Global shares gain as global economic outlook improves

LONDON (Reuters) - World share markets extended a week-long rally on Thursday as manufacturing surveys in China and the United States boosted confidence in global growth and euro zone data at least did not worsen the already weak outlook for that region.

The euro hit a three high against the dollar on optimism that a funding deal for debt-crippled Greece will ultimately be agreed - and despite data indicating the region's economy is on course for its deepest recession since early 2009.

"The driving factors behind euro/dollar are that the global macroeconomic backdrop seems to be improving and people are pricing out the tail risk on Greece," said Arne Lohmann Rasmussen, head of currency research at Danske Bank.

The euro rose 0.4 percent to $1.2880, its highest since November 2.

The view there will be a deal to help Athens was bolstered on Wednesday when German Chancellor Angela Merkel said after the failure of the latest talks, that an agreement was possible when euro zone ministers meet again on Monday.

The hopes for a Greek deal, combined with the better economic data and a growing view that a solution can be found to the U.S. fiscal crisis, lifted the MSCI world equity index 0.4 percent to 326 points, putting it on track for its best week since mid-September.

Europe's FTSE Eurofirst 300 index rose 0.4 percent to a two-week high of 1,101.70 points, with London's FTSE 100, Paris's CAC-40 and Frankfurt's DAX between 0.3 and 0.7 percent higher.

However, trading was subdued, with U.S. markets closed for the Thanksgiving holiday.

CHINA BOOST

Confidence in the global economic outlook got its biggest boost from the HSBC flash Manufacturing Purchasing Managers Index (PMI) for China, which pointed to an expansion in activity after seven consecutive quarters of slowdown.

The Chinese data followed a report on Wednesday showing U.S. manufacturing grew in November at its quickest pace in five months, indicating strong economic growth in the fourth quarter.

"There are questions over whether the Chinese economy is really that bad or if the U.S. will take a long time to recover, but we are getting signs that the situation is not as bad as assumed," said Peter Braendle, head of European equities at Zurich-based Swisscanto Asset Management.

PMI data on the manufacturing and services sectors in Europe's two biggest economies, Germany and France, added to the better tone, revealing that conditions had not worsened in November, though both economies are still contracting.

However, the PMI numbers for the wider euro zone remain extremely weak, pointing to the recession-hit region shrinking by about 0.5 percent in the current quarter - its sharpest contraction since the first quarter of 2009.

"The weak PMI outturn for November is a major disappointment in light of the increases in the German and French PMI surveys, and suggest the recession on the euro zone's periphery is gathering further pace," said ING economist Martin van Vliet.

BOND DEMAND

In the fixed-income markets, the improving tone enabled Spain to sell 3.88 billion euros ($4.97 billion) of new government bonds on Thursday, even though it has already raised enough funds for this year's needs.

The average yield on the three-year bonds in the auction was 3.617 percent, compared with 3.66 percent at a sale earlier in November and a 2012 average of 3.79 percent.

Ten-year Spanish yields were 6 basis points lower on the day at 5.67 percent, having traded above 6 percent at the start of the week.

"It's a clear reflection that sentiment in Spain has improved markedly," RIA Capital Markets bond strategist Nick Stamenkovic said, adding that the market was expecting Madrid to ask for an international bailout early next year.

Expectations Greece will soon get more cash set Greek yields on course for their 10th consecutive daily fall. The February 2023 bond yield dropped to 16.16 percent, its lowest since it was issued during a debt restructuring in March.

COMMODITIES STEADY

Commodity prices had some support from the improving outlook for world demand, but the prospect of only modest global growth in 2013 kept the gains in check.

Three-month copper on the London Metal Exchange rose 0.6 percent to $7,735.25 a metric tonne, and spot gold inched up to $1,730.30 an ounce.

Oil prices were more mixed as the ceasefire between Israel and Gaza's Hamas rulers on Thursday eased concerns over the impact the unrest might have had on supply from the region, offsetting support from the prospect of more Chinese oil demand.

Brent slipped 7 cents to $110.90 a barrel, while U.S. crude was up 2 cents at $87.40.

