Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.


The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.


Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.


Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.


"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.


Major technology companies also report next week, but the bar for the sector has been lowered even further.


Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.


Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.


Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.


CASH POURING IN, HOUSING DATA COULD HELP


Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.


The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.


"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.


"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."


Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.


Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.


The new home sales report on Friday is expected to show a 2.1 percent increase.


The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.


Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.


The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.


"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.


"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."


(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)



Read More..

In Which Actual Joe Biden and ‘Onion’ Joe Biden Pal Around on Reddit and Twitter






The Onion‘s brilliant creation, “Diamond” Joe Biden, stopped by Reddit, in character, for one of the site’s signature Ask Me Anything sessions on Friday afternoon. And, hey, look who asked something over Twitter just as the AMA began:



Q for @reddit AMA with my @theonion pal: A Trans-Am? Ever look under the hood of a Corvette? #imavetteguy –VP twitter.com/VP/status/2923…






— Office of VP Biden (@VP) January 18, 2013


So that happened, and it’s so beyond meta that our heads hurt. It confirms that the vice-president (or at least his office) is aware of his satirical alter-ego: the foul-mouthed, Trans-Am-driving, skirt-chaser known to hundreds of Onion articles. And, of course, “Diamond” Joe answered:


RELATED: The Real Joe Biden vs. The Onion’s Joe Biden: A Quiz


So why would Actual Joe Biden indulge the funniest incarnation of the Uncle Joe Biden whom the Internet loves so much? Maybe he thinks he’s funny! After all, Actual Joe Biden is pretty funny himself, and “Diamond” Joe’s answers on Reddit this afternoon didn’t disappoint. Some highlights:


RELATED: The Gingriches Endorse Meryl Streep; Alec Baldwin’s Mayoral Two-Step


And another:


RELATED: How Joe Biden Stages Those Average-Joe Pictures… in Pictures


8eade  4f2570aadcda87ffa174c9e396a9a743 640x138 In Which Actual Joe Biden and Onion Joe Biden Pal Around on Reddit and Twitter


One more:


8eade  d8f4bc9006a58d7fb7023f4b958f4ba5 640x137 In Which Actual Joe Biden and Onion Joe Biden Pal Around on Reddit and Twitter


And, yes, there’s a theme here:


8eade  95a4b46ca936267d4f43e3122923cd2d 640x188 In Which Actual Joe Biden and Onion Joe Biden Pal Around on Reddit and Twitter


Social Media News Headlines – Yahoo! News




Read More..

Katie Holmes's Hair Has a New Job




Style News Now





01/18/2013 at 03:30 PM ET



Katie HolmesCourtesy Alterna


Katie Holmes has your beauty routine covered.


Just months after signing on as the first famous face of Bobbi Brown cosmetics, the actress has inked a deal as the debut celebrity spokeswoman for Alterna Haircare.


Never heard of the brand? You’re not alone. “Alterna has been haircare’s ‘best kept secret’ for years,” Joan Malloy, the company’s president and CEO, says in a statement. “But that is about to change. We’re confident that adding Katie’s natural beauty, gorgeous hair and creative instincts to our state-of-the-art, results-driven haircare collection will be a game-changing combination.”


According to a release, the plan is for Holmes to help the brand grow worldwide — particularly in salons and retail stores. She’ll also appear in ads in March 2013 women’s beauty, lifestyle and salon trade magazines.


“I’m really proud to be a part of this company — not only because the products are incredible, but because their ‘accessible luxury’ and ‘free of’ philosophy really speaks to me,” Holmes says of the eco-conscious brand. “It’s good for my hair and good for the earth, so I feel good using it.”



The brand feels good about using her, too, especially as she’s transformed this year from Tom Cruise‘s wife into big city girl. “Katie inspired us by gracefully evolving from an actress to a multi-faceted artist, designer and style icon,” Malloy says.


If you want to try the goods for yourself, they’re available at Sephora.com, ULTA.com, beauty.com and QVC.com. According to the brand, Holmes’s favorite products include caviar anti-aging moisture shampoo and conditioner and bamboo dry shampoo. Tell us: Do you like the idea of Holmes promoting a haircare company?


–Kate Hogan


PHOTOS: BETTER BEFORE OR AFTER? VOTE ON STARS’ HAIRDO RE-DOS


Read More..

