Wall Street edges up on hopes "fiscal cliff" deal nearer

NEW YORK (Reuters) - Stocks rose modestly on Tuesday as investors speculated negotiations between Democrats and Republicans would lead to a deal to avert the "fiscal cliff."


The market's gains followed a steep rally in the previous session, which lifted the S&P 500 to its highest in nearly two months.


Republican House Speaker John Boehner said he has hope for a broader deal on the budget talks and was still talking with President Barack Obama on the matter.


Obama made a counter-offer to Republicans on Monday night that included a major change in position on tax hikes for the wealthy, according to a source familiar with the talks.


The report followed a meeting between Obama and Republican House Speaker John Boehner, who has edged closer to Obama's position by proposing higher taxes on those who earn $1 million or more and extending lower tax rates for everyone else.


"We've been getting a series of snippets suggesting accommodation from both Boehner and Obama, which is feeding the sense in markets that we could get a deal," said Michael Holland, chairman of Holland & Co in New York.


Investors have been reluctant to make big bets in the face of uncertainty over the fiscal cliff, a combination of steep tax hikes and spending cuts that many fear could push the economy into recession if they take effect next year.


"You can never discount the possibility that the government will do something dumb and screw this up, but right now the market is happy over the prospects for a deal," said Holland, who oversees $4 billion in assets.


The Dow Jones industrial average <.dji> was up 17.27 points, or 0.13 percent, at 13,252.66. The Standard & Poor's 500 Index <.spx> was up 3.69 points, or 0.26 percent, at 1,434.05. The Nasdaq Composite Index <.ixic> was up 15.28 points, or 0.51 percent, at 3,025.88.


Tech shares were among the strongest of the day, and gains in large-cap technology shares lifted the Nasdaq. Seagate Tech rose 3.4 percent to $29.01 while F5 Networks Inc rose 2.4 percent to $94.84.


The New York Times said that Wal-Mart Stores Inc's Mexican affiliate routinely used bribes to open stores in desirable locations. The story cited 19 instances of the retail giant paying off local officials. In a statement Monday night, Wal-Mart spokesman David Tovar said the company was looking into the allegations. Shares of Wal-Mart, a Dow component, fell 0.4 percent to $68.94.


Arbitron Inc surged 23 percent to $46.87 after Nielsen Holdings NV agreed to buy the media and marketing research firm in a deal worth $1.26 billion. Nielsen rose 1.3 percent to $30.


Baker Hughes Inc said third-quarter margins and revenue would be below its expectations because of lower land drilling activity and price erosion. Shares rose 2.6 percent to $41.73, reversing a decline in the premarket session.


(Editing by Kenneth Barry)



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In Spain, Having a Job No Longer Guarantees a Paycheck




Working but Waiting:
The Times’s Suzanne Daley reports on struggling Spanish workers who have avoided losing their jobs but often face weeks or months without paychecks.







VALENCIA, Spain — Over the past two years, Ana María Molina Cuevas, 36, has worked five shifts a week in a ceramics factory on the outskirts of this city, hand-rolling paint onto tiles. But at the end of the month, she often went unpaid.




Still, she kept showing up, trying to keep her frustration under control. If she quit, she reasoned, she might never get her money. And besides, where was she going to find another job? Last month, she was down to about $130 in her bank account with a mortgage payment due.


“On the days you get paid,” she said at home with her disabled husband and young daughter, “it is like the sun has risen three times. It is a day of joy.”


Mrs. Molina, who is owed about $13,000 by the factory, is hardly alone. Being paid for the work you do is no longer something that can be counted on in Spain, as this country struggles through its fourth year of an economic crisis.


With the regional and municipal governments deeply in debt, even workers like bus drivers and health care attendants, dependent on government financing for their salaries, are not always paid.


But few workers in this situation believe they have any choice but to stick it out, and none wanted to name their employers, to protect both the companies and their jobs. They try to manage their lives with occasional checks and partial payments on random dates — never sure whether they will get what they are owed in the end. Spain’s unemployment rate is the highest in the euro zone at more than 25 percent, and despite the government’s labor reforms, the rate has continued to rise month after month.


“Before the crisis, a worker might let one month go by, and then move on to another job,” said José Francisco Perez, a lawyer who represents unpaid workers in the Valencia area. “Now that just isn’t an option. People now have nowhere to go, and they are scared. They are afraid even to complain.”


No one is keeping track of workers like Mrs. Molina. But one indication of their number can be seen in the courts, which have become jammed with people trying to get back pay from a government insurance fund, aimed at giving workers something when a company does not pay them.


In Valencia, Spain’s third-largest city, the unemployment rate is 28.1 percent and the courts are so overwhelmed that processing claims, which used to take three to six months, now takes three to four years.


