Wall Street falls as "cliff" talks sour, but hopes remain

NEW YORK (Reuters) - U.S. stocks sold off late in the day to close at session lows on Wednesday as talks to avert a year-end fiscal crisis turned sour, even as investors still expect a deal.

The S&P 500 slipped after a two-day rally that took the benchmark index to its highest close in two months. Defensive-oriented shares led the decliners, including health care and consumer staples.

General Motors bucked the overall weakness to surge 6.6 percent to $27.18 after the automaker said it will buy back 200 million of its shares from the U.S. Treasury, which plans to sell the rest of its GM stake over the next 15 months.

President Barack Obama and congressional Republicans are struggling to come up with a deal to avoid early 2013 tax hikes and spending cuts that many economists say could send the U.S. economy into recession.

House Speaker John Boehner, the top Republican in Congress, said in a one-minute press conference that his chamber will pass a proposal that Obama had already threatened to veto as it spares many wealthy Americans from tax hikes needed to balance the budget. Obama has already agreed to reductions in benefits for senior citizens.

"My guess is they're close to a deal, and right before, it looks like the deal is about to blow up either on manufactured or legitimate reasons," said Uri Landesman, president of hedge fund Platinum Partners in New York.

He said if the market thought a deal was in real danger, the S&P 500 would slide below 1,400. It stands now near 1,435, not far from a two-month high.

The CBOE Volatility Index <.vix> surged 11.5 percent to 17.36, but has remained relatively stable. Its 14- 50- and 200-day averages are all within 1.1 points.

Landesman said the VIX's stability indicates "the bulls have control of this market still."

Banks and energy shares - groups that outperform during periods of economic expansion - have led recent gains, indicating a shift to focusing on a growing economy as Wall Street looks past the budget talks.

Defensive sectors led Wednesday's downturn, with the S&P health care sector index <.gspa> down 1.1 percent.

The Dow Jones industrial average <.dji> dropped 98.99 points, or 0.74 percent, to 13,251.97. The S&P 500 <.spx> lost 10.98 points, or 0.76 percent, to 1,435.81. The Nasdaq Composite <.ixic> fell 10.17 points, or 0.33 percent, to 3,044.36.

Herbalife Ltd shares tumbled 12.1 percent to $37.34 after William Ackman, one of the world's biggest hedge fund managers, said he is shorting the stock of the weight management products company.

Oracle shares helped cap the Nasdaq's loss after the company reported earnings that beat expectations on strong software sales growth. Oracle jumped 3.7 percent to $34.09.

Knight Capital Group Inc climbed 5.4 percent to $3.51 after it agreed to be bought by Getco Holdings in a deal valued at $1.4 billion. The stock, which nearly collapsed after a trading error in August, remains down about 70 percent so far this year.

Shares of Chinese display advertising provider Focus Media Holding Ltd jumped 6.7 percent to $25.52 after it agreed to be bought by a consortium of private equity funds led by the Carlyle Group for about $3.6 billion.

Data showed homebuilding permits touched their highest level in nearly 4-1/2 years in November. The PHLX housing index <.hgx> fell 0.8 percent, but has gained 66.4 percent this year as the housing market has turned the corner.

About 6.9 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, slightly above the daily average so far this year of about 6.45 billion shares.

Advancing and declining issues were almost even on both the NYSE and the Nasdaq.

(Reporting by Rodrigo Campos; Editing by Jan Paschal)

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Rejecting Criticism, Israel Forges Ahead on Settlements

JERUSALEM — Israel pushed ahead with aggressive new settlement building on Wednesday, brushing aside a growing chorus of international opposition, including criticism by its Western allies, that the move threatened to destroy the peace process with the Palestinians.

The Housing Ministry put out tenders for 1,000 housing units in the West Bank, while the city of Jerusalem approved 2,610 units in Givat Hamatos, a new neighborhood in an area annexed after the 1967 war.

The actions came after 1,500 controversial units in the northern Jerusalem settlement of Ramat Shlomo were approved Monday and 500 others in Givat Hamatos on Tuesday. Another 1,000 units, in Gilo, are expected to move forward Thursday, in what experts said was the most activity in years in the areas known collectively as East Jerusalem, which the Palestinians see as their future capital.