Flu season 'bad one for the elderly,' CDC says


The number of older people hospitalized with the flu has risen sharply, prompting federal officials to take unusual steps to make more flu medicines available and to urge wider use of them as soon as symptoms appear.


The U.S. is about halfway through this flu season, and "it's shaping up to be a worse-than-average season" and a bad one for the elderly, said Dr. Thomas Frieden, director of the Centers for Disease Control and Prevention.


It's not too late to get a flu shot, and "if you have symptoms, please stay home from work, keep your children home from school" and don't spread the virus, he said.


New figures from the CDC show widespread flu activity in all states but Tennessee and Hawaii. Some parts of the country are seeing an increase in flu activity "while overall activity is beginning to go down," Frieden said. Flu activity is high in 30 states and New York City, up from 24 the previous week.


Nine more children or teens have died of the flu, bringing the nation's total this flu season to 29. That's close to the 34 pediatric deaths reported during all of the last flu season, although that one was unusually light. In a typical season, about 100 children die of the flu and officials said there is no way to know whether deaths this season will be higher or lower than usual.


The government doesn't keep a running tally of adult deaths from the flu, but estimates that it kills about 24,000 people most years.


So far, half of confirmed flu cases are in people 65 and older. Lab-confirmed flu hospitalizations totaled 19 for every 100,000 in the population, but 82 per 100,000 among those 65 and older, "which is really quite a high rate," Frieden said.


"We expect to see both the number and the rates of both hospitalizations and deaths rise further in the next week or so as the flu epidemic progresses,'" so prompt treatment is key to preventing deaths, he said.


About 90 percent of flu deaths are in the elderly; the very young and people with other health problems such as diabetes are also at higher risk.


If you're worried about how sick you are and are in one of these risk groups, see a doctor, Frieden urged. One third to one half of people are not getting prompt treatment with antiviral medicines, he said.


Two drugs — Tamiflu and Relenza — can cut the severity and risk of death from the flu but must be started within 48 hours of first symptoms to do much good. Tamiflu is available in a liquid form for use in children under 1, and pharmacists can reformulate capsules into a liquid if supplies are short in an area, said Dr. Margaret Hamburg, head of the Food and Drug Administration.


To help avoid a shortage, the FDA is letting Tamiflu's maker, Genentech, distribute 2 million additional doses of capsules that have an older version of package insert.


"It is fully approved, it is not outdated," just lacks information for pharmacists on how to mix it into a liquid if needed for young children, she said.


This year's flu season started about a month earlier than normal and the dominant flu strain is one that tends to make people sicker. Vaccinations are recommended for anyone 6 months or older. There's still plenty of vaccine — an update shows that 145 million doses have been produced, "twice the supply that was available only several years ago," Hamburg said.


About 129 million doses have been distributed already, and a million doses are given each day, Frieden said. The vaccine is not perfect but "it's by far the best tool we have to prevent influenza," he said.


Carlos Maisonet, 73, got a flu shot this week at New York's Brooklyn Hospital Center at the urging of his wife, who was vaccinated in August.


"This is his first time getting the flu shot," said his wife, Zulma Ramos.


Last week, the CDC said the flu again surpassed an "epidemic" threshold, based on monitoring of deaths from flu and a frequent complication, pneumonia. The flu epidemic happens every year and officials say this year's vaccine is a good match for strains that are going around.


___


Online:


Flu vaccine finder: http://www.flu.gov


CDC flu info: http://www.cdc.gov/flu/index.htm


___


AP Photographer Bebeto Matthews in New York contributed to this report.


___


Follow Marilynn Marchione's coverage at —http://twitter.com/MMarchioneAP


Read More..

Dow, S&P 500 end at five-year highs on early earnings beats

NEW YORK (Reuters) - The Dow and S&P 500 closed at five-year highs on Friday as the market registered a third straight week of gains on a solid start to the quarterly earnings season.


Morgan Stanley was the latest Wall Street bank to report strong results. Its better-than-expected earnings followed similar report cards from Goldman Sachs and JP Morgan Chase earlier in the week.


Shares of Morgan Stanley shot up 7.9 percent to $22.38. It reported a fourth-quarter profit after a year-earlier loss, helped by higher revenue at the bank's institutional securities business.


