Wall Street edges down after recent rally; retailers weigh

NEW YORK (Reuters) - Wall Street slipped on Monday, pulling back from last week's gains, as retailers fell on concerns about heavy discounts at the start of the U.S. holiday shopping season and the overhang of the "fiscal cliff" kept investors wary of making big bets.


The Nasdaq outperformed to close higher, led by gains in eBay and as Apple continued its bounce back.


The Standard & Poor's 500 cut most of its losses during the session and managed to stay above the psychologically important 1,400 level. It also remained above the 200-day moving average, maintaining its long-term uptrend.


The S&P 500 consumer discretionary index <.gspd> fell 0.5 percent after the start of the holiday shopping season over the four-day Thanksgiving weekend. Target , one of the largest retailers by market value, fell 2.6 percent.


"The concern is big retailers are discounting so much, sales look better, but at what cost?" said Angel Mata, managing director of listed equity trading at Stifel Nicolaus Capital Markets in Baltimore.


Bucking the retail trend, shares of eBay closed at their highest in almost eight years, rising 4.9 percent to $51.40, as the online marketplace notched strong sales on "Cyber Monday." Amazon gained 1.6 percent to $243.62.


The White House threw cold water on a proposal of avoiding the looming "fiscal cliff" of spending cuts and tax highs by limiting tax deductions and loopholes, instead of allowing tax rates to rise for the richest Americans.


Investors are hoping for advances in talks over the $600 billion in spending cuts and tax hikes scheduled to begin next year, which threaten to drag the U.S. economy back into recession.


Indications of progress in talks, or just political willingness to negotiate, contributed to the market's recent rally. Major indexes last week gained 3 to 4 percent, with the Dow above 13,000 and the S&P above 1,400 for the first time since November 6.


Those gains represented a turnaround from recent losses founded on worries about Washington's ability to solve budgetary problems.


The Dow Jones industrial average <.dji> fell 42.31 points, or 0.33 percent, to 12,967.37. The S&P 500 <.spx> dropped 2.86 points, or 0.20 percent, to 1,406.29. The Nasdaq Composite <.ixic> gained 9.93 points, or 0.33 percent, to 2,976.78.


About 5.2 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.49 billion shares.


On the NYSE, roughly 13 issues fell for every 10 that rose, and on Nasdaq nearly six rose for every five that fell.


In the other major worry for the market, euro zone finance ministers and the International Monetary Fund made their third attempt in as many weeks to agree on releasing emergency aid for Greece, with policymakers saying a write-down of Greek debt is off the table for now.


"There's no catalyst to continue the rally we saw last week, though Greece would have been important if we weren't dealing with the fiscal cliff," Stifel Nicolaus' Mata said.


Shares of Knight Capital Group Inc jumped 13.3 percent to $2.82 following reports that rivals might be preparing to bid for part or all of the trading firm.


Apple Inc has asked a federal court to add six more products to its patent infringement lawsuit against Samsung Electronics , including the Samsung Galaxy Note II, in the latest move in an ongoing legal war between the two companies. Apple shares were up 3.2 percent at $589.53.


(Reporting by Rodrigo Campos; Editing by Leslie Adler)


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Bangladesh Fire Kills More Than 100 and Injures Many





MUMBAI, India — More than 100 people died Saturday and Sunday in a fire at a garment factory outside Dhaka, Bangladesh, in one of the worst industrial tragedies in that country.




It took firefighters all night to put out the blaze at the factory, Tazreen Fashions, after it started about 7 p.m. on Saturday, a retired fire official said by telephone from Dhaka, the capital. At least 111 people were killed, and scores of workers were taken to hospitals for treatment of burns and smoke inhalation.


“The main difficulty was to put out the fire; the sufficient approach road was not there,” said the retired official, Salim Nawaj Bhuiyan, who now runs a fire safety company in Dhaka. “The fire service had to take great trouble to approach the factory.”


