Euro zone surveys to offer hope as Japan eases

LONDON (Reuters) - The prospect of stronger European manufacturing surveys and decisive monetary easing in Japan this week ought to bolster confidence that the global economy can look forward to better days.

It is definitely not yet time to break open the champagne.

The index derived from polls of purchasing managers across the euro zone, though recovering, is likely to remain well below the 50 threshold that signals expansion.

If the Bank of Japan bows to political pressure and relaxes policy more boldly, it is because the country's noxious cocktail of a huge debt burden, deflation and dwindling external surpluses threatens an eventual fiscal crunch.

And an expected contraction in Britain's economy when fourth-quarter figures are released on Friday will be a reminder, as was Germany's grim end to 2013, that Europe has to dig itself out of a deep hole.

"The real hard economic data are still very negative," said Bert Colijn, an economist in Brussels with the Conference Board, a business research group. "There are improvements, but it still doesn't look that bright."

However, he said the economic news from the euro zone rim was not quite as troubling, and the mood was brightening among the core countries of the single currency area.

Lena Komileva, managing director of G+ Economics, a London consultancy, said it was hard to argue against investors' new-found appetite for riskier assets given that the volatility of equity prices was approaching historical lows and yields on corporate bonds had fallen sharply.

"Financial stress indicators signal a significant improvement in the health of the global economy," she said.

Friday's solid fourth-quarter economic data from China reinforced that view.

PURCHASERS' PROGRESS

Economists polled by Reuters expect an uptick in Thursday's advance purchasing managers' indexes for France and Germany as well as for the euro zone as a whole.

Germany's IFO business confidence survey on Friday is also projected to have risen for the third month in a row.

"The fact that business confidence measures are coming in more positive is a good sign," Colijn commented.

Commerzbank said its leading indicator for the German economy reached an all-time high in December after the European Central Bank's pledge to buy the bonds of troubled economies eased fears of a break-up of the euro.

"We assume that increasingly more companies are gaining confidence and viewing business prospects more positively," said Commerzbank economist Ralph Solveen.

BNP Paribas is also bullish on Germany and is looking for a marked pick-up in growth.

In addition to the ECB's safety net, the global manufacturing cycle is pointing up, while a strong labor market and easy financial conditions are supporting consumption, economists Evelyn Herrmann and Ken Wattret said in a report.

"Moreover, should the global economy surpass expectations and euro zone market stress ease further, upside surprises would be likely to follow. A key issue in this respect would be higher export growth and confidence triggering a stronger rebound in investment," they said.

That is exactly what Japan would like to see, too.

To that end, the government of new Prime Minister Shinzo Abe and the Bank of Japan have agreed to set 2 percent inflation as a new target, supplanting a softer 1 percent ‘goal', according to sources familiar with the central bank's thinking.

They said the BOJ, which meets on Monday and Tuesday, will also consider making an open-ended commitment to buy assets until the target is in sight.

FOR AND AGAINST EASING

Credit Suisse's global equity strategists said an easier monetary policy is justified to cushion the significant fiscal tightening on which Japan will have to embark before long to whittle down a government debt that has reached some 220 percent of national income.

This task is all the more pressing because Japan is moving towards a current account deficit, which will make it more reliant on foreign investors to finance its budget shortfall, Credit Suisse argued.

Trade figures on Thursday will underline the deterioration in Japan's external accounts, with economists polled by Reuters forecasting the sixth consecutive monthly deficit.

Nomura reckons the deficit for all of 2012 widened to 6.6 trillion yen ($73.4 billion) from 2.7 trillion in 2011.

Japanese equities have surged in anticipation of a more aggressive monetary policy stance, but not everyone is happy.

The accompanying slump in the yen has prompted Russia's deputy central bank governor to warn of a new round of ‘currency wars' and the medium-term risk of running ultra-loose monetary policies is likely to be a theme of the World Economic Forum in Davos, which opens on Wednesday.

"I'm pretty worried about the new policies of Japan's newly elected government," German Finance Minister Wolfgang Schaeuble said last week. "When you think of the surplus of liquidity on global financial markets, it is fuelled further by a wrong understanding of central bank policy.

