Wall Street Week Ahead: A lump of coal for "Fiscal Cliff-mas"

NEW YORK (Reuters) - Wall Street traders are going to have to pack their tablets and work computers in their holiday luggage after all.

A traditionally quiet week could become hellish for traders as politicians in Washington are likely to fall short of an agreement to deal with $600 billion in tax hikes and spending cuts due to kick in early next year. Many economists forecast that this "fiscal cliff" will push the economy into recession.

Thursday's debacle in the U.S. House of Representatives, where Speaker John Boehner failed to secure passage of his own bill that was meant to pressure President Obama and Senate Democrats, only added to worry that the protracted budget talks will stretch into 2013.

Still, the market remains resilient. Friday's decline on Wall Street, triggered by Boehner's fiasco, was not enough to prevent the S&P 500 from posting its best week in four.

"The markets have been sort of taking this in stride," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago, which has about $38 billion in assets under management.

"The markets still basically believe that something will be done," he said.

If something happens next week, it will come in a short time frame. Markets will be open for a half-day on Christmas Eve, when Congress will not be in session, and will close on Tuesday for Christmas. Wall Street will resume regular stock trading on Wednesday, but volume is expected to be light throughout the rest of the week with scores of market participants away on a holiday break.

For the week, the three major U.S. stock indexes posted gains, with the Dow Jones industrial average <.dji> up 0.4 percent, the S&P 500 <.spx> up 1.2 percent and the Nasdaq Composite Index <.ixic> up 1.7 percent.

Stocks also have booked solid gains for the year so far, with just five trading sessions left in 2012: The Dow has advanced 8 percent, while the S&P 500 has climbed 13.7 percent and the Nasdaq has jumped 16 percent.

IT COULD GET A LITTLE CRAZY

Equity volumes are expected to fall sharply next week. Last year, daily volume on each of the last five trading days dropped on average by about 49 percent, compared with the rest of 2011 - to just over 4 billion shares a day exchanging hands on the New York Stock Exchange, the Nasdaq and NYSE MKT in the final five sessions of the year from a 2011 daily average of 7.9 billion.

If the trend repeats, low volumes could generate a spike in volatility as traders keep track of any advance in the cliff talks in Washington.

"I'm guessing it's going to be a low volume week. There's not a whole lot other than the fiscal cliff that is going to continue to take the headlines," said Joe Bell, senior equity analyst at Schaeffer's Investment Research, in Cincinnati.

"A lot of people already have a foot out the door, and with the possibility of some market-moving news, you get the possibility of increased volatility."

Economic data would have to be way off the mark to move markets next week. But if the recent trend of better-than-expected economic data holds, stocks will have strong fundamental support that could prevent selling from getting overextended even as the fiscal cliff negotiations grind along.

Small and mid-cap stocks have outperformed their larger peers in the last couple of months, indicating a shift in investor sentiment toward the U.S. economy. The S&P MidCap 400 Index <.mid> overcame a technical level by confirming its close above 1,000 for a second week.

"We view the outperformance of the mid-caps and the break of that level as a strong sign for the overall market," Schaeffer's Bell said.

"Whenever you have flight to risk, it shows investors are beginning to have more of a risk appetite."

Evidence of that shift could be a spike in shares in the defense sector, expected to take a hit as defense spending is a key component of the budget talks.

The PHLX defense sector index <.dfx> hit a historic high on Thursday, and far outperformed the market on Friday with a dip of just 0.26 percent, while the three major U.S. stock indexes finished the day down about 1 percent.

Following a half-day on Wall Street on Monday ahead of the Christmas holiday, Wednesday will bring the S&P/Case-Shiller Home Price Index. It is expected to show a ninth-straight month of gains.

U.S. jobless claims on Thursday are seen roughly in line with the previous week's level, with the forecast at 360,000 new filings for unemployment insurance, compared with the previous week's 361,000.

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

(Reporting by Rodrigo Campos; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

Read More..

Falcons top Lions 31-18 for home-field advantage

DETROIT (AP) — Matt Ryan got what he wanted.

Calvin Johnson was forced to settle for what he could get.

Ryan matched a career high with four touchdown passes, two to Roddy White, to help the Atlanta Falcons beat the Detroit Lions 31-18 Saturday night and earn home-field advantage throughout the NFC playoffs.

"It's great," Ryan said. "Our confidence is high and our experience — good and bad — has helped us. The key is to keep the focus where it's been."

In yet another loss, Johnson had a record-breaking night.

Johnson broke Jerry Rice's NFL single-season yards receiving mark of 1,848. After making the record-breaking catch in the fourth quarter, Johnson jogged over to the sideline and handed the football to his father.

"That was a very special moment," he said.

Johnson also became the only player with 100 yards receiving in eight straight games and the first with 10 receptions in four games in a row in league history. He had 11 receptions for 225 yards, giving him 1,892 this season.

"I've been an NFL fan my whole life, dating back to watching Johnny Unitas and Raymond Berry as a kid, and I've coached in this league for 19 years," Detroit coach Jim Schwartz said. "I've seen a lot of Hall of Famers, but I've never seen a better player than Calvin Johnson.

