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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(Reporting by Rodrigo Campos; Editing by Jan Paschal)

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Egypt opposition protests against constitution

CAIRO (Reuters) - Opponents of Egyptian President Mohamed Mursi staged protests in Cairo on Tuesday against an Islamist-backed draft constitution that has divided Egypt but looks set to be approved in the second half of a referendum this weekend.

Several hundred protesters outside the presidential palace chanted "Revolution, revolution, for the sake of the constitution" and called on Mursi to "Leave, leave, you coward!". While the protest was noisy, numbers were down on previous demonstrations.

Mursi obtained a 57 percent "yes" vote for the constitution in the first part of the referendum last weekend, state media said, less than he had hoped for.

The opposition, which says the basic law is too Islamist, will be encouraged by the result but is unlikely to win the second part this Saturday, which is to be held in districts seen as even more sympathetic towards Mursi's Muslim Brotherhood.

The National Salvation Front opposition coalition said there were widespread voting violations last Saturday and called for protests to "bring down the invalid draft constitution".

The Ministry of Justice said it was appointing judges to investigate complaints of voting irregularities.

Opposition marchers converged on Tahrir Square, cradle of the revolution that toppled Hosni Mubarak almost two years ago, and Mursi's presidential palace, still ringed with tanks after earlier protests.

A protester at the presidential palace, Mohamed Adel, 30, said: "I have been camping here for weeks and will continue to do so until the constitution that divided the nation, and for which people died, gets scrapped."

Shortly after midnight, a few hundred protesters who had planned to spend the night in tents set up around the presidential palace were attacked with stones.

"Unknown people threw stones at us from behind the walls the army had built at all entrances to the palace, and some of the protesters were injured in the leg and head," protester Karim el-Shaer told Reuters.

The build-up to the first day of voting saw clashes between supporters and opponents of Mursi in which eight people died. Recent demonstrations in Cairo have been more peaceful, although rival factions clashed on Friday in Alexandria, Egypt's second city.

RESIGNATION

A judges' club urged its members on Tuesday not to supervise Saturday's vote. But the call is not binding and balloting is expected to go ahead.

If the constitution is passed, national elections can take place early next year, something many hope will help end the turmoil that has gripped Egypt since the overthrow of Hosni Mubarak almost two years ago.

But the closeness of the first day of voting and the low turnout suggest more difficulties ahead for Mursi as he seeks to rally support for difficult economic reforms.

"This percentage ... will strengthen the hand of the (opposition) National Salvation Front, and the leaders of this Front have declared they are going to continue this fight to discredit the constitution," said Mustapha Kamal Al-Sayyid, a professor of political science at Cairo University.

Mursi is likely to become more unpopular with the introduction of planned austerity measures, Sayyid told Reuters.

To tackle the budget deficit, the government needs to raise taxes and cut fuel subsidies. Uncertainty surrounding economic reform plans has already prompted the postponement of a $4.8 billion loan from the International Monetary Fund. The Egyptian pound has fallen to eight-year lows against the dollar.

Mursi and his backers say the constitution is needed to move Egypt's democratic transition forward. Opponents say it is too Islamist and ignores the rights of women and of minorities, including 10 percent of Egyptians who are Christian.

Demonstrations erupted when Mursi awarded himself extra powers on November 22 and then fast-tracked the constitution through an assembly dominated by his Islamist allies and boycotted by many liberals.

The referendum has had to be held over two days because many of the judges needed to oversee polling staged a boycott in protest. In order to pass, the constitution must be approved by more than 50 percent of those voting.

(Additional reporting by Tamim Elyan and Edmund Blair; Writing by Giles Elgood; Editing by Kevin Liffey)

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Charlie Brown’s Christmas Reunion Will Ruin Your Childhood

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

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

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

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

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

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

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

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

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

Wireless News Headlines – Yahoo! News

Title Post: Charlie Brown’s Christmas Reunion Will Ruin Your Childhood
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Daniel Inouye, Longtime Hawaii U.S. Senator, Dies at 88

12/17/2012 at 06:45 PM EST

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

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

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

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

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

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Experts: No link between Asperger's, violence

NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.

Asperger's is a mild form of autism often characterized by social awkwardness.

"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.

Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.

A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.

High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.

Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.

"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.

"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.

Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.

Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.

"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.

She said those with Asperger's tend to focus on rules and be very law-abiding.

"There's something more to this," she said. "We just don't know what that is yet."

After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.

__

AP Writer Matt Apuzzo contributed to this report.