While all these projects have long been planned, their advancement is part of Israel’s retribution for the lopsided vote at the United Nations last month that upgraded the Palestinians’ status to a nonmember observer state. The developments in Givat Hamatos, which would be the first new neighborhood in Jerusalem in more than a decade, and in an area east of Jerusalem called E1 — which Israel also promised to move forward after the United Nations vote — are widely seen as threats to the two-state solution to the Israeli-Palestinian conflict.

“This gravely threatens efforts to establish a viable Palestinian state,” Ban Ki-moon, secretary-general of the United Nations, said at his year-end news conference at its New York headquarters on Wednesday. “I call on Israel to refrain from continuing on this dangerous path, which will undermine the prospects for a resumption of dialogue and a peaceful future for Palestinians and Israelis alike. Let us get the peace process back on track before it is too late.”

All members of the United Nations Security Council except the United States issued statements Wednesday condemning the construction, underlining the isolation that Israel has felt since the Nov. 29 vote in New York where all of Europe except the Czech Republic either supported the Palestinian upgrade or abstained.

“We call on the Israeli government to rescind these plans,” said the statement issued by Israeli allies Britain, France, Germany and Portugal, saying the actions “send a negative message and are undermining faith in its willingness to negotiate.”

“Settlements are illegal under international law and detrimental to any international efforts to restart peace negotiations and secure a two-state solution,” it said. “All settlement activity, including in East Jerusalem, must cease immediately.”

While the United States did not sign on to the statements by fellow Security Council members, a State Department spokeswoman said Tuesday that the settlement activity put peace “further at risk.”

But Prime Minister Benjamin Netanyahu seemed unbowed by the growing criticism. Earlier Wednesday, he told the ambassadors from several Asian nations that his government would continue to build across Jerusalem — as did its predecessors.

“Jerusalem has been the capital of the Jewish people for 3,000 years,” he said, according to a statement released by his office. “I want you to ask any of you to imagine that you would limit construction in your own capital. It doesn’t make sense. And I think that for us, the important thing is that we are committed to our capitals; we’re committed to peace; and we’re going to build in Jerusalem for all its residents.”

Mark Regev, Mr. Netanyahu’s spokesman, said only the 1,000 tenders issued by the Housing Ministry — in six different West Bank settlements — were part of the 3,000 units promised Nov. 30 as part of Israel’s response to the Palestinians’ upgraded status. The others actions were planning and zoning moves, Mr. Regev noted, part of what he described as “a bureaucratic process that takes years to complete.”

Rick Gladstone contributed reporting from New York.

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Google Music adds free iTunes-like song-matching feature

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Kristen Stewart Apologizes for Making Everyone 'So Angry'

12/18/2012 at 06:30 PM EST

Kristen Stewart

Lorenzo Bevilaqua/Disney/Getty

Kristen Stewart is once again saying she's sorry.

A few months after publicly expressing regret over cheating on boyfriend Robert Pattinson with her Snow White and the Huntsman director Rupert Sanders, the actress has some words for everybody else.

"I apologize to everyone for making them so angry," the typically press-shy On the Road star, 22, tells Newsweek. "It was not my intention."

Stewart, who has been the subject of both vitriolic criticism and tremendous support from fans, adds, "It's not a terrible thing if you're either loved or hated."

But at the end of the day, the former Twilight star is primarily focused on her craft.

"I don't care [about people's opinions]," she explains. "It doesn't keep me from doing my s–––."

Addressing her most famous role, that of Bella Swan in the Twilight franchise, she says, "The only relief when it comes to Twilight is that the story is done ... I start every project to finish the mother––, and to extend that [mentality] over a five-year period adapting all of these treasured moments over four books, it was constantly worrying."

As for always being know to a generation of moviegoers as Bella, she says, "As long as people's perspective of me doesn't keep me from doing what I want to do, it doesn’t matter.”

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Experts: Kids are resilient in coping with trauma

WASHINGTON (AP) — They might not want to talk about the gunshots or the screams. But their toys might start getting into imaginary shootouts.

Last week's school shooting in Connecticut raises the question: What will be the psychological fallout for the children who survived?

For people of any age, regaining a sense of security after surviving violence can take a long time. They're at risk for lingering anxiety, depression, post-traumatic stress disorder.