"He just broke a record set by Jerry Rice, who is arguably the best player in this history of this league."

The Falcons (13-2) pulled away with Ryan's fourth TD pass to wide-open tight end Michael Palmer in the fourth quarter and Matt Bryant's 20-yard field goal with 3:05 left that gave them a 15-point lead.

Ryan was 25 of 32 for 279 yards without a turnover.

The Falcons hope playing at home, potentially throughout the conference playoffs, helps them more than it did after the 2010 and 1980 seasons. The Falcons failed to win a game in either postseason, getting routed by Green Bay two years ago and blowing a double-digit, fourth-quarter lead to Dallas three decades ago.

Atlanta advanced to its only Super Bowl with a win at Minnesota after winning a franchise-record 14 games during the 1998 season.

The Falcons won't have much incentive to match that mark next week at home against Tampa Bay, when they'll have nothing to gain and something to lose if a key player or more gets hurt.

Detroit (4-11) has been relegated to playing for pride this month and that hasn't been going very well.

The Lions, whose seven-game losing streak is the longest skid in the league, haven't struggled this much since the laughingstock of a franchise became the league's first to go 0-16 in 2008.

The Falcons led 21-3 at halftime before letting the Lions pull within five points early in the fourth quarter.

Ryan dashed Detroit's comeback hopes.

Facing intense pressure, he converted a third down in Atlanta territory with a pass to White, picked on rookie cornerback Jonte Green by throwing to Jones to pick up more first downs and found Tony Gonzalez open to convert another third down to set up his fourth TD pass.

"We didn't play well in the third quarter," Atlanta coach Mike Smith said. "Matt made some big throws on that drive."

Stafford was clearly trying to get the ball to Johnson on the next drive and cornerback Asante Samuel figured that out, stepping in front of the receiver for an interception to set up Bryant's field goal.

Atlanta running back Michael Turner was tackled in the end zone, after Detroit turned the ball over on downs, to give the Lions two meaningless points.

Ryan went deep to White for the first score, connecting with him on a 44-yard TD strike with 5:50 left in the first quarter. Ryan threw a short pass to him early in the second quarter and the standout receiver did the rest on a 39-yard sprint down the sideline.

Ryan put his third TD pass where only Julio Jones could catch it a corner of the end zone, and he did on a 16-yard reception that put Atlanta up 21-3.

Detroit didn't give up, a game after being accused of doing just that in a 38-10 loss at Arizona.

Jason Hanson kicked a second field goal late in the first half to make it 21-6.

After Atlanta opened the second half with a three-and-out drive, Mikel Leshoure scored on a 1-yard run midway through the third quarter to pull the Lions with eight points.

Hanson's third field goal made it 21-16.

Stafford finished 37 of 56 for 443 yards with an interception and the Lions say he set an NFL record for the most yards passing in a game without throwing a TD pass.

Detroit dug a big hole because the Falcons scored two TDs off turnovers in the first half.

Defensive end Kroy Biermann forced running Leshoure to fumble, giving the Falcons the ball at their 31 and they took advantage. Ryan's perfectly lofted pass to White's fingertips converted a third-and-1 in a big way, putting the Falcons ahead.

The Lions responded with another drive into Atlanta territory, but stalled and had to settle for Hanson's 34-yard field goal in the final minute of the opening quarter to pull within four points.

Atlanta earned a double-digit lead on the ensuing drive.

Ryan threw a screen pass to his left to White, who got a great block from tight end Gonzalez, and the receiver raced untouched for a score that put the Falcons ahead 14-3.

White finished with eight receptions for 153 yards and two TDs. Jones had seven receptions for 71 yards and a score.

Ryan completed his first 12 attempts and, after his first incomplete pass, he converted a third-and-10 with an 11-yard toss to Jacquizz Rodgers. Two plays later, Ryan matched a season high with a third TD pass on the connection with Jones. Prior to the game, Ryan hadn't started a game with more than 10 consecutive completions, according to STATS LLC. He started 10 for 10 last month against Tampa Bay.

Johnson had three receptions for 70 yards in the first quarter, breaking Herman Moore's single-season franchise record for yards receiving.

By halftime, Johnson had 117 yards receiving. He had 100 yards receiving for an eighth straight game, breaking a record set by Charley Hennigan in 1961 and matched by Michael Irvin in 1995. It was Johnson's 11th game with 100 yards receiving this season, tying Irvin's NFL mark.

"Calvin is one of the best players in the game and I think everybody is a big fan of his," Ryan said. "He's one of the most genuinely nice people you could meet."

Stafford connected with Johnson on a short crossing route and the receiver did the rest, outrunning Falcons on a 49-yard gain. Fittingly, the Lions turned the ball over on the next snap in the latest lowlight in a season full of them.

