Wall Street Week Ahead: Political wrangling to pinch market's nerves

NEW YORK (Reuters) - Volatility is the name of this game.

With the S&P 500 above 1,400 following five days of gains, traders will be hard pressed not to cash in on the advance at the first sign of trouble during negotiations over tax hikes and spending cuts that resume next week in Washington.

President Barack Obama and U.S. congressional leaders are expected to discuss ways to reduce the budget deficit and avoid the "fiscal cliff" of automatic tax increases and spending cuts in 2013 that could tip the economy into recession.

As politicians make their case, markets could react with wild swings.

The CBOE Volatility Index <.vix>, known as the VIX, Wall Street's favorite barometer of market anxiety that usually moves in an inverse relationship with the S&P 500, is in a long-term decline with its 200-day moving average at its lowest in five years. The VIX could spike if dealings in Washington begin to stall.

"If the fiscal cliff happens, a lot of major assets will be down on a short-term basis because of the fear factor and the chaos factor," said Yu-Dee Chang, chief trader and sole principal of ACE Investments in Virginia.

"So whatever you are in, you're going to lose some money unless you go long the VIX and short the market. The 'upside risk' there is some kind of grand bargain, and then the market goes crazy."

He set the chances of the economy going over the cliff at only about 5 percent.

Many in the market agree there will be some sort of agreement that will fuel a rally, but the road there will be full of political landmines as Democrats and Republicans dig in on positions defended during the recent election.

Liberals want tax increases on the wealthiest Americans while protecting progressive advances in healthcare, while conservatives make a case for deep cuts in programs for the poor and a widening of the tax base to raise revenues without lifting tax rates.

"Both parties will raise the stakes and the pressure on the opposing side, so the market is going to feel much more concerned," said Tim Leach, chief investment officer of U.S. Bank Wealth Management in San Francisco.

"The administration feels really confident at this point, or a little more than the Republican side of Congress may feel," he said. "But it's still a balanced-power Congress so neither side can feel that they can act with impunity."

THE MIDDLE EAST AND EUROPE

Tension in the Middle East and unresolved talks in Europe over aid for Greece could add to the uncertainty and volatility on Wall Street could surge, analysts say.

An Egypt-brokered ceasefire between Israel and Hamas came into force late on Wednesday after a week of conflict, but it was broken with the shooting of a Palestinian man by Israeli soldiers, according to Palestine's foreign minister.

Buoyed by accolades from around the world for mediating the truce, Egyptian President Mohamed Mursi assumed sweeping powers, angering his opponents and prompting violent clashes in central Cairo and other cities on Friday.

"Those kinds of potential large-scale conflicts can certainly overwhelm some of the fundamental data here at home," said U.S. Bank's Leach.

"We are trying to keep in mind the idea that there are a lot of factors that are probably going to contribute to higher volatility."

On a brighter note for markets, Greece's finance minister said the International Monetary Fund has relaxed its debt-cutting target for Greece and a gap of only $13 billion remains to be filled for a vital aid installment to be paid.

Still, a deal has not been struck, and Greece is increasingly frustrated at its lenders, still squabbling over a deal to unlock fresh aid even though Athens has pushed through unpopular austerity cuts.

HOUSING DATA COULD CONFIRM RECOVERY

Next week is heavy on economic data, especially on the housing front. Some of the numbers have been affected by Superstorm Sandy, which hit the U.S. East Coast more than three weeks ago, killing more than 100 people in the United States alone and leaving billions of dollars in damages.

The housing data, though, could continue to confirm a rebound in the sector that is seen as a necessary step to unlock spending and lower the stubbornly high unemployment rate.

Tuesday's S&P/Case-Shiller home price index for September is expected to show the eighth straight month of increases, extending the longest continuous string of gains since prices were boosted by a homebuyer tax credit in 2009 and 2010.

New home sales for October, due on Wednesday, and October pending home sales data, due on Thursday, are also expected to show a stronger housing market.

Other data highlights next week include durable goods orders for October and consumer confidence for November on Tuesday and the Chicago Purchasing Managers Index on Friday.

At Friday's close, the S&P 500 wrapped up its second-best week of the year with a 3.6 percent gain. Encouraging economic data next week could confirm that regardless of the ups and downs that the fiscal cliff could bring, the market's fundamentals are solid.

Jeff Morris, head of U.S. equities at Standard Life Investments in Boston, said that "it's kind of noise here" in terms of whether the market has spent "a few days up or down. It has made some solid gains over the course of the year as the housing recovery has come into view, and that's what's underpinning the market at these levels.

"I would caution against reading too much into the next few days."

(Wall St Week Ahead runs every Friday. Questions or comments on this column can be emailed to: rodrigo.campos(at)thomsonreuters.com)

(Reporting by Rodrigo Campos; Editing by Tim Dobbyn and Jan Paschal)

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Egypt's Mursi faces judicial revolt over decree

CAIRO (Reuters) - Egyptian President Mohamed Mursi faces a rebellion from judges who accused him on Saturday of expanding his powers at their expense, deepening a crisis that has triggered calls for more protests following a day of violence across Egypt.

Judges in Alexandria, Egypt's second city, threatened to go on strike until it was revoked, and there were calls for the "downfall of the regime" - the rallying cry in the uprising that toppled Hosni Mubarak - during a meeting of judges in Cairo.

Mursi's opponents and supports - representing the divide between newly empowered Islamists and a more secular-minded opposition - have called rival demonstrations on Tuesday over his decree that has triggered concern in the West.

Issued late on Thursday, it marks an effort by Mursi to consolidate his influence after he successfully sidelined Mubarak-era generals in August. It defends from judicial review decisions taken by Mursi until a new parliament is elected in a vote expected early next year.

It also shields the Islamist-dominated assembly writing Egypt's new constitution from a raft of legal challenges that have threatened the body with dissolution, and offers the same protection to the Islamist-controlled upper house of parliament.

Egypt's highest judicial authority, the Supreme Judicial Council, said the decree was an "unprecedented attack" on the independence of the judiciary.

Youths clashed sporadically with police near Tahrir Square, the epicenter of the uprising that toppled Mubarak in 2011, following Friday's violence in which more than 300 people were injured across Egypt. Activists camped out for a second day in the square, setting up makeshift barricades to keep out traffic.

POLARISATION

Liberal, leftist and socialist parties called a big protest for Tuesday to force Mursi to row back on a decree they say has exposed the autocratic impulses of a man once jailed by Mubarak.

In a sign of the polarization in the country, the Muslim Brotherhood - the group that propelled Mursi to power - called its own protests that day to support the president's decree.

At least three Brotherhood offices were attacked on Friday.

"We are facing a historic moment in which we either complete our revolution or we abandon it to become prey for a group that has put its narrow party interests above the national interest," the liberal Dustour Party said in a statement.

Mursi also assigned himself new authority to sack the prosecutor general - a Mubarak hold over - and appoint a new one. The dismissed prosecutor general, Abdel Maguid Mahmoud, was given a hero's welcome by several thousand judges who attended the session of Egypt's Judges' Club in Cairo on Saturday.

Ahmed al-Zind, head of the Judges' Club, introduced Mahmoud by his old title, in open defiance of Mursi's decree.

The Mursi administration has defended the decree on the grounds that it aims to speed up a protracted transition from Mubarak's rule to a new system of democratic government.

Analysts say it reflects the Brotherhood's suspicion towards sections of a judiciary unreformed from Mubarak's days.

"It aims to sideline Mursi's enemies in the judiciary and ultimately to impose and head off any legal challenges to the constitution," said Elijah Zarwan, a fellow with The European Council on Foreign Relations.

"We are in a situation now where both sides are escalating and its getting harder and harder to see how either side can gracefully climb down."

RIOT POLICE

Following a day of violence in Cairo, Alexandria, Port Said and Suez, the smell of teargas hung over Tahrir Square.

A handful of hardcore activists hurling rocks battled riot police in the streets near the square, where several thousand protesters massed on Friday to demonstrate against the decree that has rallied opposition ranks against Mursi.

Al-Masry Al-Youm, one of Egypt's most widely read dailies, hailed Friday's protest as "The November 23 Intifada", invoking the Arabic word for uprising. "The people support the president's decisions," declared Freedom and Justice, the newspaper run by the Brotherhood's political party.

The ultraorthodox Salafi Islamist groups that have been pushing for tighter application of Islamic law in the new constitution have rallied behind the decree.

