Wall Street falls as "cliff" talks sour, but hopes remain

NEW YORK (Reuters) - U.S. stocks sold off late in the day to close at session lows on Wednesday as talks to avert a year-end fiscal crisis turned sour, even as investors still expect a deal.

The S&P 500 slipped after a two-day rally that took the benchmark index to its highest close in two months. Defensive-oriented shares led the decliners, including health care and consumer staples.

General Motors bucked the overall weakness to surge 6.6 percent to $27.18 after the automaker said it will buy back 200 million of its shares from the U.S. Treasury, which plans to sell the rest of its GM stake over the next 15 months.

President Barack Obama and congressional Republicans are struggling to come up with a deal to avoid early 2013 tax hikes and spending cuts that many economists say could send the U.S. economy into recession.

House Speaker John Boehner, the top Republican in Congress, said in a one-minute press conference that his chamber will pass a proposal that Obama had already threatened to veto as it spares many wealthy Americans from tax hikes needed to balance the budget. Obama has already agreed to reductions in benefits for senior citizens.

"My guess is they're close to a deal, and right before, it looks like the deal is about to blow up either on manufactured or legitimate reasons," said Uri Landesman, president of hedge fund Platinum Partners in New York.

He said if the market thought a deal was in real danger, the S&P 500 would slide below 1,400. It stands now near 1,435, not far from a two-month high.

The CBOE Volatility Index <.vix> surged 11.5 percent to 17.36, but has remained relatively stable. Its 14- 50- and 200-day averages are all within 1.1 points.

Landesman said the VIX's stability indicates "the bulls have control of this market still."

Banks and energy shares - groups that outperform during periods of economic expansion - have led recent gains, indicating a shift to focusing on a growing economy as Wall Street looks past the budget talks.

Defensive sectors led Wednesday's downturn, with the S&P health care sector index <.gspa> down 1.1 percent.

The Dow Jones industrial average <.dji> dropped 98.99 points, or 0.74 percent, to 13,251.97. The S&P 500 <.spx> lost 10.98 points, or 0.76 percent, to 1,435.81. The Nasdaq Composite <.ixic> fell 10.17 points, or 0.33 percent, to 3,044.36.

Herbalife Ltd shares tumbled 12.1 percent to $37.34 after William Ackman, one of the world's biggest hedge fund managers, said he is shorting the stock of the weight management products company.

Oracle shares helped cap the Nasdaq's loss after the company reported earnings that beat expectations on strong software sales growth. Oracle jumped 3.7 percent to $34.09.

Knight Capital Group Inc climbed 5.4 percent to $3.51 after it agreed to be bought by Getco Holdings in a deal valued at $1.4 billion. The stock, which nearly collapsed after a trading error in August, remains down about 70 percent so far this year.

Shares of Chinese display advertising provider Focus Media Holding Ltd jumped 6.7 percent to $25.52 after it agreed to be bought by a consortium of private equity funds led by the Carlyle Group for about $3.6 billion.

Data showed homebuilding permits touched their highest level in nearly 4-1/2 years in November. The PHLX housing index <.hgx> fell 0.8 percent, but has gained 66.4 percent this year as the housing market has turned the corner.

About 6.9 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, slightly above the daily average so far this year of about 6.45 billion shares.

Advancing and declining issues were almost even on both the NYSE and the Nasdaq.

(Reporting by Rodrigo Campos; Editing by Jan Paschal)

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World Briefing | The Americas: Woman Believed to Be Daughter of Mexican Drug Trafficker Is Deported

A woman believed to be the daughter of the most-wanted drug trafficker in the world, Joaquín Guzmán Loera of Mexico, has been deported to Mexico after two months in custody in California, her lawyers and American law enforcement officials said Wednesday. The woman, Alejandrina Gisselle Guzmán Salazar, 31, pleaded guilty in federal court on Monday to carrying a fake visa as she tried to enter the United States at the San Ysidro border crossing in October. She was sentenced to time served and returned by immigration authorities to Mexico on Tuesday. A law enforcement source said that officials were “pretty confident” that Mr. Guzmán is her father, but her lawyer said that played no role in her case.

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Samsung Galaxy Muse is like an iPod Shuffle that Syncs with Your Phone

In perhaps the most awkwardly titled tech press release ever, Samsung Mobile announced the launch of the new Samsung Galaxy Muse, a device which appears to have nothing to do with “CORRECTING and REPLACING and ADDING MULTIMEDIA” but everything to do with being a music player crossed with a smartphone accessory.

​Say goodbye to iTunes?

While most handheld music players (and smartphone or tablets with music apps) sync with a PC or Mac music app, like iTunes or Banshee, the Samsung Galaxy Muse syncs with your Android phone itself. It uses the Muse Sync app, which Google Play says will install on devices like the Nexus 7 tablet but which Samsung says will only work with the Galaxy S II, Galaxy S III, Galaxy Note and Galaxy Note II smartphones.

​Plug it in, turn it on

The pebble-shaped Muse connects to your Samsung phone via its headset jack. It doesn’t have a screen, so you have to control it iPod Shuffle style, and use the Muse Sync app to see how much of its 4 GB of space are free and decide which playlists to sync. Since it only has those 4 GB, it can only hold a fraction of the music that can be put on the much more powerful smartphones.