The Lions, Falcons and fans at Ford Field in Detroit honored the victims of the shootings at Sandy Hook Elementary School before the game. Players had memorial decals on their helmets that read "S.H.E.S." in white on a black background, and Detroit's coaches wore pins with a similar design. There was also a moment of silence before the national anthem while the names and ages of each victim were shown on the videoboards. Twenty children and six adults were killed in the Dec. 14 shooting in Newtown, Conn. Adam Lanza killed his mother, shot students and staff, then killed himself.

NOTES: Stafford, in his fourth season, has 1,090 career completions to surpass Bobby Layne's franchise record of 1,074. Stafford is seven attempts away from surpassing the NFL's single-season mark of 691 set by Drew Bledsoe with New England in 1994. ... Backup Falcons CB Christopher Owens had a hamstring injury.

___

Online: http://pro32.ap.org/poll and http://twitter.com/AP_NFL

___

Follow Larry Lage on Twitter: http://twitter.com/larrylage

Read More..

Fossil of Long-Extinct Whale Found on Seafloor

Researchers diving off the coast of Georgia may have found the remains of an Atlantic gray whale, a relic of a population that was hunted to extinction by the 18th century.

But this particular specimen died long before whalers became a threat. Carbon dating showed that the fossil, a left jawbone, is about 36,000 years old.

The big bone was first discovered along with two badly eroded vertebrae near Gray’s Reef National Marine Sanctuary about 20 miles (32 kilometers) off southeast Georgia in 2008. It took the researchers two years to pull out all of the pieces of the fossil, which was embedded in layers of shell and sand 70 feet (21 meters) below the surface. The jawbone was recovered in sections and measures 5 feet (1.5 m) in length.

The researchers say the bone is clearly from a baleen whale — or whales that use baleen plates in their mouths to filter meals of tiny organisms out of seawater — and looks very similar to that of the gray whale, Eschrichtius robustus. This species is only locally extinct. Gray whales can be found today in quite strong numbers, but only in the Pacific Ocean, and even these had once teetered on the brink of extinction during eras when the whaling industry reigned.

Scientists previously believed that the Atlantic gray whale had been a distinct species. But recent research has shown these vanished whales and the living ones in the Pacific are actually one in the same.

“The California grays looked exactly like the bones that were dug up in Scandinavia back in the 19th century,” Ervan Garrison, a geoarchaeology professor at the University of Georgia, said in a statement, describing it as “one of the first instances where a living species was named based on the fossil evidence.”

The new specimen’s age of approximately 36,570 years old makes it one of the oldest fossil finds in the western Atlantic basin, the researchers say. And if the find indeed represents a Pleistocene-age gray whale, its oldest counterpart is a specimen found on the southern North Sea dating to 42,800 years ago.

The research was detailed online last month in the journal Paleontologica Electronica.

Follow LiveScience on Twitter @livescience. We’re also on Facebook & Google+.

Copyright 2012 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Science News Headlines – Yahoo! News

Title Post: Fossil of Long-Extinct Whale Found on Seafloor
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Senators slam movie's torture scenes

In the new film "Zero Dark Thirty," Jessica Chastain plays a CIA analyst who is part of the team hunting Osama bin Laden.

STORY HIGHLIGHTS

• Sens. Feinstein, McCain, Levin send letter calling new film "grossly inaccurate"


• Letter adds to controversy over depiction of torture as a key to finding bin Laden, Bergen says


• Senate committee has approved 6,000-page classified report on CIA interrogations program


• Bergen says as much as possible of that report should be released to the public

Editor's note: Peter Bergen is a CNN national security analyst and author of "Manhunt: The Ten-Year Search for bin Laden, from 9/11 to Abbottabad."

(CNN) -- On Wednesday, three senior U.S. senators sent Michael Lynton, the CEO of Sony Pictures, a letter about "Zero Dark Thirty," the much-discussed new movie about the hunt for Osama bin Laden, which described the film as "grossly inaccurate and misleading."

In the letter, Senate Intelligence Committee Chairman Dianne Feinstein, D-California, Senate Armed Services Committee Chairman Carl Levin, D-Michigan, and Sen. John McCain, R-Arizona, expressed their "deep disappointment" in the movie's depiction of CIA officers torturing prisoners, which "credits these detainees with providing critical lead information" about the courier who led the CIA to bin Laden's hiding place in northern Pakistan.

The senators point out that the filmmakers of "Zero Dark Thirty" open the movie with the words that it is "based on first-hand accounts of actual events." The film then goes on, the senators say, to give the clear implication "that the CIA's coercive interrogation techniques were effective in eliciting important information related to a courier for Usama Bin Laden."

Review: 'Zero Dark Thirty' is utterly gripping

Peter Bergen

The senators write that this is not supported by the facts: "We have reviewed CIA records and know that this is incorrect."

Last week, the Senate Intelligence Committee voted to sign off on the findings of its three-year study of the CIA's detention and interrogation program, during the course of which the committee's staff reviewed more than 6 million pages of records about the program.

