Wall Street drifts after two-day run, Dow record in sight

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NEW YORK (Reuters) - U.S. stocks edged higher on Thursday with investors hard-pressed to lift indexes to multi-year highs despite strong economic data.


The U.S. economy ticked up in the fourth quarter, reversing an earlier estimate showing contraction, and a drop in new claims for unemployment benefits last week added to a string of data that suggests the economy improved early this year.


Still, the positive revision to GDP data was expected and the claims continue a trend that is baked into prices. The market lacks catalysts as it digests its recent move higher, according to Kevin Caron, market strategist at Stifel, Nicolaus & Co in Florham Park, New Jersey, where he helps oversee $120 billion in assets under management.


"That's why I think you're seeing a fairly listless trading environment today," Caron said.


The Dow was within striking distance of a record high after a more than 7 percent year-to-date run. The Dow transports index <.djt>, seen as a bet on future growth, is up almost 13 percent this year and hit a record intraday high Thursday before turning slightly negative.


The Dow Jones industrial average <.dji> rose 14.79 points or 0.11 percent, to 14,090.16, the S&P 500 <.spx> gained 3.12 points or 0.21 percent, to 1,519.11 and the Nasdaq Composite <.ixic> added 9.13 points or 0.29 percent, to 3,171.39.


The Dow's intraday record, set October 11, 2007, stands at 14,198.10.


The S&P 500 has gained more than 2 percent in the past three sessions.


Equity markets suffered steep losses earlier in the week on concerns over the impact of an Italian election on the European economy, but bounced back on strong data and recent comments by Federal Reserve Chairman Ben Bernanke that showed continued support for the Fed's economic stimulus policy.


J.C. Penney Co Inc slumped 17.9 percent to $17.38 after the department store reported a steep drop in sales on Wednesday. Groupon Inc also slumped on weak revenue, with the stock off 20 percent at $4.76.


Cablevision shares tumbled nearly 10 percent after the cable provider took a $100 million hit on costs related to Superstorm Sandy and posted deeper video customer losses than expected.


Mylan Inc shares were on track to close at their highest ever after the generic drugmaker posted a 25 percent rise in fourth-quarter profit and said it will buy a unit of India's Strides Arcolab Ltd. Shares were last up 3.8 percent at $29.66.


Investors were keeping an eye on the debate in Washington over U.S. government budget cuts that will take effect starting Friday if lawmakers fail to reach agreement on spending and taxes. President Barack Obama and Republican congressional leaders arranged last-ditch talks to prevent the cuts, but expectations were low that any deal would emerge.


With 93 percent of the S&P 500 companies having reported results so far, 69.5 percent have beaten profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6.2 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


(Reporting by Rodrigo Campos, additional reporting by Ryan Vlastelica; Editing by Nick Zieminski)



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The Lede: Video of Pope Benedict’s Public Farewell

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An English translation from the Vatican of Pope Benedict XVI’s last general audience before his formal resignation on Thursday.

As our colleagues, Rachel Donadio and Alan Cowell report, Pope Benedict XVI held his final general audience in St. Peter’s Square on Wednesday, a day before he withdraws from the public for a cloistered life of prayer and meditation.

Before tens of thousands of people gathered in the square, the pope acknowledged the difficulties he faced during his papacy, describing “moments of joy and light but also moments that were not easy.”

From the full text of his address:

When, almost eight years ago, on April 19th, [2005], I agreed to take on the Petrine ministry, I held steadfast in this certainty, which has always accompanied me. In that moment, as I have already stated several times, the words that resounded in my heart were: “Lord, what do you ask of me? It a great weight that You place on my shoulders, but, if You ask me, at your word I will throw out the nets, sure that you will guide me” – and the Lord really has guided me. He has been close to me: daily could I feel His presence.

[These years] have been a stretch of the Church’s pilgrim way, which has seen moments joy and light, but also difficult moments. I have felt like St. Peter with the Apostles in the boat on the Sea of Galilee: the Lord has given us many days of sunshine and gentle breeze, days in which the catch has been abundant; [then] there have been times when the seas were rough and the wind against us, as in the whole history of the Church it has ever been – and the Lord seemed to sleep. Nevertheless, I always knew that the Lord is in the barque, that the barque of the Church is not mine, not ours, but His – and He shall not let her sink. It is He, who steers her: to be sure, he does so also through men of His choosing, for He desired that it be so. This was and is a certainty that nothing can tarnish. It is for this reason, that today my heart is filled with gratitude to God, for never did He leave me or the Church without His consolation, His light, His love.

