Amazon shares climb on Kindle e-book optimism

SAN FRANCISCO (Reuters) – Amazon.com Inc shares climbed more than 4 percent on Tuesday after an analyst note fueled optimism about the company’s Kindle e-book business.

The e-book market is a lot bigger than previously thought, and owners of Kindle e-readers and tablets are reading more e-books, Morgan Stanley‘s Scott Devitt, a leading Internet and e-commerce analyst, told investors in the research note.

Devitt estimated worldwide e-book unit sales of 859 million in 2012, up considerably from a previous estimate of 567 million. With almost 45 percent of the e-book market, Amazon likely sold 383 million e-books last year, compared with an earlier estimate of 252 million, the analyst added.

Amazon’s broader strategy is to sell mobile devices at or near cost and make money when consumers use the gadgets to buy digital content, including e-books, music, videos, apps and games.

Devitt said on Wednesday that the strategy may be working with e-books, one of Amazon’s oldest digital categories.

“We initially assumed that early adopters of eReader devices would be avid readers and, therefore, the marginal buyer would read less,” Devitt wrote.

However, data from a recent Amazon presentation show that consumers who bought a Kindle in 2011 read 4.6 times more e-books, on average, in the 12 months following their gadget purchase, compared with the 12 months before getting the device, the analyst noted.

Similar data from 2008 show consumers reading e-books 2.6 times as much after their Kindle device purchase, on average, according to Devitt.

The success of Amazon’s Kindle business is important because it is more profitable than some of the company’s other operations, Devitt said.

The Kindle business, which includes the gadgets and related digital content sales, generated about 11 percent of Amazon’s sales last year and 34 percent of the company’s consolidated segment operating income, or CSOI, Devitt estimated. The CSOI is a closely watched measure of Amazon’s profitability.

“The Kindle franchise is a profit pool that subsidizes investments in other growth initiatives,” Devitt wrote.

Amazon shares rose 4.1 percent to $ 269.30 in afternoon trading on Wednesday.

(Reporting By Alistair Barr; editing by Gunna Dickson)

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Pope shows lifetime jobs aren't always for life

The world seems surprised that an 85-year-old globe-trotting pope who just started tweeting wants to resign, but should it be? Maybe what should be surprising is that more leaders his age do not, considering the toll aging takes on bodies and minds amid a culture of constant communication and change.

There may be more behind the story of why Pope Benedict XVI decided to leave a job normally held for life. But the pontiff made it about age. He said the job called for "both strength of mind and body" and said his was deteriorating. He spoke of "today's world, subject to so many rapid changes," implying a difficulty keeping up despite his recent debut on Twitter.

"This seemed to me a very brave, courageous decision," especially because older people often don't recognize their own decline, said Dr. Seth Landefeld, an expert on aging and chairman of medicine at the University of Alabama at Birmingham.

Age has driven many leaders from jobs that used to be for life — Supreme Court justices, monarchs and other heads of state. As lifetimes expand, the woes of old age are catching up with more in seats of power. Some are choosing to step down rather than suffer long declines and disabilities as the pope's last predecessor did.

Since 1955, only one U.S. Supreme Court justice — Chief Justice William Rehnquist — has died in office. Twenty-one others chose to retire, the most recent being John Paul Stevens, who stepped down in 2010 at age 90.

When Thurgood Marshall stepped down in 1991 at the age of 82, citing health reasons, the Supreme Court justice's answer was blunt: "What's wrong with me? I'm old. I'm getting old and falling apart."

One in 5 U.S. senators is 70 or older, and some have retired rather than seek new terms, such as Hawaii's Daniel Akaka, who left office in January at age 88.

The Netherlands' Queen Beatrix, who just turned 75, recently said she will pass the crown to a son and put the country "in the hands of a new generation."

In Germany, where the pope was born, Chancellor Angela Merkel, who is 58, said the pope's decision that he was no longer fit for the job "earns my very highest respect."

"In our time of ever-lengthening life, many people will be able to understand how the pope as well has to deal with the burdens of aging," she told reporters in Berlin.

Experts on aging agreed.

