Wall Street ends lower after Fed statement

NEW YORK (Reuters) - Stocks fell on Wednesday after the Federal Reserve said in its latest statement that economic growth had stalled but indicated the pullback was likely temporary.


Stocks were flat for most of the session prior to the Fed statement at the end of a two-day policy meeting. The Fed repeated its pledge to keep purchasing securities until employment improves substantially.


The statement followed data that showed the economy, as measured by gross domestic product, unexpectedly contracted in the fourth quarter. Economists stressed that the 0.1 percent contraction, caused partly by a plunge in government spending and lower business inventories, is not an indicator of recession.


"The unemployment rate is likely to fall below 6.5 percent next year, so the Fed may be raising interest rates as soon as mid-2014. The fiscal drag from the tax increases will be offset this quarter by rebuilding post-Sandy, so real GDP growth should still come in at 2 percent," said Kurt Karl, chief economist at Swiss Re.


The S&P 500 held above 1,500, seen by technical analysts as an inflection point that will determine the overall direction in the near term. The index is on track to post its best month since October 2011 and its best January since 1997.


"This is a very modest pullback after a steep run," said Paul Zemsky, head of asset allocation at ING Investment Management in New York.


"It is too soon for the Fed to start talking about the end of (their bond buying program). The economy needs stimulus to sustain this recovery."


Chesapeake Energy rose 6 percent to $20.11 a day after it said Aubrey McClendon would step down as chief executive. The company has had a tumultuous year in which a series of Reuters investigations triggered civil and criminal probes of the second-largest U.S. natural gas producer.


After the bell, shares of Facebook Inc fell 5.9 percent to $29.40 following the company's earnings announcement. Facebook said its revenue in the fourth quarter grew 40 percent year-on-year to $1.585 billion.


Both Boeing Co and Amazon.com shares gained after earnings beat expectations, continuing a trend this quarter of high-profile names advancing after results.


Amazon rose 4.8 percent to $272.76 and Boeing rose 1.3 percent to $74.59.


The Dow Jones industrial average <.dji> was down 44.00 points, or 0.32 percent, at 13,910.42. The Standard & Poor's 500 Index <.spx> was down 5.88 points, or 0.39 percent, at 1,501.96. The Nasdaq Composite Index <.ixic> was down 11.35 points, or 0.36 percent, at 3,142.31.


Thomson Reuters data showed that of the 192 companies in the S&P 500 that have reported earnings this season, 68.8 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.


Research In Motion shares fell 12 percent to $13.78 after the company, which is changing its name to BlackBerry, unveiled a long-delayed line of smartphones in hopes of a comeback into a market it once dominated.


Giving the market extra support, private sector employment topped forecasts with the ADP National Employment report showing 192,000 jobs were added in January, higher than the 165,000 expectation.


(Reporting by Angela Moon; Editing by Kenneth Barry)



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Transcript of Guantánamo Hearing Points to Outside Censors





WASHINGTON — The Defense Department released a transcript on Wednesday of what it said was an exchange that had been censored from the public video feed of a military tribunal at Guantánamo Bay, Cuba, this week. A military judge had ordered the excerpt made public.




The blocked comments came during a pretrial motions hearing on Monday in the case against Khalid Shaikh Mohammed and four other detainees accused of aiding the attacks of Sept. 11, 2001. The episode was the first public indication that censors outside the courtroom were monitoring the live video from the tribunal and that they could cut the feed, which is delayed by 40 seconds before it can be viewed by the public and reporters.


During the censored portion, according to the transcript, David Nevin, a defense lawyer, was discussing whether arguments over a motion “will turn out to be closed or secret” regarding the preservation of evidence “at a detention facility,” an issue he said was “a critical matter to Mr. Mohammed” and “central to the case as far as he is concerned.”


The lawyers then became aware that a red light had gone on, indicating that the courtroom had been closed. But the button in the courtroom had not been hit by the only previously known censor, a security officer who sits near the judge, Col. James Pohl of the Army.


