S&P 500 posts biggest monthly gain since October 2011

NEW YORK (Reuters) - Stocks edged lower on Thursday on caution ahead of Friday's all-important jobs report, but the S&P 500 still posted its best monthly gain since October 2011.

The benchmark S&P 500 advanced 5.1 percent in January as investors cheered a compromise that temporarily postponed the impact of the "fiscal cliff" and fourth-quarter earnings were better than expected.

The S&P 500 registered its largest monthly advance since a rise of more than 6 percent in October 2011 and the best January showing since a 6.1 percent jump in 1997. For the month, the Dow gained 5.8 percent and the Nasdaq rose 4.1 percent.

Investors expect a pullback in equities after the recent gains, though they have bought on dips over the past four weeks. The largest daily decline on the S&P 500 so far in 2013 was Wednesday's 0.39 percent drop after data showed the economy contracted in the fourth quarter of 2012.

On Friday, the government is due to release January's employment figures at 8:30 a.m. (1330 GMT). Economists polled by Reuters expect non-farm payrolls to show employers added 160,000 jobs compared with a rise of 155,000 in December. The unemployment rate is likely to hold steady at 7.8 percent.

A survey by payroll processing company ADP on Wednesday showed private sector employment rose higher than expected last month, but the government's measure of jobless benefits claims increased last week.

"It's the calm before the potential storm. The uncertainty about tomorrow's numbers comes from that fact that we had a decent ADP report but the weekly claims were not so great," said Randy Frederick, managing director of active trading and derivatives for Charles Schwab in Austin, Texas.

In a separate report, the Commerce Department said American incomes rose 2.6 percent last month, the biggest increase since December 2004.

"We could see an overly sensitive market to a bad number tomorrow, given that we've been up without a major correction, and that makes the market sensitive to the downside."

Friday will also bring reports on consumer confidence, U.S. manufacturing, construction spending and car sales.

Limiting losses on the Nasdaq composite index, Qualcomm gained 3.9 percent to $66.02 after the world's leading supplier of chips for cellphones beat analysts' expectations for quarterly profit and revenue and raised its targets for the year.

Facebook shares fell 0.8 percent to $30.98 after falling as low as $28.74 a day after the social network company said it doubled its mobile advertising revenue in the fourth quarter. However, growth trailed some of Wall Street's most aggressive estimates.

The Dow Jones industrial average <.dji> was down 49.84 points, or 0.36 percent, at 13,860.58. The Standard & Poor's 500 Index <.spx> was down 3.85 points, or 0.26 percent, at 1,498.11. The Nasdaq Composite Index <.ixic> was down 0.18 points, or 0.01 percent, at 3,142.13.

UPS shares lost 2.4 percent to $79.29 after reporting fourth-quarter earnings that were below analysts' estimates on Thursday and forecasting weaker-than-expected profit for 2013.

Constellation Brands shares tumbled 17.4 percent to $32.36 after the U.S. Justice Department moved to stop Anheuser-Busch InBev from buying the half of Mexican brewer Grupo Modelo that it does not already own. Constellation would have distributed Corona beer in the United States if the transaction had been approved.

Thomson Reuters data through Thursday morning shows that of the 231 companies in the S&P 500 that have reported earnings this season, 69.3 percent have exceeded expectations, a higher proportion than over the past four quarters and above the average since 1994.

Overall, S&P 500 fourth-quarter earnings rose 3.7 percent, according to Thomson Reuters data. That's above a 1.9 percent forecast at the start of the earnings season but well below a 9.9 percent profit growth forecast on October 1.

(Reporting By Angela Moon; Editing by Nick Zieminski and Kenneth Barry)

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Hagel Offers Endorsement of U.S. Military Might

Tough Questions for Hagel at Hearing:
Chuck Hagel, President Obama’s nominee for secretary of defense, had some sharp exchanges with Senator John McCain.

WASHINGTON — Chuck Hagel, President Obama’s nominee to be secretary of defense, came under sharp and sometimes angry questioning Thursday on a wide range of issues from fellow Republicans at his Senate confirmation hearing, including from his old friend, Senator John McCain, the Arizona Republican who is still smoldering about their break over the Iraq war.

Mr. Hagel, 66, a former senator from Nebraska and a decorated Vietnam veteran who would be the first former enlisted soldier to be secretary of defense, often seemed tentative in his responses to the barrage from fellow Republicans on the Senate Armed Services Committee, who showed him little deference and frequently cut him off.

One of the most hostile questioners was Senator Lindsey Graham of South Carolina, who told Mr. Hagel to “give me an example of where we’ve been intimidated by the Israel-Jewish lobby to do something dumb.'’ Mr. Hagel, who in 2006 said the “Jewish lobby” intimidates Congress, could not.