Since the start of the crisis in 2008, the insurance fund has paid nearly a million workers nationally back pay or severance. In 2007, it paid 70,000 workers. It is on track to pay more than 250,000 this year, and experts say the figures would be much higher if not for the logjam in the courts.


Often the unpaid workers, like Mrs. Molina, whose company is now in bankruptcy proceedings, hope their labor will keep a struggling operation afloat over the long run. Unemployment benefits last only two years, they point out, and they wonder what they would do after that. But in the meantime, they cannot even claim unemployment benefits. And no amount of budgeting can cover no payment at all.


Beatriz Morales García, 31, said she could not remember the last time she went shopping for herself. A few years ago, she and her husband, Daniel Chiva, 34, thought that they had settled into a comfortable life, he as a bus driver and she as a therapist in a rehabilitation center for people with mental disabilities. His job is financed by the City of Valencia, and hers by the regional government of Valencia.


They never expected any big money. But it seemed reasonable to expect a reliable salary, to take on a mortgage and think about children. In the past year, however, both of them have had trouble being paid. She is owed 6,000 euros, nearly $8,000. They have cut back on everything they can think of. They have given up their landline and their Internet connection. They no long park their car in a garage or pay for extra health insurance coverage. Mr. Chiva even forgoes the coffee he used to drink in a cafe before his night shifts. Still, the anxiety is constant.


“There are nights when we cannot sleep,” he said. “Moments when you talk out loud to yourself in the street. It has been terrible, terrible.”


Mrs. Morales said it was particularly hard to watch other mothers in the park with their children while she must leave her own toddler to go to work, unsure she will ever get paid.


“We are working eight hours, and we’re suffering more than people who are not working,” she said.


The couple’s pay has been so irregular that they are having a hard time even keeping track of how much they are owed, because small payments show up sporadically in their account.


Rachel Chaundler contributed reporting.



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What's the One Color You Have to Have in Your Closet This Season?




Style News Now





12/14/2012 at 06:00 PM ET



Blake Lively, Miranda Lambert, Pippa MiddletonStartaks (2); Ramney


If 2013 is anything like the end of 2012, it’s certainly going to be a stylish year: This week, ladies in red dominated the carpet, while stars in super-sexy minis also had a major moment. But since gowns with interesting backs are gaining popularity, one certain staid style of dress is on its way out.



Up: Red, red and more red: Red is always a popular color choice during the holidays, but this week the shade was taken to a whole new level as countless stars wore it head-to-toe — literally — on lips, dresses and shoes. Anne Hathaway, Kirsten Dunst, Taylor Swift and Jaime King donned red pouts; Amanda Seyfried chose the hue for her lips and shoes; and Blake Lively, Lena Dunham, Freida Pinto and Megan Fox slipped into red-hot frocks.




Up: Long-sleeve mini dresses: The chilly weather isn’t stopping anyone from flashing some serious leg: Miranda Lambert, Fergie, Kristen Stewart and Emmy Rossum left their gowns at home and instead wore long-sleeve dresses with thigh-grazing hemlines. (Hey, at least the top half of the look is keeping them warm.)



Down: Boring from the back: This week, Hathaway wore two dresses with statement backs and Cate Blanchett also exposed her backside in an all-white gown. And since both stars made such a huge splash on the carpet, we bet more stars will skip the basic backs (like the one on Pippa Middleton’s purple dress) and try something more dramatic in the months to come — something that could land them in our Style 360 gallery and Better From the Back Tumblr, of course.


Tell us: Which trend are you most excited to try? Vote below!






Want more Trend Report? Click to hear what we think about cut-outs, crazy sleeves and peplum.


–Jennifer Cress


GET ALL THE LATEST RED CARPET NEWS AND PHOTOS HERE!


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Experts: No link between Asperger's, violence


NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.


Asperger's is a mild form of autism often characterized by social awkwardness.


"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.


Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.


A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.


High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.


Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.


"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.


"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.


Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.


Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.


"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.


She said those with Asperger's tend to focus on rules and be very law-abiding.


"There's something more to this," she said. "We just don't know what that is yet."


After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.


__


AP Writer Matt Apuzzo contributed to this report.


___


Online:


Asperger's information: http://1.usa.gov/3tGSp5


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Wall Street rises on "fiscal cliff" optimism

NEW YORK (Reuters) - Wall Street opened higher on Monday as investors found encouragement in signs of movement over the weekend in "fiscal cliff" negotiations.


Republican House Speaker John Boehner edged slightly closer to President Barack Obama's key demands as they try to avert the tax hikes and spending cuts that are set to take effect in the new year.


Sources familiar with the talks confirmed that Boehner proposed extending low tax rates for everyone who has earned less than $1 million, and rates would rise for wages above that. But Boehner's new positions were still far from those held by Obama.