On Twitter, the pope’s account, @Pontifex, which has more than 1.5 million followers, posted:

Shortly after he announced his resignation, he asked on Twitter for people “to pray for me and for the church, trusting as always in divine providence.”

From St. Peter’s Square, people posted photographs from the crowd, including a shot of the pope arriving in the so-called popemobile, on his way to deliver his final farewell.

Pius Pietrzyk, a Dominican priest from the United States, shared multiple photos from the square on his blog, and wrote about his experience in the square and the words in the pope’s farewell address that touched him the most.

I followed what I could of the audience in Italian. (It is already available online.) A number of lines struck me, but more than anything else probably was when he said, “the Barque of the Church is not mine, it’s not ours, it’s His and he will not let it flounder.”

As my colleague, Laurie Goodstein reports, the church faces, among its many challenges as cardinals gather to select a new pope, the wounds caused by sexual abuse cases involving minors all over the world that have been mishandled for years.

In St. Peter’s Square, the pope also spoke briefly in English to the crowd.

The pope spoke in English, and asked Catholics to pray for both him and the new pope.

I offer a warm and affectionate greeting to the English-speaking pilgrims and visitors who have joined me for this, my last General Audience. Like Saint Paul, whose words we heard earlier, my heart is filled with thanksgiving to God who ever watches over his Church and her growth in faith and love, and I embrace all of you with joy and gratitude. During this Year of Faith, we have been called to renew our joyful trust in the Lord’s presence in our lives and in the life of the Church. I am personally grateful for his unfailing love and guidance in the eight years since I accepted his call to serve as the Successor of Peter. I am also deeply grateful for the understanding, support and prayers of so many of you, not only here in Rome, but also throughout the world.

The decision I have made, after much prayer, is the fruit of a serene trust in God’s will and a deep love of Christ’s Church. I will continue to accompany the Church with my prayers, and I ask each of you to pray for me and for the new Pope. In union with Mary and all the saints, let us entrust ourselves in faith and hope to God, who continues to watch over our lives and to guide the journey of the Church and our world along the paths of history. I commend all of you, with great affection, to his loving care, asking him to strengthen you in the hope which opens our hearts to the fullness of life that he alone can give. To you and your families, I impart my blessing. Thank you!

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Josh Brolin and Diane Lane's Split Was 'Mutual,' Says James Brolin

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By Andrea Billups





02/27/2013 at 12:30 PM EST



James Brolin said his son Josh is doing fine in the wake of his impending divorce from Diane Lane, calling their split "mutual."

Brolin – who accompanied wife Barbra Streisand as she performed at the Oscars Sunday night – said his son, 45, was watching the Academy Awards show at a party with famed film directors the Coen brothers and his daughter.

"He's great," Brolin said. "You know, everything is mutual. It's all okay."

Josh Brolin and Lane, 48, were introduced by Streisand at a 2002 party and were married in 2004 at the actor's California ranch. They were separated for some time before Lane signed divorce papers on Valentine's Day, a source tells PEOPLE.

"This was a hard decision for both of them to make," added the source. "The relationship just ran its course."

James Brolin said his son, who had been married before to Alice Adair and who has two children, was coping well. "Evidently he's doing well," said James of Josh. "Everything is fine."

• Reporting by AILI NAHAS

For much more on this story, pick up the latest issue of PEOPLE, on newsstands now

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Vt. lye victim gets new face at Boston hospital

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BOSTON (AP) — A Vermont nurse disfigured in a 2007 lye attack has received a new face at a Boston hospital.


Carmen Blandin Tarleton's full facial transplant at Brigham & Women's Hospital included transplanting a female donor's facial skin to Tarleton's neck, nose and lips, along with facial muscles, arteries and nerves.


Hospital officials say the 44-year-old Thetford, Vt., woman suffered burns on more than 80 percent of her body after her estranged husband attacked her.


Tarleton's sister said Wednesday she showed "great appreciation" for the gift she's been given.


The donor's family believes their loved one's spirit lives on in Tarleton.


Tarleton has undergone more than 50 surgeries. The latest took 15 hours and included a team of more than 30 medical professionals.


Tarleton once worked as a transplant nurse.


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S&P 500 rises more than 1 percent

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NEW YORK (Reuters) - The S&P 500 rose more than 1 percent on Wednesday as Federal Reserve Chairman Ben Bernanke reaffirmed his support of the Fed's stimulus policy, while data on housing and durable goods added to bullish sentiment.


The Dow Jones industrial average <.dji> was up 123.12 points, or 0.89 percent, at 14,023.25. The Standard & Poor's 500 Index <.spx> was up 15.45 points, or 1.03 percent, at 1,512.39. The Nasdaq Composite Index <.ixic> was up 36.64 points, or 1.17 percent, at 3,166.28.