Bangladesh’s garment industry, the second-largest exporter of clothing after China, has a notoriously poor fire safety record. Since 2006, more than 500 Bangladeshi workers have died in factory fires, according to Clean Clothes Campaign, an anti-sweatshop advocacy group in Amsterdam. Experts say many of the fires could have easily been avoided if the factories had taken the right precautions. Many factories are in cramped neighborhoods and have too few fire escapes, and they widely flout safety measures. The industry employs more than three million workers in Bangladesh, most of them women.


Activists say that global clothing brands like Tommy Hilfiger and the Gap and those sold by Walmart need to take responsibility for the working conditions in Bangladeshi factories that produce their clothes.


“These brands have known for years that many of the factories they choose to work with are death traps,” Ineke Zeldenrust, the international coordinator for the Clean Clothes Campaign, said in a statement. “Their failure to take action amounts to criminal negligence.”


The fire at the Tazreen factory in Savar, northwest of Dhaka, started in a warehouse on the ground floor that was used to store yarn, and quickly spread to the upper floors. The building was nine stories high, with the top three floors under construction, according to a garment industry official at the scene who asked not to be named because he was not authorized to speak to the news media. Though most workers had left for the day when the fire started, the industry official said, as many as 600 workers were still inside working overtime.


The factory, which opened in May 2010, employed about 1,500 workers and had sales of $35 million a year, according to a document on the company’s Web site. It made T-shirts, polo shirts and fleece jackets.


Most of the workers who died were on the first and second floors, fire officials said, and were killed because there were not enough exits. “So the workers could not come out when the fire engulfed the building,” said Maj. Mohammad Mahbub, the operations director for the Fire Department, according to The Associated Press.


In a telephone interview later on Sunday, Major Mahbub said the fire could have been caused by an electrical fault or by a spark from a cigarette.


In a brief phone call, Delowar Hossain, the managing director of the Tuba Group, the parent company of Tazreen Fashions, said he was too busy to comment. “Pray for me,” he said and then hung up.


Television news reports showed badly burned bodies lined up on the floor in what appeared to be a government building. The injured were being treated in hallways of local hospitals, according to the reports.


The industry official said that many of the bodies were burned beyond recognition and that it would take some time to identify them.


One survivor, Mohammad Raju, 22, who worked on the fifth floor, said he escaped by climbing out of a third-floor window onto the bamboo scaffolding that was being used by construction workers. He said he lost his mother, who also worked on the fifth floor, when they were making their way down.


“It was crowded on the stairs as all the workers were trying to come out from the factory,” Mr. Raju said. “There was no power supply; it was dark, and I lost my mother in dark. I tried to search for her for 10 to 15 minutes but did not find her.”


A document posted on Tazreen Fashions’ Web site indicated that an “ethical sourcing” official for Walmart had flagged “violations and/or conditions which were deemed to be high risk” at the factory in May 2011, though it did not specify the nature of the infractions. The notice said that the factory had been given an “orange” grade and that any factories given three such assessments in two years from their last audit would not receive any Walmart orders for a year.


A spokesman for Walmart, Kevin Gardner, said the company was “so far unable to confirm that Tazreen is a supplier to Walmart nor if the document referenced in the article is in fact from Walmart.”


But the International Labor Rights Forum, which tracks fires in the Bangladesh garment industry, said documents and logos found in the debris indicated that the factory produced clothes for Walmart’s Faded Glory line as well as for other American and foreign companies.


Bangladesh exports about $18 billion worth of garments a year. Employees in the country’s factories are among the world’s lowest-paid, with entry-level workers making the government-mandated minimum wage of about $37 a month or slightly above.


Tensions have been running high between workers, who have been demanding an increase in minimum wages, and the factory owners and government. A union organizer, Aminul Islam, who campaigned for better working conditions and higher wages, was found tortured and killed outside Dhaka this year.


Julfikar Ali Manik contributed reporting from Dhaka, Bangladesh, and Stephanie Clifford and Steven Greenhouse from New York.



