FDA approves new targeted breast cancer drug

WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.

The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.

Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.

"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."

Cobleigh helped conduct the key studies of the drug at the Chicago facility.

The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.

The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.

Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.

FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.

Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.

FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer

Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.

Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.

Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.

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Investors face another Washington deadline

NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.

Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.

Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.

"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.

Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.

But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.

National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.

"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

OPTIONS BULLS TARGET GAINS

The spending cuts, if they go ahead, could hit the defense industry particularly hard.

Yet in the options market, bulls were targeting gains in Lockheed Martin Corp , the Pentagon's biggest supplier.

Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.

"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.

The stock ended up 0.6 percent at $88.12 on Friday.

If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp and Smith & Wesson Holding Corp could be affected.

General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.

EYES ON GDP DATA, APPLE

The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.

U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.

Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.

Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.

On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.

(Additional reporting by Doris Frankel; Editing by Kenneth Barry)

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Papal Conclave Accompanied by Reports of Scandals and Intrigue

Osservatore Romano/Reuters

Pope Benedict XVI, right, spoke to cardinals at the Vatican on Saturday.

VATICAN CITY — As cardinals from around the world begin arriving in Rome for a conclave to elect a successor to Pope Benedict XVI, new shadows have fallen over the delicate transition, which the Vatican fears might influence the vote and with it the direction of the Roman Catholic Church.

In recent days, often speculative reports in the Italian news media — some even alleging gay sex scandals in the Vatican, others focusing on particular cardinals stung by the child sex abuse crisis — have dominated headlines, suggesting fierce internal struggles as prelates scramble to consolidate power and attack enemies in the dying days of a troubled papacy.

The reports, which the Vatican has vehemently denied, touch on some of the most vexing issues of Benedict’s reign, including the child sex abuse crisis and international criticisms of the Vatican Bank’s opaque record-keeping. The recent explosion of bad press — which some Vatican experts say is fed by carefully orchestrated leaks meant to weaken some papal contenders — also speak to Benedict’s own difficulties governing, which analysts say he is trying to address, albeit belatedly, with several high-profile personnel changes.

The drumbeat of scandal has reached such a fever pitch that on Saturday, the Vatican Secretariat of State issued a rare pointed rebuke, calling it “deplorable” that ahead of the conclave there was “a widespread distribution of often unverified, unverifiable or completely false news stories, that cause serious damage to persons and institutions.”

The Vatican compared the news reports to past attempts by foreign states to exert pressure on the papal election, saying the latest efforts to skew the choice of the next pope by trying to shape public opinion were “based on judgments that do not typically capture the spiritual aspect of the moment that the Church is living.”

Benedict had hoped to address at least one scandal with the Feb. 15 appointment of a new head of the Vatican Bank. It is less clear why he reassigned a powerful Vatican diplomatic official to a posting outside Rome, though experts say it diminishes the official’s role in helping steer Vatican policy.

On Feb. 11, Benedict made history by announcing that he would step down by month’s end. He said he was worn down by age and was resigning “in full liberty and for the good of the Church.” The volley of news reports since appeared to underscore the backbiting in the Vatican that Benedict was unable to control, and provided a hint of why he might have decided that someone younger and stronger should lead the church.

At the conclusion of the Vatican’s Lenten spiritual retreat, Cardinal Gianfranco Ravasi, the director of the Pontifical Council for Culture and a papal contender, spoke darkly of the “divisions, dissent, careerism, jealousies” that he said plagued the Vatican hierarchy.

The recent spate of news reports were linked to an earlier scandal in which the pope’s butler stole confidential documents that was considered one of the gravest security breaches in the modern history of the church.

Last week, largely unsourced articles in the center-left daily La Repubblica and the center-right weekly Panorama reported that three cardinals whom Benedict had asked last summer to investigate the leaking of the documents, known as the “VatiLeaks” scandal, had found evidence of Vatican officials who had been put in compromising positions.