From Mr. Hagel's home state, Senator Deb Fischer told Mr. Hagel that he held "extreme views" that were "far to the left of this administration.'' Senator Ted Cruz, Republican of Texas, surprised the hearing with excerpts on a giant video screen from an interview Mr. Hagel gave to Al Jazeera in 2009. Although it was difficult to hear the short clips he provided, Mr. Cruz asserted that they showed Mr. Hagel agreeing with a caller who suggested that Israel had committed war crimes.

“Do you think the nation of Israel has committed war crimes?'’ Mr. Cruz demanded.

“No, I do not, Senator,'’ Mr. Hagel replied.

But his exchange with Mr. McCain was the most notable, given that the two former Vietnam veterans were close friends when they served in the Senate until Mr. Hagel’s views on the Iraq War caused a split. In 2008, Mr. Hagel did not endorse Mr. McCain for president and traveled with Mr. Obama, then a senator from Illinois, to Iraq and Afghanistan.

Mr. Hagel dodged a direct answer as Mr. McCain asked him repeatedly if history would judge whether Mr. Hagel was right or wrong in opposing the surge in American armed forces when he was in the Senate. The escalation, along with other major factors, is credited in helping to quell the violence in Iraq at the time. When Mr. Hagel said he wanted to explain, Mr. McCain bore in.

“Are you going to answer the question, Senator Hagel — the question is whether you were right or wrong?” Mr. McCain said.

“I’m not going to give you a yes or no answer,” Mr. Hagel replied.

Mr. McCain did not let up.

"I think history has already made a judgment about the surge, sir, and you’re on the wrong side of it,” Mr. McCain said, then seemed to threaten that he would not vote for Mr. Hagel if he did not answer the question.

It took the next questioner, Senator Bill Nelson, Democrat of Florida, to draw Mr. Hagel out on the subject. “I did question the surge,” Mr. Hagel said. “I always asked the question, is this going to be worth the sacrifice?” He said 1,200 American men and women lost their lives in the surge. “I’m not certain it was required,” Mr. Hagel said. “Now, it doesn’t mean I was right.”

Despite the theatrics, it was unclear how the committee would vote on Mr. Hagel’s nomination. He needs a majority of the 26-member panel, which includes 14 Democrats, almost all of whom are likely to support his nomination. And there remained a possibility that perhaps one or two Republicans would join them. If Mr. Hagel advances out of the committee, he would have an easier time when the entire Senate votes on his confirmation.

The onslaught by Republicans, however, began even before Mr. Hagel made his opening statement.

The ranking Republican on the committee, Senator James M. Inhofe of Oklahoma, told Mr. Hagel that he would not vote for him because of his position of “appeasing” America’s adversaries.

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OpenStack at Linux.conf.au 2013

I’m writing this blog post from Canberra Australia, while attending the Linux.conf.au (LCA) open source conference. Among the people who do these sorts of things, LCA has a well deserved reputation as one of the very best open source conferences in the world.

Geeks from across Australia and New Zealand, and from across the rest of the world, come together for a week in January (summer in this part of the world) to talk about everything from the intricate technical details of Linux kernel design to pushing the state of the art in file systems and issues deploying practical wireless cryptography. Softer but equally important topics such as Open Government, gender balance in technology, and international legal issues are also discussed. Read more about OpenStack at Linux.conf.au 2013 »

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Ellen DeGeneres Spills the Beans on Justin Theroux & Julianne Hough's Breakdancing Battle

By Dahvi Shira

01/31/2013 at 05:30 PM EST

Julianne Hough and Justin Theroux

Kyle Rover/Startraks; Kevin Winter/Getty

Apparently birthdays and breakdancing go hand-in-hand for Justin Theroux.

After granting fiancée Jennifer Aniston her wish by spinning on the floor when she turned 43, he recently showed off his skills at a joint birthday bash for pals Ellen DeGeneres and Portia de Rossi. But this time, Julianne Hough, 24, gave the actor, 41, a run for his money.

"[They] decided to have a breakdancing break-off," DeGeneres said Thursday on Ellen. "So we wanted to roll the rug back so they could spin on the floor. And [Julianne] was wearing a skirt and goes, 'I need pants.' ... She and Justin Theroux had a huge dance-off. It was crazy. It was a really fun night. She's an amazing dancer."

Ryan Seacrest, who happened to be DeGeneres's show guest for the day, also had praise for girlfriend Hough, whom he said is "amazing at literally everything."