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Tom Cruise Films Helicopter Scene in Empty Trafalgar Square















11/25/2012 at 05:15 PM EST







Tom Cruise in Trafalgar Square


FameFlynet


Back to work!

After spending Thanksgiving with daughter Suri, 6, Tom Cruise filmed scenes for the sci-fi action film All You Need Is Kill in London on Sunday.

The actor, who plays alien fighter Lt. Col. Bill Cage, landed in a helicopter in the middle of the usually bustling Trafalgar Square, which was shut down for the scene, in the heart of London.

Based on Hiroshi Sakurazaka's novel, the movie follows Cage as he battles the Mimics, a violent race of alien invaders, while stuck in a time loop.

Emily Blunt also stars in the film as Special Forces fighter Rita Vrataski, who according to Deadline.com, has destroyed more Mimics than anyone else on earth.

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AP PHOTOS: Simple surgery heals blind Indonesians

PADANG SIDEMPUAN, Indonesia (AP) — They came from the remotest parts of Indonesia, taking crowded overnight ferries and riding for hours in cars or buses — all in the hope that a simple, and free, surgical procedure would restore their eyesight.

Many patients were elderly and needed help to reach two hospitals in Sumatra where mass eye camps were held earlier this month by Nepalese surgeon Dr. Sanduk Ruit. During eight days, more than 1,400 cataracts were removed.

The patients camped out, sleeping side-by-side on military cots, eating donated food while fire trucks supplied water for showers and toilets. Many who had given up hope of seeing again left smiling after their bandages were removed.

"I've been blind for three years, and it's really bad," said Arlita Tobing, 65, whose sight was restored after the surgery. "I worked on someone's farm, but I couldn't work anymore."

Indonesia has one of the highest rates of blindness in the world, making it a target country for Ruit who travels throughout the developing world holding free mass eye camps while training doctors to perform the simple, stitch-free procedure he pioneered. He often visits hard-to-reach remote areas where health care is scarce and patients are poor. He believes that by teaching doctors how to perform his method of cataract removal, the rate of blindness can be reduced worldwide.

Cataracts are the leading cause of blindness globally, affecting about 20 million people who mostly live in poor countries, according to the World Health Organization.

"We get only one life, and that life is very short. I am blessed by God to have this opportunity," said Ruit, who runs the Tilganga Eye Center in Katmandu, Nepal. "The most important of that is training, taking the idea to other people."

During the recent camps, Ruit trained six doctors from Indonesia, Thailand and Singapore.

Here, in images, are scenes from the mobile eye camps:

Read More..

Asian shares edge higher on hopes for Greek deal

TOKYO (Reuters) - Asian shares rose on Monday on the hope Greece can avoid a near-term bankruptcy, with euro-zone finance ministers meeting later in the day, but a regional Spanish vote favoring separatist parties clouded Madrid's push for fiscal austerity.


Expectations that an agreement will be reached soon to disburse crucial aid for debt-stricken Greece, and Germany's Ifo business climate index rising for the first time in seven months in November, boosted the euro and riskier assets broadly and reduced appetite for the safe-haven dollar on Friday.


"If there really is an agreement on Greece today, the euro could rise above $1.3 against the dollar and 107 against the yen," Masafumi Yamamoto, chief FX strategist at Barclays in Tokyo, said in a research note.


The euro was at $1.2966, hovering near a three-week high of $1.2991 reached on Friday, and traded at a seven-month peak of 107.10 yen on Monday.


The dollar <.dxy> inched up 0.1 percent, after falling to a three-week low of 80.128 against a basket of major currencies on Friday as risk appetite gained.


MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> was up 0.2 percent after rising to a two-week high on Friday and ending its best week in more than two months with a 2.5 percent gain.


Australian shares <.axjo> were up 0.2 percent on gains in energy and mining stocks, and South Korean shares <.ks11> opened up 0.4 percent.


