Wall Street ends flat as "fiscal cliff" focus lingers

NEW YORK (Reuters) - The S&P 500 wrapped up its fifth positive month in the last six on Friday, although it ended the day flat as politicians remain at odds about how to avoid the so-called fiscal cliff.

Trading has been choppy in the last two weeks as investors react to statements from policymakers on the state of discussions on how to avert a series of tax hikes and spending cuts that could pull the economy back into recession.

The S&P 500 was up 0.29 percent in November even as it suffered a slide of more than 6 percent from the month's high to its low.

"Given the 'on again, off again' fiscal cliff (negotiations), it's rather surprising how resilient this market has been," said David Rolfe, chief investment officer at St. Louis-based Wedgewood Partners.

"Between now and the end of the year, there's going to be an information vacuum outside the fiscal cliff, and I believe that resiliency will be tested."

In contrast to the apparent calm in equities, the CBOE Volatility Index <.vix>, a gauge of market anxiety, jumped 5.4 percent, its largest daily gain in two weeks.

The VIX also rose for the week, but posted a whopping 14.7 percent decline for November.

On Friday, President Barack Obama accused a "handful of Republicans" in the U.S. House of Representatives of holding up legislation to extend tax cuts for middle-class Americans in order to try to preserve them for the wealthy.

Speaking shortly after the president, House Speaker John Boehner, an Ohio Republican, said: "There is a stalemate; let's not kid ourselves."

Despite the divisive language, many market participants are betting that a deal will be struck - if only at the eleventh hour.

Corporations continue to react to what is expected to be a harsher tax regime next year. Whole Foods Market was the latest to announce a special cash dividend - of $2.00 per share in this case - ahead of expected higher tax rates in 2013.

The Dow Jones industrial average <.dji> rose 3.76 points, or 0.03 percent, to 13,025.58 at the close. The S&P 500 <.spx> gained a mere 0.23 of a point, or 0.02 percent, to finish at 1,416.18. But the Nasdaq Composite Index <.ixic> dipped 1.79 points, or 0.06 percent, to end at 3,010.24.

For the month of November, the S&P 500 rose 0.29 percent, its smallest monthly variation since March 2011. The Dow fell 0.5 percent and the Nasdaq gained 1.1 percent.

For the week, though, all three major U.S. stock indexes advanced, with the Dow up 0.1 percent, the S&P 500 up 0.5 percent and the Nasdaq up 1.5 percent.

VeriSign shares dropped 13.2 percent to $34.15 after the company said the U.S. Department of Commerce approved its agreement with ICANN to run the .com internet registry, but VeriSign won't be able to raise prices as it did before.

Yum Brands slid 9.9 percent to $67.08 a day after the parent of the KFC, Taco Bell and Pizza Hut chains said it expects a drop in fourth-quarter sales at established restaurants in China.

After a close relationship for several years, Facebook and Zynga revised terms of a partnership agreement, according to regulatory filings on Thursday. Under the new pact, Zynga, creator of the "Farmville" game, will have limited ability to promote its site on Facebook.

Zynga's stock fell 6.1 percent to $2.46. Facebook's stock gained 2.5 percent to $28.

Apple Inc's latest iPhone received final clearance from Chinese regulators, paving the way for a December debut in a highly competitive market where the lack of a new model had severely eroded its share of product sales. Apple's stock fell 0.7 percent to $585.28.

The markets' reaction to data on Friday was muted.

U.S. consumer spending fell in October for the first time in five months and income growth stalled, leading some economists to cut already weak estimates of fourth-quarter economic growth.

Slightly more than 7 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, more than the daily average so far this year of about 6.48 billion shares and the largest in two weeks.

On the NYSE, roughly six issues rose for every five that fell, while on Nasdaq, the ratio was nearly 1 to 1.

(Reporting by Rodrigo Campos; Editing by Jan Paschal)

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Egyptians protest after draft constitution raced through

CAIRO (Reuters) - Tens of thousands of Egyptians protested against President Mohamed Mursi on Friday after an Islamist-led assembly raced through approval of a new constitution in a bid to end a crisis over the Islamist leader's newly expanded powers.

"The people want to bring down the regime," they chanted in Tahrir Square, echoing the chants that rang out in the same place less than two years ago and brought down Hosni Mubarak.

Mursi said a decree halting court challenges to his decisions, which sparked eight days of protests and violence by Egyptians calling him a new dictator, was "for an exceptional stage" and aimed to speed up the democratic transition.

"It will end as soon as the people vote on a constitution," he told state television while the constituent assembly was still voting on a draft, which the Islamists say reflects Egypt's new freedoms. "There is no place for dictatorship."

But the opposition cried foul. Liberals, leftists, Christians, more moderate Muslims and others had withdrawn from the assembly, saying their voices were not being heard.

Even in the mosque where Mursi said Friday prayers some opponents chanted "Mursi: void" before sympathizers surrounded him shouting in support, journalists and a security source said.

Tens of thousands gathered across the country, filling Tahrir Square and hitting the streets in Alexandria and other cities, responding to opposition calls for a big turnout. Rival demonstrators clashed after dark in Alexandria and the Nile Delta town of Al-Mahala Al-Kobra, some hurling rocks in anger.