The Nour Party, one such group, stated its support for the Mursi decree. Al-Gama'a al-Islamiya, which carried arms against the state in the 1990s, said it would save the revolution from what it described as remnants of the Mubarak regime.

Mursi is facing the biggest storm of criticism since he won the presidential election in June.

Samir Morkos, a Christian assistant to Mursi, had told the president he wanted to resign," said Yasser Ali, Mursi's spokesman. "The president has spoken to him today but the decision to resign is yet to be taken," Ali told Reuters.

Mursi addressed his supporters outside the presidential palace on Friday. He said opposition did not worry him, but it had to be "real and strong".

Mursi is now confronted with a domestic crisis just as his administration won international praise for mediating an end to the eight-day war between Israel and Palestinians in the Gaza Strip.

"The decisions and declarations announced on November 22 raise concerns for many Egyptians and for the international community," State Department spokeswoman Victoria Nuland said.

The European Union urged Mursi to respect the democratic process, while the United Nations expressed fears about human rights.

(Additional reporting by Omar Fahmy, Marwa Awad and Reuters TV; Editing by Alison Williams)

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6 ways to tweet yourself out of a job

Hate your job? Want to leave without giving two weeks notice? Thanks to Twitter, it’s never been easier to get fired, says Rob Lammie at Mental Floss

Step 1: Drunk tweet
As any Spring Break partier knows, drinking impairs your judgment. It seems to have also impaired the judgment of Major League pitcher-turned-sports-radio-host Mike Bacsik, who put on quite a show during a San Antonio Spurs and Dallas Mavericks NBA game in April 2010. While watching the game, Bacsik bragged that he was “About 12 deep and some shots.” He proceeded to unleash a string of insults aimed at NBA commissioner David Stern, accused the refs of fixing the game, and even threatened to blow up the NBA’s offices. But the one that really got people riled up came after the Mavericks lost the game, when Bacsik tweeted: 

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@MikeBacsik: “Congrats to all the dirty mexicans in San Antonio.”

After sobering up, Bacsik deleted the offending tweets and issued an apology. But it was too little, too late. Numerous people complained to his radio station, which first suspended Bacsik and later fired him. After his dismissal, he told ESPN Dallas, “When you tweet like that, it’s not a playful, harmless thing… I’m very sorry and will try my best for my actions to speak louder than my tweets.”

Step 2: Break the law (or just anger your governor)
Twitter has become a great tool for politicians to connect to the voting public. Former Mississippi Governor Haley Barbour, for one, has really embraced the technology as a way to share his opinions and views. For example, in December 2009, he sent out a tweet saying:

 @HaleyBarbour: “Glad the Legislature recognizes our dire fiscal situation. Look forward to hearing their ideas on how to trim expenses.”

Jennifer Carter, one of his Twitter followers who worked for the University of Mississippi Medical Center (UMC), read this message and offered up a suggestion on how Governor Barbour could personally save the taxpayers money:

“Schedule regular medical exams like everyone else instead of paying UMC employees overtime to do it when clinics are usually closed.” 

This “Oh, snap!” moment referred to an incident that had occurred three years earlier, when the governor requested the medical center open on a Saturday, when they were normally closed, and bring in a staff of 15-20 people who were paid overtime to administer his annual check-up. This happened before Carter worked for UMC and she was simply repeating what she had been told by other employees. 

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The governor’s office tracked down Carter and made a formal complaint to UMC, saying Carter had violated the Health Insurance Portability and Accountability Act, a privacy law that states no employee of a medical facility can reveal any information about a person’s “protected health information.” Some argued that Carter didn’t violate HIPAA, since she didn’t actually give out any information about the health of the governor. However, others believe that simply saying the governor had even visited a doctor is a violation. 

Semantics aside, UMC administrators said it was a violation, so they suspended Carter for three days without pay and strongly suggested she resign to avoid further disciplinary action, which she did.

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Step 3: Have an NSFW lifestyle
St. Louis-based blogger “The Beautiful Kind” had been writing online about her polyamorous sex life for years. Knowing that not everyone would agree with her chosen lifestyle, she was always very careful about maintaining her anonymity, especially when it came to the workplace. So when she signed up for Twitter, she wanted to be anonymous there as well. She thought that, thanks to the similarities between the two, it was like signing up for an online message board — you supplied your real name to the website privately, but could choose to be known publicly by your username only. But when she logged in for the first time and saw that, not only did it show her username (@TBK365), but also her real name on her profile, she immediately went back and removed it. 

Thinking she was now safely anonymous, she used Twitter to promote her blog and to discuss sexually explicit topics with her followers. However, when her boss at the non-profit group where she worked was told by upper management to do a Google search of all employees, TBK’s Twitter account information — with her real name still associated — came up on the Twitter tracking site topsy.com.

The next day, TBK was called into her boss’ office and fired on the spot. Afterwards, her former boss sent her a letter saying, “While I know you are a good worker and an intelligent person, I hope you try to understand that our employees are held to a different standard. When it comes to private matters, such as one’s sexual explorations and preferences, our employees must keep their affairs private.” Because Missouri is an at-will employment state, meaning employers can fire someone for just about any reason, TBK was SOL.

Step 4: Question company policy
When California Pizza Kitchen (CPK) traded in their standard white shirts for black ones, employee Tim Chantarangsu wasn’t happy with the change. So he tweeted @calpizzakitchen his opinion:

@traphik: “black button ups are the lamest s**t ever!!!”

He didn’t expect anyone to notice or care, but the next day he received a direct message from corporate asking what restaurant he worked for. He knew better than to respond, but they tracked him down anyway and he was fired. They not only referenced his tweet about the shirts, but also an earlier one where he had said he was getting ready to work at “Calipornia Skeetza Kitchen.” 

Little did they know that Chantarangsu is kind of a big deal on another social website, YouTube. Under the name TimothyDeLaGhetto2, Chantarangsu has hundreds of thousands of subscribers, accounting for over 10,500,000 views of his videos at the time. Of course he made a YouTube video telling his Twitter story and it has been viewed well more than 100,000 times. Shortly after the incident, he asked his followers to bombard CPK’s Twitter account with RTs (re-tweets) of his offending message, which they were more than happy to oblige.

Step 5: Make a celebrity look bad
During his five years on the job, Jon Barrett-Ingels had served a lot of celebrities as a waiter at Barney Greengrass, an upscale restaurant in Beverly Hills. One day, Jane Adams, star of the HBO series Hung, came in and had lunch to the tune of $ 13.44. Unfortunately, when the bill came, Adams realized she had left her wallet in the car. Ingels knew who she was, so he told her she could run out and grab it and come back. The actress left, but didn’t return. Instead, someone from her agency called the next day and paid the bill. However, they didn’t leave a tip. Ingels had recently signed up for Twitter and so, his sixth tweet to his 40 followers said:

@PapaBarrett: Jane Adams, star of HBO series “Hung” skipped out on a $ 13.44 check. Her agent called and payed the following day. NO TIP!!!” 

Over the next few weeks, Ingels started using Twitter to send out a few harmless observations about celebrities that came in to eat — mainly what they ordered or what they looked like that day. Then, out of the blue, Jane Adams came back to the restaurant. According to Ingels’ blog, she was clearly upset and begrudgingly slapped $ 3 on the bar for Ingels as a tip. Surprised, Ingels told the actress she really didn’t have to do that, but her gesture was appreciated. She allegedly replied with, “My friend read about it on Twitter!” before storming off. Adams complained about the tweet to management, so someone from Barney’s corporate started following Ingels on Twitter to see what he was up to. After reading his celebrity tweets, it didn’t take long before they gave him the boot.

Step 6: Don’t get hired in the first place
If you’ve followed steps 1 – 5 and you still have a job, here’s the ultimate way to make sure Twitter will keep you from gainful employment.

When recent college grad Skye Riley heard back from Cisco, the computer networking giant, about her job application, one of her first instincts was to tweet about it. Unfortunately, this is what she tweeted:

@theconnor: Cisco just offered me a job! Now I have to weigh the utility of a fatty paycheck against the daily commute to San Jose and hating the work.

The unfortunate part? An employee of Cisco, Tim Levad, came across her post while doing a Twitter search for Cisco. He replied to her by saying:

@timmylevad: Who is the hiring manager. I’m sure they would love to know that you will hate the work. We here at Cisco are versed in the web.