Japan's Nikkei stock average <.n225> opened 1.1 percent higher at a seven-month high. Japanese financial markets were closed on Friday for a public holiday.<.t/>


"Although some investors are cautious against the fast-paced gains in the Japanese market, they will likely stay buyers on the back of the improving trading environment in the global market," said Hiroichi Nishi, general manager at SMBC Nikko Securities.


Some analysts said risk sentiment may be weighed by Spain's regional elections in Catalonia on Sunday.


Separatists in Spain's Catalonia won regional elections on Sunday but failed to get the resounding mandate they need to push convincingly for a referendum on independence.


The separatists parties win could raise concerns about the negative impact to the Spanish economy and its fiscal conditions, as Catalonia accounts for 20 percent of the economy and provides the most tax revenue to the central government.


"If the government is forced to give more autonomy to Catalonia in its fiscal policy, it risks derailing the push for fiscal austerity in other provinces, raising the possibility of shifting market focus back to Spain from Greece and undermining the euro," Yamamoto said.


European shares posted their best weekly gain so far this year after rising for a fifth day on Friday, while U.S. stocks rose for a fifth day, getting a lift from bellwether technology firms Intel and Microsoft in light volume after Thursday's U.S. Thanksgiving holiday.


Germany's Ifo index, rising on the back of exports outside the euro zone and the prospect of strong Christmas sales, offered hope Europe's growth engine can retain some momentum.


As investors warmed towards risk, the Thomson Reuters-Jefferies CRB index <.trjcrb>, a global commodities benchmark, rose to its highest close since October 23 on Friday -- its best weekly performance since mid-September with a 1.9 percent gain.


Spot gold eased 0.1 percent to $1,749.98 an ounce on Monday after rising above $1,750 for the first time in five weeks on Friday as a drop in the dollar and options-related buying triggered a technical breakout.


Analysts said Friday's gains could lead to a test above the $1,800 level which bullion has not seen since its rally to a record $1,920.30 in September 2011.


U.S. crude was down 0.2 percent to $88.07 a barrel.


(Additional reporting by Ayai Tomisawa in Tokyo; Editing by Michael Perry)


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White House Presses for Drone Rule Book





WASHINGTON — Facing the possibility that President Obama might not win a second term, his administration accelerated work in the weeks before the election to develop explicit rules for the targeted killing of terrorists by unmanned drones, so that a new president would inherit clear standards and procedures, according to two administration officials.




The matter may have lost some urgency after Nov. 6. But with more than 300 drone strikes and some 2,500 people killed by the Central Intelligence Agency and the military since Mr. Obama first took office, the administration is still pushing to make the rules formal and resolve internal uncertainty and disagreement about exactly when lethal action is justified.


Mr. Obama and his advisers are still debating whether remote-control killing should be a measure of last resort against imminent threats to the United States, or a more flexible tool, available to help allied governments attack their enemies or to prevent militants from controlling territory.


Though publicly the administration presents a united front on the use of drones, behind the scenes there is longstanding tension. The Defense Department and the C.I.A. continue to press for greater latitude to carry out strikes; Justice Department and State Department officials, and the president’s counterterrorism adviser, John O. Brennan, have argued for restraint, officials involved in the discussions say.


More broadly, the administration’s legal reasoning has not persuaded many other countries that the strikes are acceptable under international law. For years before the Sept. 11, 2001, attacks, the United States routinely condemned targeted killings of suspected terrorists by Israel, and most countries still object to such measures.


But since the first targeted killing by the United States in 2002, two administrations have taken the position that the United States is at war with Al Qaeda and its allies and can legally defend itself by striking its enemies wherever they are found.


Partly because United Nations officials know that the United States is setting a legal and ethical precedent for other countries developing armed drones, the U.N. plans to open a unit in Geneva early next year to investigate American drone strikes.


The attempt to write a formal rule book for targeted killing began last summer after news reports on the drone program, started under President George W. Bush and expanded by Mr. Obama, revealed some details of the president’s role in the shifting procedures for compiling “kill lists” and approving strikes. Though national security officials insist that the process is meticulous and lawful, the president and top aides believe it should be institutionalized, a course of action that seemed particularly urgent when it appeared that Mitt Romney might win the presidency.