"People's mental capacities in their 80s and 90s aren't what they were in their 40s and 50s. Their short-term memory is often not as good, their ability to think quickly on their feet, to execute decisions is often not as good," Landefeld said. Change is tougher to handle with age, and leaders like popes and presidents face "extraordinary demands that would tax anybody's physical and mental stamina."

Dr. Barbara Messinger-Rapport, geriatrics chief at the Cleveland Clinic, noted that half of people 85 and older in developed countries have some dementia, usually Alzheimer's. Even without such a disease, "it takes longer to make decisions, it takes longer to learn new things," she said.

But that's far from universal, said Dr. Thomas Perls, an expert on aging at Boston University and director of the New England Centenarians Study.

"Usually a man who is entirely healthy in his early 80s has demonstrated his survival prowess" and can live much longer, he said. People of privilege have better odds because they have access to good food and health care, and tend to lead clean lives.

"Even in the 1500s and 1600s there were popes in their 80s. It's remarkable. That would be today's centenarians," Perls said.

Arizona Sen. John McCain turned 71 while running for president in 2007. Had he won, he would have been the oldest person elected to a first term as president. Ronald Reagan was days away from turning 70 when he started his first term as president in 1981; he won re-election in 1984. Vice President Joe Biden just turned 70.

In the U.S. Senate, where seniority is rewarded and revered, South Carolina's Strom Thurmond didn't retire until age 100 in 2002. Sen. Robert Byrd of West Virginia was the longest-serving senator when he died in office at 92 in 2010.

Now the oldest U.S. senator is 89-year-old Frank Lautenberg of New Jersey. The oldest congressman is Ralph Hall of Texas who turns 90 in May.

The legendary Alan Greenspan was about to turn 80 when he retired as chairman of the Federal Reserve in 2006; he still works as a consultant.

Elsewhere around the world, Cuba's Fidel Castro — one of the world's longest serving heads of state — stepped down in 2006 at age 79 due to an intestinal illness that nearly killed him, handing power to his younger brother Raul. But the island is an example of aged leaders pushing on well into their dotage. Raul Castro now is 81 and his two top lieutenants are also octogenarians. Later this month, he is expected to be named to a new, five-year term as president.

Other leaders who are still working:

—England's Queen Elizabeth, 86.

—Abdullah bin Abd al-Aziz al-Saud, king of Saudi Arabia, 88.

—Sabah al-Ahmad al-Jaber al-Sabah, emir of Kuwait, 83.

—Ruth Bader Ginsburg, U.S. Supreme Court associate justice, 79.

__

Associated Press writers Paul Haven in Havana, Cuba; David Rising in Berlin; Seth Borenstein, Mark Sherman and Matt Yancey in Washington, and researcher Judy Ausuebel in New York contributed to this report.

___

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

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Wall Street ends slightly higher, Dow near a record

NEW YORK (Reuters) - Stocks closed modestly higher on Tuesday, putting the Dow within striking distance of an all-time high, as investors looked ahead to President Barack Obama's State of the Union address.

Investors will be listening to Obama's speech for any clues on a deal with Republicans to avert automatic spending cuts due to take effect March 1. The tone of the speech will also be scrutinized, with any sign of compromise likely to be warmly received.

The S&P 500 has risen for the past six weeks, putting it up 6.5 percent so far this year, while the Dow is about 1 percent away from its all-time closing record of 14,164.53, reached in October 2007.

But gains have been harder to come by since the S&P hit a five-year high on February 1. Daily moves have been small and trading volume light as investors search for new reasons to drive stocks higher.

About 5.73 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT on Tuesday, below the daily average so far this year of about 6.48 billion shares.

"We're likely to settle in for a period and digest the gains we've had, though there's still a bias towards positive momentum," said Eric Teal, chief investment officer at First Citizens Bancshares in Raleigh, North Carolina.

"Questions over government spending are the big overhang, and we're looking for Obama to inspire some confidence over that tonight."

The White House has signaled Obama will urge investment in infrastructure and clean energy, suggesting companies in those sectors may be volatile in Wednesday's session.