(Editing by Susan Fenton)

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Algeria Begins ‘Final Assault’ on Gas Field; 7 Hostages Reported Killed

Louafi Larbi/Reuters

Algerian police officers escorted a freed Norwegian hostage as he left the In Amenas police station on Saturday.

BAMAKO, Mali — The hostage crisis in the Algerian desert reached a bloody conclusion Saturday as the army carried out a final assault on the gas field taken over by Islamist militants, killing 11 of them, but only after several hostages also died, Algerian officials said.

French, British and American officials said the Algerian government had told them the military operation was over, but a senior Algerian government official said security forces were “doing cleanup” to make sure no kidnappers were hiding in the sprawling industrial complex.

Western officials deplored the loss of life during the four-day siege, which Philip Hammond, the British defense secretary, called “appalling and unacceptable.” Defense Secretary Leon E. Panetta, who appeared with Mr. Hammond at a news conference in London, said he did not yet have reliable information about the fate of Americans at the facility, although the Algerian official said two had been found “safe and sound.”

Late Saturday, Britain’s foreign secretary, William Hague, emerged from a meeting of the British government’ crisis committee and told reporters that five Britons and one British resident had died in the final battle for the plant. He declined to provide details, saying the government had not yet received a full picture of what happened and that police forces were still fanning out across Britain visiting each of the victims’ families and giving them “the support they need at this very difficult time.”

The provisional death toll for the four days released by Algeria on Saturday, even by the government’s reckoning, was heavy. Out of dozens taken hostage on a site that employed hundreds of workers, 23 were dead while 32 kidnappers were killed, according to the government news service. That represents close to the initial estimate of hostage takers.

The government said it had recovered machine guns, rocket launchers, suicide belts and small arms.

The Algerian news agency report did not give the nationalities of the hostages it said died Saturday, and it remained unclear whether there were other hostages at the remote plant and whether they were alive. Earlier news reports said at least 10 and as many as dozens of hostages from several nations were in the hands of the kidnappers as of Friday.

United States officials had said that “seven or eight” Americans had been at the In Amenas field when it was seized by the militants on Wednesday.

One American, Frederick Buttaccio, 58, of Katy, Tex., was confirmed dead on Friday, and the French government said one of its citizens, identified as Yann Desjeux, had also died before Saturday’s raid. Britain earlier said at least one of its citizens had been killed, and an Algerian state news agency said Algerians had also been killed as of Friday.

The Algerian official, who would speak only on the condition of anonymity, said a precise tally would take time.

“There are corpses that are totally charred,” he said. “We’ve got to do identification work. It’s very difficult.” Algerian officials have said some of the kidnappers blew themselves up. The Algerian news agency said the militants had set fire to part of the complex Friday night, which prompted the troops to launch the military assault Saturday.

The raid, if it swept up all the attackers, would bring to an end a siege involving dozens of hostages and kidnappers that drew criticism from Western governments for the tough manner in which it was handled by the Algerian security services. Attacks on the kidnappers by the government forces caused an unknown number of deaths among the hostages, in addition to those who were executed by the militants, who may be linked to Al Qaeda.

A militant who claimed responsibility for the attack, and who was blamed by the Algerians for leading it, Mokhtar Belmokhtar, was until recently a leading commander of Al Qaeda’s North and West African branch, Al Qaeda in the Islamic Maghreb.

Steven Erlanger and Scott Sayare contributed reporting from Paris, and Elisabeth Bumiller and John F. Burns from London.

This article has been revised to reflect the following correction:

Correction: January 19, 2013

Because of an editing error, an earlier version of this article misstated the nationality of a government official who said security forces were searching the gas complex. The official is Algerian, not Turkish.

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Raspberry Pi creator says sequel unlikely in 2013

Raspberry Pi’s $ 35 Linux-based computer is a runaway success. Creator Eben Upton told ZDNet in a recent interview that his team thought they would sell 1,000 units when they were designing the mini PC, but sales have now topped 700,000. ”We honestly did think we would sell about 1,000, maybe 10,000 in our wildest dreams,” Upton said. “We thought we would make a small number and give them out to people who might want to come and read computer science at Cambridge.” On a slightly disappointing note to those hoping for an upgraded model in 2013, Upton said in the interview that the company has no plans to launch a sequel to the latest Raspberry Pi “Model B” this year.