But there are times when he is slightly threatened by his girlfriend.

"She's such an athlete," he explained. "Literally, I'm afraid to do stuff with her sometimes because I'm afraid I'm going to get injured."

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Sex to burn calories? Authors expose obesity myths

Fact or fiction? Sex burns a lot of calories. Snacking or skipping breakfast is bad. School gym classes make a big difference in kids' weight.

All are myths or at least presumptions that may not be true, say researchers who reviewed the science behind some widely held obesity beliefs and found it lacking.

Their report in Thursday's New England Journal of Medicine says dogma and fallacies are detracting from real solutions to the nation's weight problems.

"The evidence is what matters," and many feel-good ideas repeated by well-meaning health experts just don't have it, said the lead author, David Allison, a biostatistician at the University of Alabama at Birmingham.

Independent researchers say the authors have some valid points. But many of the report's authors also have deep financial ties to food, beverage and weight-loss product makers — the disclosures take up half a page of fine print in the journal.

"It raises questions about what the purpose of this paper is" and whether it's aimed at promoting drugs, meal replacement products and bariatric surgery as solutions, said Marion Nestle, a New York University professor of nutrition and food studies.

"The big issues in weight loss are how you change the food environment in order for people to make healthy choices," such as limits on soda sizes and marketing junk food to children, she said. Some of the myths they cite are "straw men" issues, she said.

But some are pretty interesting.

Sex, for instance. Not that people do it to try to lose weight, but claims that it burns 100 to 300 calories are common, Allison said. Yet the only study that scientifically measured the energy output found that sex lasted six minutes on average — "disappointing, isn't it?" — and burned a mere 21 calories, about as much as walking, he said.

That's for a man. The study was done in 1984 and didn't measure the women's experience.

Among the other myths or assumptions the authors cite, based on their review of the most rigorous studies on each topic:

—Small changes in diet or exercise lead to large, long-term weight changes. Fact: The body adapts to changes, so small steps to cut calories don't have the same effect over time, studies suggest. At least one outside expert agrees with the authors that the "small changes" concept is based on an "oversimplified" 3,500-calorie rule, that adding or cutting that many calories alters weight by one pound.

—School gym classes have a big impact on kids' weight. Fact: Classes typically are not long, often or intense enough to make much difference.

—Losing a lot of weight quickly is worse than losing a little slowly over the long term. Fact: Although many dieters regain weight, those who lose a lot to start with often end up at a lower weight than people who drop more modest amounts.

—Snacking leads to weight gain. Fact: No high quality studies support that, the authors say.

—Regularly eating breakfast helps prevent obesity. Fact: Two studies found no effect on weight and one suggested that the effect depended on whether people were used to skipping breakfast or not.

—Setting overly ambitious goals leads to frustration and less weight loss. Fact: Some studies suggest people do better with high goals.

Some things may not have the strongest evidence for preventing obesity but are good for other reasons, such as breastfeeding and eating plenty of fruits and vegetables, the authors write. And exercise helps prevent a host of health problems regardless of whether it helps a person shed weight.

"I agree with most of the points" except the authors' conclusions that meal replacement products and diet drugs work for battling obesity, said Dr. David Ludwig, a prominent obesity research with Boston Children's Hospital who has no industry ties. Most weight-loss drugs sold over the last century had to be recalled because of serious side effects, so "there's much more evidence of failure than success," he said.

___

Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP

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Wall Street ends lower after Fed statement

NEW YORK (Reuters) - Stocks fell on Wednesday after the Federal Reserve said in its latest statement that economic growth had stalled but indicated the pullback was likely temporary.

Stocks were flat for most of the session prior to the Fed statement at the end of a two-day policy meeting. The Fed repeated its pledge to keep purchasing securities until employment improves substantially.

The statement followed data that showed the economy, as measured by gross domestic product, unexpectedly contracted in the fourth quarter. Economists stressed that the 0.1 percent contraction, caused partly by a plunge in government spending and lower business inventories, is not an indicator of recession.

"The unemployment rate is likely to fall below 6.5 percent next year, so the Fed may be raising interest rates as soon as mid-2014. The fiscal drag from the tax increases will be offset this quarter by rebuilding post-Sandy, so real GDP growth should still come in at 2 percent," said Kurt Karl, chief economist at Swiss Re.

The S&P 500 held above 1,500, seen by technical analysts as an inflection point that will determine the overall direction in the near term. The index is on track to post its best month since October 2011 and its best January since 1997.

"This is a very modest pullback after a steep run," said Paul Zemsky, head of asset allocation at ING Investment Management in New York.