“There was concern that the levers might no longer be in our hands,” said one official, speaking on condition of anonymity. With a continuing debate about the proper limits of drone strikes, Mr. Obama did not want to leave an “amorphous” program to his successor, the official said. The effort, which would have been rushed to completion by January had Mr. Romney won, will now be finished at a more leisurely pace, the official said.


Mr. Obama himself, in little-noticed remarks, has acknowledged that the legal governance of drone strikes is still a work in progress.


“One of the things we’ve got to do is put a legal architecture in place, and we need Congressional help in order to do that, to make sure that not only am I reined in but any president’s reined in terms of some of the decisions that we’re making,” Mr. Obama told Jon Stewart in an appearance on “The Daily Show” on Oct. 18.


In an interview with Mark Bowden for a new book on the killing of Osama bin Laden, “The Finish,” Mr. Obama said that “creating a legal structure, processes, with oversight checks on how we use unmanned weapons, is going to be a challenge for me and my successors for some time to come.”


The president expressed wariness of the powerful temptation drones pose to policy makers. “There’s a remoteness to it that makes it tempting to think that somehow we can, without any mess on our hands, solve vexing security problems,” he said.


Despite public remarks by Mr. Obama and his aides on the legal basis for targeted killing, the program remains officially classified. In court, fighting lawsuits filed by the American Civil Liberties Union and The New York Times seeking secret legal opinions on targeted killings, the government has refused even to acknowledge the existence of the drone program in Pakistan.


But by many accounts, there has been a significant shift in the nature of the targets. In the early years, most strikes were aimed at ranking leaders of Al Qaeda thought to be plotting to attack the United States. That is the purpose Mr. Obama has emphasized, saying in a CNN interview in September that drones were used to prevent “an operational plot against the United States” and counter “terrorist networks that target the United States.”


But for at least two years in Pakistan, partly because of the C.I.A.’s success in decimating Al Qaeda’s top ranks, most strikes have been directed at militants whose main battle is with the Pakistani authorities or who fight with the Taliban against American troops in Afghanistan.


In Yemen, some strikes apparently launched by the United States killed militants who were preparing to attack Yemeni military forces. Some of those killed were wearing suicide vests, according to Yemeni news reports.


“Unless they were about to get on a flight to New York to conduct an attack, they were not an imminent threat to the United States,” said Micah Zenko, a fellow at the Council on Foreign Relations who is a critic of the strikes. “We don’t say that we’re the counterinsurgency air force of Pakistan, Yemen and Somalia, but we are.”


Then there is the matter of strikes against people whose identities are unknown. In an online video chat in January, Mr. Obama spoke of the strikes in Pakistan as “a targeted, focused effort at people who are on a list of active terrorists.” But for several years, first in Pakistan and later in Yemen, in addition to “personality strikes” against named terrorists, the C.I.A. and the military have carried out “signature strikes” against groups of suspected, unknown militants.


Originally that term was used to suggest the specific “signature” of a known high-level terrorist, such as his vehicle parked at a meeting place. But the word evolved to mean the “signature” of militants in general — for instance, young men toting arms in an area controlled by extremist groups. Such strikes have prompted the greatest conflict inside the Obama administration, with some officials questioning whether killing unidentified fighters is legally justified or worth the local backlash.


Many people inside and outside the government have argued for far greater candor about all of the strikes, saying excessive secrecy has prevented public debate in Congress or a full explanation of their rationale. Experts say the strikes are deeply unpopular both in Pakistan and Yemen, in part because of allegations of large numbers of civilian casualties, which American officials say are exaggerated.


Gregory D. Johnsen, author of “The Last Refuge: Yemen, Al Qaeda and America’s War in Arabia,” argues that the strike strategy is backfiring in Yemen. “In Yemen, Al Qaeda is actually expanding,” Mr. Johnsen said in a recent talk at the Brookings Institution, in part because of the backlash against the strikes.