But Friday's rise was held back by shares of Intel Corp , which slumped 6.3 percent to $21.25 a day after it forecast quarterly revenue below analysts' estimates and announced plans for increased capital spending amid slow demand for personal computers.


Another factor that has been weighing on the market before a three-day weekend is uncertainty about the federal debt limit and spending cuts that could hamper U.S. growth. U.S. markets will be closed on Monday for the Martin Luther King Jr. holiday.


There were signs on Friday that the question of raising the U.S. debt limit would be put off for a while. House Republican leaders said they would seek to pass a three-month extension of federal borrowing authority next week to buy time for the Democratic-controlled Senate to pass a budget that shrinks deficits.


"It could be a big positive for the markets if we come up wih a plan of spending cuts that isn't too awfully hard on the economy," said Bryant Evans, investment adviser and portfolio manager at Cozad Asset Management, in Champaign, Illinois.


The Dow Jones industrial average <.dji> was up 53.68 points, or 0.39 percent, at 13,649.70. The Standard & Poor's 500 Index <.spx> was up 5.04 points, or 0.34 percent, at 1,485.98. The Nasdaq Composite Index <.ixic> was down 1.30 points, or 0.04 percent, at 3,134.71.


The Dow and S&P 500 ended at their highest levels since December 2007. For the week, the Dow ended up 1.2 percent, the S&P 500 ended up 0.9 percent and the Nasdaq ended up 0.3 percent.


The CBOE Volatility index <.vix>, Wall Street's so-called fear gauge, fell 8.2 percent. The VIX usually moves inversely to the S&P 500 as it is used as a hedge against further market decline.


Also reporting stronger-than-expected earnings on Friday was General Electric , whose shares rose 3.5 percent to $22.04.


Overall, S&P 500 fourth-quarter earnings are forecast to have risen 2.5 percent, according to Thomson Reuters data. [ID:nL1E9CI581] That estimate is above the 1.9 percent forecast from a week ago but well below the 9.9 percent fourth-quarter earnings forecast from October 1, the data showed.


Economic data from China also provided some support to the market, though the focus remained on U.S. corporate earnings. China's economy grew at a modestly faster-than-expected 7.9 percent in the fourth quarter, the latest sign the world's second-biggest economy was pulling out of a post-global financial crisis slowdown which saw it grow in 2012 at its weakest pace since 1999.


Despite the gains by Morgan Stanley, financial stocks sagged as Capital One Financial reported disappointing profit. Capital One slumped 7.5 percent to $56.99, while the KBW bank index <.bkx> slipped 0.3 percent.


Volume was roughly 6.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.


Advancers outpaced decliners on the NYSE by nearly 2 to 1 and on the Nasdaq by about 13 to 11.


(Additional reporting by Angela Moon; Editing by Bernadette Baum, Kenneth Barry and Nick Zieminski)



Read More..

The Lede Blog: An Irish Hostage Is 'Safe and Free' in Algeria, but Britons Are Told to Brace for Bad News

An Arabic-language video report from Al Jazeera showing the gas facility in Algeria where dozens of workers were taken hostage by Islamist militants.

Following a military raid on a gas facility in Algeria, where a heavily armed group of Islamist militants took dozens of workers hostage, the Irish government confirmed on Thursday that a man from Belfast who had been part of the group taken captive was freed. The fate of other hostages remained unclear.

Algeria’s communications minister, Mohand Saïd Oublaïd, said that many of the hostages had been freed, but some were killed in the rescue effort, along with “a large number of terrorists.” A news agency in neighboring Mauritania reported that a spokesman for the Islamists claimed that a number of hostages were killed in the Algerian government raid.

Ireland’s foreign minister, Eamon Gilmore, said at a news conference, “while naturally we are delighted that Stephen McFaul is free and safe, our thoughts are with his fellow workers and the other people who have not been so fortunate. Our thoughts are particularly with the citizens of other countries who have still not been accounted for.”

Video of Ireland’s foreign minister, Eamon Gilmore, speaking to reporters about an Irish citizen, Stephen McFaul, who was freed from the custody of kidnappers in Algeria on Thursday.

Mr. McFaul was physically unharmed and being held at a military base, the minister said. He declined to provide further details of Mr. McFaul’s ordeal, out of respect for the families of the other hostages.

Prime Minister David Cameron of Britain confirmed in an interview posted online by Britain’s Channel 4 News that at least one British hostage had been killed and said, “we should be prepared for the possibility of further bad news, very difficult news, in this extremely difficult situation.”