Mr. Nevin was apparently referring to the Central Intelligence Agency’s secret prisons in countries like Romania and Thailand where the agency once held the Sept. 11 defendants; the defense plans to argue that its clients should be spared execution because the C.I.A. tortured them. But Mr. Nevin did not mention such details, and his motion “to preserve evidence at any existing detention facility” was unclassified, Colonel Pohl said.


“If some external body is turning the commission off under their own view of what things ought to be, with no reasonable explanation,” the judge told government lawyers, “we are going to have a little meeting about who turns that light on or off.”


On Tuesday, Colonel Pohl read a government statement that said an “original classification authority” — apparently a reference to the C.I.A. — was also monitoring for disclosures of classified information. He insisted that the judge decided whether to close the courtroom.


It was not clear whether the offstage censors were at the base or watching remotely; the public feed is shown to reporters at Fort Meade in Maryland.


A military spokesman declined to comment.


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Rape trial of teenaged football players to be open to public: Ohio judge






(Reuters) – The controversial trial of two high school football players accused of raping a classmate will remain open to the public and will not be relocated to another town, an Ohio judge ruled on Wednesday.


Prosecutors and an attorney representing the accuser had sought a closed trial, arguing that public access to the juvenile trial would subject the accuser to unwanted publicity and make potential witnesses reluctant to testify.






Visiting Hamilton County Judge Tom Lipps said the presence of the media would prevent inaccurate reporting and enhance public confidence in the juvenile justice system, according to his written ruling, a copy of which was seen by Reuters.


“An open hearing is especially valuable where rumors, mischaracterizations and opinions unsupported by facts have reportedly been repeated in social media postings and other published outlets,” Lipps wrote. “An open hearing will diminish the influence of such postings and publications.”


Prosecutors have accused Ma’Lik Richmond and Trent Mays, both 16, of raping a classmate at a party attended by many teammates last August in Steubenville, a close-knit city of 19,000 near the Pennsylvania border.


The case attracted national attention after the hacker activist group Anonymous publicized a picture of two young men carrying a girl by her wrists and ankles and released a video showing other young men joking about the alleged assault.


Richmond’s lawyer, Walter Madison, said previously on CNN that his client was one of the young men in the photograph – which he said was taken out of context – but does not appear in the video. A lawyer for Mays has not publicly commented on the postings.


Community leaders have accused authorities of protecting the school’s popular football program by not charging more players who could have prevented the alleged attack.


Lipps also ruled on Wednesday that the trial will remain in Steubenville. He set a trial date for March 13.


Reuters generally does not identify people who say they have been victims of sex crimes.


(Editing by Paul Thomasch, Bernard Orr)


Internet News Headlines – Yahoo! News





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Ashley Judd Splits from Husband Dario Franchitti















01/29/2013 at 08:05 PM EST







Ashley Judd and Dario Franchitti


Robin Marchant/Wireimage


Ashley Judd and Dario Franchitti are splitting after more than a decade of marriage.

"We have mutually decided to end our marriage. We'll always be family and continue to cherish our relationship based on the special love, integrity, and respect we have always enjoyed," Judd, 44, and Franchitti, 39, tell PEOPLE exclusively in a statement on Tuesday.

After being engaged for about two years, the Missing star and the racecar driver tied the knot in a highly private ceremony in Scotland in 2001.

Judd's sister, Wynonna Judd, served as maid of honor, while the groom's brother Mario was the best man. – Julie Jordan

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Soldier with new arms determined to be independent


BALTIMORE (AP) — After weeks of round-the-clock medical care, Brendan Marrocco insisted on rolling his own wheelchair into a news conference using his new transplanted arms. Then he brushed his hair to one side.


Such simple tasks would go unnoticed in most patients. But for Marrocco, who lost all four limbs while serving in Iraq, these little actions demonstrate how far he's come only six weeks after getting a double-arm transplant.


Wounded by a roadside bomb in 2009, the former soldier said he could get by without legs, but he hated living without arms.