"Gun makers could also see a reaction if Obama talks about anything with respect to gun control," said Teal, who helps oversee $5 billion. Shares of Smith & Wesson fell 2 cents to $9.11 while Sturm Ruger was up 0.4 percent at $53.91.

The Dow Jones industrial average <.dji> was up 47.46 points, or 0.34 percent, at 14,018.70. The Standard & Poor's 500 Index <.spx> was up 2.42 points, or 0.16 percent, at 1,519.43. The Nasdaq Composite Index <.ixic> was down 5.51 points, or 0.17 percent, at 3,186.49.

Housing shares were among the strongest of the day, led by a 12.5 percent jump in Masco Corp to $20.02 after the home improvement product maker said it expects new home construction to show strong growth in 2013. The PHLX housing sector index <.hgx> rose 3.7 percent.

Avon Products Inc surged 20 percent to $20.79 as the S&P 500's top percentage gainer after the cosmetics company reversed sales declines and cut costs.

On the downside, Coca-Cola Co fell 2.7 percent to $37.56 and was the biggest drag on the Dow after reporting revenue below estimates, hurt by a weaker-than-expected performance in Europe.

Michael Kors Holdings shares jumped 8.8 percent to $62.04 after the fashion company handily beat Wall Street's estimates and raised its full-year outlook.

With earnings season starting to wind down, Thomson Reuters data through Tuesday morning shows of the 353 companies in the S&P 500 that have reported results, 70.3 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.3 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

About 62 percent of stocks traded on the New York Stock Exchange closed higher while 59 percent of Nasdaq-listed shares closed in positive territory.

(Editing by Nick Zieminski)

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News Analysis: As North Korea’s Nuclear Ability Grows, China Faces Dilemma

BEIJING — In the aftermath of Tuesday’s nuclear test by North Korea, China will almost certainly join the United States in supporting tougher sanctions at the United Nations, accompanied by sterner reprimands from Beijing against its recalcitrant ally in Pyongyang.

But as impatient as China might be with North Korea, there is little chance that the new Chinese leader, Xi Jinping, will move quickly to change the nation’s long-held policy of propping up the walled-off government that has long served as a buffer against closer intrusion by the United States on the Korean Peninsula.

The Chinese military, and to a lesser extent the International Liaison Department of the Chinese Communist Party, assert strong influence on China’s Korean policy, and both these powerful entities prefer to keep North Korea close at hand, Chinese and American analysts say.

While the People’s Liberation Army does not even conduct military exercises with the North Koreans — the government in the North forbids such contact with outsiders — Chinese military strategists adhere to the doctrine that they cannot afford to abandon their ally, no matter how bad its behavior, analysts here say.

At the same time, the Chinese Communist Party looks upon the North Korean Communist Party — led by Kim Jong-un, the grandson of the nation’s founder — as a fraternal brotherhood. Indeed, relations between the two countries are conducted largely between the two parties rather than through the more normal diplomatic channels between the two foreign ministries.

But within this basic contour there could be some adjustments by Mr. Xi, according to Zhu Feng, a professor of international relations at Peking University, an advocate of a tougher policy by China against North Korea.

“One nuclear test will not make China’s new administration decide to ‘abandon North Korea’ but it will definitely worsen China-North Korea relations,” Professor Zhu wrote in a recent article in the Straits Times of Singapore. “North Korea’s nuclear test will make the new Xi Jinping administration angry, and give China a headache.”

Mr. Xi, who became head of the Communist Party and military council in November, will ascend to the presidency of the country next month. Already he has shown himself to be more nationalistic than his predecessor, Hu Jintao, displaying China’s determination to prevail in the East China Sea crisis in which China is seeking to wrest control of islands administered by Japan. He has also displayed considerably more interest in China’s military, visiting bases and troops in the last two months with blandishments to soldiers to be combat ready.

To improve China’s strained relationship with the United States, Mr. Xi could start with getting tougher on North Korea, harnessing China’s clout with the outlier government to help slow down its nuclear program. If Mr. Xi does not help in curbing the North Koreans, perhaps by privately threatening to pull the plug on infusions of Chinese oil and investments that keep North Korea afloat, he will almost certainly face an accelerated American ballistic missile defense program in Northeast Asia on behalf of Japan and other allies in the region. That would be an unpalatable situation for China.