Shuja Nawaz, a Pakistan-born analyst now at the Atlantic Council in Washington, said the United States should start making public a detailed account of the results of each strike, including any collateral deaths, in part to counter propaganda from jihadist groups. “This is a grand opportunity for the Obama administration to take the drones out of the shadows and to be open about their objectives,” he said.


But the administration appears to be a long way from embracing such openness. The draft rule book for drone strikes that has been passed among agencies over the last several months is so highly classified, officials said, that it is hand-carried from office to office rather than sent by e-mail.


Read More..

AP PHOTOS: Simple surgery heals blind Indonesians

PADANG SIDEMPUAN, Indonesia (AP) — They came from the remotest parts of Indonesia, taking crowded overnight ferries and riding for hours in cars or buses — all in the hope that a simple, and free, surgical procedure would restore their eyesight.

Many patients were elderly and needed help to reach two hospitals in Sumatra where mass eye camps were held earlier this month by Nepalese surgeon Dr. Sanduk Ruit. During eight days, more than 1,400 cataracts were removed.

The patients camped out, sleeping side-by-side on military cots, eating donated food while fire trucks supplied water for showers and toilets. Many who had given up hope of seeing again left smiling after their bandages were removed.

"I've been blind for three years, and it's really bad," said Arlita Tobing, 65, whose sight was restored after the surgery. "I worked on someone's farm, but I couldn't work anymore."

Indonesia has one of the highest rates of blindness in the world, making it a target country for Ruit who travels throughout the developing world holding free mass eye camps while training doctors to perform the simple, stitch-free procedure he pioneered. He often visits hard-to-reach remote areas where health care is scarce and patients are poor. He believes that by teaching doctors how to perform his method of cataract removal, the rate of blindness can be reduced worldwide.

Cataracts are the leading cause of blindness globally, affecting about 20 million people who mostly live in poor countries, according to the World Health Organization.

"We get only one life, and that life is very short. I am blessed by God to have this opportunity," said Ruit, who runs the Tilganga Eye Center in Katmandu, Nepal. "The most important of that is training, taking the idea to other people."

During the recent camps, Ruit trained six doctors from Indonesia, Thailand and Singapore.

Here, in images, are scenes from the mobile eye camps:

Read More..

Wall Street Week Ahead: Political wrangling to pinch market's nerves

NEW YORK (Reuters) - Volatility is the name of this game.


With the S&P 500 above 1,400 following five days of gains, traders will be hard pressed not to cash in on the advance at the first sign of trouble during negotiations over tax hikes and spending cuts that resume next week in Washington.


President Barack Obama and U.S. congressional leaders are expected to discuss ways to reduce the budget deficit and avoid the "fiscal cliff" of automatic tax increases and spending cuts in 2013 that could tip the economy into recession.


As politicians make their case, markets could react with wild swings.


The CBOE Volatility Index <.vix>, known as the VIX, Wall Street's favorite barometer of market anxiety that usually moves in an inverse relationship with the S&P 500, is in a long-term decline with its 200-day moving average at its lowest in five years. The VIX could spike if dealings in Washington begin to stall.


"If the fiscal cliff happens, a lot of major assets will be down on a short-term basis because of the fear factor and the chaos factor," said Yu-Dee Chang, chief trader and sole principal of ACE Investments in Virginia.


"So whatever you are in, you're going to lose some money unless you go long the VIX and short the market. The 'upside risk' there is some kind of grand bargain, and then the market goes crazy."


He set the chances of the economy going over the cliff at only about 5 percent.


Many in the market agree there will be some sort of agreement that will fuel a rally, but the road there will be full of political landmines as Democrats and Republicans dig in on positions defended during the recent election.


Liberals want tax increases on the wealthiest Americans while protecting progressive advances in healthcare, while conservatives make a case for deep cuts in programs for the poor and a widening of the tax base to raise revenues without lifting tax rates.


