot said, smiling shyly.

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Dennis Quaid Files for Divorce, Seeks Joint Custody

By Mike Fleeman

11/30/2012 at 09:20 PM EST

Kimberly Buffington-Quaid and Dennis Quaid

Casey Rodgers/NBC/AP

Dennis Quaid is ready to end his marriage for good.

After his wife of eight years, Kimberly Buffington-Quaid, sought legal separation in October, the Vegas star filed Friday for divorce in Los Angeles Superior Court.

The actor requests joint physical and legal custody of their 4-year-old twins, Thomas and Zoe, and offers to pay spousal support, according to the petition.

This will be the third divorce for Quaid, 58, who was previously married to Meg Ryan and P.J. Soles.

Kimberly, a former real estate agent, initially filed for divorce in March. She
put the divorce on hold a month later, pulling the papers so they could work on their marriage, before then filing for separation.

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Kenya village pairs AIDS orphans with grandparents

NYUMBANI, Kenya (AP) — There are no middle-aged people in Nyumbani. They all died years ago, before this village of hope in Kenya began. Only the young and old live here.

Nyumbani was born of the AIDS crisis. The 938 children here all saw their parents die. The 97 grandparents — eight grandfathers among them — saw their middle-aged children die. But put together, the bookend generations take care of one another.

Saturday is World AIDS Day, but the executive director of the aid group Nyumbani, which oversees the village of the same name, hates the name which is given to the day because for her the word AIDS is so freighted with doom and death. These days, it doesn't necessarily mean a death sentence. Millions live with the virus with the help of anti-retroviral drugs, or ARVs. And the village she runs is an example of that.

"AIDS is not a word that we should be using. At the beginning when we came up against HIV, it was a terminal disease and people were presenting at the last phase, which we call AIDS," said Sister Mary Owens. "There is no known limit to the lifespan now so that word AIDS should not be used. So I hate World AIDS Day, follow? Because we have moved beyond talking about AIDS, the terminal stage. None of our children are in the terminal stage."

In the village, each grandparent is charged with caring for about a dozen "grandchildren," one or two of whom will be biological family. That responsibility has been a life-changer for Janet Kitheka, who lost one daughter to AIDS in 2003. Another daughter died from cancer in 2004. A son died in a tree-cutting accident in 2006 and the 63-year-old lost two grandchildren in 2007, including one from AIDS.

"When I came here I was released from the grief because I am always busy instead of thinking about the dead," said Kitheka. "Now I am thinking about building a new house with 12 children. They are orphans. I said to myself, 'Think about the living ones now.' I'm very happy because of the children."

As she walks around Nyumbani, which is three hours' drive east of Nairobi, 73-year-old Sister Mary is greeted like a rock star by little girls in matching colorful school uniforms. Children run and play, and sleep in bunk beds inside mud-brick homes. High schoolers study carpentry or tailoring. But before 2006, this village did not exist, not until a Catholic charity petitioned the Kenyan government for land on which to house orphans.

Everyone here has been touched by HIV or AIDS. But only 80 children have HIV and thanks to anti-retroviral drugs, none of them has AIDS.

"They can dream their dreams and live a long life," Owens said.

Nyumbani relies heavily on U.S. funds but it is aiming to be self-sustaining.

The kids' bunk beds are made in the technical school's shop. A small aquaponics project is trying to grow edible fish. The mud bricks are made on site. Each grandparent has a plot of land for farming.

The biggest chunk of aid comes from the United States President's Emergency Plan for AIDS Relief (PEPFAR), which has given the village $2.5 million since 2006. A British couple gives $50,000 a year. A tree-growing project in the village begun by an American, John Noel, now stands six years from its first harvest. Some 120,000 trees have already been planted and thousands more were being planted last week.

"My wife and I got married as teenagers and started out being very poor. Lived in a trailer. And we found out what it was like to be in a situation where you can't support yourself," he said. "As an entrepreneur I looked to my enterprise skills to see what we could do to sustain the village forever, because we are in our 60s and we wanted to make sure that the thousand babies and children, all the little ones, were taken care of."

He hopes that after a decade the timber profits from the trees will make the village totally self-sustaining.

But while the future is looking brighter, the losses the orphans' suffered can resurface, particularly when class lessons are about family or medicine, said Winnie Joseph, the deputy headmaster at the village's elementary school. Kitheka says she tries to teach the kids how to love one another and how to cook and clean. But older kids sometimes will threaten to hit her after accusing her of favoring her biological grandchildren, she said.