​Who is Samsung selling the Galaxy Muse to?

Samsung says “users can sync the songs they want and leave their phone behind,” the usefulness of which may depend on whether or not you feel limited by having to bring your smartphone with you. The press release mentions its “wearable design and small form factor,” and suggests taking it “in place of [your] smartphone … at the gym or on the go.”

​What other gadgets are like the Galaxy Muse?

The most obvious comparison is to the iPod Shuffle, Apple’s similarly tiny and screen-less portable music player. At $ 49, it costs the same as the Galaxy Muse (although a Droid-Life tipster found a $ 25 off coupon code for the Muse), but comes in seven different colors and has an embossed click-wheel controller instead of a flat and featureless surface. It requires you to use iTunes on a desktop PC or Mac, though.

​On the upside

The Galaxy Muse’s six hours of battery life may not be suitable for all-day listening, but may at least take the pressure off of a battery-hungry smartphone (so long as it’s one of Samsung’s flagship models). And as PCMag’s Chloe Albanesius notes, “it’s not very convenient to strap a 5.5-inch Galaxy Note II to your arm when you hit the gym.”

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.
Linux/Open Source News Headlines – Yahoo! News

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Kristen Stewart Apologizes for Making Everyone 'So Angry'

12/18/2012 at 06:30 PM EST

Kristen Stewart

Lorenzo Bevilaqua/Disney/Getty

Kristen Stewart is once again saying she's sorry.

A few months after publicly expressing regret over cheating on boyfriend Robert Pattinson with her Snow White and the Huntsman director Rupert Sanders, the actress has some words for everybody else.

"I apologize to everyone for making them so angry," the typically press-shy On the Road star, 22, tells Newsweek. "It was not my intention."

Stewart, who has been the subject of both vitriolic criticism and tremendous support from fans, adds, "It's not a terrible thing if you're either loved or hated."

But at the end of the day, the former Twilight star is primarily focused on her craft.

"I don't care [about people's opinions]," she explains. "It doesn't keep me from doing my s–––."

Addressing her most famous role, that of Bella Swan in the Twilight franchise, she says, "The only relief when it comes to Twilight is that the story is done ... I start every project to finish the mother––, and to extend that [mentality] over a five-year period adapting all of these treasured moments over four books, it was constantly worrying."

As for always being know to a generation of moviegoers as Bella, she says, "As long as people's perspective of me doesn't keep me from doing what I want to do, it doesn’t matter.”

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Experts: Kids are resilient in coping with trauma

WASHINGTON (AP) — They might not want to talk about the gunshots or the screams. But their toys might start getting into imaginary shootouts.

Last week's school shooting in Connecticut raises the question: What will be the psychological fallout for the children who survived?

For people of any age, regaining a sense of security after surviving violence can take a long time. They're at risk for lingering anxiety, depression, post-traumatic stress disorder.

But after the grief and fear fades, psychiatrists say most of Newtown's young survivors probably will cope without long-term emotional problems.

"Kids do tend to be highly resilient," said Dr. Matthew Biel, chief of child and adolescent psychiatry at MedStar Georgetown University Hospital.

And one way that younger children try to make sense of trauma is through play. Youngsters may pull out action figures or stuffed animals and re-enact what they witnessed, perhaps multiple times.

"That's the way they gain mastery over a situation that's overwhelming," Biel explained, saying it becomes a concern only if the child is clearly distressed while playing.

Nor is it unusual for children to chase each other playing cops-and-robbers, but now parents might see some also pretending they're dead, added Dr. Melissa Brymer of the UCLA-Duke National Center for Child Traumatic Stress.

Among the challenges will be spotting which children are struggling enough that they may need professional help.

Newtown's tragedy is particularly heart-wrenching because of what such young children grappled with — like the six first-graders who apparently had to run past their teacher's body to escape to safety.

There's little scientific research specifically on PTSD, post-traumatic stress disorder, in children exposed to a burst of violence, and even less to tell if a younger child will have a harder time healing than an older one.

Overall, scientists say studies of natural disasters and wars suggest most children eventually recover from traumatic experiences while a smaller proportion develop long-term disorders such as PTSD. Brymer says in her studies of school shootings, that fraction can range from 10 percent to a quarter of survivors, depending on what they actually experienced. A broader 2007 study found 13 percent of U.S. children exposed to different types of trauma reported some symptoms of PTSD, although less than 1 percent had enough for an official diagnosis.

Violence isn't all that rare in childhood. In many parts of the world — and in inner-city neighborhoods in the U.S., too — children witness it repeatedly. They don't become inured to it, Biel said, and more exposure means a greater chance of lasting psychological harm.

In Newtown, most at risk for longer-term problems are those who saw someone killed, said Dr. Carol North of the University of Texas Southwestern Medical Center, who has researched survivors of mass shootings.

Friday's shootings were mostly in two classrooms of Sandy Hook Elementary School, which has about 450 students through fourth-grade.