"Both parties will raise the stakes and the pressure on the opposing side, so the market is going to feel much more concerned," said Tim Leach, chief investment officer of U.S. Bank Wealth Management in San Francisco.


"The administration feels really confident at this point, or a little more than the Republican side of Congress may feel," he said. "But it's still a balanced-power Congress so neither side can feel that they can act with impunity."


THE MIDDLE EAST AND EUROPE


Tension in the Middle East and unresolved talks in Europe over aid for Greece could add to the uncertainty and volatility on Wall Street could surge, analysts say.


An Egypt-brokered ceasefire between Israel and Hamas came into force late on Wednesday after a week of conflict, but it was broken with the shooting of a Palestinian man by Israeli soldiers, according to Palestine's foreign minister.


Buoyed by accolades from around the world for mediating the truce, Egyptian President Mohamed Mursi assumed sweeping powers, angering his opponents and prompting violent clashes in central Cairo and other cities on Friday.


"Those kinds of potential large-scale conflicts can certainly overwhelm some of the fundamental data here at home," said U.S. Bank's Leach.


"We are trying to keep in mind the idea that there are a lot of factors that are probably going to contribute to higher volatility."


On a brighter note for markets, Greece's finance minister said the International Monetary Fund has relaxed its debt-cutting target for Greece and a gap of only $13 billion remains to be filled for a vital aid installment to be paid.


Still, a deal has not been struck, and Greece is increasingly frustrated at its lenders, still squabbling over a deal to unlock fresh aid even though Athens has pushed through unpopular austerity cuts.


HOUSING DATA COULD CONFIRM RECOVERY


Next week is heavy on economic data, especially on the housing front. Some of the numbers have been affected by Superstorm Sandy, which hit the U.S. East Coast more than three weeks ago, killing more than 100 people in the United States alone and leaving billions of dollars in damages.


The housing data, though, could continue to confirm a rebound in the sector that is seen as a necessary step to unlock spending and lower the stubbornly high unemployment rate.


Tuesday's S&P/Case-Shiller home price index for September is expected to show the eighth straight month of increases, extending the longest continuous string of gains since prices were boosted by a homebuyer tax credit in 2009 and 2010.


New home sales for October, due on Wednesday, and October pending home sales data, due on Thursday, are also expected to show a stronger housing market.


Other data highlights next week include durable goods orders for October and consumer confidence for November on Tuesday and the Chicago Purchasing Managers Index on Friday.


At Friday's close, the S&P 500 wrapped up its second-best week of the year with a 3.6 percent gain. Encouraging economic data next week could confirm that regardless of the ups and downs that the fiscal cliff could bring, the market's fundamentals are solid.


Jeff Morris, head of U.S. equities at Standard Life Investments in Boston, said that "it's kind of noise here" in terms of whether the market has spent "a few days up or down. It has made some solid gains over the course of the year as the housing recovery has come into view, and that's what's underpinning the market at these levels.


"I would caution against reading too much into the next few days."


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


(Reporting by Rodrigo Campos; Editing by Tim Dobbyn and Jan Paschal)


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Protests Erupt After Egypt’s Leader Seizes New Power





CAIRO — Protests erupted across Egypt on Friday, as opponents of President Mohamed Morsi clashed with his supporters over a presidential edict that gave him unchecked authority and polarized an already divided nation while raising a specter, the president’s critics charged, of a return to autocracy.  








Maya Alleruzzo/Associated Press

Egyptian protesters chanted antigovernment slogans and waved a national flag in Tahrir Square on Friday.






In an echo of the uprising 22 months ago, thousands of protesters chanted for the downfall of Mr. Morsi’s government in Cairo, while others ransacked the offices of the president’s former party in Suez, Alexandria and other cities.


Mr. Morsi spoke to his supporters in front of the presidential palace here, imploring the public to trust his intentions as he cast himself as a protector of the revolution and a fledgling democracy.