"The universal feeling is still that this will probably be solved" but it might take until the last minute, said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati, Ohio.


Uncertainty over when and if a federal budget deal will be done has kept investors cautious in what is already a normally quiet trading period heading into year-end.


Investors are worried the economy could slide back into recession if the full brunt of the tax and spending changes is allowed, though most expect a deal will eventually be reached.


The market shrugged off Monday's less cheery economic data that showed manufacturing activity in the New York region declined for a fifth month in a row in December.


The Dow Jones industrial average <.dji> gained 67.89 points, or 0.52 percent, to 13,202.90. The Standard & Poor's 500 Index <.spx> rose 9.29 points, or 0.66 percent, to 1,422.87. The Nasdaq Composite Index <.ixic> added 15.74 points, or 0.53 percent, to 2,987.07.


If the S&P 500 sustains its gains through the session, the index would snap a two-day losing streak. Despite the uncertainty of fiscal cliff talks, the S&P has performed well in the last month, grinding higher in mostly light volume.


Markets are likely to continue that sort of momentum through the end of the year, which is typically a bullish time for stocks, said Detrick.


Clearwire Corp agreed to sell the rest of the company to Sprint Nextel Corp for a slightly sweeter $2.2 billion offer, days after minority shareholders criticized the previous bid as too low. Clearwire tumbled 12.2 percent to $2.96, while Sprint was up 0.9 percent at $5.60.


Apple Inc slipped 0.7 percent to $506.30 after two firms cut their price targets on the stock.


The tech giant said it sold more than 2 million of its new iPhone 5 smartphones in China during the three days after its launch there on Friday, but the figures did not ease worries about stiffer competition. Apple shares have tumbled nearly 30 percent in about three months.


(Editing by Kenneth Barry)



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Abdessalam Yassine, Leader of Moroccan Opposition Movement, Dies at 84





RABAT, Morocco (AP) — Abdessalam Yassine, the charismatic religious leader of Morocco’s largest opposition movement and a longtime opponent of two Moroccan kings, died on Thursday. He was 84.







Jalil Bounhar/Associated Press

Abdessalam Yassine in 2000.







His death was announced by his movement, Adl wal Ihsan (Justice and Spirituality).


During the Arab Spring, Mr. Yassine’s group was an important part of the pro-democracy movement that demonstrated in the streets for much of 2011 for political reform and an end to corruption.


The bearded and veiled members of his group marched side by side with left-wing and secular activists, calling for less power for the hereditary monarchy and more power for elected officials.


Since the election victory of a moderate Islamist opposition party last month, Mr. Yassine’s movement has largely remained quiet, apparently giving the new government time to enact reforms.


Formed in 1987, Adl wal Ihsan is officially banned but tolerated, though its members are frequently harassed or arrested by the police, and Mr. Yassine spent nine years under house arrest. The movement advocates an Islamic state and an end to the monarchy. Its following is believed to be in the hundreds of thousands.


Born in Marrakesh in 1928, Mr. Yassine worked for the Education Ministry and wrote two books advocating an Islamic state in Morocco before he rose to fame in 1974 by publishing “Islam or the Deluge,” an open letter to King Hassan II. Mr. Yassine accused the king of corruption and subservience to Western mores, questioned whether he was a true Muslim and called on him to step down.


Mr. Yassine was well acquainted with the classics of Western culture, but he did not want to see Morocco slide toward Westernization. He wrote that “our democracy” is not a Western democracy that “begins at pagan Athens and ends in advanced modern societies as a secularist practice, atheistic and immoral.”


After King Hassan died in 1999 and his son assumed the throne as Mohammed VI, Mr. Yassine challenged the new king in a 35-page memorandum, made public the next year, blaming the monarchy for Morocco’s social, economic, and political difficulties.


Nonetheless, King Mohammed released Mr. Yassine from house arrest in May 2000 in a string of gestures intended to show a break with the past.


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8 Christmas Light Shows That Will Rock Your Stockings Off






1. A Christmas Rock Medley



This mind-blowing video comes from South Dakota. Its creator uses the show’s publicity to help raise money for the Make-a-Wish Foundation.






Click here to view this gallery.


[More from Mashable: 63 Digital Media Resources You May Have Missed]


The winter celebration of the evergreen tree is not a modern tradition — it extends back to pre-Christian times and to cultures all over the world.


Maybe your holiday tradition involves stringing thousands of lights across your property for a majestic arrangement. Or perhaps your family just tours the neighborhood to see everyone else’s exhibits. Either way, YouTube is here to provide some sensational seasonal light shows for your viewing and listening pleasure, from festive homes all across the country.