___

Online:

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

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Optimism about "cliff" boost market; financials lead

NEW YORK (Reuters) - The S&P 500 ended at its highest level in almost two months on Monday on rising hopes that negotiations over the "fiscal cliff" were making progress and that a deal could be reached in days.

After weeks of stalemate, President Barack Obama and Republican House Speaker John Boehner met at the White House on Monday, raising hopes that Washington will be able to head off steep tax hikes and spending cuts that threaten the economy.

All of the S&P 500's 10 sectors were higher, led by financials and other growth-oriented sectors. The S&P Financial Index <.gspf> gained 2.1 percent, and shares of Bank of America jumped 4 percent to $11. In a research note Monday, Meredith Whitney Advisory Group shifted to a positive stance on financials and upgraded Bank of America, Citigroup and Discover Financial shares.

The S&P consumer distretionary index <.gspd>, up 1.8 percent, was the second-best performing sector. Investors worry the U.S. economy could slide into recession if the tax and spending changes are implemented.

Boehner has edged closer to Obama's position by proposing to extend lower tax rates for everyone who earns less than $1 million. Still, his position remains far from that of President Obama.

"Trumping everything right now are the fiscal cliff talks. It seems like progress is being made. I think it's getting to the nitty gritty," said Alan Lancz, president of Alan B. Lancz & Associates Inc. in Toledo, Ohio. "The bet right now is that something will come by the end of this week."

The Dow Jones industrial average <.dji> was up 100.38 points, or 0.76 percent, at 13,235.39. The Standard & Poor's 500 Index <.spx> was up 16.78 points, or 1.19 percent, at 1,430.36, its highest close since October 22. The Nasdaq Composite Index <.ixic> was up 39.27 points, or 1.32 percent, at 3,010.60.

The gains, which came on lighter-than-usual volume, ended a two-day losing streak on the S&P 500. The index also had its best daily percentage gain since November 23. Volume was roughly 6.2 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the year-to-date average daily closing volume of 6.4 billion.

In the financial sector, American International Group Inc. shares rose 3 percent to $34.95 on plans to sell as much as $6.5 billion of AIA Group Ltd. Advancing stocks also included those in the home construction sector <.djushb>, which rose 4.5 percent.

"People are looking for sectors to play, and I think Bank of America broke out of some long-standing price levels, and it got everything going in that sector," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.

Shares of Citigroup were up 4.1 percent at $39.15 while shares of Discover Financial were up 1.6 percent at $40.18.

Clearwire Corp agreed to sell the rest of the company to Sprint Nextel Corp for a slightly sweetened $2.2 billion offer just days after minority shareholders criticized the previous bid as too low. Clearwire tumbled 13.6 percent to $2.91, while Sprint was up 0.2 percent to $5.56.

Apple Inc shares edged up after recent losses, rising 1.8 percent to $518.83 even though two firms cut their price targets on the stock Monday.

The tech giant said it sold more than 2 million of its new iPhone 5 smartphones in China during the three days after its launch there on Friday, but the figures did not ease worries about stiffer competition. Apple shares have tumbled more than 25 percent in about three months.

Compuware Corp rose 12.9 percent to $10.76 after hedge fund Elliott Management offered to buy the business software maker for $2.3 billion and S&P Capital IQ raised the target price and moved it to "hold" from "strong sell.

Advancers outnumbered decliners on the NYSE by about 2 to 1, and on the Nasdaq by nearly 9 to 4.

(Editing by Kenneth Barry and Nick Zieminski)

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Clinton gets accountability report on Benghazi attacks

WASHINGTON (Reuters) - Secretary of State Hillary Clinton on Monday received an official review of the September attack on a U.S. diplomatic mission in Benghazi, Libya, setting the stage for testimony on an incident that prompted a political furor and sharp questions about security at U.S. diplomatic facilities overseas.

The State Department said Clinton - who is convalescing after suffering a concussion last week - received the report from the Accountability Review Board formed to probe the attack which killed U.S. Ambassador Christopher Stevens and three other Americans.

"The ARB has completed its work. Its report has gone to the secretary this morning. She now has it," State Department spokeswoman Victoria Nuland said.

The committee has been meeting in private and State Department officials have declined to discuss almost all specifics of the Benghazi attack pending its reports.

The findings are expected to cover questions on whether enough attention was given to potential threats and how Washington responded to security requests from U.S. diplomats in Libya.

A determination that top State Department officials turned down those requests, as Republican congressional investigators allege, could refuel criticism of the officials - and possibly even end the careers of some of them.