(Reporting by Caroline Valetkevitch; Editing by Chizu Nomiyama)



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India Ink: Image of the Day: Feb. 26

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Ben Affleck Finally Comes Clean - and Shaves His Beard!

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02/26/2013 at 12:40 PM EST







Jennifer Garner and Ben Affleck


David Livingston/Getty


And what did Ben Affleck do after his Argo won Best Picture on Sunday night? He took it all off – his facial hair, that is.

A friend of the actor-filmmaker's confirms to PEOPLE that following the Oscars ceremony Affleck, 40, shaved his beard at Craig's restaurant in Hollywood, – where wife Jennifer Garner and pal and Argo co-producer George Clooney were celebrating with him.

"The whole family was tired of [his] beard," says the friend.

Sure enough: "Jen brought clippers!" he added.

According to TMZ.com, the shave took place in the middle of the restaurant's hallway.
– Shakthi Jothianandan

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Dow, S&P rise as Bernanke defends policy, warns on cuts

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NEW YORK (Reuters) - Stocks mostly rose on Tuesday after Federal Reserve Chairman Ben Bernanke defended the Fed's bond-buying stimulus before Congress, but warned forced spending cuts that could be triggered this week represented a headwind for the economy.


Gains in homebuilders and other consumer stocks, following strong economic data, kept the S&P 500 nearly unchanged, while a 5 percent jump in Home Depot lifted the Dow industrials. The PHLX housing sector index <.hgx> rose 2 percent.


Stocks hit session highs shortly after Bernanke, in testimony before the Senate Banking Committee, strongly defended the Fed's bond-buying stimulus program that has been essential for the stock market's recovery.


However, he also urged lawmakers to avoid sharp spending cuts set to go into effect on Friday, which he warned could combine with earlier tax increases to create a "significant headwind" for the economic recovery.


"He really came down foursquare on the bearish camp with respect to the potential economic impact of these cuts. That's a surprise, and that's probably why the market's a little nervous right now," said Michael Jones, chief investment officer of Riverfront Investment Group in Richmond, Virginia.


The Dow Jones industrial average <.dji> rose 74.64 points or 0.54 percent to 13,858.81. The S&P 500 <.spx> gained 1.78 points or 0.12 percent to 1,489.63. The Nasdaq Composite <.ixic> dropped 5.84 points or 0.19 percent to 3,110.41.


The S&P 500 failed to move above 1,500, a closely watched level that was technical support until recently, but could now become a hurdle.


Cable network AMC Networks was the Nasdaq's biggest percentage decliner after the home of popular shows such as "The Walking Dead" and "Mad Men" reported a quarterly profit way below analysts' estimates. Its stock fell 7.4 percent to $53.77.


Equities continued to be weighed by concerns about a stalemate in Italy after a general election failed to give any party a parliamentary majority, posing the threat of prolonged instability and European financial crisis.


The FTSEurofirst-300 index of top European shares <.fteu3> unofficially closed down 1.3 percent at 1,150.58. The benchmark Italian index <.ftmib> tumbled 4.9 percent.


Dow component Home Depot Inc was the top gainer in both the Dow and the S&P 500 after the world's largest home improvement chain reported adjusted earnings and sales that beat expectations. Home Depot's shares jumped 5.5 percent to $67.46.


Macy's Inc shares climbed 2.8 percent to $39.60 after the department-store chain stated it expects full-year earnings to be above analysts' forecasts because of strong holiday sales.


Economic reports that showed strength in housing and consumer confidence also supported stocks.


U.S. home prices rose more than expected in December, according to the S&P/Case-Shiller index. Consumer confidence rebounded in February, jumping more than expected, and new-home sales rose to their highest in 4-1/2 years.


(Reporting by Rodrigo Campos; Additional reporting by Sam Forgione; Editing by Jan Paschal)



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South Korea’s Park Geun-hye Warns North Against Nuclear Pursuits

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Park Jin-Hee/Getty Images


Park Geun-Hye, South Korea's president, salutes during her inauguration ceremony in front of the National Assembly building on Monday in Seoul.







SEOUL, South Korea — The country’s new president, Park Geun-hye, was sworn into office on Monday, facing far more complicated fissures both within South Korea and with North Korea than her father did during his Cold War dictatorship, which ended with his assassination 33 years ago.




Ms. Park, 61, is the first child of a former president to take power here, as well as the first woman, a remarkable turn for a country where Parliament, the cabinet and corporate board rooms are predominantly male and the gender income gap is the widest among member countries of the Organization for Economic Cooperation and Development.