($1 = 0.7801 euros)

(Additional reporting by Jessica Mortimer and Marius Zaharia; Editing by Will Waterman and Alastair Macdonald)

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Bernanke's "cliff" comments break two-day rally

NEW YORK (Reuters) - Wall Street halted its two-day rally on Tuesday, after Federal Reserve Chairman Ben Bernanke said the central bank lacks tools to cushion the economy from the impact of the "fiscal cliff."

The day's biggest disappointment was Hewlett-Packard Co shares , which sank to a 10-year low after the computer and printer maker swung to a fourth-quarter loss and announced a $5 billion charge related to "accounting improprieties." The stock slid 12 percent to close at $11.71.

Bernanke, in comments before the Economic Club of New York, said the Fed does not have the ability to offset the damage that would result if politicians fail to strike a deal to prevent a series of mandatory tax increases and spending cuts scheduled to go into effect early next year.

The statement caused a downdraft in the market, though the equity market cut most of its losses before the end of the day.

"This is a more realistic and pragmatic picture of where we are, compared to what we've been hearing for the past couple of days from politicians that are mostly PR stunts," said James Dailey, portfolio manager at TEAM Asset Strategy Fund in Harrisburg, Pennsylvania.

Stocks had rallied for the last two sessions after Washington politicians sounded an encouraging note that a deal to avoid the U.S. fiscal cliff could be reached. The gains followed two weeks of sharp losses that pushed the S&P 500 down through the 200-day moving average, a key benchmark of the market's long-term trend.

The S&P ended Tuesday near that level, which was 1,382.68.

The Dow Jones industrial average <.dji> slipped 7.45 points, or 0.06 percent, to 12,788.51 at the close. But the Standard & Poor's 500 Index <.spx> edged up 0.93 of a point, or 0.07 percent, to finish at 1,387.82. The Nasdaq Composite Index <.ixic> inched up 0.61 of a point, or 0.02 percent, to close at 2,916.68.

Dow component HP said it took an $8.8 billion charge in the quarter, with $5 billion related to its acquisition of software firm Autonomy, citing "serious accounting improprieties." HP's market value is now just $23 billion, compared with $100 billion just two years ago.

Best Buy Co shares fell 13 percent to $11.96 after the consumer electronics retailer reported a net loss of $13 million for the third quarter on weaker-than-expected sales at its established stores.

Another factor weighing on stocks was Moody's Investors Service's reduction of France's sovereign rating by one notch to Aa1 after the market's close on Monday. Moody's cited an uncertain fiscal outlook as a result of the weakening economy.

"This brings forward a whole new set of problems to the euro -zone issue. When the lifeguards, in this case, Germany and France, are in trouble, when they need to save people like Greece and Spain, that could be a big concern," Dailey said.

Earlier, data showed U.S. housing starts rose to their highest rate in more than four years in October, suggesting the housing market recovery was picking up momentum, even though permits for future construction fell.

An index of housing-related shares <.hgx> shot up 2.5 percent.

Volume was roughly 5.6 billion shares on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the year-to-date average daily closing volume of around 6.5 billion.

Advancers outnumbers decliners on the NYSE by a ratio of about 4 to 3. On Nasdaq, the opposite trend took hold, with about 13 stocks falling for every 12 that rose.

(Reporting by Angela Moon; Editing by Jan Paschal)

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Budget talk optimism spurs Wall Street rally

NEW YORK (Reuters) - Stocks bounced higher for a second consecutive session on Monday as investors were encouraged by the early atmosphere surrounding talks to tackle the nation's fiscal crunch.

Stronger-than-expected earnings from Lowe's and Tyson Foods, as well as encouraging housing data, also contributed to the market's advance. Tyson and Lowe's were the top two percentage gainers on the S&P 500.

The S&P 500 is up more than 2 percent in the last two sessions as rhetoric from legislators over the weekend suggests a deal could be reached to stave off the looming "fiscal cliff," a series of tax and spending changes that will begin to take effect in the new year. The two sides are still far apart in negotiations, however.