Riley’s story was the tweet heard round the world. It became a hot topic on tech blogs for weeks afterwards, with writers calling it the “Cisco Fatty” incident. She later claimed that the tweet was taken out of context — that part of her message was referring to a well-paid internship she had turned down — but it appears the damage had already been done. While only she and Cisco know what really happened, according to her online resume, she has never worked for the company.

 — Rob Lammie

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Katherine Heigl Goes Holiday Shopping on Black Friday

Caught in the Act

11/24/2012 at 11:45 AM EST

Someone's going to have a happy holiday!

Katherine Heigl was out and about picking up holiday supplies, including wrapping paper and toys, from Party City in Beverly Hills on Black Friday.

The actress, who turns 34 on Saturday, was shopping with husband Josh Kelley.

It will be a special holiday for the couple, who will celebrate for the first time with daughter Adalaide Marie Hope, who arrived in April. They also have a daughter Naleigh, who turned 4 on Thanksgiving Day.

"Hope you all had a wonderful Thanksgiving!" Heigl Tweeted. "I'm so thankful for my friends, my girls, and my fantastic family, and all of you of course!"

What's on your holiday list? Send us pics of the items you've been dreaming about, and your photos might appear on PEOPLE.com!

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AP PHOTOS: Simple surgery heals blind Indonesians

PADANG SIDEMPUAN, Indonesia (AP) — They came from the remotest parts of Indonesia, taking crowded overnight ferries and riding for hours in cars or buses — all in the hope that a simple, and free, surgical procedure would restore their eyesight.

Many patients were elderly and needed help to reach two hospitals in Sumatra where mass eye camps were held earlier this month by Nepalese surgeon Dr. Sanduk Ruit. During eight days, more than 1,400 cataracts were removed.

The patients camped out, sleeping side-by-side on military cots, eating donated food while fire trucks supplied water for showers and toilets. Many who had given up hope of seeing again left smiling after their bandages were removed.

"I've been blind for three years, and it's really bad," said Arlita Tobing, 65, whose sight was restored after the surgery. "I worked on someone's farm, but I couldn't work anymore."

Indonesia has one of the highest rates of blindness in the world, making it a target country for Ruit who travels throughout the developing world holding free mass eye camps while training doctors to perform the simple, stitch-free procedure he pioneered. He often visits hard-to-reach remote areas where health care is scarce and patients are poor. He believes that by teaching doctors how to perform his method of cataract removal, the rate of blindness can be reduced worldwide.

Cataracts are the leading cause of blindness globally, affecting about 20 million people who mostly live in poor countries, according to the World Health Organization.

"We get only one life, and that life is very short. I am blessed by God to have this opportunity," said Ruit, who runs the Tilganga Eye Center in Katmandu, Nepal. "The most important of that is training, taking the idea to other people."

During the recent camps, Ruit trained six doctors from Indonesia, Thailand and Singapore.

Here, in images, are scenes from the mobile eye camps:

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Wall Street climbs in short session, led by tech stocks

NEW YORK (Reuters) - Stocks extended gains on Friday, with all three key indexes climbing 1 percent, as technology shares led the way in thin trading ahead of an early, post-Thanksgiving close for equity markets.

The Dow Jones industrial average <.dji> gained 133.01 points, or 1.04 percent, to 12,969.90. The Standard & Poor's 500 Index <.spx> rose 14.52 points, or 1.04 percent, to 1,405.55. The Nasdaq Composite Index <.ixic> climbed 36.11 points, or 1.23 percent, to 2,962.67.

(Reporting by Leah Schnurr; Editing by Bernadette Baum)

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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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Gaza ceasefire holds but mistrust runs deep

GAZA/JERUSALEM (Reuters) - A ceasefire between Israel and Hamas held firm on Thursday with scenes of joy among the ruins in Gaza over what Palestinians hailed as a victory, and both sides saying their fingers were still on the trigger.

In the sudden calm, Palestinians who had been under Israeli bombs for eight days poured into Gaza streets for a celebratory rally, walking past wrecked houses and government buildings.

But as a precaution, schools stayed closed in southern Israel, where nerves were jangled by warning sirens - a false alarm, the army said - after a constant rain of rockets during the most serious Israeli-Palestinian fighting in four years.

Israel had launched its strikes last week with a declared aim of ending rocket attacks on its territory from Gaza, ruled by the Islamist militant group Hamas, which denies Israel's right to exist. Hamas had responded with more rockets.

The truce brokered by Egypt's new Islamist leaders, working with the United States, headed off an Israeli invasion of Gaza.

It was the fruit of intensive diplomacy spurred by U.S. President Barack Obama, who sent his secretary of state to Cairo and backed her up with phone calls to Israeli Prime Minister Benjamin Netanyahu and Egyptian President Mohamed Mursi.

Mursi's role in cajoling his Islamist soulmates in Gaza into the U.S.-backed deal with Israel suggested that Washington can find ways to cooperate with the Muslim Brotherhood leader whom Egyptians elected after toppling former U.S. ally Hosni Mubarak, a bulwark of American policy in the Middle East for 30 years.

Mursi, preoccupied with Egypt's economic crisis, cannot afford to tamper with a 1979 peace treaty with Israel, despite its unpopularity with Egyptians, and needs U.S. financial aid.

MORE DEATHS

Despite the quiet on the battlefield, the death toll from the Gaza conflict crept up on both sides.

The body of Mohammed al-Dalu, 25, was recovered from the rubble of a house where nine of his relatives - four children and five women - were killed by an Israeli bomb this week.

That raised to 163 the number of Palestinians killed, more than half of them civilians, including 37 children, during the Israeli onslaught, according to Gaza medical officials.

Nearly 1,400 rockets struck Israel, killing four civilians and two soldiers, including an officer who died on Thursday of wounds sustained the day before, the Israeli army said.

Israel dropped 1,000 times as much explosive on the Gaza Strip as landed on its soil, Defense Minister Ehud Barak said.

Municipal workers in Gaza began cleaning streets and removing the rubble of bombed buildings. Stores opened and people flocked to markets to buy food.

Jubilant crowds celebrated, with most people waving green Hamas flags but some carrying the yellow emblems of the rival Fatah group, led by Western-backed President Mahmoud Abbas.

That marked a rare show of unity five years after Hamas, which won a Palestinian poll in 2006, forcibly wrested Gaza from Fatah, still dominant in the Israeli-occupied West Bank.

Israel began ferrying tanks northwards, away from the border, on transporters. It plans to discharge gradually tens of thousands of reservists called up for a possible Gaza invasion.

But trust between Israel and Hamas remains in short supply and both said they might well have to fight again.

"The battle with the enemy has not ended yet," Abu Ubaida, spokesman of Hamas's armed wing Izz el-Deen Al-Qassam Brigades, said at an event to mourn its acting military chief Ahmed al-Jaabari, whose killing by Israel on November 14 set off this round.

"HANDS ON TRIGGER"

The exiled leader of Hamas, Khaled Meshaal, said in Cairo his Islamist movement would respect the truce, but warned that if Israel violated it "our hands are on the trigger".

Netanyahu said he had agreed to "exhaust this opportunity for an extended truce", but told Israelis a tougher approach might be required in the future.

Facing a national election in two months, he swiftly came under fire from opposition politicians who had rallied to his side during the fighting but now contend he emerged from the conflict with no real gains for Israel.

"You don't settle with terrorism, you defeat it. And unfortunately, a decisive victory has not been achieved and we did not recharge our deterrence," Shaul Mofaz, leader of the main opposition Kadima party, wrote on his Facebook page.

In a speech, Ismail Haniyeh, Hamas's prime minister in Gaza, urged all Palestinian factions to respect the ceasefire and said his government and security services would monitor compliance.

According to a text of the agreement seen by Reuters, both sides should halt all hostilities, with Israel desisting from incursions and targeting of individuals, while all Palestinian factions should cease rocket fire and cross-border attacks.

The deal also provides for easing Israeli curbs on Gaza's residents, but the two sides disagreed on what this meant.

Israeli sources said Israel would not lift a blockade of the enclave it enforced after Hamas won a Palestinian election in 2006, but Meshaal said the deal covered the opening of all of the territory's border crossings with Israel and Egypt.

Israel let dozens of trucks carry supplies into the Palestinian enclave during the fighting. Residents there have long complained that Israeli restrictions blight their economy.

Barak said Hamas, which declared November 22 a national holiday to mark its "victory", had suffered heavy military blows.