Clinton had been expected to testify to Congress on December 20 on the report's results, but is under doctors' orders to remain at home this week.

Deputy Secretary William Burns and Deputy Secretary Thomas Nides will testify in her stead at Thursday's open hearings of the Senate and House foreign affairs committees, Nuland said.

Prior to that, the Accountability Review Board's two leaders - retired Ambassador Thomas Pickering and retired chairman of the U.S. Joint Chiefs of Staff Michael Mullen - will testify in closed door hearings of the two committees on Wednesday, she said.

POLITICAL FALLOUT

The political uproar over the September 11 Benghazi attack has already claimed one victim.

U.S. Ambassador to the United Nations Susan Rice, widely tipped as a front-runner to replace Clinton when she steps down as secretary of state early next year, last week withdrew her name from consideration, saying she wished to avoid a potentially disruptive Senate confirmation process.

Republican lawmakers had blasted Rice for televised comments she made in the aftermath of the attack in which she said preliminary information suggested the assault was the result of protests over an anti-Muslim video made in California rather than a premeditated strike.

Rice has said she was relying on talking points drawn up by U.S. intelligence officials.

Nuland said the final report could contain both classified and unclassified sections, and that only the latter would be made publicly available.

Central questions raised include why the ambassador was in such an unstable part of Libya on the anniversary of the September 11, 2001, attacks on New York and the Pentagon.

The five-person independent board usually includes retired ambassadors, a former CIA officer and a member of the private sector. It has the power to issue subpoenas, and members are required to have appropriate security clearances to review classified information.

Nuland said that Clinton - who intends to step down toward the end of January when President Barack Obama is sworn in for his second term - was "on the mend" following her concussion, which occurred when she fell as a result of dehydration due to a stomach virus.

She added that Clinton remained open to discussing the attack with lawmakers herself next month.

"She looks forward to continuing to engage with them in January and she will be open to whatever they consider appropriate in that regard," Nuland said. (Editing by Warren Strobel and Mohammad Zargham)

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Be Careful When Downloading Your Twitter Archive

Twitter is rolling out the long-awaited feature of downloading your entire tweet history, it seems, but be careful. You might not like what you find in there. Sometimes we remember our tweets with rose-colored lenses.

RELATED: ‘Human Virus’ Snakes Through Twitter

The Next Web was the first to notice a few users posting about being able to download their tweet history this weekend. Not everyone can do it, though. Twitter is slow-rolling the new feature, so only a limited number of people have access to the option. To check if you’re one of the lucky few, go to your settings page. At the very bottom there should be a new section with a big button offering you the chance to download your archive. Twitter will send you an email with three different compression files of your tweet history after a few minutes. You’ll decompress a .html file and be able to sort through all the dumb stuff you’ve said on Twitter by month and by year. 

RELATED: Twitter Finally Grows Up

The Verge has the best screen shots of what the process looks like. One of their readers even posted a link to his history in the comments of their post. You can check it out here if you’re interested to see what the feature is like. Just don’t judge the poor guy too harshly. 

RELATED: Sexy Piggy Banks, Analogies and Haley Barbour

We don’t have the option to download our archive yet. We checked. And, in case you think you’re clever, we checked to see if you could game the url to get your history by subbing in your username into the Verge commenter’s URL. You can’t, unfortunately. 

RELATED: Arm Wrestling, Strangers and Pricey Prophylactics

Twitter CEO Dick Costello promised the feature would be here by the end of the year, so it seems like he’s just delivering what he promised. You should get it soon, too. 

Social Media News Headlines – Yahoo! News

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The Newtown Victims: Their Photos, Their Lives

When his mother told him she loved him, Noah replied, "Not as much as I love you, Mom," said his uncle, according to the AP. In another classroom, his twin sister, whom he called his best friend, survived the shooting. Along with their older sister, 8-year-old Sophia, the siblings were inseparable. "He was just a really lively, smart kid," added his uncle. "He would have become a great man, I think. He would have grown up to be a great dad." Photo: Family photo/AP

NEXT PHOTO

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Experts: No link between Asperger's, violence

NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.

Asperger's is a mild form of autism often characterized by social awkwardness.

"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.

Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.

A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.

High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.

Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.

"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.

"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.

Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.

Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.

"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.

She said those with Asperger's tend to focus on rules and be very law-abiding.

"There's something more to this," she said. "We just don't know what that is yet."

After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.

__

AP Writer Matt Apuzzo contributed to this report.

___

Online:

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

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