The Obama administration excoriated Mr. Hu after North Korea’s second nuclear test in 2009, accusing him of “willful blindness” to that country’s actions.

“With Hu out of the picture, the administration is intent on determining whether Xi Jinping will prove more attentive to U.S. security concerns,” said Jonathan D. Pollack, director of the John L. Thornton China Center at the Brookings Institution.

“How Xi chooses to respond will be an important early signal of his foreign policy priorities and whether he is ready to cooperate much more openly and fully with Washington and Seoul than his predecessor,” he said, referring to South Korea.

A more heightened debate about North Korea is now swirling around China’s foreign policy circles. On one side are those like Professor Zhu who favor some kind of co-operation with the United States in curbing North Korea’s nuclear program. On the other side are the traditionalists in powerful positions in the army and the party who adhere to the buffer zone theory.

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Stop blaming video games for America’s gun violence

Recently, America’s attention has been understandably focused on the potential causes of increased violence – especially gun violence – particularly among children and youth, and how to stop it. Alongside gun-control proposals, some of which President Obama is likely to highlight in his State of the Union address tonight, much of that attention has looked at the potential of violent video games to cause or exacerbate the tendencies of youth to engage in real, harmful violence.

While I applaud increased vigilance on the part of parents in supervising their children’s behaviors and pastimes, a child playing a violent video game does not necessarily increase the likelihood that he or she will engage in real violence at that age or later in life.

Various reports and commentaries have documented the fact that Sandy Hook shooter Adam Lanza’s video game playing included violent shooter games like Call of Duty, Counterstrike, and Starcraft. Some have cited that activity as a possible cause for his shooting massacre.

ANOTHER VIEW: Gabrielle Giffords and NRA are both right about one thing: US culture of violence

But if Lanza was playing Call of Duty 4, he was one of millions. On the Xbox 360 console alone, the game’s developer, Infinity Ward, has documented nearly 4.4 million online players, not counting players who use a PlayStation 3 or aren’t online. The statistics for Counterstrike are similar – an estimated 62,142 per day. And Starcraft is so popular in Korea, that it has professional leagues and an estimated online player population of around 50,000 each day.

Of those millions of players, few commit an act of violence, certainly not enough to say that, statistically, video game play is a principle cause – or even a significant cause – of real-world violent behavior.

So why are so many people blaming the video game industry?

It’s a phenomenon known as “cultural lag,” and it’s what causes us to be hesitant in adopting new technologies, trying new fads, and changing our social mores. Cultural lag can be a good thing – some new things are dangerous, come with high levels of risk, and can infinitely do more harm than good. But cultural lag also can inhibit the development of technologies and society because of irrational fears, which is what I’m seeing with recent criticism of the gaming industry.

Before video games, society blamed rock ‘n’ roll for violence and bad behavior among young people. Before rock ‘n’ roll, we blamed television. Before television, movies. Before movies, mystery novels, which were once known as “penny dreadfuls.” Before mystery novels, Shakespeare, who repeatedly was accused of producing violent, lecherous, and otherwise improper behavior in his audience.

In essence, as a society, we always will try to find out “why” bad things happen, but we aren’t actually very good at finding the answers. We look back at our past with rose-colored glasses and look forward into the future with trepidation.

We see our own childhoods as joyful and carefree, and when, as adults, we are exposed to the grim realities of our world, we wonder, “What happened?”. And then we try to explain the difference between the past that we remember and the present as we perceive it. When we do this, we very often look to technologies that did not exist 20, 30, or 40 years ago, and we think: That didn’t exist back then when things were “better,” therefore it must have some impact on why things have “gotten worse” now.

First of all, I am unconvinced that “things have gotten worse,” but even if we assume that they have, in blaming technologies like video games for real-life violence, we assume causation, where numerous studies show there is only correlation – at best. This is tantamount to assuming, as journalist Jeanine Celestin-Greer of Gamastura (a gaming journalism website) points out, that because Lanza drank Mountain Dew, Mountain Dew causes violent behavior.