The benchmark S&P index had fallen 5.3 percent between Election Day and Friday's rebound, as investors took the opportunity to sell stocks - including some of the year's best performers - just in case Washington cannot come to an agreement and taxes on dividends and capital gains rise in 2013.

"Everyone is quietly breathing a sigh of relief, because frankly, we are no longer looking over the edge of a cliff, we are looking at an opportunity to step back and recalibrate," said Peter Kenny, managing director at Knight Capital in Jersey City, New Jersey.

However, the rebound could be a short-lived reprieve from the sharp declines and market volatility could still rise, depending on progress in negotiations. A number of sectors were considered oversold on a technical basis - suggesting a buying opportunity.

"There is no question, what lit the fuse was constructive conversation, constructive talking points out of Washington that has done far more to help the market than anything else - the backdrop is the oversold" market, Kenny said.

Monday's advance marked the biggest percentage gain for the S&P 500 since November 6, when the European Central Bank announced a new bond-buying program aimed at containing the region's debt crisis.

Shares of Lowe's Cos Inc , the world's No. 2 home improvement chain, jumped 6.2 percent to $33.96 to hit a 52-week high after the company reported higher-than-expected quarterly profit and raised its full-year sales forecast.

Home improvement chains tend to benefit as housing strengthens. U.S. home resales unexpectedly increased in October, while separate data showed homebuilder sentiment rose to its highest level in over six years in November.

The PHLX Housing Index <.hgx> rose 1.8 percent.

The Dow Jones industrial average <.dji> gained 207.65 points, or 1.65 percent, at 12,795.96. The Standard & Poor's 500 Index <.spx> was up 27.01 points, or 1.99 percent, at 1,386.89. The Nasdaq Composite Index <.ixic> was up 62.94 points, or 2.21 percent, at 2,916.07.

The S&P edged above its 200-day moving average at around 1,382, which has acted as a resistance level since a drop below the technically significant mark on November 8.

Tyson Foods Inc beat expectations and gave an upbeat forecast, sending its stock up 10.9 percent to $18.72.

Intel shares edged higher, up 0.3 percent to $20.25 after the company said its chief executive will retire in May.

Commodities prices surged, boosting shares of resource companies. Freeport-McMoRan rose 4.1 percent to $38.28, while U.S. Steel rose 5.3 percent to $21.15. The S&P materials sector <.gspm> advanced 2.9 percent as the best performing of the 10 major S&P sectors.

Volume was light and is expected to remain so throughout the Thanksgiving Day holiday-shortened trading week, with about 6.14 billion shares traded on the New York Stock Exchange, NYSE MKT and Nasdaq, below the daily average of 6.49 billion.

Advancing stocks outnumbered declines on the NYSE by 2,678 to 350, while on the Nasdaq, advancers beat decliners 1,949 to 521.

(Reporting by Chuck Mikolajczak; Editing by Dan Grebler)

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Wall Street Week Ahead: Going off "cliff" with a bungee cord

NEW YORK (Reuters) - The 1987 crash. The Y2K bug. The debt ceiling debacle of 2011.

All these events, in the end, turned out to be buying opportunities for stocks. So will the "fiscal cliff," some investors say as they watch favorite stocks tumble during the political give-and-take happening in Washington.

The first round of talks aimed at avoiding the "fiscal cliff" caused a temporary rise in equities on Friday, signaling Wall Street's recent declines could be a buying opportunity. The gains were small and sentiment remains weak, but it suggests hope for market bulls.

Though shares ended moderately higher on Friday, it was not enough to offset losses for the week. The S&P was down 1.5 percent, while both the Dow and the Nasdaq fell 1.8 percent.

The S&P 500 is down more than 5 percent in the seven sessions that followed President Barack Obama's re-election. Uncertainty arose as attention turned to Washington's task of dealing with mandated tax hikes and spending cuts that could take the U.S. economy back into recession.

Some see the market's move as an overreaction to hyperbolic headlines about policy gridlock in Washington, believing stocks may start to rebound in what should be a quiet few days ahead of the Thanksgiving holiday next Thursday.