Based on the findings of that review, Sens. Feinstein and Levin had released a statement eight months ago that said, "The CIA did not first learn about the existence of the Usama Bin Laden courier from CIA detainees subjected to coercive interrogation techniques. Nor did the CIA discover the courier's identity from detainees subjected to coercive techniques. ... Instead, the CIA learned of the existence of the courier, his true name and location through means unrelated to the CIA detention and interrogation program."

In their letter to Sony, the three senators write, "(W)ith the release of Zero Dark Thirty, the filmmakers and your production studio are perpetuating the myth that torture is effective. ... We believe that you have an obligation to state that the role of torture in the hunt for Usama Bin Laden is not based on the facts."

Requests from Sony Pictures for comment on the senators' letter yielded a response referring to a statement that the film's director Kathryn Bigelow and screenwriter Mark Boal had released last week:

"This was a 10-year intelligence operation brought to the screen in a two-and-a-half-hour film. We depicted a variety of controversial practices and intelligence methods that were used in the name of finding bin Laden. The film shows that no single method was necessarily responsible for solving the manhunt, nor can any single scene taken in isolation fairly capture the totality of efforts the film dramatizes. One thing is clear: the single greatest factor in finding the world's most dangerous man was the hard work and dedication of the intelligence professionals who spent years working on this global effort. We encourage people to see the film before characterizing it."

'Zero Dark Thirty' puts U.S. interrogation back in the spotlight

"Zero Dark Thirty" does indeed show many scenes of the various forms of sleuthing at the CIA that were necessary to track down al Qaeda's leader.

But the statement from the filmmakers does not address the fact that eight months ago, the chairman of the Senate Intelligence Committee had publicly said that based on an exhaustive investigation, there was no evidence that coercive interrogations helped lead to bin Laden's courier -- which is clearly what the film suggests, no matter what retrospective gloss the filmmakers now wish to apply to the issue.

Nor does the statement indicate if Sony plans to put a disclaimer at the beginning of "Zero Dark Thirty" explaining that the role of coercive interrogations in tracking down bin Laden that is shown in the film is not supported by the facts.

As I outlined in a piece on CNN.com 10 days ago assessing the role that coercive interrogations might have played in the hunt for bin Laden, about half an hour of the start of "Zero Dark Thirty" consists of scenes of a bloodied al Qaeda detainee strung to the ceiling with ropes who is beaten; forced to wear a dog collar while crawling around attached to a leash; stripped naked in the presence of a female CIA officer; blasted with heavy metal music so he is deprived of sleep; forced to endure multiple crude waterboardings; and locked into a coffin-like wooden crate.

These are the scenes that will linger with filmgoers, far more than the scene in the movie where two CIA analysts discuss what will prove to be a key lead to bin Laden that surfaces in an old file. Brutal interrogations, of course, make for a better movie than a discussion at the office.

It is only after systematic abuse by his CIA interrogators in "Zero Dark Thirty" that the al Qaeda detainee is tricked into believing that he has already given up key information, and he starts cooperating and tells them about a man known as Abu Ahmed al-Kuwaiti, who ultimately proves to be bin Laden's courier.

Acting CIA director Michael Morell, in a letter to CIA employees on Friday, took strong exception to this portrayal of how bin Laden was found:

"The film creates the strong impression that the enhanced interrogation techniques that were part of our former detention and interrogation program were the key to finding Bin Ladin. That impression is false. As we have said before, the truth is that multiple streams of intelligence led CIA analysts to conclude that Bin Ladin was hiding in Abbottabad. Some came from detainees subjected to enhanced techniques, but there were many other sources as well. "

"Zero Dark Thirty" opened Wednesday in New York and Los Angeles and will open nationwide in the second week in January.

Let's hope that the attention that "Zero Dark Thirty" has directed to the issue of what kind of intelligence was derived from the CIA's coercive interrogations will help to put pressure on the White House and the CIA to release to the public as much as possible of the presently classified 6,000-page report by the Senate Intelligence Committee that examines this issue.

_____________

Full disclosure: Along with other national security experts, as an unpaid adviser I screened an early cut of "Zero Dark Thirty." We advised that al Qaeda detainees held at secret CIA prison sites overseas were certainly abused, but they were not beaten to a pulp, as was presented in this early cut. Screenwriter Mark Boal told CNN as a result of this critique, some of the bloodier scenes were "toned down" in the final cut. I also saw this final cut of the film. Finally, HBO is making a theatrical release documentary which will be out in 2013 based on my book about the hunt for bin Laden entitled "Manhunt."

Follow @CNNOpinion on Twitter.

Join us at Facebook/CNNOpinion.

Read More..

Police, FBI search for Batavia bank robber

Surveillance photos of a man wanted in connection with a Saturday bank robbery in Batavia. (Photos from Batavia police and FBI / December 23, 2012)

Staff report

8:14 a.m. CST, December 23, 2012

Batavia police and the FBI are looking for an armed man who robbed a bank in the west suburban city Saturday morning.

According to a press release from the city, the man, who displayed a black semi-automatic handgun, robbed Old Second National Bank, 1078 E. Wilson St., at 10:08 a.m. Saturday.