In a recent article in The Chronicle of Higher Education, Christopher J. Ferguson, a psychologist at Texas A&M International University, claimed that the recent outcry against video games as the cause of “school shootings” in general is patently fallacious. He explains that among hundreds of studies on violence and video games, not a single one has proven conclusively a causal relationship between violent behaviors in the real world and violent video-game play. And yet, scholars and politicians who often have little to no experience playing video games themselves continue to suggest that this is the case.

Americans need to stop trying to blame something other than ourselves for the increase – if there is an increase – in violent behavior.

Video games, music, television, movies, novels, and Shakespeare don’t cause violence. Mental illness, psychological abuse, and physical abuse cause violence. Ideologies that reward and condone aggression, particularly in men, cause violence. Global genocide causes violence. The only conclusive evidence we do have is that it is real-life violence that causes real-life violence.

As long as we, as a society, condone violence in the name of nationalism, continue to minimize domestic violence and rape, and promote aggression as ideal masculinity, violence will continue to be a problem in our homes, on our streets, and in our schools. Critics will argue that the imagery and plots of video games do just that – and in turn, perpetuate those behaviors. Yes, video games reflect some of these highly problematic aspects of our society that contribute to a tolerance of violence. Just like movies and books. But they don’t cause it.

Remove video games from the equation and you will still have a commensurate level of violence.

And yes, video games can influence ideology, but they aren’t the only – or even the predominant – influence on society or an individual. In fact, video games can influence our ideologies in as many if not more positive ways than they do negative ones. Many recent games actually encourage players to play non-violently and reward players for humane treatment and good judgment.

So while video games are influencing us, and sometimes through violent images and play, many of them are pushing us to criticize the very violence that some people seem to believe they are causing.

OPINION: 6 reasons why President Obama will defeat the NRA and win universal background checks

The dialogue we need to have is about real violence, not virtual violence, and I sincerely hope that America’s leaders recognize this as we move forward in addressing the problem.

Kristin M.S. Bezio is an assistant professor at the University of Richmond’s Jepson School of Leadership Studies. Her research explores the intersection of literature and leadership, looking at influences ranging from Shakespeare to video gaming.

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Biggest Loser's Alison Sweeney Blogs About Valentine's Day Temptation

TV Watch

The Biggest Loser

By Alison Sweeney

02/12/2013 at 05:30 PM EST

Alison Sweeney hosts NBC's The Biggest Loser and is the award-winning star of Days of Our Lives, in addition to being an author, director, producer, wife and mom. Like she has for the past two seasons, Alison will blog each week about the latest episode of The Biggest Loser. Follow her on Twitter @Ali_Sweeney.

It's time for singles on The Biggest Loser – and that changes everything! Once I'd given each remaining contestant their new color, I loved the celebration in the house, particularly for Danni who had been competing as a single for the last couple of weeks.

However, the celebration was short-lived when they were introduced to their Valentine's Day temptation. It's incredible that a holiday celebrating love comes with so many calories that hurt those you love the most. So as the challenge began, I put on my night vision goggles and it killed me to watch Francelina and Alex stuffing calories into their mouths. Meanwhile, I was so proud of Danni for using the time for a workout.

In the gym, it was fun to watch the trainers working with different contestants. Jillian – never one to shy away from a challenge – took Francelina and Alex as punishment for their eating during the temptation. She also took Jeff because they'd butted heads in the past. Despite his tough exterior, I think Jeff finally figured out that Jillian can break through any wall and get to the heart of what caused contestants to become overweight. And she's then able to work with them on transforming their entire lives.

After this week's challenge, Danni really impressed me (again!) by giving her reward to Gina and Michael so they could spend 24 hours with their loved ones. We were all so moved by Gina and Michael's reaction to the prize – to knowing they would see loved ones. Not a dry eye. For Gina to see her husband and put her wedding ring back on because it finally fit again was heartwarming. Then to watch Michael with his wife and his baby was just awesome. How cute is Little Mike?

During this week's weigh-in, it was great to see Alex reach "One-derland" (being in the 100s) despite the calories she consumed during the temptation. It was also great to see Jackson's elation at having such a great weight loss for the week.