"Not having arms takes so much away from you. Even your personality, you know. You talk with your hands. You do everything with your hands, and when you don't have that, you're kind of lost for a while," the 26-year-old New Yorker told reporters Tuesday at Johns Hopkins Hospital.


Doctors don't want him using his new arms too much yet, but his gritty determination to regain independence was one of the chief reasons he was chosen to receive the surgery, which has been performed in the U.S. only seven times.


That's the message Marrocco said he has for other wounded soldiers.


"Just not to give up hope. You know, life always gets better, and you're still alive," he said. "And to be stubborn. There's a lot of people who will say you can't do something. Just be stubborn and do it anyway. Work your ass off and do it."


Dr. W.P. Andrew Lee, head of the team that conducted the surgery, said the new arms could eventually provide much of the same function as his original arms and hands. Another double-arm transplant patient can now use chopsticks and tie his shoes.


Lee said Marrocco's recovery has been remarkable, and the transplant is helping to "restore physical and psychological well-being."


Tuesday's news conference was held to mark a milestone in his recovery — the day he was to be discharged from the hospital.


Next comes several years of rehabilitation, including physical therapy that is going to become more difficult as feeling returns to the arms.


Before the surgery, he had been living with his older brother in a specially equipped home on New York's Staten Island that had been built with the help of several charities. Shortly after moving in, he said it was "a relief to not have to rely on other people so much."


The home was heavily damaged by Superstorm Sandy last fall.


"We'll get it back together. We've been through a lot worse than that," his father, Alex Marrocco, said.


For the next few months, Marrocco plans to live with his brother in an apartment near the hospital.


The former infantryman said he can already move the elbow on his left arm and rotate it a little bit, but there hasn't been much movement yet for his right arm, which was transplanted higher up.


Marrocco's mother, Michelle Marrocco, said he can't hug her yet, so he brushes his left arm against her face.


The first time he moved his left arm was a complete surprise, an involuntary motion while friends were visiting him in the hospital, he said.


"I had no idea what was going through my mind. I was with my friends, and it happened by accident," he recalled. "One of my friends said 'Did you do that on purpose?' And I didn't know I did it."


Marrocco's operation also involved a technical feat not tried in previous cases, Lee said in an interview after the news conference.


A small part of Marrocco's left forearm remained just below his elbow, and doctors transplanted a whole new forearm around and on top of it, then rewired nerves to serve the old and new muscles in that arm.


"We wanted to save his joint. In the unlucky event we would lose the transplant, we still wanted him to have the elbow joint," Lee said.


He also explained why leg transplants are not done for people missing those limbs — "it's not very practical." That's because nerves regrow at best about an inch a month, so it would be many years before a transplanted leg was useful.


Even if movement returned, a patient might lack sensation on the soles of the feet, which would be unsafe if the person stepped on sharp objects and couldn't feel the pain.


And unlike prosthetic arms and hands, which many patients find frustrating, the ones for legs are good. That makes the risks of a transplant not worth taking.


"It's premature" until there are better ways to help nerves regrow, Lee said.


Now Marrocco, who was the first soldier to survive losing all four limbs in the Iraq War, is looking forward to getting behind the wheel of his black 2006 Dodge Charger and hand-cycling a marathon.


Asked if he could one day throw a football, Dr. Jaimie Shores said sure, but maybe not like Baltimore Ravens quarterback Joe Flacco.


"Thanks for having faith in me," Marrocco interjected, drawing laughter from the crowd.


His mother said Marrocco has always been "a tough cookie."


"He's not changed that, and he's just taken it and made it an art form," Michelle Marrocco said. "He's never going to stop. He's going to be that boy I knew was going to be a pain in my butt forever. And he's going to show people how to live their lives."


___


Associated Press Chief Medical Writer Marilynn Marchione in Milwaukee and AP writer David Dishneau in Hagerstown, Md., contributed to this report.


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Wall Street advances as defensive stocks extend rally

NEW YORK (Reuters) - Stocks advanced on Tuesday, led by defensive sectors, in a sign the cash piles recently moving into the market are being put to use by cautious investors to pick up more gains.