The man, who got away with an undisclosed amount of money, is described in the release as being a white male, approximately 25-30 years old, standing 5 feet 9 inches to 5 feet 10 inches tall wearing blue jeans and a black hooded sweatshirt with the hood pulled over his head and a black scarf covering his face.

After the robbery, he left the area in a white or light-colored smaller 4-door sedan, the release said.

Anyone with information is asked to contact the Batavia police (630-454-2500) or the FBI (312-421-6700).

chicagobreaking@tribune.com

Twitter: @ChicagoBreaking

Read More..

Egyptians back new constitution in referendum

CAIRO (Reuters) - An Islamist-backed Egyptian constitution won approval in a referendum, rival camps said on Sunday, after a vote the opposition said would sow deep social divisions in the Arab world's most populous nation.

The Islamist Muslim Brotherhood, which propelled President Mohamed Mursi to power in a June election, said an unofficial tally showed 64 percent of voters backed the charter after two rounds of voting that ended with a final ballot on Saturday.

An opposition official also told Reuters their unofficial count showed the result was a "yes" vote, while party spokesmen said there had been a series of abuses during the voting.

The main opposition coalition, the National Salvation Front, responded to the defeat by saying it was moving towards forming a single political party to challenge the Islamists who have dominated the ballot box since strongman Hosni Mubarak was overthrown two years ago.

Members of the opposition, taking heart from a low turnout of about 30 percent of voters, pledged to keep up pressure on Mursi through peaceful protests and other democratic means.

"The referendum is not the end of the road," said Khaled Dawoud, a spokesman for the National Salvation Front. "It is only the beginning of a long struggle for Egypt's future."

The referendum committee may not declare official results for the two rounds until Monday, after hearing appeals. If the outcome is confirmed, a parliamentary election will follow in about two months.

Mursi's Islamist backers say the constitution is vital for the transition to democracy, nearly two years after Mubarak was ousted in a popular uprising. It will provide the stability needed to help a fragile economy, they say.

The constitution was "a historic opportunity to unite all national powers on the basis of mutual respect and honest dialogue for the sake of stabilizing the nation," the Brotherhood said in a statement.

RECIPE FOR UNREST

The opposition accuses Mursi of pushing through a text that favors Islamists and ignores the rights of Christians, who make up about 10 percent of the population, as well as women. They say it is a recipe for further unrest.

The opposition said voting in both rounds was marred by abuses. However, an official said the overall vote favored the charter.

"The majority is not big and the minority is not small," liberal politician Amr Hamzawy said, adding that the National Salvation Front would use "all peaceful, democratic means" such as protests to challenge the constitution.

The vote was split over two days as many judges had refused to supervise the ballot, making a single day of voting impossible.

During the build-up to the vote there were deadly protests, sparked by Mursi's decision to award himself extra powers in a November 22 decree and then to fast-track the constitutional vote.

The new basic law sets a limit of two four-year presidential terms. It says the principles of sharia, Islamic law, remain the main source of legislation but adds an article to explain this. It also says Islamic authorities will be consulted on sharia - a source of concern to Christians and others.

ABUSES

Rights groups reported what they said were illegalities in voting procedures. They said some polling stations opened late, that Islamists illegally campaigned at some polling places, and complained of irregularities in voter registration.

But the committee overseeing the two-stage vote said its investigations showed no major irregularities in voting on December 15, which covered about half of Egypt's 51 million voters. About 25 million were eligible to vote in the second round.

The Brotherhood said turnout was about a third of voters.

The opposition says the constitution will stir up more trouble on the streets since it has not received sufficiently broad backing for a document that should be agreed by consensus, and raised questions about the fairness of the vote.

In the first round, the district covering most of Cairo voted "no," which opponents said showed the depth of division.

"I see more unrest," said Ahmed Said, head of the liberal Free Egyptians Party and a member of the opposition Front.

He cited "serious violations" on the first day of voting, and said anger against Mursi was growing. "People are not going to accept the way they are dealing with the situation."

At least eight people were killed in protests outside the presidential palace in Cairo this month. Islamists and rivals clashed in Alexandria, the second-biggest city, on the eves of both voting days.

(Writing by Edmund Blair and Giles Elgood; editing by Philippa Fletcher)

Read More..

Wall Street Week Ahead: A lump of coal for "Fiscal Cliff-mas"

NEW YORK (Reuters) - Wall Street traders are going to have to pack their tablets and work computers in their holiday luggage after all.

A traditionally quiet week could become hellish for traders as politicians in Washington are likely to fall short of an agreement to deal with $600 billion in tax hikes and spending cuts due to kick in early next year. Many economists forecast that this "fiscal cliff" will push the economy into recession.

Thursday's debacle in the U.S. House of Representatives, where Speaker John Boehner failed to secure passage of his own bill that was meant to pressure President Obama and Senate Democrats, only added to worry that the protracted budget talks will stretch into 2013.

Still, the market remains resilient. Friday's decline on Wall Street, triggered by Boehner's fiasco, was not enough to prevent the S&P 500 from posting its best week in four.