But after the grief and fear fades, psychiatrists say most of Newtown's young survivors probably will cope without long-term emotional problems.

"Kids do tend to be highly resilient," said Dr. Matthew Biel, chief of child and adolescent psychiatry at MedStar Georgetown University Hospital.

And one way that younger children try to make sense of trauma is through play. Youngsters may pull out action figures or stuffed animals and re-enact what they witnessed, perhaps multiple times.

"That's the way they gain mastery over a situation that's overwhelming," Biel explained, saying it becomes a concern only if the child is clearly distressed while playing.

Nor is it unusual for children to chase each other playing cops-and-robbers, but now parents might see some also pretending they're dead, added Dr. Melissa Brymer of the UCLA-Duke National Center for Child Traumatic Stress.

Among the challenges will be spotting which children are struggling enough that they may need professional help.

Newtown's tragedy is particularly heart-wrenching because of what such young children grappled with — like the six first-graders who apparently had to run past their teacher's body to escape to safety.

There's little scientific research specifically on PTSD, post-traumatic stress disorder, in children exposed to a burst of violence, and even less to tell if a younger child will have a harder time healing than an older one.

Overall, scientists say studies of natural disasters and wars suggest most children eventually recover from traumatic experiences while a smaller proportion develop long-term disorders such as PTSD. Brymer says in her studies of school shootings, that fraction can range from 10 percent to a quarter of survivors, depending on what they actually experienced. A broader 2007 study found 13 percent of U.S. children exposed to different types of trauma reported some symptoms of PTSD, although less than 1 percent had enough for an official diagnosis.

Violence isn't all that rare in childhood. In many parts of the world — and in inner-city neighborhoods in the U.S., too — children witness it repeatedly. They don't become inured to it, Biel said, and more exposure means a greater chance of lasting psychological harm.

In Newtown, most at risk for longer-term problems are those who saw someone killed, said Dr. Carol North of the University of Texas Southwestern Medical Center, who has researched survivors of mass shootings.

Friday's shootings were mostly in two classrooms of Sandy Hook Elementary School, which has about 450 students through fourth-grade.

But those who weren't as close to the danger may be at extra risk, too, if this wasn't their first trauma or they already had problems such as anxiety disorders that increase their vulnerability, she said.

Right after a traumatic event, it's normal to have nightmares or trouble sleeping, to stick close to loved ones, and to be nervous or moody, Biel said.

To help, parents will have to follow their child's lead. Grilling a child about a traumatic experience isn't good, he stressed. Some children will ask a lot of questions, seeking reassurance, he said. Others will be quiet, thinking about the experience and maybe drawing or writing about it, or acting it out at playtime. Younger children may regress, becoming clingy or having tantrums.

Before second grade, their brains also are at a developmental stage some refer to as magical thinking, when it's difficult to distinguish reality and fantasy. Parents may have to help them understand that a friend who died isn't in pain or lonely but also isn't coming back, Brymer said.

When problem behaviors or signs of distress continue for several weeks, Brymer says it's time for an evaluation by a counselor or pediatrician.

Besides a supportive family, what helps? North advises getting children back into routines, together with their friends, and easing them back into a school setting. Studies of survivors of the Sept. 11 terrorist attacks found "the power of the support of the people who went through it with you is huge," she said.

Children as young as first-graders can benefit from cognitive-behavioral therapy, Georgetown's Biel said. They can calm themselves with breathing techniques. They also can learn to identify and label their feelings — anger, frustration, worry — and how to balance, say, a worried thought with a brave one.

Finally, avoid watching TV coverage of the shooting, as children may think it's happening all over again, Biel added. He found that children who watched the 9/11 clips of planes hitting the World Trade Center thought they were seeing dozens of separate attacks.

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EDITOR'S NOTE — Lauran Neergaard covers health and medical issues for The Associated Press in Washington.

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Wall Street climbs on economy bets as it looks past "cliff"

NEW YORK (Reuters) - U.S. stocks rallied on strong volume on Tuesday, capping off the S&P 500's best two-day run in a month, on confidence that a deal would be struck in Washington to avoid painful spending cuts and tax hikes that could hurt the economy.