"A large part of the mid-range rockets were destroyed. Hamas managed to hit Israel's built-up areas with around a metric tone of explosives, and Gaza targets got around 1,000 metric tonnes," he said.

He dismissed a ceasefire text published by Hamas, saying: "The right to self-defense trumps any piece of paper."

He appeared to confirm, however, a Hamas claim that the Israelis would no longer enforce a no-go zone on the Gaza side of the frontier that the army says has prevented Hamas raids.

(Additional reporting by Noah Browning in Gaza, Ori Lewis, Crispian Balmer and Dan Williams in Jerusalem; Writing by Jeffrey Heller and Alistair Lyon; Editing by Giles Elgood)

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Fitch cuts Sony, Panasonic debt ratings to “junk” status

TOKYO (Reuters) – Ratings agency Fitch downgraded the debt ratings of Japan’s Sony Corp and Panasonic Corp to “junk” status citing weakness in their consumer electronics and TV operations, further diminishing the luster of the once-great Japanese brands.

The cut to below investment grade, the first by a ratings firm, comes as the floundering Japanese tech giants face weak demand and fierce competition from Apple Inc and Samsung Electronics.

A strong yen and bumps in China, where growth has slowed and Japanese goods have been targeted in sometimes violent protests recently, have also weighed on their earnings.

The two companies, along with Sharp Corp, racked up combined losses of $ 20 billion last year, leading them to axe jobs, sell assets and close facilities.

“Both Sony and Panasonic are struggling to generate operating profits, but each is restructuring and I don’t envision the current situation continuing,” said Masahi Oda, Chief Investment Officer at Sumitomo Mitsui Trust Bank.

“A collapse of their core business would be a problem, but we are not at the point yet, and to me Fitch looks too negative,” Oda added.

Fitch downgraded Sony by three notches to BB-minus from BBB- minus, saying meaningful recovery will be slow. The move came after Sony, the maker of PlayStation game consoles and Vaio laptops, last week announced plans to raise 150 billion yen ($ 1.82 billion) through the sale of convertible bonds.

“Fitch believes that continuing weakness in the home entertainment and sound and mobile products and communications segments will offset the relatively stable music and pictures segments and improvement in the devices segment which makes semiconductors and components,” it said in statement.

In a separate statement, Fitch cut Panasonic to BB from BBB-minus, a two-notch downgrade, citing weakened competitiveness in its TVs and display panels as well as weak cash generation from its operations. It has a negative outlook on both the companies.

The downgrade sent Sony’s five-year credit default swaps (CDS), insurance-like contracts against debt default or restructuring, 5 basis points wider to 382.5/402.5 basis points.

Panasonic’s CDS for the same maturity were quoted at 295/315 basis points, 15 basis points wider than in Thursday morning Asian trade.

Standard & Poor’s rates the two consumer electronics makers at BBB, the second lowest of the investment grade, while Moody’s Investors Service has Baa3 on them, the lowest of the high-grade category.

With two of the three major ratings agencies still having the two companies as investment grade, institutional investors won’t face too great a pressure to cut their debt holdings in them, analysts said.

SONY SHARES TUMBLE

Sony shares shed 4.4 percent in Frankfurt on Thursday. The shares ended 1.8 percent higher at 834 yen in Tokyo before the Fitch announcement, trading not too far from their 32-year closing low of 793 yen hit on November 15. Sony stock is down 40 percent so far this year.

Panasonic shares were down 0.6 percent in Frankfurt in low volume. The stock inched up 0.7 percent to close at 407 yen in Tokyo trading, near its 34-year closing low of 385 yen reached on November 13.

Last month, Panasonic cut its forecast and warned it will lose close to $ 10 billion in the year to March, as it writes off billions of yen in tax-deferred assets and goodwill related to its mobile phone, solar panel and small lithium battery businesses.

Ahead of its earnings revision, Panasonic won $ 7.6 billion in loan commitments in October from banks including Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group, a funding backstop it says will help it avoid having to seek capital from credit markets.

Sony made a small operating profit in the July-September quarter, helped by the sale of a non-core chemicals business, and kept its forecast for a full-year profit of $ 1.63 billion.

(Additional reporting by Dominic Lau in Tokyo and Umesh Desai in Hong Kong; Editing by Muralikumar Anantharaman)

Tech News Headlines – Yahoo! News

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Study finds mammograms lead to unneeded treatment

Mammograms have done surprisingly little to catch deadly breast cancers before they spread, a big U.S. study finds. At the same time, more than a million women have been treated for cancers that never would have threatened their lives, researchers estimate.

Up to one-third of breast cancers, or 50,000 to 70,000 cases a year, don't need treatment, the study suggests.

It's the most detailed look yet at overtreatment of breast cancer, and it adds fresh evidence that screening is not as helpful as many women believe. Mammograms are still worthwhile, because they do catch some deadly cancers and save lives, doctors stress. And some of them disagree with conclusions the new study reached.

But it spotlights a reality that is tough for many Americans to accept: Some abnormalities that doctors call "cancer" are not a health threat or truly malignant. There is no good way to tell which ones are, so many women wind up getting treatments like surgery and chemotherapy that they don't really need.

Men have heard a similar message about PSA tests to screen for slow-growing prostate cancer, but it's relatively new to the debate over breast cancer screening.

"We're coming to learn that some cancers — many cancers, depending on the organ — weren't destined to cause death," said Dr. Barnett Kramer, a National Cancer Institute screening expert. However, "once a woman is diagnosed, it's hard to say treatment is not necessary."

He had no role in the study, which was led by Dr. H. Gilbert Welch of Dartmouth Medical School and Dr. Archie Bleyer of St. Charles Health System and Oregon Health & Science University. Results are in Thursday's New England Journal of Medicine.

Breast cancer is the leading type of cancer and cause of cancer deaths in women worldwide. Nearly 1.4 million new cases are diagnosed each year. Other countries screen less aggressively than the U.S. does. In Britain, for example, mammograms are usually offered only every three years and a recent review there found similar signs of overtreatment.

The dogma has been that screening finds cancer early, when it's most curable. But screening is only worthwhile if it finds cancers destined to cause death, and if treating them early improves survival versus treating when or if they cause symptoms.

Mammograms also are an imperfect screening tool — they often give false alarms, spurring biopsies and other tests that ultimately show no cancer was present. The new study looks at a different risk: Overdiagnosis, or finding cancer that is present but does not need treatment.

Researchers used federal surveys on mammography and cancer registry statistics from 1976 through 2008 to track how many cancers were found early, while still confined to the breast, versus later, when they had spread to lymph nodes or more widely.

The scientists assumed that the actual amount of disease — how many true cases exist — did not change or grew only a little during those three decades. Yet they found a big difference in the number and stage of cases discovered over time, as mammograms came into wide use.

Mammograms more than doubled the number of early-stage cancers detected — from 112 to 234 cases per 100,000 women. But late-stage cancers dropped just 8 percent, from 102 to 94 cases per 100,000 women.

The imbalance suggests a lot of overdiagnosis from mammograms, which now account for 60 percent of cases that are found, Bleyer said. If screening were working, there should be one less patient diagnosed with late-stage cancer for every additional patient whose cancer was found at an earlier stage, he explained.

"Instead, we're diagnosing a lot of something else — not cancer" in that early stage, Bleyer said. "And the worst cancer is still going on, just like it always was."

Researchers also looked at death rates for breast cancer, which declined 28 percent during that time in women 40 and older — the group targeted for screening. Mortality dropped even more — 41 percent — in women under 40, who presumably were not getting mammograms.

"We are left to conclude, as others have, that the good news in breast cancer — decreasing mortality — must largely be the result of improved treatment, not screening," the authors write.

The study was paid for by the study authors' universities.

"This study is important because what it really highlights is that the biology of the cancer is what we need to understand" in order to know which ones to treat and how, said Dr. Julia A. Smith, director of breast cancer screening at NYU Langone Medical Center in New York. Doctors already are debating whether DCIS, a type of early tumor confined to a milk duct, should even be called cancer, she said.

Another expert, Dr. Linda Vahdat, director of the breast cancer research program at Weill Cornell Medical College in New York, said the study's leaders made many assumptions to reach a conclusion about overdiagnosis that "may or may not be correct."

"I don't think it will change how we view screening mammography," she said.

A government-appointed task force that gives screening advice calls for mammograms every other year starting at age 50 and stopping at 75. The American Cancer Society recommends them every year starting at age 40.