In the end, for the first yellow line, the choice came down to whether to eliminate Francelina or Michael. When the decisions were made, it was Michael who was sent home. But, just like others before him this season, Michael showed that what he learned on the Ranch could be applied at home and I know he's going to make sure his entire family gets healthy and stays healthy.

With the kids this week, it was great to watch them step further outside of their comfort zones and to have fun while working out. For them, it's not about clocking hours in the gym but more about finding ways to have fun being active and to gain self-confidence through successes.

My favorite moment of the week: Michael's reaction when his wife and baby walked in the room and surprised him.

Happy Valentine's Day to everyone, especially to Dave, my incredible husband of almost 13 years, and to my kids, Ben and Megan. (Check out Ben's awesome jump over the sofa and Megan's adorable reaction in my Good Housekeeping cover story, which is on stands now!)

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Need surgery? Good luck getting hospital cost info

CHICAGO (AP) — Want to know how much a hip replacement will cost? Many hospitals won't be able to tell you, at least not right away — if at all. And if you shop around and find centers that can quote a price, the amounts could vary astronomically, a study found.

Routine hip replacement surgery on a healthy patient without insurance may cost as little as $11,000 — or up to nearly $126,000.

That's what researchers found after calling hospitals in every state, 122 in all, asking what a healthy 62-year-old woman would have to pay to get an artificial hip. Hospitals were told the made-up patient was the caller's grandmother, had no insurance but could afford to pay out of pocket — that's why knowing the cost information ahead of time was so important.

About 15 percent of hospitals did not provide any price estimate, even after a researcher called back as many as five times.

The researchers were able to obtain a complete price estimate including physician fees from close to half the hospitals. But in most cases, that took contacting the hospital and doctor separately.

"Our calls to hospitals were often greeted by uncertainty and confusion," the researchers wrote. "We were frequently transferred between departments, asked to leave messages that were rarely returned, and told that prices could not be estimated without an office visit."

Many hospitals "are just completely unprepared" for cost questions, said Jaime Rosenthal, a Washington University student who co-authored the report.

Most hospitals aren't intentionally hiding costs, they're just not used to patients asking. That's particularly true for patients with health insurance who "don't bother to ask because they know insurance will cover it," said co-author Dr. Peter Cram, a researcher at the University of Iowa's medical school.

But he said that's likely to change as employers increasingly force workers to share more health care costs by paying higher co-payments and deductibles, making patients more motivated to ask about costs.

The study was published online Monday in JAMA Internal Medicine. A California study published last year about surgery to remove an appendix found similar cost disparities.

Commenting on the study, American Hospital Association spokeswoman Marie Watteau said hospitals "have a uniform set of charges. Sharing meaningful information, however, is challenging because hospital care is unique and based on each individual patient's needs."

She said states and local hospital associations are the best source for pricing data, and that many states already require or encourage hospitals to report pricing information and make that data available to the public.

U.S. insurance companies typically negotiate to pay less than the billing price. Insured patients' health plans determine what they pay, while uninsured patients may end up paying the full amount.

The study authors noted that Medicare and other large insurers frequently pay between $10,000 and $25,000 for hip replacement surgery.

Sean Toohey, a grains broker at the Chicago Board of Trade, had hip replacement surgery last summer at Loyola University Medical Center in Maywood, Ill. An old sports injury had worn out his left hip, causing "horrendous" pain on the job, where he's on his feet all day filling orders.

Toohey, 54, said his health insurance covered most of the costs, and it didn't occur to him to ask about price beforehand. He was back at work two weeks later and is pain free. That's what matters most to him.

"I never really looked or paid attention" to the cost, he said.

He paid about $7,900, but wasn't sure what the total bill amounted to.

The average charge for hip replacement surgery at Loyola is about $42,000, before the negotiated insurance rates. The most expensive items on a typical hip replacement bill include about $11,000 for the hip implant, said Richard Kudia, Loyola's vice president of patient financial services

Kudia said some patients do ask in advance about costs of surgery and other medical procedures, and those questions require "a little bit of research" to come up with an average estimate. Costs vary from center to center because "there is no standard pricing among hospitals across the country. Each hospital develops its own pricing depending on its market," he said.