"It just doesn't seem to make any sense that you suddenly wake up the day after the election and realize we've got a fiscal cliff," said Krishna Kumar, partner at New York hedge fund Goose Hollow Alpha Advisors.

Not long ago the S&P was on target for its second-best year in the last 10, riding a 17 percent advance in 2012. That's been halved to about 8 percent, which isn't bad but disappointing compared with just a month ago.

Investors have been selling the year's winners. Apple is down 25 percent from its peak above $700. General Electric is down 14 percent; Google has lost 16 percent. Overall, the stocks that make up the top 10 percent of performers in the month prior to Election Day have been the worst performers since, according to Bespoke Investment Group of Harrison, New York.

"I think it's a good opportunity to be long stocks at these levels," said Kumar.

Hikes on capital gains and dividend taxes are on the line, and Obama has dug in his heels on what he sees as a mandate to make the tax code more progressive.

He seems to have the upper hand in dealings with Congress because Republican lawmakers don't want to see tax rates increase, which is what will happen if no solution is found by the beginning of 2013. Republicans don't want to take the blame for driving the economy over the cliff.

The current crisis is similar to last year's fight to raise the U.S. debt ceiling, which led to the downgrade of the United States' top credit rating in early August 2011.

During the dealings, the S&P 500 lost 18.8 percent between its peak in July 2011 and its bottom in August. As the market slid, the political standoff badly hurt investors' confidence in Washington, setting off a spike in volatility.

In the end a deal was announced that raised the ceiling and put off longer-term fiscal decisions until January 1, 2013, setting the stage for today's "fiscal cliff" crisis.

After staying flat through September 2011, the S&P 500 jumped 31 percent between its October low and the end of March.

BUY THE DIP?

Gridlock in Washington and all that could possibly go wrong with the economy if a deal is not reached have grabbed the headlines, but the negotiations leave room for stock market gains. Congressional leaders said Friday they will work through the Thanksgiving holiday recess to find a solution.

"The debate over how to solve (the fiscal cliff) may be more productive than is commonly recognized," said Brad Lipsig, senior portfolio manager at UBS Financial Services in New York.

"The U.S. is facing a major debt overhang, and serious steps toward addressing it might ultimately be viewed as a positive for future growth," he said. "The market may recognize this and, after a time of hand wringing, recover from the concerns with a renewed sense of optimism."

The recent selling took the S&P 500's relative strength index - a technical measure of internal strength - below 30 this week, indicating the benchmark is oversold and due for a rebound.

The RSI in four of the 10 S&P sectors - utilities, telecoms, consumer staples and technology - is below 30 and the highest RSI reading, for the consumer discretionary sector, is below 40, suggesting a bounce is in store.

"What I want to do is what we did during the decline following the budget negotiations in the summer of 2011: The lower the stock market goes, the more I want to own stock," said Brian Reynolds, chief market strategist at New York-based Rosenblatt Securities.

"If we go off the cliff it will be with a bungee cord attached," he said.

KEEP CALM AND HEDGE

Volatility is expected to rise through the end of November and to spike in late December if no agreement on the fiscal cliff is reached in Congress. Alongside comes opportunity for those with high risk tolerance.

"Recently, volatility has increased in the market overall. You can't really pick it up in the VIX yet, but I think as we get through November, I think you're likely to see the VIX be at a relatively higher level," said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.

In 2011, the VIX averaged 19.2 in July and 35 in August. So far this month the average is 17.8 and it is expected to spike if negotiations on the cliff drag into late next month.

"Looking at the range of possibilities, I would say any of them would be better than sitting here waiting. I would even put going off the fiscal cliff in that category," said Jill Cuniff, president of Seattle-based Edge Asset Management Inc, which manages about $20 billion.

"But we don't believe Congress will let that happen; there's going to be some middle ground here."

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

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Wall Street Week Ahead: Going off "cliff" with a bungee cord

NEW YORK (Reuters) - The 1987 crash. The Y2K bug. The debt ceiling debacle of 2011.