Dr. Len Lichtenfeld, the cancer society's deputy chief medical officer, said the study should not be taken as "a referendum on mammography," and noted that other high-quality studies have affirmed its value. Still, he said overdiagnosis is a problem, and it's not possible to tell an individual woman whether her cancer needs treated.

"Our technology has brought us to the place where we can find a lot of cancer. Our science has to bring us to the point where we can define what treatment people really need," he said.

___

Online:

Study: http://www.nejm.org/doi/full/10.1056/NEJMoa1206809

Screening advice: http://www.uspreventiveservicestaskforce.org/uspstf/uspsbrca.htm

___

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

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Wall Street flat after Greek delay in thin holiday trade

NEW YORK (Reuters) - Stocks were little changed on Wednesday as a lack of progress on some of the potential pitfalls facing the market kept investors cautious.

Greece's international lenders failed again to reach a deal to release emergency aid to the debt-saddled country. Lenders will try again next Monday, but Germany signaled that significant divisions remain.

Investors also remained anxious about the tax and spending changes that are poised to come into effect in the new year - known as the "fiscal cliff" - though policymakers are not expected to get back to negotiations until after Thursday's Thanksgiving holiday.

Trading volume was expected to be light ahead of Thursday's market holiday, which could keep action muted. The stock market also will close early at 1 p.m. (1800 GMT) on Friday.

Fears that the fiscal cliff discussions in Washington could be drawn out or yield no resolution have been at the forefront of investors' minds in recent weeks. Combined with concerns over the euro zone's continued debt problems, the worries had taken more than 5 percent off the S&P 500 since Election Day in early November.

Positive comments from U.S. politicians that they will work to find common ground have helped the index recoup some of that loss in recent sessions.

"I think the focus is heavy on what are we doing about fiscal cliff," said Kurt Brunner, portfolio manager at Swarthmore Group in Philadelphia, Pennsylvania.

"Are these guys talking? Are there going to be substantive decisions made?"

St Jude Medical lost more than 12 percent after Wells Fargo cut its rating to "market perform", saying an FDA inspection report cited serious flaws in the company's design verification and validation methods for its Durata line of heart devices. The stock was recently at $31.07.

A small gain in International Business Machines helped the Dow outperform the other indexes. IBM was up 0.7 percent at $190.51.

The Dow Jones industrial average <.dji> added 25.11 points, or 0.20 percent, to 12,813.62. The Standard & Poor's 500 Index <.spx> was off 0.39 point, or 0.03 percent, to 1,387.42. The Nasdaq Composite Index <.ixic> edged up 2.03 points, or 0.07 percent, at 2,918.72.

Salesforce.com Inc jumped 8 percent to $157.57 after the business software provider beat Wall Street expectations for the third quarter and maintained its outlook for the rest of the year.

But Deere & Co dragged on the S&P after the world's largest farm equipment maker reported a weaker-than-expected quarterly profit. Its stock lost 4.3 percent to $82.28.

The market did not derive much direction from the day's economic data with initial jobless claims falling last week as expected.

Other data showed manufacturing picked up at its quickest pace in five months in November, while consumer sentiment improved only slightly.

The focus will likely turn to retailers on Friday as analysts try to assess how strong the holiday shopping season will be this year, Brunner said. Holiday shopping traditionally kicks off the day after Thanksgiving as stores offer deals and discounts to lure consumers.

(Editing by Kenneth Barry)

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Tel Aviv bus blast shakes Gaza truce efforts

GAZA/JERUSALEM (Reuters) - A bomb exploded on a bus in Tel Aviv on Wednesday, potentially complicating efforts by U.S. Secretary of State Hillary Clinton to pursue an elusive truce between Israel and Hamas, as Israeli air strikes shook the Gaza Strip.

After talks in Ramallah with Palestinian President Mahmoud Abbas, Clinton held a second meeting with Israeli Prime Minister Benjamin Netanyahu before travelling to Egypt for discussions with President Mohamed Mursi, whose country is the main broker in efforts to end eight days of fighting.

In Tel Aviv, targeted by rockets from Gaza that either did not hit the city or were shot down by Israel's Iron Dome interceptor system, 15 people were wounded when a commuter bus was blown up near the Defence Ministry and military headquarters.

Israel and the United States branded it a terrorist attack, and a White House statement reaffirmed Washington's "unshakeable commitment to Israel's security".

The explosion, which police said was caused by a bomb placed on the vehicle, touched off celebratory gunfire from militants in Gaza and threatened to complicate truce efforts. It was the first serious bombing in Israel's commercial capital since 2006

In Gaza, Israel struck more than 100 targets, including a cluster of Hamas government buildings, in attacks that medical officials said killed 10 people, among them a 2-year-old boy.

Israel's best-selling Yedioth Ahronoth newspaper said an emerging outline of a ceasefire agreement called for Egypt to announce a 72-hour ceasefire followed by further talks on long-term understandings.

Under the proposed document, which the newspaper said neither party would be required to sign, Israel would hold its fire, end attacks against top militants and promise to examine ways to ease its blockade of Gaza, controlled by Hamas Islamists who do not recognize the Jewish state's right to exist.

Hamas, the report said, would pledge not to strike any Israeli target and ensure other Palestinian factions in the Gaza Strip also stop their attacks.

GAZA BLOCKADE

An Israeli political source said differences holding up a deal centered on a Hamas demand to lift the Gaza blockade completely and the kind of activity that would be allowed along the frontier, where Israeli troops often fire into the enclave to keep Palestinians away from an area near a border fence.

Hamas official Ezzat al-Rishq said the main stumbling block was "the temporary timeframe for a ceasefire that the Israelis want us to agree to".

While diplomatic efforts intensified, Palestinians militants fired more than 30 rockets at Israel, causing no casualties, and the Iron Dome interceptor system shot down 14 of them, police said.

Israel has carried out more than 1,500 strikes since the offensive began with the killing of a top Hamas commander and with declared aim of deterring Hamas from launching rocket attacks that have long disrupted life in its southern towns.

Medical officials in Gaza said 146 Palestinians, more than half of them civilians, including 36 children, have been killed in Israel's offensive. Nearly 1,400 rockets have been fired into Israel, killing four civilians and a soldier, the military said.

"GOOD INTENTIONS"

The London-based Al Hayat newspaper, citing sources in Hamas and Islamic Jihad, said Israel wanted a 90-day period to determine "good intentions" before discussing Palestinian demands, a position the report said the groups have rejected.

Rishq said a short-term truce, whose proposed duration he did not disclose, "would only buy (Israel) time" until a general election in January and "we would have accomplished nothing in the way of a long-term truce".

Hamas sources said the group was also demanding control over Gaza's Rafah borders with Egypt, so that Palestinians could cross easily, and Israeli guarantees to stop assassinating Hamas leaders.

Israel, one of the Hamas sources said, wanted a commitment from the group to stop smuggling through tunnels that run into Gaza under the Egyptian border. The tunnel network is a conduit for weapons and commercial goods.

News of the Tel Aviv bus bombing caused oil prices to rise by more than $1 per barrel on concerns the Gaza crisis could lead to wider regional conflict that would disrupt oil flows.

But sources close to Israeli Defence Minister Ehud Barak, speaking after the bus blast, said he was quietly confident a ceasefire deal could still be reached.

Clinton, who flew to the region from an Asian summit, said after Tuesday's meeting with Netanyahu that it was "essential to de-escalate the situation".

"The rocket attacks from terrorist organizations inside Gaza on Israeli cities and towns must end and a broader calm restored," she said.

Clinton earlier assured Netanyahu of "rock-solid" U.S. support for Israel's security, and praised Mursi's "personal leadership and Egypt's efforts thus far" to end the Gaza conflict and promote regional stability.

"As a regional leader and neighbor, Egypt has the opportunity and responsibility to continue playing a crucial and constructive role in this process. I will carry this message to Cairo tomorrow (Wednesday)," she said, pledging to work for a truce "in the days ahead".

"LONG-TERM" SOLUTION

Netanyahu told Clinton he wanted a "long-term" solution. Failing that, Netanyahu made clear, that he stood ready to step up the military campaign to silence Hamas' rockets.

"A band-aid solution will only cause another round of violence," said Ofir Gendelman, a Netanyahu spokesman.

Along the Gaza border, Israeli tanks, artillery and infantry remained poised for a possible ground offensive in the densely populated enclave of 1.7 million Palestinians.