"The markets have been sort of taking this in stride," said Sandy Lincoln, chief market strategist at BMO Asset Management U.S. in Chicago, which has about $38 billion in assets under management.

"The markets still basically believe that something will be done," he said.

If something happens next week, it will come in a short time frame. Markets will be open for a half-day on Christmas Eve, when Congress will not be in session, and will close on Tuesday for Christmas. Wall Street will resume regular stock trading on Wednesday, but volume is expected to be light throughout the rest of the week with scores of market participants away on a holiday break.

For the week, the three major U.S. stock indexes posted gains, with the Dow Jones industrial average <.dji> up 0.4 percent, the S&P 500 <.spx> up 1.2 percent and the Nasdaq Composite Index <.ixic> up 1.7 percent.

Stocks also have booked solid gains for the year so far, with just five trading sessions left in 2012: The Dow has advanced 8 percent, while the S&P 500 has climbed 13.7 percent and the Nasdaq has jumped 16 percent.

IT COULD GET A LITTLE CRAZY

Equity volumes are expected to fall sharply next week. Last year, daily volume on each of the last five trading days dropped on average by about 49 percent, compared with the rest of 2011 - to just over 4 billion shares a day exchanging hands on the New York Stock Exchange, the Nasdaq and NYSE MKT in the final five sessions of the year from a 2011 daily average of 7.9 billion.

If the trend repeats, low volumes could generate a spike in volatility as traders keep track of any advance in the cliff talks in Washington.

"I'm guessing it's going to be a low volume week. There's not a whole lot other than the fiscal cliff that is going to continue to take the headlines," said Joe Bell, senior equity analyst at Schaeffer's Investment Research, in Cincinnati.

"A lot of people already have a foot out the door, and with the possibility of some market-moving news, you get the possibility of increased volatility."

Economic data would have to be way off the mark to move markets next week. But if the recent trend of better-than-expected economic data holds, stocks will have strong fundamental support that could prevent selling from getting overextended even as the fiscal cliff negotiations grind along.

Small and mid-cap stocks have outperformed their larger peers in the last couple of months, indicating a shift in investor sentiment toward the U.S. economy. The S&P MidCap 400 Index <.mid> overcame a technical level by confirming its close above 1,000 for a second week.

"We view the outperformance of the mid-caps and the break of that level as a strong sign for the overall market," Schaeffer's Bell said.

"Whenever you have flight to risk, it shows investors are beginning to have more of a risk appetite."

Evidence of that shift could be a spike in shares in the defense sector, expected to take a hit as defense spending is a key component of the budget talks.

The PHLX defense sector index <.dfx> hit a historic high on Thursday, and far outperformed the market on Friday with a dip of just 0.26 percent, while the three major U.S. stock indexes finished the day down about 1 percent.

Following a half-day on Wall Street on Monday ahead of the Christmas holiday, Wednesday will bring the S&P/Case-Shiller Home Price Index. It is expected to show a ninth-straight month of gains.

U.S. jobless claims on Thursday are seen roughly in line with the previous week's level, with the forecast at 360,000 new filings for unemployment insurance, compared with the previous week's 361,000.

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

(Reporting by Rodrigo Campos; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

Read More..

Douglas wins AP female athlete of the year honors

When Gabby Douglas allowed herself to dream of being the Olympic champion, she imagined having a nice little dinner with family and friends to celebrate. Maybe she'd make an appearance here and there.

"I didn't think it was going to be crazy," Douglas said, laughing. "I love it. But I realized my perspective was going to have to change."

Just a bit.

The teenager has become a worldwide star since winning the Olympic all-around title in London, the first African-American gymnast to claim gymnastics' biggest prize. And now she has earned another honor. Douglas was selected The Associated Press' female athlete of the year, edging out swimmer Missy Franklin in a vote by U.S. editors and news directors that was announced Friday.

"I didn't realize how much of an impact I made," said Douglas, who turns 17 on Dec. 31. "My mom and everyone said, 'You really won't know the full impact until you're 30 or 40 years old.' But it's starting to sink in."

In a year filled with standout performances by female athletes, those of the pint-sized gymnast shined brightest. Douglas received 48 of 157 votes, seven more than Franklin, who won four gold medals and a bronze in London. Serena Williams, who won Wimbledon and the U.S. Open two years after her career was nearly derailed by a series of health problems, was third (24).

Britney Griner, who led Baylor to a 40-0 record and the NCAA title, and skier Lindsey Vonn each got 18 votes. Sprinter Allyson Felix, who won three gold medals in London, and Carli Lloyd, who scored both U.S. goals in the Americans' 2-1 victory over Japan in the gold-medal game, also received votes.

"One of the few years the women's (Athlete of the Year) choices are more compelling than the men's," said Julie Jag, sports editor of the Santa Cruz Sentinel.

Douglas is the fourth gymnast to win one of the AP's annual awards, which began in 1931, and first since Mary Lou Retton in 1984. She also finished 15th in voting for the AP sports story of the year.