The S&P 500 is on track to post its best monthly performance since October 2011 and its best January since 1997 as investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record. [ID:nL1N0AX45Q] The Dow Jones industrial average has been flirting with 14,000, a level it hasn't seen since October 2007.


Shares of Amazon.com jumped nearly 7 percent in extended trade after the world's largest Internet retailer posted fourth-quarter revenue that jumped 22 percent to $21.27 billion. The stock closed down 5.7 percent at $260.35 in regular trading.


Among rising defensive shares, which are companies relatively immune to economic swings, were drugmaker Pfizer , up 3.2 percent to $27.70 after posting earnings and AT&T , 1.6 percent higher at $34.68.


"Cyclical were moving very nicely, now you see balance with some of the defensive. Many managers use that as an internal hedge in equity portfolios," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.


She said the market is cautious ahead of Wednesday's statement following the Federal Reserve's two-day meeting. In addition, defensive stocks would hold up better if Friday's payrolls report surprises on the downside.


The S&P hovered near 1,500, and market technicians say the benchmark is at an inflection point which will determine the overall direction in the near term.


"The public is pouring in now," said Carter Worth, chief market technician at Oppenheimer & Co in New York. "It reflects complacency and that typically leads to hubris, and hubris leads to trouble. Everyone's buying."


The top performing sectors on the S&P 500 were healthcare <.spxhc> and telecom services <.splrcl>, so-called defensive sectors, both up more than 1 percent.


The energy sector also advanced, on the back of strong earnings from Valero Energy Corp and a hedge fund move to break up Hess Corp to boost investor returns.


Valero shares jumped 12.8 percent to $43.77 and Hess gained 9 percent to $68.11.


The equity gains have largely come on a strong start to earnings season, though results were mixed on Tuesday with Pfizer rising but Ford Motor Co down after its report.


Both companies reported profits that topped expectations, but Ford also forecast a wider loss in its European segment. Ford dropped 4.6 percent to $13.14 as one of the biggest percentage losers on the S&P 500.


The Dow Jones industrial average <.dji> was up 72.49 points, or 0.52 percent, at 13,954.42. The Standard & Poor's 500 Index <.spx> was up 7.66 points, or 0.51 percent, at 1,507.84. The Nasdaq Composite Index <.ixic> was down 0.64 points, or 0.02 percent, at 3,153.66.


Thomson Reuters data showed that of the 174 companies in the S&P 500 that have reported earnings this season, 68.4 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.


Disappointing outlooks from Seagate Technology and BMC Software pressured their shares. Seagate lost 9.4 percent to $33.91 and BMC fell 6.3 percent to $41.71.


D.R. Horton Inc's quarterly profit more than doubled as it managed to sell more homes at higher prices, leading the No. 1 U.S. homebuilder to forecast a good spring selling season. The stock jumped 11.8 percent to $23.82.


U.S. home prices rose in November to rack up their best yearly gain since the housing crisis began, a further sign that the sector is on the mend, but consumer confidence fell to its lowest level in more than a year in the wake of higher taxes for many Americans.


(Reporting By Angela Moon; Editing by Nick Zieminski)



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Thaksin Shinawatra of Thailand Wields Influence From Afar


Philippe Lopez/Agence France-Presse — Getty Images


Thaksin Shinawatra, the former prime minister of Thailand, has been in self-imposed exile since 2008 to escape corruption charges.







BANGKOK — Millions of people across the globe have cut the tethers to their offices, working remotely from home, airport lounges or just about anywhere they can get an Internet connection. But the political party governing Thailand has taken telecommuting into an altogether different realm.




For the past year and a half, by the party’s own admission, the most important political decisions in this country of 65 million people have been made from abroad, by a former prime minister who has been in self-imposed exile since 2008 to escape corruption charges.


The country’s most famous fugitive, Thaksin Shinawatra, circles the globe in his private jet, chatting with ministers over his dozen cellphones, texting over various social media platforms and reading government documents e-mailed to him from civil servants, party officials say.