A spokesman for the Norwegian oil firm Statoil, which jointly operates the gas facility with BP, told reporters, “We have received information about two of our employees being physically hurt, not serious, but the situation is unclear and very difficult to follow.”

Agence France-Presse video of a statement by a Norwegian oil company official on the hostage crisis at a facility in Algeria.

In Belfast, Mr. McFaul’s family expressed joy and relief in interviews with Ulster Television and BBC News. “I feel over the moon. I’m just really excited. I just can’t wait for him to get home,” his young son, Dylan, told UTV, as he broke down in tears.

The Irish prime minister, Enda Kenny, said in a statement:

I am greatly relieved to hear that Stephen is safe and well. I believe he has already spoken to his family in Belfast and I wish him a safe return home to his loved ones. I would like to pay tribute to all those who have been involved in the effort to resolve this crisis and my thoughts are with the other oil field workers and their families who have found themselves at the center of this traumatic situation.

In the interview with UTV, Mr. McFaul’s family said he had called his wife after reaching safety. “I was delighted, I could not get better news,” said his mother, Marie. “I feel sorry for the other hostages and their families,” said Mr. McFaul’s father, Christopher.


Read More..

Intel’s revenue forecast short of expectations






SAN FRANCISCO (Reuters) – Intel Corp forecast current-quarter revenue that was slightly below expectations as the personal computer industry grapples with falling sales and a shift toward tablets and smartphones.


PC makers are struggling to stop a decline in sales as consumers hold off on buying new laptops in favor of spending on more nimble mobile gadgets.






Microsoft Corp‘s long-awaited launch of Windows 8 in October brought touchscreen features to laptops but failed to spark a resurgence in sales that Intel and many PC manufacturers had hoped for.


Intel said its capital spending in 2013 would be $ 13 billion, plus or minus $ 500 million, exceeding what many analysts had expected.


In the fourth quarter, Intel’s revenue was $ 13.5 billion, compared with $ 13.9 billion a year earlier. Analysts had expected $ 13.53 billion in revenue for the fourth quarter, according to Thomson Reuters I/B/E/S.


Intel estimated first-quarter revenue of $ 12.7 billion, plus or minus $ 500 million. Analysts expected $ 12.91 billion for the current quarter.


Net earnings in the December quarter were $ 2.5 billion, or 48 cents a share, compared with $ 3.4 billion, or 64 cents a share, in the same quarter last year.


(Reporting by Noel Randewich; Editing by Richard Chang)


Gadgets News Headlines – Yahoo! News





Title Post: Intel’s revenue forecast short of expectations
Url Post: http://www.news.fluser.com/intels-revenue-forecast-short-of-expectations/
Link To Post : Intel’s revenue forecast short of expectations
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..

Britney Spears & Jason Trawick Split: Will She Be Okay?















01/17/2013 at 05:00 PM EST







Britney Spears and Jason Trawick


Michael Kovac/Getty


The new year has already been full of change for Britney Spears.

She's left her gig as judge on The X Factor, her new puppy Hannah is gravely ill, and on Jan. 11 she announced she and fiancé Jason Trawick, 41, have called it quits after more than three years together.

While Spears, 31, told PEOPLE in an exclusive statement, "I'll always adore him, and we will remain great friends," a family source says the signer is "definitely upset about the split."

What tore the couple apart? Spears, who has two sons with ex-husband Kevin Federline, had hoped to start a family soon with Trawick, but he wasn't ready. Says the close source: "There were so many issues he wanted worked out before that" – including her neediness. "It was difficult for Jason to have his own life."

Adds an insider: "Britney is very insecure and has had a lot of trouble with jealousy." These insecurities may be heightened now. "[She] is very worried about being alone," says the family source. "She is upset, but for a long time she has treated him like a friend, not a romantic partner." The family source adds that some close to the singer, who had a breakdown in 2008, "are concerned about her future."

Read More..

Will Obama's order lead to surge in gun research?


MILWAUKEE (AP) — Nearly as many Americans die from guns as from car crashes each year. We know plenty about the second problem and far less about the first. A scarcity of research on how to prevent gun violence has left policymakers shooting in the dark as they craft gun control measures without much evidence of what works.