For the most part, though, the children in Nyumbani appear to know how lucky they are, having landed in a village where they are cared for. An estimated 23.5 million people in sub-Saharan Africa have HIV as of 2011, representing 69 percent of the global HIV population, according to UNAIDS. Eastern and southern Africa are the hardest-hit regions. Millions of people — many of them parents — have died.

Kitheka noted that children just outside the village frequently go to bed hungry. And ARVs are harder to come by outside the village. The World Health Organization says about 61 percent of Kenyans with HIV are covered by ARVs across the country.

Paul Lgina, 14, contrasted the difference between life in Nyumbani, which in Swahili means simply "home," and his earlier life.

"In the village I get support. At my mother's home I did not have enough food, and I had to go to the river to fetch water," said Lina, who, like all the children in the village, has neither a mother or a father.

When Sister Mary first began caring for AIDS orphans in the early 1990s, she said her group was often told not to bother.

"At the beginning nobody knew what to do with them. In 1992 we were told these children are going to die anyway," she said. "But that wasn't our spirit. Today, kids we were told would die have graduated from high school."

___

On the Internet:

http://www.trees4children.org/

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Wall Street ends flat as "fiscal cliff" focus lingers

NEW YORK (Reuters) - The S&P 500 wrapped up its fifth positive month in the last six on Friday, although it ended the day flat as politicians remain at odds about how to avoid the so-called fiscal cliff.

Trading has been choppy in the last two weeks as investors react to statements from policymakers on the state of discussions on how to avert a series of tax hikes and spending cuts that could pull the economy back into recession.

The S&P 500 was up 0.29 percent in November even as it suffered a slide of more than 6 percent from the month's high to its low.

"Given the 'on again, off again' fiscal cliff (negotiations), it's rather surprising how resilient this market has been," said David Rolfe, chief investment officer at St. Louis-based Wedgewood Partners.

"Between now and the end of the year, there's going to be an information vacuum outside the fiscal cliff, and I believe that resiliency will be tested."

In contrast to the apparent calm in equities, the CBOE Volatility Index <.vix>, a gauge of market anxiety, jumped 5.4 percent, its largest daily gain in two weeks.

The VIX also rose for the week, but posted a whopping 14.7 percent decline for November.

On Friday, President Barack Obama accused a "handful of Republicans" in the U.S. House of Representatives of holding up legislation to extend tax cuts for middle-class Americans in order to try to preserve them for the wealthy.

Speaking shortly after the president, House Speaker John Boehner, an Ohio Republican, said: "There is a stalemate; let's not kid ourselves."

Despite the divisive language, many market participants are betting that a deal will be struck - if only at the eleventh hour.

Corporations continue to react to what is expected to be a harsher tax regime next year. Whole Foods Market was the latest to announce a special cash dividend - of $2.00 per share in this case - ahead of expected higher tax rates in 2013.

The Dow Jones industrial average <.dji> rose 3.76 points, or 0.03 percent, to 13,025.58 at the close. The S&P 500 <.spx> gained a mere 0.23 of a point, or 0.02 percent, to finish at 1,416.18. But the Nasdaq Composite Index <.ixic> dipped 1.79 points, or 0.06 percent, to end at 3,010.24.

For the month of November, the S&P 500 rose 0.29 percent, its smallest monthly variation since March 2011. The Dow fell 0.5 percent and the Nasdaq gained 1.1 percent.

For the week, though, all three major U.S. stock indexes advanced, with the Dow up 0.1 percent, the S&P 500 up 0.5 percent and the Nasdaq up 1.5 percent.

VeriSign shares dropped 13.2 percent to $34.15 after the company said the U.S. Department of Commerce approved its agreement with ICANN to run the .com internet registry, but VeriSign won't be able to raise prices as it did before.

Yum Brands slid 9.9 percent to $67.08 a day after the parent of the KFC, Taco Bell and Pizza Hut chains said it expects a drop in fourth-quarter sales at established restaurants in China.

After a close relationship for several years, Facebook and Zynga revised terms of a partnership agreement, according to regulatory filings on Thursday. Under the new pact, Zynga, creator of the "Farmville" game, will have limited ability to promote its site on Facebook.

Zynga's stock fell 6.1 percent to $2.46. Facebook's stock gained 2.5 percent to $28.

Apple Inc's latest iPhone received final clearance from Chinese regulators, paving the way for a December debut in a highly competitive market where the lack of a new model had severely eroded its share of product sales. Apple's stock fell 0.7 percent to $585.28.

The markets' reaction to data on Friday was muted.

U.S. consumer spending fell in October for the first time in five months and income growth stalled, leading some economists to cut already weak estimates of fourth-quarter economic growth.