But an invasion, likely to entail heavy casualties, would be a major political risk for Netanyahu, who is currently favored to win the upcoming Israeli election. More than 1,400 Palestinians were killed in Israel's three-week war in the Gaza Strip in 2008-9, prompting international criticism of Israel.

In the West Bank city of Ramallah, Clinton held talks with Palestinian President Abbas, reiterating U.S. opposition to his bid to upgrade the Palestinians' status at the United Nations. State Department spokeswoman Victoria Nuland said Washington believed "the best way to achieve statehood is through direct bilateral negotiations". Those talks collapsed in 2010 in a dispute over Israeli settlement building in the West Bank.

"Secretary Clinton informed the president that the U.S. administration is exerting every possible effort to reach an immediate ceasefire and the president expressed his full support for this endeavor," said Palestinian chief negotiator Saeb Erekat.

"Once the Israelis accept to stop their bombardments, their assassinations, there will be a comprehensive ceasefire sustained from all parties," Erekat said.

A Palestinian official with knowledge of Cairo's mediation told Reuters that Egyptian intelligence officials would hold further discussions on Wednesday with leaders of Hamas and the Islamic Jihad group.

(Additional reporting by Ari Rabinovitch in Jerusalem and Cairo bureau; Writing by Jeffrey Heller; Editing by Giles Elgood)

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Recipe: Post-Turkey Dessert for Your Thanksgiving Feast

By Alison Schwartz

11/21/2012 at 12:00 PM EST

Chocolate Bourbon Pumpkin Cheesecake

Courtesy Betty Crocker

Come Thursday, it's all about that big bird sitting on the table – they don't call it Turkey Day for nothing.

But for those who aren't too stuffed (with stuffing) after the main course, here's a sweet way to cap off the holiday.

This Betty Crocker recipe is a triple threat – that is, it combines chocolate, bourbon and pumpkin all in one flavor-packed cheesecake. Try it yourself with the recipe below, or find another seasonal favorite to impress your dinner guests here.

Chocolate Bourbon Pumpkin Cheesecake

Crust
• 2 cups gingersnap cookie crumbs (35 to 40 cookies)
• ¼ cup butter or margarine, melted

Cheesecake
• 4 packages (8 oz. each) cream cheese, softened
• 1½ cups sugar
• ¼ cup all-purpose flour
• 4 eggs
• 4 tbsp. bourbon
• ½ cup canned pumpkin (not pumpkin pie mix)
• 1½ tsp. aromatic bitters
• 1½ tsp. ground ginger
• 1 tsp. ground cinnamon
• ¼ tsp. ground nutmeg
• 1 tsp. vanilla
• ¾ cup semisweet chocolate chips, melted

Toppings
• ½ cup caramel topping
• 2 tsp. bourbon
• Dash aromatic bitters
• Toasted pecans (optional)

Heat oven to 300ºF. Grease a 9-in. springform pan with shortening or cooking spray. Wrap outside bottom and the side of the pan with foil to prevent leaking. In a small bowl, mix the crust ingredients. Press the mixture into the bottom and one inch up the side of the pan. Bake eight to 10 minutes or until set. Cool for five minutes.

In a large bowl, beat the cream cheese with an electric mixer on medium speed until it's smooth and creamy; do not overbeat. On low speed, gradually beat in the sugar, then the flour and then the eggs (one at a time), just until blended. Remove half of the cream cheese mixture (about 3 cups) into another large bowl; reserve.

Into the remaining cream cheese mixture, stir 2 tbsp. of the bourbon, the pumpkin, 1 ½ tsp. bitters, the ginger, cinnamon and nutmeg with a whisk until it's smooth. Spoon over crust into the pan. Into the reserved 3 cups of filling, stir 2 tbsp. of bourbon, the vanilla and the melted chocolate. Pour the mixture over the pumpkin layer directly in the middle of the pan. (This will create layers so that each slice includes some of each flavor.)

To minimize cracking, place a shallow pan half-full of hot water on the lower oven rack. Bake the cheesecake 80 to 90 minutes minutes, or until the edges are set but the center of the cheesecake still jiggles slightly when moved.

Turn the oven off, and open the oven door at least four inches. Leave the cheesecake in the oven 30 minutes longer. Remove from the oven; place on a cooling rack. Without releasing the side of the pan, run your knife around the edge of the pan to loosen the cheesecake. Cool in the pan on a cooling rack for 30 minutes. Cover loosely; refrigerate at least six hours but no longer than 24 hours.

Run your knife around the side of the pan to loosen the cheesecake again; carefully remove side of the pan. Place cheesecake on a serving plate. Stir together caramel topping, 2 tsp. bourbon and a dash of bitters. To serve, drizzle with caramel and sprinkle with pecans. Cover and refrigerate any remaining cheesecake.

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Wall Street edges up as bargain hunting offsets HP, France

NEW YORK (Reuters) - Stocks inched higher on Tuesday, reversing earlier declines after bargain hunters stepped in to buy beaten-down shares and offset the impact of Hewlett-Packard's accounting charge and France losing its triple-A credit rating.

The S&P 500 briefly dipped below its 200-day moving average at 1,382, but recovered to trade slightly above the key technical level, which is seen as a support mark.

Stocks rallied for the last two days on optimism that Washington politicians could agree on a deal to avoid the U.S. "fiscal cliff." But the gains followed two weeks of sharp losses.

"We got into a very oversold condition on just about any indicator and then you had intraday reversals in just about all the indexes," said Jeffrey Saut, Raymond James Financial's chief investment strategist in St. Petersburg, Florida.

Shares of McDonald's shot up 1.3 percent to $86.11, leading the Dow industrials' slim advance.

Moody's Investors Service cut France's sovereign rating by one notch to Aa1 after the market's close on Monday, citing an uncertain fiscal outlook as a result of the weakening economy.

While the move was expected after Standard & Poor's made a similar downgrade in January, it was a reminder of the headwinds buffeting the global economy and the danger of contagion by the euro zone's debt crisis.

Hewlett-Packard Co shares tumbled 10.5 percent to a 10-year low at $11.91 as the computer and printer maker swung to a fourth-quarter loss. The company said it took an $8.8 billion charge related to its acquisition of software firm Autonomy, citing "serious accounting improprieties.

A bright spot for the economy came in data showing U.S. housing starts rose to their highest rate in more than four years in October, suggesting the housing market's recovery was gathering momentum. The PHLX housing sector index <.hgx> jumped 2.4 percent, led by PulteGroup Inc , up 4.8 percent at $16.67.

The Dow Jones industrial average <.dji> was up 10.34 points, or 0.08 percent, at 12,806.30. The Standard & Poor's 500 Index <.spx> was up 2.17 points, or 0.16 percent, at 1,389.06. The Nasdaq Composite Index <.ixic> was up 3.41 points, or 0.12 percent, at 2,913.48.

The S&P 500 index had fallen 5.3 percent between election day two weeks ago and the start of the rebound as angst over a possible U.S. budget deal drove investors to sell stocks and limit the impact of expected tax increases on capital gains and dividends.

President Barack Obama and congressional leaders hope to start serious negotiations after the Thanksgiving holiday on Thursday to avoid the "fiscal cliff," a series of mandatory tax hikes and spending cuts that would go into effect early next year - if a deal is not reached - and could push the U.S. economy back into recession.

(Additional reporting by Chuck Mikolajczak Editing by W Simon, Kenneth Barry and Jan Paschal)

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Gaza truce agreed, Hamas says, to take effect in hours

GAZA/JERUSALEM (Reuters) - A Hamas official said on Tuesday Egypt had brokered a Gaza ceasefire deal that would go into effect within hours, but a spokesman for Israeli Prime Minister Benjamin Netanyahu said "we're not there yet".

"An agreement for calm has been reached. It will be declared at 9 o'clock (1900 GMT) and go into effect at midnight (2200 GMT)," Hamas official Ayman Taha told Reuters from Cairo, where intensive efforts have been under way to end seven days of fighting.

Netanyahu spokesman Mark Regev told Reuters the announcement was premature and Israeli military operations in Gaza, territory run by Hamas Islamists, would continue in parallel with diplomacy.

"We're not there yet," Regev said on CNN. "The ball's still in play."

U.S. Secretary of State Hillary Clinton was heading to the region from Asia and was expected in Jerusalem late on Tuesday to meet Netanyahu.