All these events, in the end, turned out to be buying opportunities for stocks. So will the "fiscal cliff," some investors say as they watch favorite stocks tumble during the political give-and-take happening in Washington.

The first round of talks aimed at avoiding the "fiscal cliff" caused a temporary rise in equities on Friday, signaling Wall Street's recent declines could be a buying opportunity. The gains were small and sentiment remains weak, but it suggests hope for market bulls.

Though shares ended moderately higher on Friday, it was not enough to offset losses for the week. The S&P was down 1.5 percent, while both the Dow and the Nasdaq fell 1.8 percent.

The S&P 500 is down more than 5 percent in the seven sessions that followed President Barack Obama's re-election. Uncertainty arose as attention turned to Washington's task of dealing with mandated tax hikes and spending cuts that could take the U.S. economy back into recession.

Some see the market's move as an overreaction to hyperbolic headlines about policy gridlock in Washington, believing stocks may start to rebound in what should be a quiet few days ahead of the Thanksgiving holiday next Thursday.

"It just doesn't seem to make any sense that you suddenly wake up the day after the election and realize we've got a fiscal cliff," said Krishna Kumar, partner at New York hedge fund Goose Hollow Alpha Advisors.

Not long ago the S&P was on target for its second-best year in the last 10, riding a 17 percent advance in 2012. That's been halved to about 8 percent, which isn't bad but disappointing compared with just a month ago.

Investors have been selling the year's winners. Apple is down 25 percent from its peak above $700. General Electric is down 14 percent; Google has lost 16 percent. Overall, the stocks that make up the top 10 percent of performers in the month prior to Election Day have been the worst performers since, according to Bespoke Investment Group of Harrison, New York.

"I think it's a good opportunity to be long stocks at these levels," said Kumar.

Hikes on capital gains and dividend taxes are on the line, and Obama has dug in his heels on what he sees as a mandate to make the tax code more progressive.

He seems to have the upper hand in dealings with Congress because Republican lawmakers don't want to see tax rates increase, which is what will happen if no solution is found by the beginning of 2013. Republicans don't want to take the blame for driving the economy over the cliff.

The current crisis is similar to last year's fight to raise the U.S. debt ceiling, which led to the downgrade of the United States' top credit rating in early August 2011.

During the dealings, the S&P 500 lost 18.8 percent between its peak in July 2011 and its bottom in August. As the market slid, the political standoff badly hurt investors' confidence in Washington, setting off a spike in volatility.

In the end a deal was announced that raised the ceiling and put off longer-term fiscal decisions until January 1, 2013, setting the stage for today's "fiscal cliff" crisis.

After staying flat through September 2011, the S&P 500 jumped 31 percent between its October low and the end of March.

BUY THE DIP?

Gridlock in Washington and all that could possibly go wrong with the economy if a deal is not reached have grabbed the headlines, but the negotiations leave room for stock market gains. Congressional leaders said Friday they will work through the Thanksgiving holiday recess to find a solution.

"The debate over how to solve (the fiscal cliff) may be more productive than is commonly recognized," said Brad Lipsig, senior portfolio manager at UBS Financial Services in New York.

"The U.S. is facing a major debt overhang, and serious steps toward addressing it might ultimately be viewed as a positive for future growth," he said. "The market may recognize this and, after a time of hand wringing, recover from the concerns with a renewed sense of optimism."

The recent selling took the S&P 500's relative strength index - a technical measure of internal strength - below 30 this week, indicating the benchmark is oversold and due for a rebound.

The RSI in four of the 10 S&P sectors - utilities, telecoms, consumer staples and technology - is below 30 and the highest RSI reading, for the consumer discretionary sector, is below 40, suggesting a bounce is in store.

"What I want to do is what we did during the decline following the budget negotiations in the summer of 2011: The lower the stock market goes, the more I want to own stock," said Brian Reynolds, chief market strategist at New York-based Rosenblatt Securities.

"If we go off the cliff it will be with a bungee cord attached," he said.