But those who weren't as close to the danger may be at extra risk, too, if this wasn't their first trauma or they already had problems such as anxiety disorders that increase their vulnerability, she said.

Right after a traumatic event, it's normal to have nightmares or trouble sleeping, to stick close to loved ones, and to be nervous or moody, Biel said.

To help, parents will have to follow their child's lead. Grilling a child about a traumatic experience isn't good, he stressed. Some children will ask a lot of questions, seeking reassurance, he said. Others will be quiet, thinking about the experience and maybe drawing or writing about it, or acting it out at playtime. Younger children may regress, becoming clingy or having tantrums.

Before second grade, their brains also are at a developmental stage some refer to as magical thinking, when it's difficult to distinguish reality and fantasy. Parents may have to help them understand that a friend who died isn't in pain or lonely but also isn't coming back, Brymer said.

When problem behaviors or signs of distress continue for several weeks, Brymer says it's time for an evaluation by a counselor or pediatrician.

Besides a supportive family, what helps? North advises getting children back into routines, together with their friends, and easing them back into a school setting. Studies of survivors of the Sept. 11 terrorist attacks found "the power of the support of the people who went through it with you is huge," she said.

Children as young as first-graders can benefit from cognitive-behavioral therapy, Georgetown's Biel said. They can calm themselves with breathing techniques. They also can learn to identify and label their feelings — anger, frustration, worry — and how to balance, say, a worried thought with a brave one.

Finally, avoid watching TV coverage of the shooting, as children may think it's happening all over again, Biel added. He found that children who watched the 9/11 clips of planes hitting the World Trade Center thought they were seeing dozens of separate attacks.

___

EDITOR'S NOTE — Lauran Neergaard covers health and medical issues for The Associated Press in Washington.

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Shares, euro up on hopes of U.S. "cliff" deal, BOJ easing

SINGAPORE (Reuters) - Asian shares rose and the euro hovered around multi-month highs on Wednesday as signs of progress in resolving the U.S. "fiscal cliff" budget crisis boosted demand for riskier assets.

Expectations of more aggressive monetary easing under Japan's new government also drove stocks higher, with the Bank of Japan (BOJ) starting a two day meeting on Wednesday.

The BOJ will ease monetary policy this week and consider adopting a 2 percent inflation target in January, double its current price goal, sources say, after pressure from next Prime Minister Shinzo Abe for stronger efforts to beat deflation.

Tokyo's Nikkei share average <.n225> opened up more than 1 percent, topping 10,000 points for the first time since April.

"The market is already in overbought territory, but investors are increasingly being alarmed that there is a risk of not having Japanese stocks in their portfolios," said Hiroichi Nishi, general manager at SMBC Nikko Securities.

Australian shares <.axjo> rose 0.6 percent to a new 17-month high, lead by miners and banks. MSCI's broadest index of Asia Pacific shares outside Japan <.miapj0000pus> edged up 0.1 percent. <.t/>

On Wall Street the S&P 500 <.spx> rose more than 1 percent on Tuesday to notch up the index's best two-day run in a month, on growing confidence a deal can be reached to avoid a U.S. fiscal cliff of spending cuts and tax rises in January. <.n/>

The euro was steady around $1.3226, just shy of its highest since May, and against the yen it fetched 111.53, having risen as far as 111.60, its highest since late August 2011.

"Unless U.S. fiscal cliff talks take an unexpected turn for the worse, we believe that EUR/USD will meet our 1.3300 year-end target," analysts at BNP Paribas wrote in a note.

The greater appetite for riskier assets also supported oil, with U.S. benchmark crude edging up to $88 a barrel.

(Additional reporting by Ayai Tomisawa in Tokyo and Ian Chua in Sydney: Editing by Michael Perry)

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State Department Rebukes Israel Over Settlement Activity

The State Department accused Israel on Tuesday of engaging in a “pattern of provocative action” over the country’s plans to proceed with new settlement construction in the West Bank and East Jerusalem.

Victoria Nuland, a department spokeswoman, said settlement activity only put the goal of peace “further at risk” and urged both Israel and the Palestinians to halt all provocations and take steps to revive long-stalled peace talks.

Her remarks were a rare rebuke of a close ally, but the United States has grown increasingly frustrated with the Israelis, who continue to announce new settlement construction and take other measures seen as retaliation over a recent United Nations vote to upgrade Palestine’s status.

Separately on Tuesday, the British foreign secretary, William Hague, called all Israeli settlements “illegal under international law.”

He warned that the East Jerusalem project “would make a negotiated two-state solution, with Jerusalem as a shared capital, very difficult to achieve.”

The European Union, Israel’s biggest trading partner, has been increasingly vocal in its criticism of new settlements.

A string of European governments summoned their Israeli ambassadors to lodge protests after the Israeli settlement announcements.

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Amazon smartphone reportedly set for 2013 launch

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Daniel Inouye, Longtime Hawaii U.S. Senator, Dies at 88

12/17/2012 at 06:45 PM EST

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

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

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

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

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

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Experts: No link between Asperger's, violence

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

__

AP Writer Matt Apuzzo contributed to this report.

___

Online:

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

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