It might be described as rule by Skype. Or governance by instant messenger, a way for Mr. Thaksin to help run the country without having to face the warrant for his arrest in a case that many believe is politically motivated.


His (remote control) return to power, even if somewhat limited by distance, is a remarkable turnaround for the brash telecommunications billionaire who was deposed in a military coup in 2006, the catalyst for several years of brinkmanship between critics and supporters that led to four changes of government and violent street protests that left nearly 100 people dead.


Officially, his sister, Yingluck Shinawatra, is the prime minister (he nominated her for the job in 2011). But from his homes in Dubai and London, from the gold mines he owns in Africa and during regular visits to nearby Asian countries, Mr. Thaksin, 63, has harnessed the Internet and mobile technology to create one of the most unusual ways of governing a country.


“We can contact him at all hours,” said Charupong Ruangsuwan, the interior minister and secretary general of Mr. Thaksin’s Pheu Thai Party. “The world has changed. It’s a boundless world. It’s not like a hundred years ago when you had to use a telegraph.”


To illustrate the point during an interview, Mr. Charupong took out his iPhone and scrolled through a list of phone numbers for Mr. Thaksin. (Mr. Thaksin gives different numbers to different people, often depending on seniority, party officials say.)


“If we’ve got any problem, we give him a call,” Mr. Charupong said.


Mr. Thaksin himself declined to talk by phone, or Skype, for this article.


The day-to-day governance of the country is carried out by Ms. Yingluck, who is genial, photogenic and 18 years younger than Mr. Thaksin. She cuts the ribbons and makes the speeches.


Ms. Yingluck, 45, has on occasion sought to play down her brother’s role. Soon after taking office, when Mr. Thaksin joined a weekly cabinet meeting via Skype, reporters asked who was really the head of the government. Ms. Yingluck insisted that she was in charge and said Mr. Thaksin had joined the discussion to offer “moral support.” She has since consistently said she is in charge.


But if there is one thing that allies and enemies of Mr. Thaksin agree on, it is that he is the one making the big decisions.


“He’s the one who formulates the Pheu Thai policies,” said Noppadon Pattama, a senior official in Mr. Thaksin’s party who also serves as his personal lawyer. “Almost all the policies put forward during the last election came from him.”


Sondhi Limthongkul, a leader of the “yellow shirt” movement that has taken to the streets many times to demonstrate against Mr. Thaksin, agreed, saying, “He’s running the whole show.”


“If you want a huge project in Thailand worth billions of baht, you have to talk to Thaksin,” Mr. Sondhi, who seemed resigned to the turn of events, said in an interview.


Besides Skype, Mr. Thaksin uses various social media applications, including WhatsApp and Line, to keep in touch with the leaders of the party, senior party members say.


Many of the Skype sessions are reported in the Thai news media. This month, Mr. Thaksin had a video chat to discuss coming elections for governor in Bangkok. The one-hour video chat made news because party officials reported that Mr. Thaksin had told his colleagues that it did not matter whom they nominated because even a utility pole would defeat the opposition.


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BlackBerry 10 said to be inadequate for helping RIM overcome its ‘demons’






After hitting a seven-year low of $ 6.22 this past summer, shares of Research in Motion (RIMM) have rebounded and climbed more than 100% in the past six months. The company that was previously written off by Wall Street investors has seen a significant boost in recent months as anticipation grows for its BlackBerry 10 operating system. But while a number of analysts have voiced their support for RIM, not everyone is convinced.


[More from BGR: Apple’s 128GB iPad shows the world exactly what Apple does best]






Jan Dawson of Ovum explained, per Benzinga, that RIM continues to “face the twin demons of consumer-driven buying power and a chronic inability to appeal to mature market consumers,” and he believes BlackBerry 10 won’t change this. The analyst said that due to a strong user base of 79 million subscribers and profitability still in the black, the company will remain for years to come. He was quick to note, however, that its glory days are in the past and “it is only a matter of time before it reaches a natural end.”