Both Israel and the United States have said they preferred a diplomatic solution to the Gaza crisis to a possible Israeli ground operation in the densely-populated enclave of 1.7 million Palestinians.

"No country would tolerate rocket attacks against its cities and against its civilians. Israel cannot tolerate such attacks," Netanyahu said with U.N. Secretary-General Ban Ki-moon, who arrived in Jerusalem from talks in Cairo, at his side.

"If a long-term solution can be put in place through diplomatic means, then Israel would be a willing partner to such a solution," he said.

"But if stronger military action proves necessary to stop the constant barrage of rockets, Israel will do what is necessary to defend our people," said Netanyahu, who is favored to win a January general election.

Hamas leader Khaled Meshaal said on Monday that Israel must halt its military action in the Gaza Strip and lift the blockade of the Palestinian territory in exchange for a truce.

Hours before the Hamas official said an agreement had been clinched, Egypt's state media quoted Egyptian President Mohamed Mursi as saying "that the farce of Israeli aggression against the Gaza Strip will end on Tuesday"

Mursi said, according to the reports, that "efforts to conclude a truce between the Palestinian and Israeli sides will produce positive results in the next few hours".

Israel pressed on with air strikes and Palestinian rockets flashed across the border on Tuesday.

Israel's military on Tuesday targeted about 100 sites in Gaza, including ammunition stores and the Gaza headquarters of the National Islamic Bank. Gaza's Hamas-run Health Ministry said six Palestinians were killed.

Israeli police said more than 150 rockets were fired from Gaza by late afternoon, many of them intercepted by Israel's Iron Dome system. Ten people were wounded in Israel, the military and an ambulance service said.

Medical officials in Gaza said 126 Palestinians have died in a week of fighting, the majority of them civilians, including 27 children.

Three Israelis died last week when a rocket from Gaza struck their house.

HAMAS TARGETS JERUSALEM

In an attack claimed in Gaza by Hamas's armed wing, a longer-range rocket targeted Jerusalem on Tuesday for the second time since Israel launched the air offensive with the declared aim of deterring Palestinian militants from launching rocket salvoes that have plagued its south for years.

The rocket, which fell harmlessly in the occupied West Bank, triggered warning sirens in the holy city about the time Ban arrived in Jerusalem for truce discussions.

In the Gaza Strip on Tuesday, Hamas executed six alleged collaborators, whom a security source quoted by the Hamas Aqsa radio said "were caught red-handed" with "filming equipment to take footage of positions". The radio said they were shot.

A delegation of nine Arab ministers, led by the Egyptian foreign minister, visited Gaza in a further signal of heightened Arab solidarity with the Palestinians.

Fortified by the ascendancy of fellow Islamists in Egypt and elsewhere, and courted by Sunni Arab leaders in the Gulf keen to draw the Palestinian group away from old ties to Shi'ite Iran, Hamas has tested its room for maneuver, as well as longer-range rockets that have also reached the Tel Aviv metropolis.

Egypt, Gaza's other neighbor and the biggest Arab nation, has been a key player in efforts to end the most serious fighting between Israel and Palestinian militants since a three-week Israeli invasion of the enclave in the winter of 2008-9.

The ousting of U.S. ally Hosni Mubarak in Egypt and the election of Mursi is part of a dramatic reshaping of the Middle East wrought by Arab uprisings and now affecting the Israeli-Palestinian conflict.

Mursi, whose Muslim Brotherhood was mentor to the founders of Hamas, on Monday took a call from Obama, who told him Hamas must stop rocket fire into Israel - effectively endorsing Israel's stated aim in launching the offensive last week. Obama also said he regretted civilian deaths - which have been predominantly among the Palestinians.

Mursi has warned Netanyahu of serious consequences from an invasion of the kind that killed more than 1,400 people in Gaza four years ago. But he has been careful not to alienate Israel, with whom Egypt's former military rulers signed a peace treaty in 1979, or Washington, a major aid donor to Egypt.

Addressing troops training in southern Israel, Defence Minister Ehud Barak said: "Hamas will not disappear but the memory of this experience will remain with it for a very long time and this is what will restore deterrence."

But he said: "Quiet has not yet been achieved and so we are continuing (the offensive) ... there are also diplomatic contacts -- ignore that, you are here so that if the order for action must be given - you will act."

Fighting Israel, whose right to exist Hamas refuses to recognize, is popular with many Palestinians and has kept the movement competitive with the secular Fatah movement of Palestinian President Mahmoud Abbas, who remains in the West Bank after losing Gaza to his Islamist rival in a civil war five years ago.

"Hamas and the others, they're our sons and our brothers, we're fingers on the same hand," said 55-year-old Faraj al-Sawafir, whose home was blasted by Israeli forces. "They fight for us and are martyred, they take losses and we sacrifice too."

Along Israel's sandy, fenced-off border with the Gaza Strip, tanks, artillery and infantry massed in field encampments awaiting any orders to go in. Some 45,000 reserve troops have been called up since the offensive was launched.

Israel's shekel rose on Tuesday for a second straight session while Tel Aviv shares gained for a third day in a row on what dealers attributed to investor expectations that a ceasefire deal was imminent.

(Additional reporting by Marwa Awad in Cairo, Writing by Jeffrey Heller; Editing by Giles Elgood)

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The Killing's Jamie Anne Allman Expecting Twins

Mom & Babies
Celebrity Baby Blog

11/20/2012 at 11:00 AM ET

Tsuni/Gamma

Jamie Anne Allman is good at keeping secrets — but she’s ready to let this one out of the bag.

The Killing star and husband Marshall Allman are expecting their first children — a set of twins! — this spring, the couple tell PEOPLE exclusively.

“We were ecstatic to find out we were pregnant and overjoyed to learn they were fraternal twins,” the couple tell PEOPLE.

“Twins run in both of our families so we were prepared for the possibility, but we know we’re gonna need all the prayers and help we can get.”

Jamie Anne and Marshall, best known for his roles as Tommy on True Blood and L.J. on Prison Break, broke the news to friends and family the best way they knew how.

“Both of us being actors, we made a film,” they tell PEOPLE. “It made it super fun and easy to share the news in a surprising way across the country.”

The Allmans were married in Austin, Texas in June 2006.

– Sarah Michaud

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Wall Street bounces on budget talk optimism, housing data

NEW YORK (Reuters) - Wall Street bounced on Monday as investors were heartened by signs of progress in talks to resolve the fiscal crunch and data that showed the recovery in the housing sector was gaining strength.

The major indexes climbed more than 1 percent after tumbling in recent weeks on nervousness over when and if Washington will come to an agreement to avoid the series of tax and spending changes that will start to come into effect in the new year.

Over the weekend, leading Democratic and Republican lawmakers expressed confidence that they could reach a deal to avert the "fiscal cliff", even as they laid down markers on raising taxes and spending cuts that may make any agreement more difficult.

"What you're seeing today is an oversold bounce in the market," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut.

"This could last for a few more days, but ultimately we'll need to see what type of legislation or forward progress comes out of Washington."

Stronger-than-expected earnings from Lowe's and Tyson Foods, as well as encouraging housing data also contributed to the market's advance.

U.S. home resales unexpectedly rose 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 1.7 percent.

The Dow Jones industrial average <.dji> gained 163.07 points, or 1.30 percent, to 12,751.38. The Standard & Poor's 500 Index <.spx> rose 21.52 points, or 1.58 percent, to 1,381.40. The Nasdaq Composite Index <.ixic> climbed 46.51 points, or 1.63 percent, to 2,899.64.

The S&P 500 was approaching its 200-day moving average around 1,382. Rising back above the key technical level could provide additional support for the index.

Shares of Lowe's Cos Inc , the world's No. 2 home improvement chain, jumped 6.3 percent to $33.99 after the company reported higher-than-expected quarterly profit and raised its full-year sales forecast.

Tyson Foods Inc likewise beat expectations and gave an upbeat forecast, sending its stock up 8.5 percent at $18.32.

Intel shares erased earlier losses to trade higher after the company said its chief executive will retire in May. Intel was up 0.9 percent at $20.37.

(Editing by Kenneth Barry)

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Israel says prefers diplomacy but ready to invade Gaza

GAZA/JERUSALEM (Reuters) - Israel bombed dozens of targets in Gaza on Monday and said that while it was prepared to step up its offensive by sending in troops, it preferred a diplomatic solution that would end Palestinian rocket fire from the enclave.