Douglas wasn't even in the conversation for the Olympic title at the beginning of the year. That all changed in March when she upstaged reigning world champion and teammate Jordyn Wieber at the American Cup in New York, showing off a new vault, an ungraded uneven bars routine and a dazzling personality that would be a hit on Broadway and Madison Avenue.

She finished a close second to Wieber at the U.S. championships, then beat her two weeks later at the Olympic trials. With each competition, her confidence grew. So did that smile.

By the time the Americans got to London, Douglas had emerged as the most consistent gymnast on what was arguably the best team the U.S. has ever had.

She posted the team's highest score on all but one event in qualifying. She was the only gymnast to compete in all four events during team finals, when the Americans beat the Russians in a rout for their second Olympic title, and first since 1996. Two nights later, Douglas claimed the grandest prize of all, joining Retton, Carly Patterson and Nastia Liukin as what Bela Karolyi likes to call the "Queen of Gymnastics."

But while plenty of other athletes won gold medals in London, none captivated the public quite like Gabby.

Fans ask for hugs in addition to photographs and autographs, and people have left restaurants and cars upon spotting her. She made Barbara Walters' list of "10 Most Fascinating People," and Forbes recently named her one of its "30 Under 30." She has deals with Nike, Kellogg Co. and AT&T, and agent Sheryl Shade said Douglas has drawn interest from companies that don't traditionally partner with Olympians or athletes.

"She touched so many people of all generations, all diversities," Shade said. "It's her smile, it's her youth, it's her excitement for life. ... She transcends sport."

Douglas' story is both heartwarming and inspiring, its message applicable those young or old, male or female, active or couch potato. She was just 14 when she convinced her mother to let her leave their Virginia Beach, Va., home and move to West Des Moines, Iowa, to train with Liang Chow, Shawn Johnson's coach. Though her host parents, Travis and Missy Parton, treated Douglas as if she was their fifth daughter, Douglas was so homesick she considered quitting gymnastics.

She's also been open about her family's financial struggles, hoping she can be a role model for lower income children.

"I want people to think, 'Gabby can do it, I can do it,'" Douglas said. "Set that bar. If you're going through struggles or injuries, don't let it stop you from what you want to accomplish."

The grace she showed under pressure — both on and off the floor — added to her appeal. When some fans criticized the way she wore her hair during the Olympics, Douglas simply laughed it off.

"They can say whatever they want. We all have a voice," she said. "I'm not going to focus on it. I'm not really going to focus on the negative."

Besides, she's having far too much fun.

Her autobiography, "Grace, Gold and Glory," is No. 4 on the New York Times' young adult list. She, Wieber and Fierce Five teammates Aly Raisman and McKayla Maroney recently wrapped up a 40-city gymnastics tour. She met President Barack Obama last month with the rest of the Fierce Five, and left the White House with a souvenir.

"We got a sugar cookie that they were making for the holidays," Douglas said. "I took a picture of it."

Though her busy schedule hasn't left time to train, Douglas insists she still intends to compete through the Rio de Janeiro Olympics in 2016.

No female Olympic champion has gone on to compete at the next Summer Games since Nadia Comaneci. But Douglas is still a relative newcomer to the elite scene — she'd done all of four international events before the Olympics — and Chow has said she hasn't come close to reaching her full potential. She keeps up with Chow through email and text messages, and plans to return to Iowa after her schedule clears up in the spring.

Of course, plenty of other athletes have said similar things and never made it back to the gym. But Douglas is determined, and she gets giddy just talking about getting a new floor routine.

"I think there's even higher bars to set," she said.

Because while being an Olympic champion may have changed her life, it hasn't changed her.

"I may be meeting cool celebrities and I'm getting amazing opportunities," she said. "But I'm still the same Gabby."

___

AP Projects Editor Brooke Lansdale contributed to this report.

Read More..

Wild Weather Upends Holiday Travel

Snow, wind and rain have disrupted holiday travel plans across the Midwest, South and Northeast in the past two days, prompting reports of 200 severe weather incidents and four tornadoes.

Lashing winds and blowing snow stretched from Nebraska to Michigan overnight, shutting down major highways across the region as drivers struggled to stay on the road. At least 1,000 accidents have been reported, with one north of Des Moines where at least 25 vehicles slammed into each other. There were so many accidents in Iowa that the National Guard was called in to help motorists, including pre-teen Isaac Wilson.

“The U.S. Army came and put us in this really fancy truck, and we got blankets and snacks and drove all the way here,” Wilson of Millard, Iowa, told ABC News.

Two tornadoes reportedly touched down in Arkansas, while one was reported in Alabama and another in Florida. The most significant damage was from a tornado in Mobile, Ala., with winds of 86 to 110 mph and a path length of 7 miles.

Severe storms have moved off shore today and the Southeast and the Gulf Coast are expected to dry out.

Up to 20 inches of snow fell in Madison, Wis., while up to 14 inches fell in Iowa. Madison, Dubuque, Iowa, and Des Moines all had daily record snowfall Thursday. The University of Wisconsin cancelled some final exams.