KEEP CALM AND HEDGE

Volatility is expected to rise through the end of November and to spike in late December if no agreement on the fiscal cliff is reached in Congress. Alongside comes opportunity for those with high risk tolerance.

"Recently, volatility has increased in the market overall. You can't really pick it up in the VIX yet, but I think as we get through November, I think you're likely to see the VIX be at a relatively higher level," said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.

In 2011, the VIX averaged 19.2 in July and 35 in August. So far this month the average is 17.8 and it is expected to spike if negotiations on the cliff drag into late next month.

"Looking at the range of possibilities, I would say any of them would be better than sitting here waiting. I would even put going off the fiscal cliff in that category," said Jill Cuniff, president of Seattle-based Edge Asset Management Inc, which manages about $20 billion.

"But we don't believe Congress will let that happen; there's going to be some middle ground here."

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

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Wal-Mart files U.S. labor charge against union

(Reuters) - Wal-Mart Stores Inc is taking its first legal step to stop months of protests and rallies outside Walmart stores, targeting the union that it says is behind such actions.

Wal-Mart filed an unfair labor practice charge against the United Food and Commercial Workers International Union, or UFCW, asking the National Labor Relations Board to halt what the retailer says are unlawful attempts to disrupt its business.

The move comes just a week before what is expected to be the largest organized action against the world's largest retailer, as a small group of Walmart workers prepare to strike on Black Friday, typically the busiest shopping day of the year.

"We are taking this action now because we cannot allow the UFCW to continue to intentionally seek to create an environment that could directly and adversely impact our customers and associates," Wal-Mart spokesman David Tovar said on Friday. "If they do, they will be held accountable."

The union is undeterred. "Walmart is grasping at straws," said UFCW Communications Director Jill Cashen. "There's nothing in the law that gives an employer the right to silence workers and citizens."

Protests and rallies outside Walmart stores around the country and other actions such as flash mobs have been orchestrated by groups including OUR Walmart, a coalition of thousands of Walmart workers that wants to collectively push for better wages, benefits and working conditions.

"Wal-Mart is in effect firing a shot across the bow of the UFCW, essentially saying 'Look, you can expect this and more unless you desist,'" said Harley Shaiken, a professor at the University of California, Berkeley, who specializes in labor issues.

Filing with the NLRB suggests that the protests have caught the attention of Wal-Mart, which has no union-represented workers in the United States.

OUR Walmart and another group, Making Change at Walmart, are affiliated with the UFCW, which represents more than 1 million workers including many at retailers that compete with Walmart. According to a filing with the Labor Department, OUR Walmart was a subsidiary of the UFCW as of 2011. It is unclear whether it remains a subsidiary or has legally separated from the union.

"The fact that Wal-Mart is responding in such a public way is itself both unusual and indicative that they truly don't want to see this spread," Shaiken said.

The NLRB typically receives a charge and investigates. At times, it resolves issues without issuing a complaint, spokesman Tony Wagner said. While most investigations take about six weeks, they can be expedited under certain criteria, he said.

Activities over the past year or longer "have caused disruptions to Walmart's business, resulted in misinformation being shared publicly about our company, and created an uncomfortable environment and undue stress on Walmart's customers, including families with children," Walmart outside counsel Steven Wheeless said in a letter sent on Friday to Deborah Gaydos, assistant general counsel of the UFCW.

PICKETING PROHIBITED

The National Labor Relations Act prohibits such picketing for more than 30 days without the filing of a representation petition. The NLRA also requires the NLRB to seek a federal court injunction against such activity, the letter states.

The OUR Walmart group of current and former Walmart employees has been organizing 1,000 protests including strikes and what it called online actions that began this week and will culminate on Black Friday.

For example, workers walked off the job in Seattle on Thursday and in Dallas on Friday, OUR Walmart said.

Bentonville, Arkansas-based Wal-Mart said that anyone who is not an employee is prohibited from coming onto its owned or controlled parking lots or other facilities to solicit, hand out literature or otherwise engage in any demonstration.

Wal-Mart said that it intends for the UFCW to be held accountable for any injury or property damage that may occur as a result of the actions led by the union, OUR Walmart or any of its other affiliates.