The newspapers reported that, after interviewing dozens of people inside and outside the Vatican, the cardinals produced a hefty dossier. “The report is explicit. Some high prelates are subject to ‘external influence’ — we would call it blackmail — by nonchurch men to whom they are bound by ‘worldly’ ties,” La Repubblica wrote.

Vatican experts speculated that prelates eager to undermine opponents during the conclave were behind the leaks to the news media over the last week.

“The conclave is a mechanism that serves to create a dynasty in a monarchy without children, so it’s a complicated operation,” said Alberto Melloni, the director of the John XXIII Center in Bologna and the author of a book on conclaves.

This article has been revised to reflect the following correction:

Correction: February 23, 2013

An earlier version of this article misspelled the last name of a cardinal. His name is Roger M. Mahony, not Roger M. Mahoney.

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Paying People to Play Video Games

House Speaker John Boehner tweets that the Obama administration is spending $ 1.2 million “paying people to play video games.” That’s misleading. The government did pay $ 1.2 million for university research that includes the study of how video games can stimulate the cognitive abilities of seniors. A fraction of that cost went to compensate seniors who participated in the study, researchers say.

Boehner was one of several prominent Republican congressmen who sent out a flurry of tweets – hashtag #cutwaste – distorting the research. Some Republicans said the money was spent to play the video game World of Warcraft. That’s wrong. World of Warcraft is not part of research funded by the federal government, although the study does use, in part, the Wii game Boom Blox.

We take no position on whether spending $ 1.2 million studying ways to improve the cognitive abilities of seniors is a waste of taxpayer money. But the Republicans should call it what it is and not distort the facts – even if they get only 140 characters to make their case against it.

But before we get into the facts of the research project, let’s dissect the anatomy of this Republican talking point.

The first volley in the “World of Warcraft” Twitter campaign appears to have come from House Majority Leader Eric Cantor on Feb. 19.

Cantor, Feb. 19: President Obama wants to raise your taxes so he can pay people $ 1.2 million to play World of Warcraft. http://1.usa.gov/Y3NGOH

The link goes to a press release from Cantor’s office listing a number of examples of “federal government waste,” including: “The National Science Foundation spent $ 1.2 million paying seniors to play ‘World of Warcraft’ to study the impact it had on their brain.” That’s not exactly right, but even that incomplete description gets further distorted in a series of tweets from Cantor and other House Republicans on Feb. 20.

Cantor, 10:56 a.m.: Federal Government spends $ 1.2 million paying people to play World of Warcraft video games. Instead of raising taxes, let’s #CutWaste

Speaker John Boehner, 10:57 a.m.: Pres Obama wants more tax hikes, refuses to #cutwaste like $ 1.2M spent paying people to play video games #Obamaquester

GOP Whip Rep. Kevin McCarthy, 11:01 a.m.: Not a kid’s fairytale: fed gov’t actually pays ppl w taxpayer dollars to play video games. Time to #CutWaste. http://1.usa.gov/Y3NH4U

Rep. Ann Wagner, 11:01 a.m.: Did you know the govt paid $ 1.2 million to pay people to play World of Warcraft? http://tinyurl.com/bg8njug Instead of tax hikes #CutWaste

Rep. Diane Black, 11:03 a.m.: Waste of the Day: $ 1.2 million tax dollars used to pay people to play World of Warcraft http://bit.ly/UIG5oK #CutWaste don’t raise taxes

Rep. Renee Ellmers, 11:08 a.m.: Tax dollars at work: govt paid $ 1.2 million to study seniors playing World of Warcraft http://tinyurl.com/bg8njug Instead of tax hikes #CutWaste

Rep. Darrell Issa, 11:46 a.m.: That awkward moment when @BarackObama says “We don’t have a spending problem” then it comes out the Gov paid $ 1.2 mil to play video games…

Rep. David McKinkley, 12:15 p.m.: Did you know the govt paid $ 1.2 million to pay people to play World of Warcraft? http://tinyurl.com/bg8njug Instead of tax hikes #CutWaste

How did this research grant suddenly become the poster child for government waste? It traces its roots to “Wastebook 2012,” Sen. Tom Coburn’s list of 100 wasteful government expenditures. The project in question was No. 87.