[More from BGR: BlackBerry 10 browser smokes iOS 6 and Windows Phone 8 in comparison test [video]]

This article was originally published on BGR.com

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Elisabeth Röhm Blogs: Deciding When to Share and When to Shield Children

Beautiful sunset – Courtesy Elisabeth Röhm

Elisabeth Röhm, best known for her roles as Serena on Law & Order and Kate on Angel, has been blogging for PEOPLE.com for two years now.

The actress, 39, currently stars as Taylor on The Client List, while her film In the Dark re-airs on Lifetime throughout January.

Her book, Object of My Conception: A Journey to Motherhood Through IVF, will be released by Da Capo in April.

She can be found on Facebook, Google + and @ElisabethRohm.

In her latest blog, Röhm — mom to 4½-year-old Easton August with fiancé Ron Anthony — opens up about the loss of her Aunt Lolly and how recent events have her considering how much Easton actually understands.

No one likes to cry in front of people. I’m sure most of us can say we don’t like to cry at all. We certainly don’t like to cry in front of our kids or emote feelings that are overwhelming to us. But what happens when we are sad, tired, temporarily defeated, grieving or just plain exhausted by life? What happens when we are human and not the demi-God our children think we are? What do we do with our tragic flaws?

How do we handle our feelings in front of our kids? Those precious, innocent kids that simply don’t get the scope of whatever it is we’re experiencing or feeling? They simply don’t get it. Or do they?

Isn’t it our job to protect them from the harsh realities of the world, our world and yes, soon-to-be their world? Are we supposed to hide in a closet, a bathroom or our bedrooms and let it all out in private? Are we supposed to bottle our cries and our stresses until we wave the school bus good-bye, or we drive away from their academic establishments after morning drop-off?

Is that right and fair to us moms who are just trying to get by, all the while juggling the various things that make us those invincible superstars that get to be called Mom, Mommy, Mama? Isn’t it beneficial for them to understand the complexity of us mommies and the complexities of life?

I’ve never been closeted or one for locking the bathroom to privately exhale, shed a few tears or simply decompress before I lose it. I’m very open and actually really enjoy sharing and perhaps over-sharing. Why hide in the closet trying to stifle our sobs over love, money, career or the fact that our hormones have gotten the best of us and sometimes get in the way of our ordinary sanity?

We should communicate with our loved ones. But our children; our children, who are a part of our bodies and souls and feel every emotion, experience and reaction that course through us even before we’ve uttered a word, yelp or deep sigh of frustration?

Not to mention the bigger burdens of loss, death, the news that so often deals with death and dying or grief. What if we lose a loved one? How do we explain the tears that can come brimming over our lashes and down our face without our permission?

Even if we’d like to be the happiest, go luckiest, best, most responsible stable mothers, sometimes things get too hard, tiring, staggering and quite simply sad on a given day — making it near impossible to be the supermom we see ourselves as.

Sometimes life does get the best of us, doesn’t it?

We experience our life as it unfolds before us and sometimes we notice that the image of ourselves as a “perfect parent” is just not matching up. That can make us feel very vulnerable as parents who are supposed to shoulder it all with an endless waterfall of smiles and unconditional strength.

I know, oh how I know! What did Jack Lemmon say? “It’s show-time!” For parents, it’s “show-time” all the time, right?

No matter if we are burned out, stressed out or tapped out, our children look to us for unwavering calming love, security and safety and most of all joy. So what do we do when we feel like we are coming apart at the seams like a poorly-crafted stuffed animal, with all that cotton ball stuffing poking out in the most unflattering of ways?

Is it really the most responsible choice to hide out where little prying, wide eyes can’t see their parents losing their — you know what — @##^*%^&*%^-cookies?

Having lost my mother three years ago, I tried so very hard to keep my deepest grief private, but as our kids get older it’s a little harder to hide those truthful emotions. They are so sensitive and curious.