Past attempts to unionize Walmart U.S. workers have failed. In 2005, Tire and Lube Express department workers at stores in New Castle, Pennsylvania, and Loveland, Colorado, voted against representation by the UFCW.

OUR Walmart is not a union, though the thousands of Walmart employees it says are members do pay $5 monthly dues.

Wal-Mart has 1.4 million U.S. workers. Of 5 million job applications Walmart U.S. received in 2011, 20 percent of the workers it hired were coming back to the company. The turnover rate among Walmart U.S. employees, 37.26 percent in 2011, was below the industry average of 43.6 percent, it says.

"We just don't think what the unions have to offer is a better deal for our associates," said Wal-Mart's Tovar.

Wal-Mart filed its charge against the UFCW late on Thursday with the NLRB regional office in Little Rock, Arkansas. The case number is 26-CB-093342.

For copies of Wal-Mart's letter to the UFCW and the NLRB charge document click http://bit.ly/Qj5c0t and http://bit.ly/RZoNkD

(Reporting by Jessica Wohl in Chicago; Editing by Tim Dobbyn and Leslie Gevirtz)

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Wall Street ends flat as wary investors stay defensive

NEW YORK (Reuters) - Stocks were little changed on Thursday as the prospect of a drawn-out battle over impending tax and spending changes made investors wary of getting into the water, while retailer Wal-Mart tumbled after disappointing sales.

The S&P 500 is down nearly 2 percent for the week, adding to last week's selloff and eroding more of the market's gains for the year.

What had looked like a stellar 2012 for stocks has turned into merely an average year, and as 2012 draws to a close, investors are becoming more inclined to protect the gains they have.

The worry is the economy could contract again if no deal is reached in Washington to avoid the "fiscal cliff" - large, automatic budget cuts and tax hikes that begin to take effect in the new year.

Combined with the euro zone debt crisis, the uncertain outlook for corporations makes it hard to know how much a stock is worth, said Alan Lancz, president of Alan B. Lancz & Associates in Toledo, Ohio.

"Valuation is going to be uncertain because you don't know what the growth will be," said Lancz. "That is definitely not a good scenario for someone to step up to the plate and do a lot of buying."

The euro zone relapsed into its second recession since 2009 in the third quarter as the region was hurt by its debt problems.

Wal-Mart fell 3.6 percent to $68.72 and was the biggest drag on the Dow as frugal consumers hurt the company's quarterly sales.

Investors will be watching Friday's meeting at the White House between President Barack Obama and Republican and Democratic leaders of Congress over deficit reduction for any sign the two sides are moving closer.

The memory of last year's political impasse over raising the debt ceiling has also made analysts nervous.

"(There is) uncertainty of whether we're going to have a functioning government going forward. That is a weight that sits on markets right now," said Troy Logan, managing director and senior economist at Warren Financial Service in Exton, Pennsylvania.

Even if the economy avoids an outright recession, there are fears a lengthy political dispute could sap business investment and consumer spending.

The Dow Jones industrial average <.dji> slipped 28.49 points, or 0.23 percent, to 12,542.46. The Standard & Poor's 500 Index <.spx> lost 2.16 points, or 0.16 percent, to 1,353.33. The Nasdaq Composite Index <.ixic> was off 9.87 points, or 0.35 percent, to 2,836.94.

The S&P 500 sunk to a 3 1/2-month closing low and was well below its 200-day moving average, which it pierced last week.

Data on Thursday showed new claims for unemployment benefits surged last week, while factory activity in the mid-Atlantic region unexpectedly shrank in November as the economy felt the effects of superstorm Sandy.

A flare-up in violence in the Middle East added to market unease as Israeli warplanes bombed targets in and around Gaza city for a second day, while two rockets fired from the Gaza Strip targeted Tel Aviv.

Apple Inc shares dragged the Nasdaq lower, falling 2.1 percent to $525.62 and down about 25 percent since September's high.

