Wall Street surges to five-year highs; Dow ends above 14,000

NEW YORK (Reuters) - Stocks rose to five-year highs on Friday, with the Dow closing above 14,000 for the first time since October 2007, after jobs and manufacturing data showed the economy's recovery remains on track.

The S&P touched its highest since December 2007 after a 5 percent gain in January, which was its best start to a year since 1997. The index is now just about 60 points away from its all-time intraday high of 1,576.09.

Employment grew modestly in January, with 157,000 jobs added. That was slightly below expectations, but Labor Department revisions showed 127,000 more jobs were created in November and December than previously reported.

Analysts attributed the market's robust showing so far this year partly to a deluge of cash flowing into equities.

Investors poured $12.7 billion into U.S.-based stock mutual funds and exchange-traded funds in the latest week, concluding the strongest four-week flows into stock funds since 1996, data showed on Thursday.

"There is a lot of money looking for a home, and people are finally deciding the bond market is done and moving money into equities," said Edward Simmons, managing director and partner at HighTower in Portland, Maine.

"I see the rotation (of assets) pushing the market up in the face of not-massive amounts of good news," he said. "People are overlooking the higher risk in equities."

Other reports released Friday showed the pace of growth in the U.S. manufacturing sector picked up in January to its highest level in nine months, U.S. consumer sentiment rose more than expected last month, while December construction spending also beat forecasts.

"All the data seems to keep pointing to a slowly, steadily improving economy," said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.

The Dow Jones industrial average <.dji> was up 149.21 points, or 1.08 percent, at 14,009.79. The Standard & Poor's 500 Index <.spx> was up 15.06 points, or 1.01 percent, at 1,513.17. The Nasdaq Composite Index <.ixic> was up 36.97 points, or 1.18 percent, at 3,179.10.

With the day's gains, major equity indexes rose five straight weeks.

More than 600 stocks on the NYSE and the Nasdaq combined hit 52-week highs on Friday, including Google which rose as high as $776.60, before closing at $775.60, up 2.6 percent.

Investors were also attuned to corporate earnings, with a trio of Dow components reporting profits that beat expectations.

Exxon Mobil ended flat at $90.04 after reporting results while Chevron added 1.2 percent to $116.50.

Drugmaker Merck & Co fell 3.3 percent to $41.83 after a cautious 2013 outlook.

Generic drugmaker Perrigo reported a better-than-expected second-quarter profit and its shares jumped 4.7 percent to $105.28.

Of the 252 companies in the S&P 500 that have reported earnings so far, 69 percent have exceeded expectations, according to Thomson Reuters data. That is a higher proportion than over the past four quarters and above average since 1994.

Overall, S&P 500 fourth-quarter earnings are estimated to have grown 4.4 percent, according to the data, up from a 1.9 percent forecast at the start of the earnings season but well below a 9.9 percent profit growth forecast on October 1.

Dell Inc gained 2.9 percent to $13.63 after sources said the company was nearing an agreement to sell itself to a buyout consortium led by its founder, Michael Dell, and private equity firm Silver Lake Partners.

(Reporting By Angela Moon; Editing by Kenneth Barry)

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Hagel Offers Endorsement of U.S. Military Might

Tough Questions for Hagel at Hearing:
Chuck Hagel, President Obama’s nominee for secretary of defense, had some sharp exchanges with Senator John McCain.

WASHINGTON — Chuck Hagel, President Obama’s nominee to be secretary of defense, came under sharp and sometimes angry questioning Thursday on a wide range of issues from fellow Republicans at his Senate confirmation hearing, including from his old friend, Senator John McCain, the Arizona Republican who is still smoldering about their break over the Iraq war.

Mr. Hagel, 66, a former senator from Nebraska and a decorated Vietnam veteran who would be the first former enlisted soldier to be secretary of defense, often seemed tentative in his responses to the barrage from fellow Republicans on the Senate Armed Services Committee, who showed him little deference and frequently cut him off.