That could change with President Barack Obama's order Wednesday to ease research restrictions pushed through long ago by the gun lobby. The White House declared that a 1996 law banning use of money to "advocate or promote gun control" should not keep the Centers for Disease Control and Prevention and other federal agencies from doing any work on the topic.


Obama can only do so much, though. Several experts say Congress will have to be on board before anything much changes, especially when it comes to spending money.


How severely have the restrictions affected the CDC?


Its website's A-to-Z list of health topics, which includes such obscure ones as Rift Valley fever, does not include guns or firearms. Searching the site for "guns" brings up dozens of reports on nail gun and BB gun injuries.


The restrictions have done damage "without a doubt" and the CDC has been "overly cautious" about interpreting them, said Daniel Webster, director of the Center for Gun Policy and Research at the Johns Hopkins Bloomberg School of Public Health.


"The law is so vague it puts a virtual freeze on gun violence research," said a statement from Michael Halpern of the Union of Concerned Scientists. "It's like censorship: When people don't know what's prohibited, they assume everything is prohibited."


Many have called for a public health approach to gun violence like the highway safety measures, product changes and driving laws that slashed deaths from car crashes decades ago even as the number of vehicles on the road rose.


"The answer wasn't taking away cars," said Dr. Georges Benjamin, executive director of the American Public Health Association.


However, while much is known about vehicles and victims in crashes, similar details are lacking about gun violence.


Some unknowns:


—How many people own firearms in various cities and what types.


—What states have the highest proportion of gun ownership.


—Whether gun ownership correlates with homicide rates in a city.


—How many guns used in homicides were bought legally.


—Where juveniles involved in gun fatalities got their weapons.


—What factors contribute to mass shootings like the Newtown, Conn., one that killed 26 people at a school.


"If an airplane crashed today with 20 children and 6 adults there would be a full-scale investigation of the causes and it would be linked to previous research," said Dr. Stephen Hargarten, director of the Injury Research Center at the Medical College of Wisconsin.


"There's no such system that's comparable to that" for gun violence, he said.


One reason is changes pushed by the National Rifle Association and its allies in 1996, a few years after a major study showed that people who lived in homes with firearms were more likely to be homicide or suicide victims. A rule tacked onto appropriations for the Department of Health and Human Services barred use of funds for "the advocacy or promotion of gun control."


Also, at the gun group's urging, U.S. Rep. Jay Dickey, a Republican from Arkansas, led an effort to remove $2.6 million from the CDC's injury prevention center, which had led most of the research on guns. The money was later restored but earmarked for brain injury research.


"What the NRA did was basically terrorize the research community and terrorize the CDC," said Dr. Mark Rosenberg, who headed the CDC's injury center at the time. "They went after the researchers, they went after institutions, they went after CDC in a very big way, and they went after me," he said. "They didn't want the data to be collected because they were threatened by what the data were showing."


Dickey, who is now retired, said Wednesday that his real concern was the researcher who led that gun ownership study, who Dickey described as being "in his own kingdom or fiefdom" and believing guns are bad.


He and Rosenberg said they have modified their views over time and now both agree that research is needed. They put out a joint statement Wednesday urging research that prevents firearm injuries while also protecting the rights "of legitimate gun owners."


"We ought to research the whole environment, both sides — what the benefits of having guns are and what are the benefits of not having guns," Dickey said. "We should study any part of this problem," including whether armed guards at schools would help, as the National Rifle Association has suggested.


Association officials did not respond to requests for comment. A statement Wednesday said the group "has led efforts to promote safety and responsible gun ownership" and that "attacking firearms" is not the answer. It said nothing about research.


The 1996 law "had a chilling effect. It basically brought the field of firearm-related research to a screeching halt," said Benjamin of the Public Health Association.


Webster said researchers like him had to "partition" themselves so whatever small money they received from the CDC was not used for anything that could be construed as gun policy. One example was a grant he received to evaluate a community-based program to reduce street gun violence in Baltimore, modeled after a successful program in Chicago called CeaseFire. He had to make sure the work included nothing that could be interpreted as gun control research, even though other privately funded research might.


Private funds from foundations have come nowhere near to filling the gap from lack of federal funding, Hargarten said. He and more than 100 other doctors and scientists recently sent Vice President Joe Biden a letter urging more research, saying the lack of it was compounding "the tragedy of gun violence."