In Chicago, the rain finally changed to snow, but the precipitation has almost ended, so less than a half an inch of snow has accumulated at O’Hare Airport. Still, there were 600 flight cancellations reported Thursday, as people struggle with pre-Christmas travel.

Snow is coming to an end in Chicago, and most of the Midwest. A few more inches are still possible for Indianapolis, Detroit, Cleveland and Pittsburgh.

Thirteen states from Iowa to Maine are under winter-weather watches, warnings and advisories.

In the Northeast, high-wind warnings have been posted for major cities, from Washington, D.C., to New York and Boston, with some minor damage and power outages possible.

ABC News’ Max Golembo and Ginger Zee contributed to this report.

Also Read
Weather News Headlines – Yahoo! News

Title Post: Wild Weather Upends Holiday Travel
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment

Read More..

Will media stay on gun story?

STORY HIGHLIGHTS

• Howard Kurtz: Conventional wisdom is that media will lose interest in guns


• He says that's been the pattern of media behavior after Columbine, other shootings


• This time seems like it might be different, he says


• Kurtz: Reporters profoundly shaken by story, should stay on it

Editor's note: Howard Kurtz is the host of CNN's "Reliable Sources" and is Newsweek's Washington bureau chief. He is also a contributor to the website Daily Download.

(CNN) -- The conventional wisdom is that Newtown has just a few more days to run as a major media story.

The reporters are pulling out of the grief-stricken Connecticut town, which means no more live shots every hour. The White House press corps responded to President Obama's announcement Wednesday of a task force on gun control with the first three reporters asking about the impending fiscal cliff. And after every previous mass shooting, from Columbine to Aurora, the media's attention has soon drifted away.

But I believe this time will be different.

Howard Kurtz

I believe the horror of 20 young children being gunned down has pricked the conscience of those in the news business, along with the rest of America.

I could be wrong, of course. The press is notorious for suffering from ADD.

But every conversation I've had with journalists has quickly drifted to this subject and just as quickly turned intense. Most have talked about how their thoughts have centered on their children, and grandchildren, and the unspeakable fear of anything happening to them. All have spoken about how hard it is to watch the coverage, and many have recalled crying as they watch interviews with the victims' families, or even when Obama teared up while addressing the nation.

Watch: Blaming Jon Stewart for the Newtown Shootings?

I've watched Fox's Megyn Kelly choke back tears on the air after watching an interview from Newtown. I've heard CNN's Don Lemon admit that he is on the verge of crying all the time. I've seen MSNBC's Joe Scarborough, a former Republican congressman, say that day in Connecticut "changed everything" and prompted him to rethink his longstanding opposition to gun control, which earned him top ratings from the NRA.

Maybe Newtown will be the 9/11 of school safety.

Watch: Media Fantasy: Touting Ben Affleck (Uh Huh) for the Senate

The media paid scant attention to gun control in the past, in part because of a conviction that the NRA would block any reform on Capitol Hill. At the same time, they took their cue from the fact that officeholders in both parties were avoiding the issue at all costs—Republicans because they mainly support the status quo, Democrats because they mostly deem it political poison.

But since when is it our job solely to take dictation from pols? When it comes to subjects like climate change and same-sex marriage, the press has been out ahead of the political establishment. Given the carnage in Newtown as the latest example, journalists should demand whether we can do better. The fact that Obama now promises to submit gun legislation to Congress will help the narrative, but it shouldn't be a mandatory requirement for coverage.

Watch: From Joe Scarborough to Rush Limbaugh, the conservative media meltdown

This is not a plea for a press-driven crusade for gun control. In fact, it's imperative that journalists be seen as honest brokers who are fair to all sides. MSNBC anchor Thomas Roberts, in an interview with Republican Rep. Jack Kingston of Georgia, who opposes gun restrictions, said: "So we need to just be complacent in the fact that we can send our children to school to be assassinated." That is demonization, just as some conservative pundits are unfairly accusing liberal commentators who push for gun control of "politicizing" a tragedy or of pushing God out of the public schools.

The question of school safety extends beyond guns to mental illness and societal influences. With even some NRA supporters asking why law-abiding hunters need automatic rifles with high-capacity magazines, it's time for a nuanced debate that goes beyond the usual finger-pointing. Bob Costas got hammered for using an NFL murder-suicide to raise the gun issue during a halftime commentary, but he was right to broach the subject.

Here is where the media have not just an opportunity but a responsibility. The news business has no problem giving saturation coverage to such salacious stories as David Petraeus' dalliance with Paula Broadwell. Isn't keeping our children safe from lunatics far more important by an order of magnitude?

I think the press is up to the challenge. Based on what I've heard in the voices of people in the profession, they will not soon forget what happened in Newtown. And they shouldn't let the rest of us forget either.

Follow @CNNOpinion on Twitter

Join us at Facebook/CNNOpinion

The opinions expressed in this commentary are solely those of Howard Kurtz.

Read More..