"It is too soon for the Fed to start talking about the end of (their bond buying program). The economy needs stimulus to sustain this recovery."

Chesapeake Energy rose 6 percent to $20.11 a day after it said Aubrey McClendon would step down as chief executive. The company has had a tumultuous year in which a series of Reuters investigations triggered civil and criminal probes of the second-largest U.S. natural gas producer.

After the bell, shares of Facebook Inc fell 5.9 percent to $29.40 following the company's earnings announcement. Facebook said its revenue in the fourth quarter grew 40 percent year-on-year to $1.585 billion.

Both Boeing Co and Amazon.com shares gained after earnings beat expectations, continuing a trend this quarter of high-profile names advancing after results.

Amazon rose 4.8 percent to $272.76 and Boeing rose 1.3 percent to $74.59.

The Dow Jones industrial average <.dji> was down 44.00 points, or 0.32 percent, at 13,910.42. The Standard & Poor's 500 Index <.spx> was down 5.88 points, or 0.39 percent, at 1,501.96. The Nasdaq Composite Index <.ixic> was down 11.35 points, or 0.36 percent, at 3,142.31.

Thomson Reuters data showed that of the 192 companies in the S&P 500 that have reported earnings this season, 68.8 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.

Research In Motion shares fell 12 percent to $13.78 after the company, which is changing its name to BlackBerry, unveiled a long-delayed line of smartphones in hopes of a comeback into a market it once dominated.

Giving the market extra support, private sector employment topped forecasts with the ADP National Employment report showing 192,000 jobs were added in January, higher than the 165,000 expectation.

(Reporting by Angela Moon; Editing by Kenneth Barry)

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Bail Is Set at $11 Million for King Juan Carlos’s Son-in-Law

MADRID — A Spanish judge on Wednesday demanded that the son-in-law of King Juan Carlos and his former business partner post bond of $11 million as the state deepens its investigation into whether they embezzled millions of dollars in public money allocated to sports and tourism events.

The son-in-law, Iñaki Urdangarin, has not been formally charged, but he was subpoenaed last year, becoming the first member of the royal family to appear in court in modern Spanish history. Mr. Urdangarin and his main business partner, Diego Torres, as well as others involved in the sports and tourism events have denied wrongdoing.

Mr. Urdangarin, a former professional handball player, became Duke of Palma in 1997 upon marrying Princess Cristina, the youngest daughter of the king. Investigators are seeking to determine if Mr. Urdangarin misused his royal credentials in securing contracts from regional authorities to organize sports events for children and other activities through his private Noós Institute and then siphoned off contract fees.

Mr. Urdangarin has denied any link between his business activities and the rest of the royal family, and issued an apology last year for causing “serious damage” to the family. The royal household suspended him in late 2011 from attending official functions, declaring him persona non grata. He was removed from the royal family’s Web site this month.

While the royal household has tried to distance itself from the case, the judge, José Castro, has extended his investigation and recently subpoenaed Carlos García Revenga, the personal secretary of the king’s daughters, Elena and Cristina. Mr. Revenga is expected to appear in court on Feb. 23, same day as Mr. Urdangarin.

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TSX closes lower as RIM, Fed decision weigh

TORONTO (Reuters) – Canada’s main stock index closed lower on Wednesday, hurt by a fall in Research In Motion Ltd after it released its long-awaited BlackBerry 10 devices, and broad market weakness after the U.S. Federal Reserve decided to leave its stimulus program intact.

The Toronto Stock Exchange‘s S&P/TSX composite index <.gsptse> closed 36.12 points, or 0.28 percent, lower at 12,794.44. Nine of the 10 main sectors on the index declined.</.gsptse>

(Reporting by John Tilak; Editing by Peter Galloway)

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Kim & Kanye's Baby Will Wear Custom Clothes and Maybe Leather

Stylewatch
Style News Now

01/30/2013 at 04:30 PM ET

Kim Kardashian isn’t due until July, but we already know one thing for sure about the baby: Little Kimye’s wardrobe is going to be way more advanced than our own.

Kim and her sister Kourtney stopped by Jimmy Kimmel Live on Tuesday night, and the talk show host asked if the littlest Kardashian will wear hand-me-downs. But let’s get serious: Are parents who regularly don kilts, capes and fur going to allow their child to be photographed wearing something that’s already been spotted on a different star baby?

“If anyone knows Kanye, they just know how into fashion he is, and I think he’s going to have things, like, specially made,” Kim said. “I don’t think hand-me-downs are going to work. I think it has to be, like, really fun stuff.”

So what does “really fun stuff” entail? Kourtney jokingly chimed in with the answer: “Big chains, leather pants.” And to think we considered Khloé the funny one. Tell us: What do you hope baby Kimye wears?