Also in the tech sector, shares of Dell Inc fell in after-hours trading after it reported revenue that was shy of Wall Street's expectations. Dell was down 2.2 percent at $9.35.

Target Corp bucked the trend, rising 1.7 percent to $62.44 after it reported a profit that beat expectations.

Volume was roughly 7.26 billion shares on the New York Stock Exchange, the Nasdaq and the NYSE MKT, topping the year-to-date average daily closing volume of around 6.5 billion.

Decliners outnumbered advancers on the NYSE by 2,069 to 975 on the New York Stock Exchange. Decliners also had the upper hand on the Nasdaq, outpacing advancers 1,506 to 948.

(Editing by Kenneth Barry)

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Wall Street drops on deficit, Middle East concerns

NEW YORK (Reuters) - Stocks slid on Wednesday with declines accelerating after President Barack Obama set up a drawn-out fight over the fiscal cliff when he stuck to his pledge to raise taxes on the wealthy, and as violence increased in the Middle East.

Obama, in his first press conference since re-election, held to his position that marginal tax rates will have to rise to tackle the nation's deficits.

With talks over solving the U.S. "fiscal cliff" in early stages, investors are reacting to the uncertainty by shedding positions.

"I think we will have a last-minute cliffhanger solution," said Michael Cheah, portfolio manager at SunAmerica Asset Management in Jersey City, New Jersey, about a deal to avoid the so-called cliff.

"In the meantime, the market is going to get punched every day."

Without a deal, a series of mandated tax hikes and spending cuts will start to take effect early next year that could push the U.S. economy into a recession.

Taxes on capital gains and dividends could rise as part of the negotiations, pushing investors to sell this year and pay lower taxes on their gains.

Adding to the selling pressure, Israel launched a major offensive against Palestinian militants in Gaza, killing the military commander of Hamas in an air strike and threatening an invasion of the enclave. Egypt said it recalled its ambassador from Israel in response.

"We know Europe's in trouble, China's slowing down ... and now you've got the Middle East flaring up again. It's all hitting at once, and obviously, the market is taking a 'sell first, ask questions later' approach," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati.

Industrial shares led the decline, dragged lower in part by a 1 percent spike in crude prices after the Israeli offensive on Gaza. The S&P industrial sector index <.gspi> fell 2.5 percent.

Wall Street had opened higher after Dow component Cisco Systems Inc reported first-quarter earnings and revenue late Tuesday that beat expectations, driving its stock up 4.8 percent to $17.66. But the positive momentum was short-lived.

The Dow Jones industrial average <.dji> fell 185.23 points, or 1.45 percent, to 12,570.95 at the close. The S&P 500 <.spx> dropped 19.04 points, or 1.39 percent, to 1,355.49. The Nasdaq Composite <.ixic> lost 37.08 points, or 1.29 percent, to 2,846.81.

Both the Dow industrials and the Nasdaq ended at their lowest levels since late June.

The S&P 500 has fallen 5.1 percent in the six sessions since election night. Wednesday marked the benchmark index's lowest close since July 25.

The Russell 2000 <.rut> tumbled 2 percent. The Dow Jones Transportation average <.djt> slid 2.6 percent. FedEx Corp shares dropped 3.7 percent to $87.12. Bank of America shares lost 3.6 percent to $8.99.

In contrast, Facebook shares jumped 12.6 percent to $22.36 as investors were relieved that expiring trading restrictions on a huge block of shares did not trigger an immediate wave of insider selling.

Teen clothing retailer Abercrombie & Fitch Co jumped 34.4 percent to $41.92 after the company reported unexpectedly improved third-quarter results and a full-year outlook that exceeded Wall Street's forecasts.

About 7.53 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, more than the daily average so far this year of about 6.51 billion shares.

On the NYSE, decliners outnumbered advancers by a ratio of almost 9 to 1. On the Nasdaq, about four stocks fell for every one that rose.

(Reporting by Rodrigo Campos; Additional reporting by Steven C. Johnson and Leah Schnurr; Editing by Jan Paschal)

Read More..

Microsoft leads Wall Street lower, but retailers gain

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