[More from Mashable: 10 Adorable Dog Outfits for the Holidays]


Enjoy these creative displays, and maybe draw a little inspiration for next year’s decorations. If you’re worried about complexity, learn to do it yourself.


Have you seen an unforgettable holiday display we forgot to include? In the spirit of giving, let us know about it in the comments section below.


This story originally published on Mashable here.


Tech News Headlines – Yahoo! News


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Children's Choir Pays Tribute to Shooting Victims on Saturday Night Live









12/16/2012 at 10:30 AM EST







New York City Children's Chorus sings "Silent Night"


NBC


A day after a gunman shot down 20 children and six adults at a Connecticut elementary school, Saturday Night Live pushed comedy aside to pay tribute to the lives lost.

The New York City Children's Chorus opened Saturday's show with an elegant performance of "Silent Night" (watch below). The song was a departure for the humor-driven show that typically kicks off the night with a punchline.

At the closing of the Christmas classic, the chorus turned back to tradition, shouting out, "Live from New York, it's Saturday Night!"

For a nation mourning, it was the episode's only reference to the tragedy at Sandy Hook Elementary School in Newtown, Conn. However, later in the night, the chorus returned to the stage with musical guest Paul McCartney for a performance of "Wonderful Christmas Time."

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Experts: No link between Asperger's, violence


NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.


Asperger's is a mild form of autism often characterized by social awkwardness.


"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.


Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.


A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.


High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.


Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.


"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.


"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.


Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.


Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.


"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.


She said those with Asperger's tend to focus on rules and be very law-abiding.


"There's something more to this," she said. "We just don't know what that is yet."


After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.


__


AP Writer Matt Apuzzo contributed to this report.


___


Online:


Asperger's information: http://1.usa.gov/3tGSp5


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Wall Street Week Ahead: Holiday "on standby" as clock ticks on cliff

NEW YORK (Reuters) - The last two weeks of December are traditionally quiet for stocks, but traders accustomed to a bit of time off are staying close to their mobile devices, thanks to the "fiscal cliff."


Last-minute negotiations in Washington on the so-called fiscal cliff - nearly $600 billion of tax increases and spending cuts set to take effect in January that could cause a sharp slowdown in growth or even a recession - are keeping some traders and analysts from taking Christmas holidays because any deal could have a big impact on markets.


"A lot of firms are saying to their trading desks, 'You can take days off for Christmas, but you are on standby to come in if anything happens.' This is certainly different from previous years, especially around this time of the year when things are supposed to be slowing down," said J.J. Kinahan, chief derivatives strategist at TD Ameritrade in Chicago.


"Next week is going to be a Capitol Hill-driven market."


With talks between President Barack Obama and House Speaker John Boehner at an apparent standstill, it was increasingly likely that Washington will not come up with a deal before January 1.


Gordon Charlop, managing director at Rosenblatt Securities in New York, will also be on standby for the holiday season.


"It's a 'Look guys, let's just rotate and be sensible" type of situation going on," Charlop said.


"We are hopeful there is some resolution down there, but it seems to me they continue to walk that political tightrope... rather than coming up with something."


Despite concerns that the deadline will pass without a deal, the S&P 500 has held its ground with a 12.4 percent gain for the year. For this week, though, the S&P 500 fell 0.3 percent.


BEWARE OF THE WITCH


This coming Friday will mark the last so-called "quadruple witching" day of the year, when contracts for stock options, single stock futures, stock index options and stock index futures all expire. This could make trading more volatile.


"We could see some heavy selling as there is going to be a lot of re-establishing of positions, reallocation of assets before the year-end," Kinahan said.


RETHINKING APPLE


Higher tax rates on capital gains and dividends are part of the automatic tax increases that will go into effect next year, if Congress and the White House don't come up with a solution to avert the fiscal cliff. That possibility could give investors an incentive to unload certain stocks in some tax-related selling by December 31.


Some market participants said tax-related selling may be behind the weaker trend in the stock price of market leader Apple . Apple's stock has lost a quarter of its value since it hit a lifetime high of $705.07 on September 21.


On Friday, the stock fell 3.8 percent to $509.79 after the iPhone 5 got a chilly reception at its debut in China and two analysts cut shipment forecasts. But the stock is still up nearly 26 percent for the year.


"If you owned Apple for a long time, you should be thinking about reallocation as there will be changes in taxes and other regulations next year, although we don't really know which rules to play by yet," Kinahan said.


But one indicator of the market's reduced concern about the fiscal cliff compared with a few weeks ago, is the defense sector, which will be hit hard if the spending cuts take effect. The PHLX Defense Sector Index <.dfx> is up nearly 13 percent for the year, and sits just a few points from its 2012 high.


(Reporting by Angela Moon; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)



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