Slightly more than 7 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, more than the daily average so far this year of about 6.48 billion shares and the largest in two weeks.

On the NYSE, roughly six issues rose for every five that fell, while on Nasdaq, the ratio was nearly 1 to 1.

(Reporting by Rodrigo Campos; Editing by Jan Paschal)

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General Assembly Grants Palestine Upgraded Status in U.N.

Chang W. Lee/The New York Times

President Mahmoud Abbas of the Palestinian Authority spoke at the United Nations before the General Assembly voted on Palestine's status as a “nonmember observer state” on Thursday.

UNITED NATIONS — More than 130 countries voted on Thursday to upgrade Palestine to a nonmember observer state of the United Nations, a triumph for Palestinian diplomacy and a sharp rebuke to the United States and Israel.

But the vote, at least for now, did little to bring either the Palestinians or the Israelis closer to the goal they claim to seek: two states living side by side, or increased Palestinian unity. Israel and the militant group Hamas both responded critically to the day’s events, though for different reasons.

The new status will give the Palestinians more tools to challenge Israel in international legal forums for its occupation activities in the West Bank, including settlement-building, and it helped bolster the Palestinian Authority, weakened after eight days of battle between its rival Hamas and Israel.

But even as a small but determined crowd of 2,000 celebrated in central Ramallah in the West Bank, waving flags and dancing, there was an underlying sense of concerned resignation.

“I hope this is good,” said Munir Shafie, 36, an electrical engineer who was there. “But how are we going to benefit?”

Still, the General Assembly vote — 138 countries in favor, 9 opposed and 41 abstaining — showed impressive backing for the Palestinians at a difficult time. It was taken on the 65th anniversary of the vote to divide the former British mandate of Palestine into two states, one Jewish and one Arab, a vote Israel considers the international seal of approval for its birth.

The past two years of Arab uprisings have marginalized the Palestinian cause to some extent as nations that focused their political aspirations on the Palestinian struggle have turned inward. The vote on Thursday, coming so soon after the Gaza fighting, put the Palestinians again — if briefly, perhaps — at the center of international discussion.

“The question is, where do we go from here and what does it mean?” Salam Fayyad, the Palestinian prime minister, who was in New York for the vote, said in an interview. “The sooner the tough rhetoric of this can subside and the more this is viewed as a logical consequence of many years of failure to move the process forward, the better.” He said nothing would change without deep American involvement.

President Mahmoud Abbas of the Palestinian Authority, speaking to the assembly’s member nations, said, “The General Assembly is called upon today to issue a birth certificate of the reality of the state of Palestine,” and he condemned what he called Israeli racism and colonialism. His remarks seemed aimed in part at Israel and in part at Hamas. But both quickly attacked him for the parts they found offensive.

“The world watched a defamatory and venomous speech that was full of mendacious propaganda against the Israel Defense Forces and the citizens of Israel,” Prime Minister Benjamin Netanyahu of Israel responded. “Someone who wants peace does not talk in such a manner.”

While Hamas had officially backed the United Nations bid of Mr. Abbas, it quickly criticized his speech because the group does not recognize Israel.

“There are controversial issues in the points that Abbas raised, and Hamas has the right to preserve its position over them,” said Salah al-Bardaweel, a spokesman for Hamas in Gaza, on Thursday.

“We do not recognize Israel, nor the partition of Palestine, and Israel has no right in Palestine,” he added. “Getting our membership in the U.N. bodies is our natural right, but without giving up any inch of Palestine’s soil.”

Israel’s ambassador to the United Nations, Ron Prosor, spoke after Mr. Abbas and said he was concerned that the Palestinian Authority failed to recognize Israel for what it is.

“Three months ago, Israel’s prime minister stood in this very hall and extended his hand in peace to President Abbas,” Mr. Prosor said. “He reiterated that his goal was to create a solution of two states for two peoples, where a demilitarized Palestinian state will recognize Israel as a Jewish state.

“That’s right. Two states for two peoples. In fact, President Abbas, I did not hear you use the phrase ‘two states for two peoples’ this afternoon. In fact, I have never heard you say the phrase ‘two states for two peoples’ because the Palestinian leadership has never recognized that Israel is the nation-state of the Jewish people.”

The Israelis also say that the fact that Mr. Abbas is not welcome in Gaza, the Palestinian coastal enclave run by Hamas, from which he was ejected five years ago, shows that there is no viable Palestinian leadership living up to its obligations now.

Jennifer Steinhauer contributed reporting from Washington, Isabel Kershner from Jerusalem, and Khaled Abu Aker from Ramallah, West Bank.

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