Mediator Egypt said a deal for a truce to end the fighting could be close. The leader of Hamas said it was up to Israel to end the new conflict it had started. Israel says its strikes are to halt Palestinian missile attacks.

Twelve Palestinian civilians and four fighters were killed in the air strikes, bringing the Gaza death toll since fighting began on Wednesday to 90, more than half of them non-combatants, local officials said. Three Israeli civilians have been killed.

After an overnight lull, militants in the Hamas-run Gaza Strip fired 45 rockets at southern Israel, causing no casualties, police said. One damaged a school, but it was closed at the time.

Among targets struck in Gaza on Monday, Israeli missiles blasted a tower block housing international media for the second straight day. One person was killed there, described by a source in militant groups Islamic Jihad as one of its fighters.

Khaled Meshaal, exiled leader of Hamas, the Islamist group that rules the coastal strip, said Israel had failed to achieve its objectives. A truce was possible, but Hamas would not accept Israeli demands. Israel must first halt its strikes and lift its blockade of the enclave, he said.

"The weapons of the resistance have caught the enemy off guard," he told a news conference in Cairo.

"Whoever started the war must end it," he said, adding Israeli Prime Minister Benjamin Netanyahu had asked for a truce, an assertion that a senior Israeli official dismissed as untrue.

Although 84 percent of Israelis supported the current Gaza assault, according to a Haaretz poll, only 30 percent wanted an invasion, while 19 percent wanted their government to work on securing a truce soon.

Thousands turned out on Gaza's streets to mourn four children and five women, among 11 people killed in an Israeli strike that flattened a three-storey home the previous day.

The bodies were wrapped in Palestinian and Hamas flags. Echoes of explosions mixed with cries of grief and defiant chants of "God is greatest".

The deaths of the 11 in an air strike drew more international calls for an end to six days of hostilities and could test Western support for an offensive Israel billed as self-defense after years of cross-border rocket attacks.

Israel said it was investigating its air strike that brought the home crashing down on the al-Dalu family, where the dead spanned four generations. Some Israeli newspapers said the wrong house may have been mistakenly targeted.

DIPLOMATS SEEK TRUCE

Egypt, where newly-elected President Mohamed Mursi has his roots in the Muslim Brotherhood seen as mentors to Hamas, is acting as a mediator in the biggest test yet of Cairo's 1979 peace treaty with Israel since the fall of Hosni Mubarak.

Egyptian negotiators could be close to achieving a deal between Israel and the Palestinians to stop the fighting, said Mursi's Prime Minister Hisham Kandil, who visited Gaza on Friday in a show of support for its people.

"I think we are close, but the nature of this kind of negotiation, (means) it is very difficult to predict," Kandil said in an interview in Cairo for the Reuters Middle East Investment Summit. Egypt has been hosting leaders of both Hamas and Islamic Jihad, a smaller armed faction.

Israeli media said a delegation from Israel had also been to Cairo for truce talks. A spokesman for Netanyahu's government declined comment on the matter.

"Israel is prepared and has taken steps, and is ready for a ground incursion which will deal severely with the Hamas military machine," a senior official close to Netanyahu told Reuters.

"We would prefer to see a diplomatic solution that would guarantee the peace for Israel's population in the south. If that is possible, then a ground operation would no longer be required. If diplomacy fails, we may well have no alternative but to send in ground forces," he added.

That language echoed that of U.S. President Barack Obama, who said on Sunday it would be "preferable" to avoid a move into Gaza, but that Israel had a right to self-defense and no country would tolerate missiles raining down on its citizens.

United Nations Secretary-General Ban Ki-moon was also due to arrive in Cairo to weigh in on ceasefire efforts. Egypt's foreign minister is expected to visit Gaza on Tuesday with a delegation of Arab ministers.

In scenes recalling Israel's 2008-2009 winter invasion of Gaza, tanks, artillery and infantry have massed in field encampments along the sandy, fenced-off Gaza border and military convoys moved on roads in the area.

Israel has also authorized the call-up of 75,000 military reservists, so far mobilizing around half that number.

WORLD CONCERN

The Gaza fighting adds to worries of world powers watching an already combustible region, where several Arab autocrats have been toppled in popular revolts for the past two years and a civil war in Syria threatens to spread beyond its borders.

In the absence of any prospect of permanent peace between Israel and Islamist factions such as Hamas, mediated deals for each to hold fire unilaterally have been the only formula for stemming bloodshed in the past.

Izzat Risheq, aide to Meshaal, wrote on Facebook that Hamas would enter a truce only after Israel "stops its aggression, ends its policy of targeted assassinations and lifts the blockade of Gaza".

Listing Israel's terms, Vice Prime Minister Moshe Yaalon wrote on Twitter: "If there is quiet in the south and no rockets and missiles are fired at Israel's citizens, nor terrorist attacks engineered from the Gaza Strip, we will not attack."

Yaalon also said Israel wanted an end to Gaza guerrilla activity in the neighboring Egyptian Sinai peninsula.

Israel bombed some 80 sites in Gaza overnight, the military said, adding in a statement that targets included "underground rocket launching sites, terror tunnels and training bases" as well as "buildings owned by senior terrorist operatives".

Netanyahu has said he assured world leaders Israel was doing its utmost to avoid causing civilian casualties. At least 22 of the Gaza fatalities have been children, medical officials said.

A big rocket strike could be enough for Netanyahu to give a green light for a Gaza invasion, despite the political risks before a January vote that is expected to see him re-elected.

Israel's declared goal is to deplete Gaza arsenals and force Hamas to stop rocket fire that has hit Israeli border towns for years. The rockets now have greater range: several projectiles have targeted Tel Aviv and Jerusalem. None hit the two cities. Some were shot down by Israel's Iron Dome interceptor system.

Hamas and other groups in Gaza are sworn enemies of the Jewish state which they refuse to recognize and seek to eradicate, claiming all Israeli territory as rightfully theirs.

Hamas won legislative elections in the Palestinian Territories in 2006 but a year later, after the collapse of a unity government under President Mahmoud Abbas, the Islamist group seized Gaza in a brief civil war with Abbas's forces.

(Writing by Jeffrey Heller, Dan Williams and Peter Graff)

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Apolo Ohno Blogs About the 'Hardest Week' on Dancing with the Stars

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Only on People.com

By Apolo Ohno

11/19/2012 at 11:45 AM EST

Apolo Anton Ohno and Karina Smirnoff

Craig Sjodin/ABC

Apolo Ohno is a former Dancing with the Stars champion, winning the coveted mirror-ball trophy in season 4 with Julianne Hough. The ice-skating Olympian is now blogging for PEOPLE.com about competing with Karina Smirnoff in the all-star season.

It felt good not going home on Tuesday, but at the same time, I never want to see anyone else go home either. Everybody's dancing so well and you become friends with everybody on the show during the time you're there. You cheer everybody on and you watch them grow as dancers and as people.

Now that we've made it to week nine, oh, man, I'm dying. Not really, but for me this is by far the absolute hardest week I've ever had on Dancing with the Stars. We have big top jazz, which is a dance that I know zero about. I've never done it before on the show, and I don't think we've ever seen it before on the show.

Our choreography is super intense, different, unique, fun, almost Cirque du Soleil-like a little bit. It's crazy. There's so much content in it. I feel like I need another two weeks just to work on that dance. Then we also have the rumba, which we haven't even started yet.

I can't control the outcome of the show. The fans have carried us this far, which has been an absolute blessing. But I take every week on the show as if it's my last. The only thing I can control is how much time, energy and effort we put into each week. Who cares about the scores? Who cares if somebody dances better? Doing my very best is rewarding internally.

I think voters know that we work extremely hard and we have fun. I hope that, especially over the past couple of weeks, people have been able to see how much in character we get. It's acting, it's fun, it's theatrical, it's emotional, it's physical. It's all in one package.

Looking back on the season thus far, I had no idea the competition was going to be this difficult. I knew there were going to be challenges, but I didn't know they were going to be this big. Every single week has been a true test for me to really dig deep and find what is possible beyond just the dance floor.

Luckily, Karina [Smirnoff] has been there as an absolutely incredible teacher who is so passionate and so into giving her best. That's what it takes. I feel like we've overcome so many challenges so far. I feel like we are champions already, regardless of what happens in the next couple of weeks. I feel like that's going to show when we dance on Monday. We are truly going to push the boundaries this week.

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