[More from BGR: Apple unveils new 128GB iPad]


Dawson previously wrote that RIM’s strategy seems to be focused on building the best devices for current BlackBerry users “rather than something that will necessarily win converts from other platforms.”


“The points of differentiation RIM has focused on in teasers for the new platform confirm this – better multitasking, productivity, email, contacts and calendar applications and so on, rather than a better gaming, content consumption or social networking experience,” he said.


Shares of RIM are down more than 6% on Monday, a day before the company is set to unveil its BlackBerry 10 operating system.


This article was originally published on BGR.com


Gadgets News Headlines – Yahoo! News




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Soldier who lost 4 limbs has double-arm transplant


On Facebook, he describes himself as a "wounded warrior...very wounded."


Brendan Marrocco was the first soldier to survive losing all four limbs in the Iraq War, and doctors revealed Monday that he's received a double-arm transplant.


Those new arms "already move a little," he tweeted a month after the operation.


Marrocco, a 26-year-old New Yorker, was injured by a roadside bomb in 2009. He had the transplant Dec. 18 at Johns Hopkins Hospital in Baltimore, his father said Monday.


Alex Marrocco said his son does not want to talk with reporters until a news conference Tuesday at the hospital, but the younger Marrocco has repeatedly mentioned the transplant on Twitter and posted photos.


"Ohh yeah today has been one month since my surgery and they already move a little," Brendan Marrocco tweeted Jan. 18.


Responding to a tweet from NASCAR driver Brad Keselowski, he wrote: "dude I can't tell you how exciting this is for me. I feel like I finally get to start over."


The infantryman also received bone marrow from the same dead donor who supplied his new arms. That novel approach is aimed at helping his body accept the new limbs with minimal medication to prevent rejection.


The military sponsors operations like these to help wounded troops. About 300 have lost arms or hands in Iraq or Afghanistan.


Unlike a life-saving heart or liver transplant, limb transplants are aimed at improving quality of life, not extending it. Quality of life is a key concern for people missing arms and hands — prosthetics for those limbs are not as advanced as those for feet and legs.


"He was the first quad amputee to survive," and there have been four others since then, Alex Marrocco said.


The Marroccos want to thank the donor's family for "making a selfless decision ... making a difference in Brendan's life," the father said.


Brendan Marrocco has been in public many times. During a July 4 visit last year to the Sept. 11 Memorial with other disabled soldiers, he said he had no regrets about his military service.


"I wouldn't change it in any way. ... I feel great. I'm still the same person," he said.


The 13-hour operation was led by Dr. W.P. Andrew Lee, plastic surgery chief at Johns Hopkins. It was the seventh double-hand or double-arm transplant done in the United States.


Lee led three of those earlier operations when he worked at the University of Pittsburgh, including the only above-elbow transplant that had been done at the time, in 2010.


Marrocco's "was the most complicated one" so far, Lee said in an interview Monday. It will take more than a year to know how fully Marrocco will be able to use the new arms.


"The maximum speed is an inch a month for nerve regeneration," he explained. "We're easily looking at a couple years" until the full extent of recovery is known.


While at Pittsburgh, Lee pioneered the immune-suppression approach used for Marrocco. The surgeon led hand-transplant operations on five patients, giving them marrow from their donors in addition to the new limbs. All five recipients have done well, and four have been able to take just one anti-rejection drug instead of combination treatments most transplant patients receive.


Minimizing anti-rejection drugs is important because they have side effects and raise the risk of cancer over the long term. Those risks have limited the willingness of surgeons and patients to do more hand, arm and even face transplants.


Lee has received funding for his work from AFIRM, the Armed Forces Institute of Regenerative Medicine, a cooperative research network of top hospitals and universities around the country that the government formed about five years ago. With government money, he and several other plastic surgeons around the country are preparing to do more face transplants, possibly using the new immune-suppression approach.


Marrocco expects to spend three to four months at Hopkins, then return to a military hospital to continue physical therapy, his father said. Before the operation, he had been fitted with prosthetic legs and had learned to walk on his own.