As they grow we wonder what parts we should share, what’s beneficial and helpful in growing them up into mature, wise beings who understand that feelings are not scary and challenging experiences are a part of life — you can’t avoid them even if you want to.

And also, this is a BIG one: that dying is a part of living. It is natural and painful and transformative.

Saturday afternoon, late in the day, as I was cleaning out Easton’s closet to add to that ever-evolving hand-me-down bag of kid stuff for a girlfriend, the telephone rang with tragic news. My beloved Aunt Laurie, who I’ve referred to many times in my blog as “Lolly,” had shockingly passed away from a sudden and unexpected heart attack. Too young to die, like my mother was.

The news hit me like a freight train and I fell to the ground flooded by my pools of tears.

Easton was so confused and concerned. Since she is almost 5, I tried to explain to her what happened. At first I thought she was getting it. Then I realized that she really wasn’t getting it. After 10 minutes of crying and hugging her tight on the kitchen floor whilst I tried very carefully and thoughtfully to explain where “Lolly” had gone and why I was so upset, I realized it was better left unsaid.

I pulled myself together, self-conscious of my parenting, and stuffed my feelings in the back pocket of my jeans so as not to worry her any further.

It reminded me of my mother all over again, and how I tried to shield Easton from my loss. The experience was just too complicated for a little person — or so it has seemed. And really, why make Easton endure along with me what would mostly be an onslaught of confusing emotions from her mother? Better to deal with it on my own in the closet, right?

As the days have gone by, I’ve kept my tears saved up for those moments that she’s not around, just like I did when Mom passed away. I’ve waited until I’m in the shower, the car or she’s gone to sleep to break into a million pieces of angels wings that flutter into the heavens where my beloved mother and aunt are now.

I hope I’m being a conscientious parent — or am I?

As I left for the airport Tuesday to go to my Aunt Lolly’s funeral, my daughter still seemed confused by my leaving and the idea of death, as I tried once more to explain where Mommy was going for several days. She just looked at me with shiny blue eyes, blinking with the innocence of kind-of-sort-of getting it but not.

I guess that confirmation again made me feel clear that it’s been better for Easton that I keep my grown-up feelings to myself.

This scenario of late begs the question of talking and sharing with our children about other heavy subjects like arguments, breakups, divorce, moving, money issues, news, loss, fear and all other forms of pain in our big adult lives, doesn’t it?

Several weeks ago, there was some quarreling going on between Ron and me. It became a discussion as to if we should try to explain the bickering to Easton or if it was better to assume that she wouldn’t grasp all the details anyway and to protect her altogether.

On one hand, you could say that children do get it all and are highly sensitive — even to the tense and hushed discussions that you try to keep private — and that in order for them to feel safe, the parents should include the child in what they are witness to.

On the other hand, when we asked Easton in loving and nurturing tones if she had any questions or was worried at all by what Mommy and Daddy were talking about, she simply said, “No.”

We pressed and said, “Because we’ll always explain everything to you and always tell you the truth. You sure you don’t have any questions or concerns?” “Nope,” she said, assuredly and clearly, and then she was off to a game of hide and seek with her Aunt Olivia.

Where do you stand on all of this, ladies? Where do you draw the line? Do you cry, fight, share grief and stress, watch the news, talk openly and show your emotions without question or regret in front of your wee-ones?

Let’s discuss any ah-ha moments where you realized you needed to share more or less, realized you were sheltering or over-exposing your children to life’s tragedies and cruelties.

I always love the conversations that we share, the debates, the memories of our lives and those poignant learned lessons!!

Looking forward to another year of blogging with you and wishing a blessed and abundant New Year for you and your families.

With my girl – Courtesy Elisabeth Röhm

Until next time…

– Elisabeth Röhm

More from Elisabeth’s PEOPLE.com blog series:

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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)

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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

One more:

And, yes, there’s a theme here:

Social Media News Headlines – Yahoo! News

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Katie Holmes's Hair Has a New Job

Stylewatch
Style News Now

01/18/2013 at 03:30 PM ET

Courtesy 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

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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

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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)

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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.

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