One of the most hostile questioners was Senator Lindsey Graham of South Carolina, who told Mr. Hagel to “give me an example of where we’ve been intimidated by the Israel-Jewish lobby to do something dumb.'’ Mr. Hagel, who in 2006 said the “Jewish lobby” intimidates Congress, could not.

From Mr. Hagel's home state, Senator Deb Fischer told Mr. Hagel that he held "extreme views" that were "far to the left of this administration.'' Senator Ted Cruz, Republican of Texas, surprised the hearing with excerpts on a giant video screen from an interview Mr. Hagel gave to Al Jazeera in 2009. Although it was difficult to hear the short clips he provided, Mr. Cruz asserted that they showed Mr. Hagel agreeing with a caller who suggested that Israel had committed war crimes.

“Do you think the nation of Israel has committed war crimes?'’ Mr. Cruz demanded.

“No, I do not, Senator,'’ Mr. Hagel replied.

But his exchange with Mr. McCain was the most notable, given that the two former Vietnam veterans were close friends when they served in the Senate until Mr. Hagel’s views on the Iraq War caused a split. In 2008, Mr. Hagel did not endorse Mr. McCain for president and traveled with Mr. Obama, then a senator from Illinois, to Iraq and Afghanistan.

Mr. Hagel dodged a direct answer as Mr. McCain asked him repeatedly if history would judge whether Mr. Hagel was right or wrong in opposing the surge in American armed forces when he was in the Senate. The escalation, along with other major factors, is credited in helping to quell the violence in Iraq at the time. When Mr. Hagel said he wanted to explain, Mr. McCain bore in.

“Are you going to answer the question, Senator Hagel — the question is whether you were right or wrong?” Mr. McCain said.

“I’m not going to give you a yes or no answer,” Mr. Hagel replied.

Mr. McCain did not let up.

"I think history has already made a judgment about the surge, sir, and you’re on the wrong side of it,” Mr. McCain said, then seemed to threaten that he would not vote for Mr. Hagel if he did not answer the question.

It took the next questioner, Senator Bill Nelson, Democrat of Florida, to draw Mr. Hagel out on the subject. “I did question the surge,” Mr. Hagel said. “I always asked the question, is this going to be worth the sacrifice?” He said 1,200 American men and women lost their lives in the surge. “I’m not certain it was required,” Mr. Hagel said. “Now, it doesn’t mean I was right.”

Despite the theatrics, it was unclear how the committee would vote on Mr. Hagel’s nomination. He needs a majority of the 26-member panel, which includes 14 Democrats, almost all of whom are likely to support his nomination. And there remained a possibility that perhaps one or two Republicans would join them. If Mr. Hagel advances out of the committee, he would have an easier time when the entire Senate votes on his confirmation.

The onslaught by Republicans, however, began even before Mr. Hagel made his opening statement.

The ranking Republican on the committee, Senator James M. Inhofe of Oklahoma, told Mr. Hagel that he would not vote for him because of his position of “appeasing” America’s adversaries.

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OpenStack at Linux.conf.au 2013

I’m writing this blog post from Canberra Australia, while attending the Linux.conf.au (LCA) open source conference. Among the people who do these sorts of things, LCA has a well deserved reputation as one of the very best open source conferences in the world.

Geeks from across Australia and New Zealand, and from across the rest of the world, come together for a week in January (summer in this part of the world) to talk about everything from the intricate technical details of Linux kernel design to pushing the state of the art in file systems and issues deploying practical wireless cryptography. Softer but equally important topics such as Open Government, gender balance in technology, and international legal issues are also discussed. Read more about OpenStack at Linux.conf.au 2013 »

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Ellen DeGeneres Spills the Beans on Justin Theroux & Julianne Hough's Breakdancing Battle

By Dahvi Shira

01/31/2013 at 05:30 PM EST

Julianne Hough and Justin Theroux

Kyle Rover/Startraks; Kevin Winter/Getty

Apparently birthdays and breakdancing go hand-in-hand for Justin Theroux.

After granting fiancée Jennifer Aniston her wish by spinning on the floor when she turned 43, he recently showed off his skills at a joint birthday bash for pals Ellen DeGeneres and Portia de Rossi. But this time, Julianne Hough, 24, gave the actor, 41, a run for his money.