Coburn, Wastebook 2012: 87) Should grandparents play World of Warcraft ? — (NC) $ 1.2 million

Soon, grandma may have to skip dinner to join her World of Warcraft guild in a dungeon raid. Researchers believe they have found another means to help our memories as we age: the “World of Warcraft,” a fantasy video game featuring characters like orcs, trolls, and warlocks. The team of academics used part of $ 1.2 million in grants from the National Science Foundation to continue a video game study this year.

The study asked 39 adults ages 60 to 77 to play “World of Warcraft” for two hours a day over two weeks. In the game, players choose a character and rove around the virtual world participating in guild (group) missions, casting spells, and defeating evil creatures.

Millions of people around the world play, with the average player spending almost 11 hours per week playing.

At the end of the two-week study period, researchers found no cognitive improvement in older people who already scored well on cognitive tests. People who started out with lower initial results, however, experienced some improvements.

It’s true that the National Science Foundation — using funds from the economic stimulus — funded two grants totaling $ 1.2 million to study the ways in which the use of some video games by older people can improve their cognitive and everyday abilities, such as memory and reasoning. You can read the abstracts for the two grant awards here and here.

More broadly, according to the abstract, the researchers hope to “advance the knowledge and understanding of how cognitive training reduces age-related decline.”

The project is being led by Anne McLaughlin and Jason Allaire, both at the North Carolina State University’s Gains Through Gaming Lab, which is “dedicated to conducting applied research examining the relationship between playing commercially available video games and important psychological constructs” and specifically “how video games can improve cognitive functioning.”

We spoke to McLaughlin about the way her research was being characterized by Republican leaders in the House.

“Misleading doesn’t describe it,” McLaughlin said. “It is entirely inaccurate.”

For starters, she said, the research that included the World of Warcraft game was not funded by the National Science Foundation, though it helped to set the stage for the federally funded project.

The initial study looked at the effects of playing an “attentionally demanding game” — in this case, World of Warcraft — on the cognitive abilities of seniors. For the uninitiated, World of Warcraft is a massively multiplayer online role playing game (MMORPG). (It’s the game featured in episodes of “South Park” and the sitcom “Big Bang Theory.”)

The study cost a total of $ 5,000 and was funded entirely by N.C. State, McLaughlin said. It was initiated as a pilot and showed some promising results in improving the cognitive abilities of some seniors, particularly those who scored poorly in the cognitive pre-tests. Results of this study were featured in stories by the Los Angeles Times, Time magazine and CBS News, as well as in a press release from N.C. State.

Spurred by those results, McLaughlin and Allaire sought and were awarded two grants from the NSF to perform a much larger series of studies — in part employing the interactive Wii game Boom Blox.

By manipulating various aspects of the game, they are trying to pinpoint what kinds of game play best improve cognition and functioning for older adults, McLaughlin said, as well as determining the effects of playing alone versus in groups.

That’s just the first phase. Then, in collaboration with computer whizzes at Georgia Tech, they hope to develop guidelines for games for older players that will lead to “a new class of ‘brain games’ with reliable effectiveness,” according to the abstract.

“The whole purpose of this is to generalize beyond any game and promote cognitive improvement,” McLaughlin said.

Begun in 2009, the research is still in progress, McLaughlin said.

For the record, McLaughlin said, “We don’t pay anyone to play video games. We pay them to participate in a study.”

Participants first take a three-hour cognitive test to use as a baseline. Then they are asked to come back and play a video game for an hour a day for 15 straight days. Then they are given another three-hour cognitive test immediately afterward, and then two more tests — one three months later and the last a year later. The amount of the $ 1.2 million grant money spent on paying the participants of the study is a small fraction of the overall cost, McLaughlin said.