In a speech that was by turns defensive and conciliatory, he ultimately gave no ground to the critics who now were describing him as a pharaoh, in another echo of the insult once reserved for the deposed president, Hosni Mubarak.


“God’s will and elections made me the captain of this ship,” Mr. Morsi said.


The battles that raged on Friday — over power, legitimacy and the mantle of the revolution — posed a sharp challenge not only to Mr. Morsi but also to his opponents, members of secular, leftist and liberal groups whose crippling divisions have stifled their agenda and left them unable to confront the more popular Islamist movement led by the Muslim Brotherhood.


The crisis over his power grab came just days after the Islamist leader won international praise for his pragmatism, including from the United States, for brokering a cease-fire between Hamas and Israel.


On Friday, the State Department expressed muted concern over Mr. Morsi’s decision. “One of the aspirations of the revolution was to ensure that power would not be overly concentrated in the hands of any one person or institution,” said the State Department spokeswoman, Victoria Nuland.


She said, “The current constitutional vacuum in Egypt can only be resolved by the adoption of a constitution that includes checks and balances, and respects fundamental freedoms, individual rights and the rule of law consistent with Egypt’s international commitments.”


But the White House was notably silent after it had earlier this week extolled the emerging relationship between President Obama and Mr. Morsi and credited a series of telephone calls between the two men with helping to mediate the cease-fire in Gaza.


For Mr. Morsi, who seemed to be saying to the nation that it needed to surrender the last checks on his power in order to save democracy from Mubarak-era judges, the challenge was to convince Egyptians that the ends justified his means.


But even as he tried, thousands of protesters marched to condemn his decision. Clashes broke out between the president’s supporters and his critics, and near Tahrir Square, the riot police fired tear gas and bird shot as protesters hurled stones and set fires.


Since Thursday, when Mr. Morsi issued the decree, the president and his supporters have argued that he acted precisely to gain the power to address the complaints of his critics, including the families of protesters killed during the uprising and its aftermath.


By placing his decisions above judicial review, the decree enabled him to replace a public prosecutor who had failed to win convictions against senior officers implicated in the killings of protesters.


The president and his supporters also argued that the decree insulated the Constituent Assembly, which is drafting the constitution, from meddling by Mubarak-era judges.


Since Mr. Mubarak’s ouster, courts have dissolved Parliament, kept a Mubarak loyalist as top prosecutor and disbanded the first Assembly.


But by ending legal appeals, the decree also removed a safety valve for critics who say the Islamist majority is dominating the drafting of the constitution.


Mayy El Sheikh contributed reporting from Cairo, and Helene Cooper from Washington.



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Nicole ‘Snooki’ Polizzi, Miley Cyrus Share Birthday Joy On Twitter












Jersey Shore” star Nicole “Snooki” Polizzi was celebrating her 25th birthday on Black Friday, but it wasn’t the shops that provided her with her favorite present.


The reality star and new mom Tweeted that her baby boy — Lorenzo, who was born in August — was the most rewarding gift of all.












PLAY IT NOW: The Jersey Shore Cast Makes A Plea To Help ‘Restore The Shore’


“My favorite birthday gift,” she Tweeted, linking to a photo of the MTV star holding her little one. (Click HERE to see the full pic.)


But, Snooki didn’t leave out her love for her fiance, Lorenzo’s daddy — Jionni LaValle, thanking him for celebrating her big day with her.


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“Best Birthday ever with my fiance @JLaValle and Lorenzo,” she wrote.


In typical Snooki fashion, though, she wasn’t the perfect birthday girl. She made sure to emphasize it was her big day.


“Lol I’m being that annoying birthday girl to @JLaValle saying ‘but it’s my birthday today you have to,’” she Tweeted.


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Snooki wasn’t the only celeb celebrating their birthday on Black Friday. Miley Cyrus turned 20, and hit Twitter to thank her fans for their well wishes.


“So much BIRFFFDAY love!” she wrote. “i wish everyday was like this.”


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