He had been living with his older brother in a specially equipped home on New York's Staten Island that had been built with the help of several charities. Shortly after moving in, he said it was "a relief to not have to rely on other people so much."


The home was heavily damaged by Superstorm Sandy last fall.


Despite being in a lot of pain for some time after the operation, Marrocco showed a sense of humor, his father said. He had a hoarse voice from the tube that was in his throat during the long surgery and decided he sounded like Al Pacino. He soon started doing movie lines.


"He was making the nurses laugh," Alex Marrocco said.


___


Associated Press Writer Stephanie Nano in New York contributed to this report.


___


Online:


Army regenerative medicine:


http://www.afirm.mil/index.cfm?pageid=home


and http://www.afirm.mil/assets/documents/annual_report_2011.pdf


___


Follow Marilynn Marchione at http://twitter.com/MMarchioneAP .


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S&P 500 eases, ends longest winning run in eight years

NEW YORK (Reuters) - The S&P 500 eased slightly on Monday after an eight-day run of gains, while the Nasdaq edged higher as Apple shares rebounded.


The index remained above 1,500, however, after closing above that level on Friday for the first time in more than five years. The S&P 500's eight sessions of gains was its longest winning streak in eight years.


Caterpillar shares helped limit losses on the Dow industrials even as the company posted a 55 percent drop in quarterly profit due to a charge connected with accounting fraud at a Chinese subsidiary and weak demand among its dealers. Caterpillar's shares, down 2.2 percent in the past three sessions, rose 2 percent Monday to $97.45.


"I think this multi-year high is really something that's in play both for shorter-term traders and with folks with money on the sidelines," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.


Bargain hunters lifted Apple after the tech giant's stock dropped 14.4 percent in the previous two sessions. With Apple's stock up 2.3 percent at $449.83, the iPad and iPhone maker regained the title as the largest U.S. company by market capitalization as Exxon Mobil fell 0.7 percent to $91.11 and slipped back to second place.


On the down side, Boeing fell 1.4 percent to $74 on worries about the potential hit from delays in its 787 Dreamliner program.


The Dow Jones industrial average <.dji> was down 14.05 points, or 0.10 percent, at 13,881.93. The Standard & Poor's 500 Index <.spx> was down 2.78 points, or 0.18 percent, at 1,500.18. The Nasdaq Composite Index <.ixic> was up 4.59 points, or 0.15 percent, at 3,154.30.


Investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record, research provider TrimTabs Investment Research said.


"What we have seen this year is, it appears the individual investor is allocating some 401(k) money to equities. Hopefully that's a decision that will be with us for a while," Hellwig said.


Data on Monday pointed to growing economic momentum as companies sensed improved consumer demand.


U.S. durable goods orders jumped 4.6 percent in December, a pace that far outstripped expectations for a rise of 1.8 percent. Pending home sales, however, unexpectedly dropped 4.3 percent. Analysts were looking for an increase of 0.3 percent.


Corporate earnings so far have mostly been stronger than expected. Thomson Reuters data showed that of the 150 companies in the S&P 500 that have reported earnings so far, 67.3 percent have beaten analysts' expectations, which is a higher proportion than over the past four quarters and above the average since 1994.


After the bell, shares of Yahoo rose 4.4 percent to $21.21 following the release of its results.


During the regular session, Hess Corp shares shot up 6.1 percent to $62.48 after the company said it would exit its refining business, freeing up to $1 billion of capital. Separately, hedge fund Elliott Associates is looking for approval to buy about $800 million more in Hess stock.


Stocks have also gained support from a recent agreement in Washington to extend the government's borrowing power. On Monday, Fitch Ratings said that agreement removed the near-term risk to the country's 'AAA' rating.


Volume was roughly 6.1 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.


Decliners outpaced advancers on the NYSE by nearly 4 to 3, while advancers beat decliners on the Nasdaq by about 7 to 5.


(Additional reporting by Rodrigo Campos; Editing by Jan Paschal and Nick Zieminski)



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