Banks, energy and technology - sectors that would benefit during economic expansion - led gains as investors remain confident that lawmakers will come to an agreement to avoid the so-called "fiscal cliff" deadline at the end of the year.

The PHLX oil services sector index <.osx> jumped 3.1 percent, with eight of its 15 components up 3 percent or more.

"The view is that the economy is getting better, and that is always good for energy demand," said Shawn Hackett, president at Hackett Financial Advisors in Boynton Beach, Florida.

Hackett said the United States would avoid "whatever the cliff means" for the economy, allowing investors to focus on growth.

President Barack Obama's most recent offer to Republicans in the ongoing budget talks makes concessions on taxes and social programs spending. House Speaker John Boehner said the offer is "not there yet," though he remains hopeful about an agreement. Senate Democrats, however, have expressed concern about cuts to Social Security.

Financial stocks shot higher, as traders bet on a greater demand for loans and a steepening of the yield curve. U.S. government debt sold off Tuesday, with the benchmark 10-year U.S. Treasury note's yield briefly hitting its highest since late October.

The S&P financial sector <.gspf> added 1.5 percent.

The Dow Jones industrial average <.dji> rose 115.57 points, or 0.87 percent, to 13,350.96 at the close. The S&P 500 <.spx> gained 16.43 points, or 1.15 percent, to 1,446.79. The Nasdaq Composite <.ixic> added 43.93 points, or 1.46 percent, to 3,054.53.

It was the S&P 500's first back-to-back gain of more than 1 percent since late July.

Stocks of smaller companies outperformed the broader market, with the Russell 2000 <.rut> up 1.5 percent.

Shares of firearm makers sank in the aftermath of a school shooting in Newtown, Connecticut, on Friday that killed 20 young children and six adults.

Smith and Wesson fell 10 percent to $7.79 on its largest-ever daily volume, though it was still up about 77 percent so far this year. Sturm Ruger and Co slid 7.7 percent Tuesday to $40.60.

Private equity firm Cerberus Capital Management said it would sell gunmaker Freedom Group, whose Bushmaster AR-15 rifle was used in the Connecticut massacre. Dick's Sporting Goods suspended the sale of certain semi-automatic rifles in its stores nationwide.

Technology shares rose, led by Apple , up 2.9 percent at $533.90 after losing nearly 13 percent in the last two weeks. The S&P Information Technology Index <.gspt> rose 1.7 percent.

Arbitron Inc surged 23.6 percent to $47.03 after Nielsen Holdings NV agreed to buy the media and marketing research firm in a deal worth $1.26 billion. Nielsen rose 4.4 percent to $30.92.

About 7.4 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, more than the daily average so far this year of about 6.5 billion shares.

On the NYSE, roughly 14 issues rose for every five that fell, while on the Nasdaq, advancers outnumbered decliners by a ratio of about 5 to 2.

(Reporting by Rodrigo Campos; Editing by Jan Paschal)

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Mathieu Ngudjolo, Congolese Warlord, Is Acquitted of War Crimes

PARIS — The International Criminal Court in The Hague said Tuesday that it found testimony against a former rebel leader “too contradictory and too hazy” to convict him of a gruesome 2003 attack on a village in the Democratic Republic of Congo in which some 200 people were hacked to death and female survivors were raped and held in camps as sex slaves.

Reuters

Mathieu Ngudjolo, seated center, was acquitted of war crimes at the International Criminal Court in The Hague on Tuesday.

The acquittal of the leader, Mathieu Ngudjolo, was only the second verdict issued by the court since it opened its doors a decade ago. It drew harsh criticism from rights groups, who faulted prosecutors for not assembling a stronger case.

The trial had been tightly focused on the events of Feb. 24, 2003, in the eastern Congolese village of Bogoro. Prosecutors said the attackers used machetes to preserve bullets and burned some civilians alive. In their ruling, the judges said that they did not question that the villagers had suffered atrocities but that there was not enough evidence to convict Mr. Ngudjolo of murder, rape and using child soldiers.

“This does not necessarily mean that the alleged fact did not occur,” the presiding judge, Bruno Cotte of France, said of the prosecutors’ failure to prove the charges beyond a reasonable doubt.