"[They] decided to have a breakdancing break-off," DeGeneres said Thursday on Ellen. "So we wanted to roll the rug back so they could spin on the floor. And [Julianne] was wearing a skirt and goes, 'I need pants.' ... She and Justin Theroux had a huge dance-off. It was crazy. It was a really fun night. She's an amazing dancer."

Ryan Seacrest, who happened to be DeGeneres's show guest for the day, also had praise for girlfriend Hough, whom he said is "amazing at literally everything."

But there are times when he is slightly threatened by his girlfriend.

"She's such an athlete," he explained. "Literally, I'm afraid to do stuff with her sometimes because I'm afraid I'm going to get injured."

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Hedgehog Alert! Prickly pets can carry salmonella

NEW YORK (AP) — Add those cute little hedgehogs to the list of pets that can make you sick.

In the last year, 20 people were infected by a rare but dangerous form of salmonella bacteria, and one person died in January. The illnesses were linked to contact with hedgehogs kept as pets, according to a report released Thursday by the Centers for Disease Control and Prevention.

Health officials on Thursday say such cases seem to be increasing.

The CDC recommends thoroughly washing your hands after handling hedgehogs and cleaning pet cages and other equipment outside.

Other pets that carry the salmonella bug are frogs, toads, turtles, snakes, lizards, chicks and ducklings.

Seven of the hedgehog illnesses were in Washington state, including the death — an elderly man from Spokane County who died in January. The other cases were in Alabama, Illinois, Indiana, Michigan, Minnesota, Ohio and Oregon.

In years past, only one or two illnesses from this salmonella strain have been reported annually, but the numbers rose to 14 in 2011, 18 last year, and two so far this year.

Children younger than five and the elderly are considered at highest risk for severe illness, CDC officials said.

Hedgehogs are small, insect-eating mammals with a coat of stiff quills. In nature, they sometimes live under hedges and defend themselves by rolling up into a spiky ball.

The critters linked to recent illnesses were purchased from various breeders, many of them licensed by the U.S. Department of Agriculture, CDC officials said. Hedgehogs are native to Western Europe, New Zealand and some other parts of the world, but are bred in the United States.

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Online:

CDC report: http://www.cdc.gov/mmwr

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S&P 500 posts biggest monthly gain since October 2011

NEW YORK (Reuters) - Stocks edged lower on Thursday on caution ahead of Friday's all-important jobs report, but the S&P 500 still posted its best monthly gain since October 2011.

The benchmark S&P 500 advanced 5.1 percent in January as investors cheered a compromise that temporarily postponed the impact of the "fiscal cliff" and fourth-quarter earnings were better than expected.

The S&P 500 registered its largest monthly advance since a rise of more than 6 percent in October 2011 and the best January showing since a 6.1 percent jump in 1997. For the month, the Dow gained 5.8 percent and the Nasdaq rose 4.1 percent.

Investors expect a pullback in equities after the recent gains, though they have bought on dips over the past four weeks. The largest daily decline on the S&P 500 so far in 2013 was Wednesday's 0.39 percent drop after data showed the economy contracted in the fourth quarter of 2012.

On Friday, the government is due to release January's employment figures at 8:30 a.m. (1330 GMT). Economists polled by Reuters expect non-farm payrolls to show employers added 160,000 jobs compared with a rise of 155,000 in December. The unemployment rate is likely to hold steady at 7.8 percent.

A survey by payroll processing company ADP on Wednesday showed private sector employment rose higher than expected last month, but the government's measure of jobless benefits claims increased last week.

"It's the calm before the potential storm. The uncertainty about tomorrow's numbers comes from that fact that we had a decent ADP report but the weekly claims were not so great," said Randy Frederick, managing director of active trading and derivatives for Charles Schwab in Austin, Texas.

In a separate report, the Commerce Department said American incomes rose 2.6 percent last month, the biggest increase since December 2004.

"We could see an overly sensitive market to a bad number tomorrow, given that we've been up without a major correction, and that makes the market sensitive to the downside."