An editorial accompanying the hip replacement study said "there is no justification" for the huge cost variation the researchers found.

A few online sites provide price comparisons for common medical procedures, but the editorial said that kind of information "is of almost no value" without information on hospital quality.

A proposed federal measure that would have required states to force hospitals to make their charges public failed to advance in Congress last year but could be revived this year, the editorial says.

"It is time we stopped forcing people to buy health care services blindfolded," the editorial said.

___

Online:

Journal: http://www.jamainternalmed.com

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Wall Street ends flat as investors seek new catalysts

NEW YORK (Reuters) - Stocks ended a quiet session with slight moves on Monday as investors found few reasons to keep pushing shares higher following a six-week advance, though the longer-term trend was still viewed as positive.

The benchmark index is up more 6.4 percent in 2013, putting both the S&P 500 and Dow industrials near multi-year highs. The S&P is less than 4 percent from its all-time intraday high of 1,576.09, hit in October 2007.

"This is still a market that looks terrific, but when you're up for six weeks in a row, everyone is going to want to take a pause going into the seventh week even if there is no bad news out there," said Eric Kuby, chief investment officer at North Star Investment Management in Chicago.

Volume was light, with about 4.812 billion shares changing hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, well below the daily average so far this year of about 6.48 billion shares.

Wall Street was modestly lower throughout the session but regained some ground in the final hour of trading as Google Inc rebounded off earlier losses. Shares of the Internet search giant dipped 0.4 percent to $782.42, recovering from earlier declines of 1 percent after the company said in a filing former chief executive Eric Schmidt is selling roughly 42 percent of his stake in the company.

Also in the tech space, Apple Inc rose up 1 percent to $479.93 after the New York Times reported the iPhone maker was experimenting with the design of a device similar to a wristwatch.

The Federal Reserve's Vice Chair Janet Yellen, seen as a potential successor to Fed Chairman Ben Bernanke next year, said the Fed is still aggressively stimulating an anemic U.S. economic recovery that has failed to bring rapid progress on employment.

The Dow Jones industrial average <.dji> was down 21.81 points, or 0.16 percent, at 13,971.16. The Standard & Poor's 500 Index <.spx> was down 0.92 points, or 0.06 percent, at 1,517.01. The Nasdaq Composite Index <.ixic> was down 1.87 points, or 0.06 percent, at 3,192.00.

Upbeat U.S. and Chinese data last week helped the S&P 500 extend its weekly winning streak to six. The index gained about 8 percent over that period.

Equities have been strong performers lately and many investors have used any declines in the market as opportunities to buy.

"Everyone wants to buy on a dip in this market, but if you're on the sidelines right now, the decline we're seeing today just isn't the kind you would jump in on," Kuby said.

President Barack Obama will describe his plan for spurring the economy in his State of the Union address on Tuesday. He is expected to offer proposals for investment in infrastructure, manufacturing, clean energy and education.

Opposition has grown to the $24.4 billion buyout of Dell Inc , the No. 3 personal computer maker, as three of the largest investors joined Southeastern Asset Management on Friday in raising objections. Dell said in a regulatory filing it had considered many strategic options before opting to go private in a buyout led by Chief Executive Michael Dell.

Dell shares hovered near $13.65, the buyout offer price.

Regeneron Pharmaceuticals Inc shares rose 2.7 percent at $170.35 after it said longtime drug development partner Sanofi plans to boost its stake.

Moody's Corp was one of the strongest percentage gainers on the S&P 500, rising 4.9 percent to $45.49. Last week the stock plunged 22 percent after the U.S. government launched a civil lawsuit against the company. The sell-off marked the stock's worst week since October 2008.

About 53 percent of stocks traded on the New York Stock Exchange closed lower while slightly more Nasdaq-listed stocks closed in negative territory.