We initially were led to the grants after making an inquiry with Cantor’s office seeking backup material for claims about the federal government spending $ 1.2 million for people to play World of Warcraft.

In addition to passing along links to the study abstracts, Megan Whittemore, Cantor’s press secretary, offered this response: “The President of the United States said he was going to have to turn criminals loose on the street. Clearly, he created a false choice between raising taxes or near-apocalyptic conditions. In reality, we need to make choices on how the federal government spends taxpayers’ hard earned dollars. While some of these programs may have some merit to some people, should they be saved before preventing the drastic scenario the President painted this week?”

Again, as independent fact-checkers, we take no position about whether these grants are a worthwhile use of taxpayer money. Cutting budget deficits — a stated goal of both Republicans and Democrats — is going to require some tough choices. But the facts simply get in the way of this Republican talking point. Paying people $ 1.2 million to play video games sounds a lot more outrageous than studying ways to improve the cognitive abilities of seniors. And it misleadingly twists what the grants are all about.

– Robert Farley

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Sean Lowe Reveals His Feelings as The Bachelor Winds Up

TV Watch
People Exclusive

By Carrie Bell

02/23/2013 at 05:30 PM EST

As another Bachelor journey races to a dramatic finish, PEOPLE figured it was time to check in with Sean Lowe to get his exclusive thoughts on the recently eliminated, the final three, the all-important overnight dates in Thailand – and the accompanying sex speculation, Tierra's engagement and the Women Tell All reunion.

After pegging Des as "the one," her dismissal still comes as a shock.
Des had the second one-on-one of the season, and I thought after that date that she would most likely be the one. From the very beginning, we got along so well. … But as the season progressed, she started to doubt our relationship a little bit, and that was cause for concern. I felt like Des had a tendency to hide things behind her smile and, after hearing about her childhood … I think a lot of times she probably had to put on a brave face when she probably just wanted to let go and be emotional.

Choosing to send someone home is also having to decide to keep others. Why did you choose the final three?
I can go down the line. Lindsay was sweet, supportive, an incredible girl, and we get along so well together. She was someone I could picture marrying. AshLee has everything I'm looking for. Despite everything she went through as a child, she came out this strong, confidant woman. She truly has a heart where she just wants to love a man, and I can tell she will be a wonderful mother. And Catharine fits the best friend mold. … We have fun together, can be passionate at times and she's also very intellectual, which is an attractive quality to me.

Catherine's family seemed to be discreetly warning you that she might not be ready for marriage and kids right now, like you seem to be.
Let me clarify. I'm not in a hurry to be a dad. I'm looking forward to that next chapter because I've been a single guy for so long. But kids can wait for a while as we get to know each other. I do want someone who shares the same vision of the future as I do. That's a no-brainer.

Did her family's comments seem to contradict that plan?
It was cause for concern. Her sisters made comments like she wants to pursue her career in New York. I'm all for that, but I thought it was odd that she didn't bring that to me herself.

So, after hometowns came the overnights and fantasy suites. How did you feel when you were about to have those dates?
Going into the overnight dates in Thailand, I was stressed out because I had no idea how the three remaining women stacked up. I didn't have them ranked 1,2,3. It was like splitting thirds, because I was falling for all of them for different reasons. They are all wonderful girls with their own unique and special qualities. … At the end of the week, I had to make a decision And ultimately I would end up breaking one of their hearts.

Did you learn something on the overnight dates that made it clear to you who to send home?
No. I was hoping that might be the case, and I wish it had been, but it wasn't.

AshLee proclaimed her love for you early. Did that spook you?
No, not really. I know Ashley is a passionate person, and that translates into being very emotional. She admitted early on that she has a hard time trusting guys because she has abandonment issues. So she let me take control, and … it was comforting to know that we'd already reached that level.