In her address, Ms. Park called for the revival of an economic boom her father, Park Chung-hee, had once overseen and urged North Korea to abandon its nuclear weapons program.


After the ceremony, in front of the National Assembly, her motorcade moved through a downtown Seoul packed with well-wishers. Her return to the presidential Blue House, her childhood home, was a triumphant moment for her and old South Koreans loyal to her father. His quashing of dissent and censorship of the press in his 18-years of iron-fisted rulewere much maligned among South Koreans during the country’s struggle for democracy.


She was elected Dec. 19, thanks largely to the support of South Koreans in their 50s and older who grew disenchanted with fractured politics and recalled how, South Korea under the dictatorship had begun its evolution from a country where per-capita income was just $100 a year into what is now a global economic powerhouse whose smartphones, cars and ships are exported around the world.


But while her father, Ms. Park begins a single, five-year term facing sharp criticism from younger and liberal South Koreans who have no fear of speaking out. When she named Queen Elizabeth I of Britain as her role model, they filled blogswith derision for her sense of entitlement. They openly called her election a return to the past, arguing that the seeds of some of the country’s biggest problems, such as the unruly influence of family controlled conglomerates, were sown under her father and accused her of glorifying his rule.


South Korea’s political rivalries are freewheeling, evidenced most recently by the arrest of a 76-year-old Christian pastor last week who claimed that Ms. Park had sex with the North Korean leader Kim Jong-il during her visit to Pyongyang in 2002. His videotaped allegations were circulated widely through the Internet.


Meanwhile, two weeks before Ms. Park’s inauguration, North Korea detonated an underground nuclear device, testing her campaign promise to reach out to the North to help end five years of diplomatic silence and high tension on the divided Korean Peninsula under her predecessor, Lee Myung-bak, a fellow conservative.


In her inaugural address, “North Korea’s recent nuclear test is a challenge to the survival and future of the Korean people, and there should be no mistake that the biggest victim will be none other than North Korea itself.”


Speaking before a large crowd that was entertained by the rapper Psy of “Gangnam Style” fame on the lawn in front of the National Assembly, she urged North Korea to abandon its nuclear ambitions without delay, “instead of wasting its resources on nuclear and missile development and continuing to turn its back to the world in self-imposed isolation.”


Ms. Park invoked her father’s era, calling for a “second miracle on the Han River.” The first was the transformation under him of Seoul, the capital city, which straddles the river, from the rubble of the 1950-53 Korean War into an industrialized metropolis. He nurtured a handful of family controlled companies, such as Samsung and Hyundai, as engines of an export-driven economy. These companies have grown into globally recognized conglomerates.


Now, decades later, his daughter vowed to bring South Korea’s slowing economy “rejuvenation” and “revival,” terms favored under her father. But she nodded to the biggest complaints of ordinary South Koreans — widening economic inequality and the conglomerates’ overpowering expansion at the cost of smaller businesses — grievances, saying the second Han River miracle should be based on “economic democratization.”


Ms. Park promised to end unfair practices by big businesses and strengthen small and medium-sized enterprises so that “such businesses can prosper alongside large companies.”


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Jennifer Aniston: The Real Reason I Loved My Oscar Gown

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Style News Now





02/25/2013 at 01:10 AM ET











Jennifer Aniston Oscars gownJason Merritt/Getty


Need another reason to love Jennifer Aniston — and her elegant Oscars gown? Just wait until you hear why she picked it: “It fits, it’s comfortable and it’s easy to pee in,” the superstar joked to PEOPLE of her Valentino dress. “You just lift, hoist and do a couple squats!”


Can’t argue with that logic, but wait, there’s more! When fiancé Justin Theroux prompted her, “It’s Valentino red,” she agreed: “Yes, Valentino red! I just loved the color.” No wonder she loves the guy — he’s cute, funny and is well-versed in designers’ signature shades!


RELATED PHOTOS: The Most Fabulous Oscar Party Dresses


That vivid hue is also the reason PEOPLE StyleWatch editors admired Aniston’s dramatic, full-skirted gown. She normally favors neutral looks, so her striking scarlet dress was even more of a standout on a night that featured a lot of subdued shades.


For much more scoop from Aniston (when is that wedding going to be, anyway?) check out this week’s issue of PEOPLE magazine.


Tell us: Did you love Aniston’s Valentino gown? Do you appreciate her favorite thing about it?


–Alex Apatoff, reporting by Aili Nahas


RELATED PHOTOS: 10 Unforgettable Oscars Quotes




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