Friday will also bring reports on consumer confidence, U.S. manufacturing, construction spending and car sales.

Limiting losses on the Nasdaq composite index, Qualcomm gained 3.9 percent to $66.02 after the world's leading supplier of chips for cellphones beat analysts' expectations for quarterly profit and revenue and raised its targets for the year.

Facebook shares fell 0.8 percent to $30.98 after falling as low as $28.74 a day after the social network company said it doubled its mobile advertising revenue in the fourth quarter. However, growth trailed some of Wall Street's most aggressive estimates.

The Dow Jones industrial average <.dji> was down 49.84 points, or 0.36 percent, at 13,860.58. The Standard & Poor's 500 Index <.spx> was down 3.85 points, or 0.26 percent, at 1,498.11. The Nasdaq Composite Index <.ixic> was down 0.18 points, or 0.01 percent, at 3,142.13.

UPS shares lost 2.4 percent to $79.29 after reporting fourth-quarter earnings that were below analysts' estimates on Thursday and forecasting weaker-than-expected profit for 2013.

Constellation Brands shares tumbled 17.4 percent to $32.36 after the U.S. Justice Department moved to stop Anheuser-Busch InBev from buying the half of Mexican brewer Grupo Modelo that it does not already own. Constellation would have distributed Corona beer in the United States if the transaction had been approved.

Thomson Reuters data through Thursday morning shows that of the 231 companies in the S&P 500 that have reported earnings this season, 69.3 percent have exceeded expectations, a higher proportion than over the past four quarters and above the average since 1994.

Overall, S&P 500 fourth-quarter earnings rose 3.7 percent, according to Thomson Reuters data. That's above a 1.9 percent forecast at the start of the earnings season but well below a 9.9 percent profit growth forecast on October 1.

(Reporting By Angela Moon; Editing by Nick Zieminski and Kenneth Barry)

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Bail Is Set at $11 Million for King Juan Carlos’s Son-in-Law

MADRID — A Spanish judge on Wednesday demanded that the son-in-law of King Juan Carlos and his former business partner post bond of $11 million as the state deepens its investigation into whether they embezzled millions of dollars in public money allocated to sports and tourism events.

The son-in-law, Iñaki Urdangarin, has not been formally charged, but he was subpoenaed last year, becoming the first member of the royal family to appear in court in modern Spanish history. Mr. Urdangarin and his main business partner, Diego Torres, as well as others involved in the sports and tourism events have denied wrongdoing.

Mr. Urdangarin, a former professional handball player, became Duke of Palma in 1997 upon marrying Princess Cristina, the youngest daughter of the king. Investigators are seeking to determine if Mr. Urdangarin misused his royal credentials in securing contracts from regional authorities to organize sports events for children and other activities through his private Noós Institute and then siphoned off contract fees.

Mr. Urdangarin has denied any link between his business activities and the rest of the royal family, and issued an apology last year for causing “serious damage” to the family. The royal household suspended him in late 2011 from attending official functions, declaring him persona non grata. He was removed from the royal family’s Web site this month.

While the royal household has tried to distance itself from the case, the judge, José Castro, has extended his investigation and recently subpoenaed Carlos García Revenga, the personal secretary of the king’s daughters, Elena and Cristina. Mr. Revenga is expected to appear in court on Feb. 23, same day as Mr. Urdangarin.

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TSX closes lower as RIM, Fed decision weigh

TORONTO (Reuters) – Canada’s main stock index closed lower on Wednesday, hurt by a fall in Research In Motion Ltd after it released its long-awaited BlackBerry 10 devices, and broad market weakness after the U.S. Federal Reserve decided to leave its stimulus program intact.

The Toronto Stock Exchange‘s S&P/TSX composite index <.gsptse> closed 36.12 points, or 0.28 percent, lower at 12,794.44. Nine of the 10 main sectors on the index declined.</.gsptse>

(Reporting by John Tilak; Editing by Peter Galloway)

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Kim & Kanye's Baby Will Wear Custom Clothes and Maybe Leather

Stylewatch
Style News Now

01/30/2013 at 04:30 PM ET

Kim Kardashian isn’t due until July, but we already know one thing for sure about the baby: Little Kimye’s wardrobe is going to be way more advanced than our own.