Is the drama over?
There is so much more drama left. I wouldn't consider myself a very emotional person. Outside of Ashley telling me the story of meeting her father for the first time, I couldn't tell you the last time I cried before that. But before the next episode's rose ceremony, I remember putting my suit on, getting ready to face the day and I broke down. I realized the magnitude of the day. It hit me all at once.

Are you looking forward to the reunion special and facing all your castoffs?
For the most part, I am anxious and eager to see the girls. I have such great memories of all of them.

What is your final take on Tierra and all the hate flowing her direction?
I do feel bad for Tierra. She is clearly not an evil person. She was always sweet around me. Granted, she handled herself so poorly and was completely different around the women. She shouldn't have done this show. If you can't get along with your peers, this is going to be hell for you. But she doesn't deserve a lot of the stuff I've read being said about her. It's just hateful. Although her eyebrows are getting some love. Their blog has like 25,000 followers.

And she's now engaged.
So I heard.

How does it feel that speculation over what happened behind closed doors on the overnights is a huge topic of conversation?
It's annoying and tiring. I don't like dealing with those headlines and that gossip because frankly it's none of their business. And two, out of all things you can focus on, there's so much more to talk about.

Well, maybe people like to picture you naked.
I don't know why.

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FDA approves new targeted breast cancer drug

WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.

The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.

Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.

"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."

Cobleigh helped conduct the key studies of the drug at the Chicago facility.

The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.

The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.

Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.

FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.

Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.

FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer

Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.

Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.

Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.

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Wall Street rebounds on HP results, Fed officials' views

NEW YORK (Reuters) - U.S. stocks rose on Friday as Dow component Hewlett-Packard surged on strong results and comments from Fed officials allayed fears that the central bank would curtail its stimulus measures.

Federal Reserve Chairman Ben Bernanke downplayed worries that the Fed has fueled asset bubbles that could hurt the economy in a private meeting with bond dealers and investors earlier this month, Bloomberg reported on Friday.

Bernanke's view helped ease fears that the central bank may end its easy money policies. Minutes from the Federal Reserve's January meeting hit markets on Wednesday as investors interpreted divergent opinions on the benefit of stimulus as a sign the measures may be halted sooner than thought.

"They are in uncharted territory with divergent views," said Jack Ablin, chief investment officer at BMO Private Bank in Chicago. "I could see some pretty heated opinions on what the ultimate outcome is, so I do believe there is dissension."

Hewlett-Packard Co shares jumped more than 12 percent and gave one of the biggest boosts to both the Dow and the S&P 500 after the personal computer maker's quarterly revenue and forecasts beat expectations. Hewlett-Packard's stock rose to $19.20 at the close, up 12.3 percent for the day.

The Dow Jones industrial average <.dji> gained 119.95 points, or 0.86 percent, to 14,000.57 at the close. The Standard & Poor's 500 Index <.spx> rose 13.18 points, or 0.88 percent, to 1,515.60. The Nasdaq Composite Index <.ixic> added 30.33 points, or 0.97 percent, to end at 3,161.82.

With Bernanke's reported comments much on their minds in Friday's session, investors will want the Fed chairman to reiterate his remarks publicly when he speaks before the Senate Banking Committee on Tuesday. That would echo comments made by two top Fed officials on Friday.

Boston Fed President Eric Rosengren and Fed Governor Jerome Powell both defended the U.S. central bank's asset-buying program, arguing that the policy helps the U.S. economy.

The S&P 500 shed 1.9 percent over the previous two sessions, its worst two-day drop since early November, following the release of the Fed's minutes on Wednesday. The selloff marked the end of seven back-to-back weeks of gains for stocks.

For the week, the S&P 500 slipped 0.3 percent and the Nasdaq lost nearly 1 percent. Only the Dow ended the week with a gain - up just 0.1 percent.

HP's results come near the end of a relatively strong earnings season in which 70 percent of S&P 500 companies beat analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data.

"Overall, the earnings supports were better than expected in this cycle," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. "We may see the market rising during the month of March."

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

But with only a handful of companies left to report earnings, investors are looking ahead to the possibility of hefty automatic budget cuts that could happen on March 1.