Since 1973, the government has awarded 89 grants to study rabies, of which there were 65 cases; 212 grants for cholera, with 400 cases, yet only three grants for firearm injuries that topped 3 million, they wrote. The CDC spends just about $100,000 a year out of its multibillion-dollar budget on firearm-related research, New York Mayor Michael Bloomberg has said.


"It's so out of proportion to the burden, however you measure it," said Dr. Matthew Miller, associate professor of health policy at the Harvard School of Public Health. As a result, "we don't know really simple things," such as whether tighter gun rules in New York will curb gun trafficking "or is some other pipeline going to open up" in another state, he said.


What now?


CDC officials refused to discuss the topic on the record — a possible sign of how gun shy of the issue the agency has been even after the president's order.


Health and Human Services Secretary Kathleen Sebelius said in a statement that her agency is "committed to re-engaging gun violence research."


Others are more cautious. The Union of Concerned Scientists said the White House's view that the law does not ban gun research is helpful, but not enough to clarify the situation for scientists, and that congressional action is needed.


Dickey, the former congressman, agreed.


"Congress is supposed to do that. He's not supposed to do that," Dickey said of Obama's order. "The restrictions were placed there by Congress.


"What I was hoping for ... is 'let's do this together,'" Dickey said.


___


Follow Marilynn Marchione's coverage at http://twitter.com/MMarchioneAP


Read More..

Housing, job data push S&P to five-year high; Intel down late

NEW YORK (Reuters) - Stronger-than-expected data on housing starts and jobless claims lit a fire under stocks on Thursday, pushing the S&P 500 to a five-year high and its third day of gains.


A pair of economic reports lifted investors' sentiment. The number of Americans filing new claims for unemployment benefits fell to a five-year low last week and housing starts jumped last month to the highest since June 2008.


Strength in the housing and labor markets is key to sustained growth and higher corporate profits, helping to bring out buyers even on a day when earnings reports were mixed.


Gains were tempered by weakness in the financial sector, with Bank of America down 4.2 percent to $11.28 and Citigroup off 2.9 percent to $41.24 after their results.


In other negative earnings news, shares of chipmaker Intel fell 5.2 percent to $21.49 in extended-hours trading after the company forecast quarterly revenue that fell short of analysts' expectations. Intel had ended the regular session up 2.6 percent at $22.68.


The S&P 500 ended at its highest since December 2007 and now sits just 5.6 percent from its all-time closing high of 1,565.15.


"Having consolidated really for the last two weeks, the fact that we broke out, I think that that is sucking in quite a bit of money," said James Dailey, portfolio manager of TEAM Asset Strategy Fund in Harrisburg, Pennsylvania.


The Dow Jones industrial average <.dji> was up 84.79 points, or 0.63 percent, at 13,596.02. The Standard & Poor's 500 Index <.spx> was up 8.31 points, or 0.56 percent, at 1,480.94. The Nasdaq Composite Index <.ixic> was up 18.46 points, or 0.59 percent, at 3,136.00.


Better-than-expected earnings and revenue reported by online marketplace eBay late Wednesday helped the stock gain 2.7 percent to $54.33.


In the housing sector, PulteGroup Inc shares gained 4.9 percent to $20.29 and Toll Brothers Inc advanced 3.1 percent to $35.99. The PHLX housing sector index <.hgx> climbed 2.4 percent, reaching its highest close since August 2007.


Semiconductor shares <.sox> rose 2 percent to the highest close in eight months.


Financials were the only S&P 500 sector to register a slight decline for the day.


Bank of America's fourth-quarter profit fell as it took more charges to clean up mortgage-related problems. Citigroup posted $2.32 billion of charges for layoffs and lawsuits.


Energy shares led gains on the Dow as U.S. crude oil prices jumped more than 1 percent. Shares of Exxon Mobil were up 0.8 percent at $90.20 while shares of Chevron were up 0.7 percent at $114.75.


S&P 500 earnings are expected to have risen 2.3 percent in the fourth quarter, Thomson Reuters data showed. Expectations for the quarter have fallen considerably since October when a 9.9 percent gain was estimated.


Volume was roughly 6.5 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.


Advancers outpaced decliners on the NYSE by about 22 to 7 and on the Nasdaq by about 2 to 1.


(Additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry and Nick Zieminski)



Read More..