Kim and her sister Kourtney stopped by Jimmy Kimmel Live on Tuesday night, and the talk show host asked if the littlest Kardashian will wear hand-me-downs. But let’s get serious: Are parents who regularly don kilts, capes and fur going to allow their child to be photographed wearing something that’s already been spotted on a different star baby?

“If anyone knows Kanye, they just know how into fashion he is, and I think he’s going to have things, like, specially made,” Kim said. “I don’t think hand-me-downs are going to work. I think it has to be, like, really fun stuff.”

So what does “really fun stuff” entail? Kourtney jokingly chimed in with the answer: “Big chains, leather pants.” And to think we considered Khloé the funny one. Tell us: What do you hope baby Kimye wears?

–Jennifer Cress

PHOTOS: SEE KIM’S FASHION-FORWARD MATERNITY STYLE!

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Study sees prostate cancer treatment side effects

A new study shows how important it is for men to carefully consider treatments for early-stage prostate cancer. Fifteen years after surgery or radiation treatment, nearly all of the older men in the study had some problems having sex.

About one-fifth had bladder or bowel trouble, researchers found.

The study doesn't compare these men — who were 70 to 89 at the end of the study — to others who did not treat their cancers or to older men without the disease. At least one study suggests that half that age group has sexual problems even when healthy.

The study isn't a rigorous test of surgery and radiation, but it is the longest follow-up of some men who chose those treatments.

Since early prostate cancers usually don't prove fatal but there are no good ways to tell which ones really need treatment, men must be realistic about side effects they might suffer, said one study leader, Dr. David Penson of Vanderbilt University.

"They need to look at these findings and say, 'Oh my gosh, no matter what I choose, I'm going to have some quality-of-life effect and it's probably greater than my doctor is telling me,'" he said.

The study appears in Thursday's New England Journal of Medicine.

Prostate cancer is the most common cancer in American men. In the United States alone, there were about 240,000 new cases and 28,000 deaths from the disease last year. Radiation or surgery to remove the prostate are common treatments when the disease is confined to the gland.

Men usually live a long time after treatment — 14 years on average — so it's important to see how they fare, said another study leader, Vanderbilt's Dr. Matthew Resnick.

The study involved 1,655 men diagnosed in 1994 or 1995, when they were ages 55 to 74. About two-thirds of them had surgery and the rest, radiation. They were surveyed two, five and 15 years later. By that time, 569 had died.

Men who had surgery had more problems in the first few years after their treatments than those given radiation, but by the end of the study, there was no big difference.

After 15 years, 18 percent of the surgery group and 9 percent of the radiation group reported urinary incontinence, and 5 percent of the surgery group and 16 percent of the radiation group said they were bothered by bowel problems. But the differences between the two groups could have occurred by chance alone once researchers took other factors such as age and the size of the men's tumors into account.

Impotence was "near universal" at 15 years, the authors write — 94 percent of the radiation group and 87 percent of the surgery group. But the difference between the groups also was considered possibly due to chance. Also, less than half of men said they were bothered by their sexual problems.

"These men do get some help from pills like Viagra, Cialis, Levitra," but it may not be as much as they would like and most men would rather not need those pills, Penson said.

The National Cancer Institute paid for the study. Two authors have consulted for several makers of prostate cancer treatment drugs.

No study is perfect and this one has many limitations, said Dr. Timothy Wilson, urology chief at City of Hope, a cancer center in Duarte, Calif. Men who are having problems are more likely to complete follow-up surveys because they're angry, so that could skew results, he noted.

Still, "it's a high percentage" with side effects, said Wilson, who has been a paid speaker for two makers of surgery equipment.

"There's no question we overtreat" many cases of early prostate cancer, yet the disease is still the second-leading cause of cancer deaths in men. "We need to better sort out who really needs treatment," he said.

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Online:

New England Journal: http://www.nejm.org

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Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP

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