A large option investor appeared to be adjusting a bearish view on the SPDR S&P 500 Trust fund while locking in previously established gains, in a possible hedge ahead of the automatic budget cuts that are set to take effect at the beginning of next month. The play involved weekly puts, expiring next Friday.

"An institutional investor appears to be rolling down and increasing in size a defensive hedge timed to match the March 1 deadline for the sequester," said Henry Schwartz, president of options analytics firm Trade Alert.

The trader sold 132,000 $149 to $150 weekly put spreads for 22 cents as shares of the exchange-traded fund had traded near $151.14 on Friday morning. The transaction entailed the sale of $150 weekly puts to buy the $149 weekly puts. In addition, the investor purchased another 42,000 $149 weekly puts, which increases the size of the hedge to 174,000 contracts.

"It is likely this large position protects an existing underlying long position in a portfolio," Schwartz said.

In another political risk factor, Italians go to the polls this weekend in an election that could threaten reforms in the indebted country. Silvio Berlusconi's resurgence has thrown the vote wide open, with deep uncertainty over whether the poll can produce the strong government the country needs.

Inconclusive Greek elections last year sparked a protracted selloff and a period of uncertainty in markets.

In the tech sector, Marvell Technology Group Ltd forecast results this quarter that were largely above analysts' expectations. Marvell gained market share in the hard-disk drive and flash-storage businesses. The stock rose 4.4 percent to $9.89.

Texas Instruments Inc raised its dividend by a third and boosted its stock-buyback program, driving its stock up 5.2 percent to $34.18.

The PHLX semiconductor index <.sox> gained 2.1 percent.

"Dividends growing are another way the market's level is justified, if not especially attractive at these levels," said Rex Macey, chief investment officer of Wilmington Trust in Atlanta, who manages about $20 billion in assets.

On the downside, Abercrombie & Fitch dropped 4.5 percent to $46.86 after the youth-oriented clothing retailer reported a drop in fourth-quarter comparable sales, even as its latest quarterly earnings topped estimates.

Insurer American International Group Inc posted fourth-quarter results that beat analysts' expectations. AIG's stock advanced 3.1 percent to $38.45.

About three stocks rose for every one that fell on both the New York Stock Exchange and Nasdaq.

Around 5.8 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the 20-day moving average of around 6.51 billion shares.

(Additional Reporting by Ryan Vlastelica and Doris Frankel; Editing by Kenneth Barry and Jan Paschal)

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Scud Missile Attack Reported in Aleppo

Muzaffar Salman/Reuters

People gathered to search for survivors under rubble after what activists said was a Scud missile hit in Aleppo's Tariq al Bab neighborhood on Friday.

BEIRUT, Lebanon — Antigovernment activists in Syria said Scud missiles fired by the Syrian military slammed into at least three rebel-held districts of Aleppo on Friday, flattening dozens of houses, leaving at least 12 civilians dead and burying an undetermined number of others, perhaps dozens, under piles of rubble.

The assertion, corroborated by videos posted on the Internet, came one day after Syrian government targets in central Damascus were hit by multiple car bombings that were among the deadliest and most destructive so far in the nearly two-year-old conflict.

The reported attack on Aleppo’s Hamra, Tariq al Bab and Hanano areas with Scuds, which are not known for their accuracy, was the second time this week that the Syrian opposition has accused the military of using such missiles on Aleppo’s rebel-held areas.

Aleppo, the embattled northern city that was once Syria’s commercial capital during more peaceful times, has become one of the focal points of rebellion in the uprising against President Bashar al-Assad. On Tuesday, according to activists in Aleppo, a Syrian missile leveled part of Jabal Badro, another neighborhood controlled by the rebels, killing at least 19 people.

The Syrian Observatory for Human Rights, a Britain-based group with contacts inside Syria, said in a statement that the victims of missile explosions in Aleppo on Friday included children and that the number of victims “is expected to rise significantly because there are dozens of wounded under the rubble.”