–Jennifer Cress

PHOTOS: SEE KIM’S FASHION-FORWARD MATERNITY STYLE!

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Soldier with new arms determined to be independent

BALTIMORE (AP) — After weeks of round-the-clock medical care, Brendan Marrocco insisted on rolling his own wheelchair into a news conference using his new transplanted arms. Then he brushed his hair to one side.

Such simple tasks would go unnoticed in most patients. But for Marrocco, who lost all four limbs while serving in Iraq, these little actions demonstrate how far he's come only six weeks after getting a double-arm transplant.

Wounded by a roadside bomb in 2009, the former soldier said he could get by without legs, but he hated living without arms.

"Not having arms takes so much away from you. Even your personality, you know. You talk with your hands. You do everything with your hands, and when you don't have that, you're kind of lost for a while," the 26-year-old New Yorker told reporters Tuesday at Johns Hopkins Hospital.

Doctors don't want him using his new arms too much yet, but his gritty determination to regain independence was one of the chief reasons he was chosen to receive the surgery, which has been performed in the U.S. only seven times.

That's the message Marrocco said he has for other wounded soldiers.

"Just not to give up hope. You know, life always gets better, and you're still alive," he said. "And to be stubborn. There's a lot of people who will say you can't do something. Just be stubborn and do it anyway. Work your ass off and do it."

Dr. W.P. Andrew Lee, head of the team that conducted the surgery, said the new arms could eventually provide much of the same function as his original arms and hands. Another double-arm transplant patient can now use chopsticks and tie his shoes.

Lee said Marrocco's recovery has been remarkable, and the transplant is helping to "restore physical and psychological well-being."

Tuesday's news conference was held to mark a milestone in his recovery — the day he was to be discharged from the hospital.

Next comes several years of rehabilitation, including physical therapy that is going to become more difficult as feeling returns to the arms.

Before the surgery, he had been living with his older brother in a specially equipped home on New York's Staten Island that had been built with the help of several charities. Shortly after moving in, he said it was "a relief to not have to rely on other people so much."

The home was heavily damaged by Superstorm Sandy last fall.

"We'll get it back together. We've been through a lot worse than that," his father, Alex Marrocco, said.

For the next few months, Marrocco plans to live with his brother in an apartment near the hospital.

The former infantryman said he can already move the elbow on his left arm and rotate it a little bit, but there hasn't been much movement yet for his right arm, which was transplanted higher up.

Marrocco's mother, Michelle Marrocco, said he can't hug her yet, so he brushes his left arm against her face.

The first time he moved his left arm was a complete surprise, an involuntary motion while friends were visiting him in the hospital, he said.

"I had no idea what was going through my mind. I was with my friends, and it happened by accident," he recalled. "One of my friends said 'Did you do that on purpose?' And I didn't know I did it."

Marrocco's operation also involved a technical feat not tried in previous cases, Lee said in an interview after the news conference.

A small part of Marrocco's left forearm remained just below his elbow, and doctors transplanted a whole new forearm around and on top of it, then rewired nerves to serve the old and new muscles in that arm.

"We wanted to save his joint. In the unlucky event we would lose the transplant, we still wanted him to have the elbow joint," Lee said.

He also explained why leg transplants are not done for people missing those limbs — "it's not very practical." That's because nerves regrow at best about an inch a month, so it would be many years before a transplanted leg was useful.

Even if movement returned, a patient might lack sensation on the soles of the feet, which would be unsafe if the person stepped on sharp objects and couldn't feel the pain.

And unlike prosthetic arms and hands, which many patients find frustrating, the ones for legs are good. That makes the risks of a transplant not worth taking.

"It's premature" until there are better ways to help nerves regrow, Lee said.

Now Marrocco, who was the first soldier to survive losing all four limbs in the Iraq War, is looking forward to getting behind the wheel of his black 2006 Dodge Charger and hand-cycling a marathon.

Asked if he could one day throw a football, Dr. Jaimie Shores said sure, but maybe not like Baltimore Ravens quarterback Joe Flacco.

"Thanks for having faith in me," Marrocco interjected, drawing laughter from the crowd.

His mother said Marrocco has always been "a tough cookie."

"He's not changed that, and he's just taken it and made it an art form," Michelle Marrocco said. "He's never going to stop. He's going to be that boy I knew was going to be a pain in my butt forever. And he's going to show people how to live their lives."

___

Associated Press Chief Medical Writer Marilynn Marchione in Milwaukee and AP writer David Dishneau in Hagerstown, Md., contributed to this report.

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