André Kito, a coordinator of Congolese rights groups, said the verdict was “a hard blow for the victims and affected communities.” He added that people in the region had placed much hope in getting justice from the court after enduring years of terror at the hands of militia fighters jockeying for control of mineral-rich areas.

The court has indicted suspects in seven African countries. Tuesday’s verdict was the second case in which prosecutors faced criticism for their handling of a case from the Ituri region of Congo.

Another Congolese rebel leader, Thomas Lubanga, was sentenced to 14 years in prison in July after being convicted of recruiting child soldiers in Ituri. That verdict followed a troubled trial that was halted twice as judges and prosecutors wrestled over the nature of the evidence.

After Mr.  Ngudjolo was acquitted Tuesday, prosecutors  asked the judges to keep Mr. Ngudjolo in detention, saying they intended to appeal  the verdict. 

Human Rights Watch called Tuesday for the court’s prosecutor to investigate the leaders behind the bloodshed. “The I.C.C. prosecutor needs to strengthen its investigations of those responsible for grave crimes in Ituri, including high-ranking officials in Congo, Rwanda and Uganda who supported the armed groups,” said Geraldine Mattioli-Zeltner, an advocacy director of the rights group.

Mr. Ngudjolo, who had pleaded not guilty, showed no emotion when the verdict was read. The court had been criticized for spending significant sums for Mr. Ngudjolo’s wife and six children to visit him during his confinement.

Mr. Ngudjolo, 42, a former nurse, was arrested in 2008 in the Congolese capital, Kinshasa, accused of crimes that took place while he was chief of staff for the Front for National Integration, an armed militia that was made up mostly of fighters from the Lendu ethnic group. He was put on trial with Germain Katanga, who led an allied militia also accused of participating in the attack on Bogoro. Mr. Katanga’s trial will continue separately.

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Charlie Brown’s Christmas Reunion Will Ruin Your Childhood

We realize there’s only so much time one can spend in a day watching new trailers, viral video clips, and shaky cell phone footage of people arguing on live television. This is why every day The Atlantic Wire highlights the videos that truly earn your five minutes (or less) of attention. Today:

RELATED: A ‘Straight’ Protest Against Chick-Fil-A; Mark Hamill’s ‘Star Wars’ Audition

Sometimes we don’t get art. Sometimes we really, really, don’t get it: 

RELATED: Proof Ceiling Cat Exists; 295 Movies Bring You ‘Baby Got Back’

RELATED: When Hot Wheels Become a Reality and the Other Pitt

We love A Charlie Brown Christmas. We love Louie. We’re not quite if we love the two mixed together, but we’ll let you know right after we tell kids that Santa doesn’t exist: 

RELATED: The Only ‘Kiss From a Rose’ Cover You’ll Ever Need

RELATED: Let’s Get Honest with ‘The Avengers’

Meet Basse Andersen of Arendal, Norway. He’s the biggest chicken/scaredy cat in the entire world. And on the bright side, he probably never has any bouts with the hiccups. 

Shifting gears from scaredy cats to actual cats, here’s the latest chapter in the eternal battle between printers and cats:

Wireless News Headlines – Yahoo! News

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Daniel Inouye, Longtime Hawaii U.S. Senator, Dies at 88

12/17/2012 at 06:45 PM EST

Daniel Inouye, Hawaii's nine-term Democratic Senator and the highest-ranking Asian-American politician in American history, died Monday at age 88 of respiratory complications.

His office said the Honolulu native's last word was "Aloha."

A second-generation "Nisei" born in 1924, Inouye was a World War II hero who lost most of his right arm to a German grenade in Italy but continued firing his gun with his good arm. He later received the Medal of Honor.

A lawyer, he became the first Japanese-American elected to the House in 1959, the same year Hawaii became a state. Three years later, he was elected to the Senate, eventually becoming the second longest serving member after West Virginia Democratic Sen. Robert Byrd, who died in 2010.

He gave the keynote address at the contentious 1968 Democratic National Convention in Chicago, served on the Senate Watergate Committee, whose hearings led to President Nixon's downfall, and chaired the committee investigating the Iran-Contra Affair during the Reagan Administration.

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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.

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AP Writer Matt Apuzzo contributed to this report.

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Online:

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

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