(Editing by Nick Zieminski)

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Georgian Official Accuses President of Provoking Violence

TBILISI, Georgia — Three days after protesters brawled with politicians loyal to President Mikheil Saakashvili while he was delivering his annual address to the nation, the country’s interior minister said Monday that Mr. Saakashvili himself had “artificially provoked” the episode to win the sympathy of Western governments.

The fight, which left five lawmakers injured, sent a troubling message about the state of Georgian politics just five months after the country’s first constitutional transfer of power.

Mr. Saakashvili’s United National Movement, which has dominated Georgian politics for the past nine years, has been forced into an uncomfortable power-sharing arrangement with a coalition led by Bidzina Ivanishvili, who entered politics largely to supplant Mr. Saakashvili.

Several international bodies, including the European Union, issued statements of concern about Friday’s episode at the National Library.

Catherine Ashton, the European Union’s senior foreign affairs official, said she was “concerned at signs of deterioration of the power-sharing arrangement” between the parties and “deeply concerned by the violent incidents in front of the National Library and call upon all parties to act in a responsible way, and to refrain from any violence.”

The interior minister, Irakli Gharibashvili, a close ally of Mr. Ivanishvili, said he had a “reasonable suspicion” that the episode had been staged in order to portray Georgia as a failed state. He showed foreign diplomats film that he said showed Saakashvili loyalists carrying out attacks or trying to provoke them.

Noting that 43 protesters had been questioned and four had been detained and charged, he called for Mr. Saakashvili’s allies to comply with investigators’ summons to be questioned. “We all are equal before the law, and there will be no caste of untouchables,” he said.

Mr. Saakashvili’s spokesman said the interior minister was trying to avoid responsibility for the violence, which occurred after a large and angry crowd gathered outside the venue for Mr. Saaksahvili’s speech, vowing to deny entry to him and his allies.

Mr. Gharibashvili said that 200 police officers tried to prevent the attack, and that Mr. Saakashvili’s bodyguards should have taken responsibility for the scene. He said the police tried to form corridors to allow officials to enter the building, but that Mr. Saakashvili’s allies refused to take advantage of these routes.

The power-sharing arrangement, which may continue until October, is so combustible in part because Mr. Saakashvili retains the constitutional power to dissolve the government and call for new parliamentary elections. Late on Monday, Mr. Saakashvili met with the speaker of Parliament, an Ivanishvili ally, to discuss ways to calm the standoff, but the meeting became acrimonious.

Ellen Barry contributed reporting from Moscow.

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NH bills: Bosses can’t seek social media passwords

CONCORD, N.H. (AP) — New Hampshire is considering joining a handful of states that bar employers from asking job applicants and employees for their social media user names and passwords.

The House’s labor committee is holding a hearing on two similar bills Tuesday that would prohibit an employer from requiring the disclosure. Maryland, California, Delaware, Michigan, New Jersey and Illinois have similar laws and two dozen besides New Hampshire are considering legislation, according to the National Conference of State Legislatures.

In their effort to vet job applicants, some companies and government agencies have started asking for passwords to log into a prospective employee’s accounts on social media sites, such as Facebook and Twitter. Critics call it an invasion of privacy akin to handing over the keys to the person’s house.

State Sen. Donna Soucy, a co-sponsor on both New Hampshire bills, said Monday that employers can gain access to information about an employee or job applicant through social media accounts like Facebook that they otherwise could not legally obtain. She said people post personal information about themselves on Facebook or others post on the person’s page that should be protected.

She said she has not heard of any New Hampshire employers demanding the information.

“I think the issue is something we need to consider a lot more seriously than we used to” with the growth of social media accounts, she said. “At the very least, I would hope we would have a study.”

Soucy, D-Manchester, said employers can use information on social media accounts to discriminate. For example, the applicant might be obese but the person’s weight would not be required on the application. The employer might not know until seeing a picture on Facebook, she said.

“Would they interview them if they saw their picture on Facebook?” she said.

Soucy said other people can post information on the person’s page that the person might not delete before a prospective employer saw it.

“As responsible as somebody might trying to be, it is still a reflection on them,” she said.

Allowing employers access to social media accounts also gives them access to others linked to the account at the infringement on their privacy, she said.

Social Media News Headlines – Yahoo! News

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