There was no immediate mention of the Aleppo attacks by Syria’s state-run media. The Web site of Syria’s official SANA news agency was dominated by the aftermath of the car bombings that had hit central Damascus on Thursday and had left more than 70 people dead. The ferocity and scope of those bombings were unusual for central Damascus, which up until now has been largely insulated from much of the carnage and destruction wrought by the conflict in the outer Damascus suburbs and other parts of the country.

Most of the casualties in Damascus were caused by an especially powerful bomb near the headquarters of President Assad’s Baath Party and the Embassy of Russia, which were both damaged, according to witnesses contacted inside Damascus and Russian news reports. SANA said a hospital and neighboring schools also were damaged.

No group has taken responsibility for the Damascus bombings but the government has said they were carried out by terrorists, its generic description of the alliance of armed rebels seeking to depose Mr. Assad. The National Coalition of Syrian Revolutionary and Opposition Forces, the main Syrian group for the opposition which was meeting in Cairo at the time, condemned the bombings, as did its Western supporters, including the United States.

Victoria Nuland, a State Department spokeswoman, told reporters on Thursday that the United States denounces such bombings as “indiscriminate acts of violence against civilians or against diplomatic facilities, which violate international law, and we continue to emphasize that perpetrators on all sides have to be held accountable.”

Nonetheless, the bombings appeared to create a new source of diplomatic friction between the United States and Russia, which has consistently supported the Syrian government during the conflict and has rejected any proposed solution that would force Mr. Assad to relinquish power.

Russia’s mission to the United Nations accused the United States of blocking its attempt to seek approval of a Security Council statement that would have condemned the Damascus bombings as terrorism. The United States mission denied the Russian accusation, saying it had only requested that the Russian statement include a paragraph that also condemned the Syrian government’s “continued, indiscriminate use of heavy weaponry against civilians.”

Erin Pelton, a spokeswoman for the United States mission, said in news release posted Friday on its Web site that “Unfortunately, if predictably, Russia rejected the U.S. suggested language as ‘totally unacceptable’ and withdrew its draft statement.”

Other insurgency-related violence was reported by the Syrian Observatory and other activists elsewhere in Syria on Friday, including random sniping attacks in the north-central city of Raqqa that killed four people during an antigovernment demonstration, and seven people killed around a mosque in Dara’a, the southern city where the anti-Assad uprising first began in March 2011.

The Local Coordination Committees, an anti-Assad network of activists, reported that fighters from the Free Syrian Army and other groups had taken control of at least two military facilities in the suburbs of Deir al-Zour, the eastern city that has been a battleground for many months. The report, which could not be corroborated, also claimed that rebels had gained control of a missile facility in Deir al-Zour that was formerly the site of a partly built nuclear reactor bombed by Israeli warplanes in 2007. Syria disclosed the existence of the missile facility four years ago at a technical meeting of the International Atomic Energy Agency.

Hwaida Saad reported from Beirut, and Rick Gladstone from New York. David D. Kirkpatrick contributed reporting from Cairo.

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‘Anonymous’ becomes latest victim in Twitter hacking spree

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The Hunger Games: Katniss & Peeta's Victory Tour Look Revealed

02/22/2013 at 06:00 PM EST

They survived the Hunger Games – but will they survive the Victory Tour?

Sporting bridal-like attire, Katniss (Jennifer Lawrence and Peeta (Josh Hutcherson) pose for a promotional poster for the Victory Tour – which – in the Hunger Games universe – is when the victor of the annual Hunger Games tournament visits each of the fictional Panem's districts.

As true Hunger Games fans know, there is usually only one victor – but Katniss and Peeta rebelled against the Capitol in the first movie, originally opting for joint suicide instead of murder.

The softer look is a deliberate statement, meant to continue the charade that Katniss and Peeta were blinded by love when they rebelled against the rules in the arena.

The second film, Catching Fire, hits theaters Nov. 22.

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