An opposition leaflet distributed on Tahrir urged protesters in Cairo to stay overnight before Saturday's rallies by Islamists; the Muslim Brotherhood and its allies said they would avoid the square during their demonstrations backing Mursi.

The disparate opposition, which has struggled to compete with well-organized Islamists, has been drawn together and reinvigorated by the crisis. Tens of thousands had also protested on Tuesday, showing the breadth of public anger.

POTENT MACHINE

But Islamists have a potent political machine and the United States has looked on warily at the rising power of a group it once kept at arms length now ruling a nation that has a peace treaty with Israel and is at the heart of the Arab Spring.

Protesters said they would push for a 'no' vote in a constitutional referendum, which could happen as early as mid-December. If the new basic law were approved, it would immediately cancel the president's decree.

"We fundamentally reject the referendum and constituent assembly because the assembly does not represent all sections of society," said Sayed el-Erian, 43, a protester in Tahrir and member of a party set up by opposition figure Mohamed ElBaradei.

ElBaradei said in a statement the constitution had "lost legitimacy" and called for ending the polarization of Egypt.

The plebiscite on the constitution is a gamble based on the Islamists' belief they can mobilize voters again after winning every election held since Mubarak was toppled in February 2011.

Despite the big numbers opposed to him, Mursi can count on backing from the disciplined Brotherhood and Islamist allies, as well as many Egyptians who are simply exhausted by the turmoil.

"He just wants us to move on and not waste time in conflicts," said 33-year-old Cairo shopkeeper Abdel Nasser Marie. "Give the man a chance and Egypt a break."

But Mursi needs the cooperation of judges to oversee the vote, and many have been angered by a decree from Mursi they said undermined the judiciary. Some judges are on strike.

The assembly concluded the vote after a 19-hour session, faster than many expected, approving all 234 articles of the draft, covering presidential powers, the status of Islam, the military's role and human rights.

It introduces a presidential term limit of eight years - Mubarak served for 30. It also bring in a degree of civilian oversight over the military - though not enough for critics.

An Egyptian official said Mursi was expected to approve the document on Saturday and then has 15 days to hold a referendum.

"This is a revolutionary constitution," said Hossam el-Gheriyani, head of the assembly, urging members to campaign for the new constitution across Egypt, after the all-night session.

DEEPENING DIVISIONS

Critics argue it is an attempt to rush through a draft they say has been hijacked by the Muslim Brotherhood, which backed Mursi for president in a June election, and its Islamist allies.

Two people have been killed and hundreds injured in protests since the decree was announced on November 22, deepening the divide between the newly empowered Islamists and their critics.

Seeking to placate opponents, Mursi welcomed criticism but said there was no place for violence. "I am very happy that Egypt has real political opposition," he told state television.

He said Egypt needed to attract investors and tourists. The crisis threatens to derail a fragile economic recovery after two years of turmoil. Egypt is waiting for the International Monetary Fund to finalize a $4.8 billion loan to help it out.

An alliance of opposition groups pledged to keep up protests and said broader civil disobedience was possible to fight what it described as an attempt to "kidnap Egypt from its people".

Several independent newspapers said they would not publish on Tuesday in protest. One of the papers also said three private satellite channels would halt broadcasts on Wednesday.

The draft injects new Islamic references into Egypt's system of government but keeps in place an article defining "the principles of sharia" as the main source of legislation - the same phrase found in the previous constitution.

The president can declare war with parliament's approval, but only after consulting a national defense council with a heavy military and security membership. That was not in the old constitution, used when Egypt was ruled by ex-military men.

Critics highlighted other flaws, such as articles pertaining to the rights of women and freedom of speech.

A new parliamentary election cannot be held until a new constitution is passed. Egypt has been without an elected legislature since a court ordered the dissolution of the Islamist-dominated lower house in June.

(Additional reporting by Yasmine Saleh and Marwa Awad; Writing by Edmund Blair; Editing by Philippa Fletcher and Alastair Macdonald)

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Sony sells over half a million PlayStation 3 consoles over Black Friday week

Both Microsoft (MSFT) and Nintendo (NTDOY) had a big week of console sales during Black Friday’s week of shopping madness in the U.S. So how did Sony (SNE) do in comparison? Sony Computer Entertainment of America president and CEO Jack Tretton announced on Thursday that the company sold 525,000 PlayStation 3 consoles and 160,000 PS Vita handhelds during the Black Friday week. Overall PlayStation sales of hardware, software and accessories are up 9% over the same period last year. Tretton was also happy to reveal that subscriptions to its PlayStation Plus grew 259% since last year with customer satisfaction flying high at 95% after Sony added the Instant Game Collection to the service earlier this year.

Sony’s PlayStation 3 and PS Vita sales were largely bolstered by $ 199.99 bundles packaged with free games that the company pushed to retails on Black Friday. The sell-out of the bundles within minutes at retailers such as Amazon (AMZN) is a good indicator that there is huge demand for a sub-$ 200 PlayStation 3. Currently, the lowest-priced PS3 is a second-gen 160GB slim model with an MSRP of $ 249.99. The redesigned third-gen PS3s start at $ 269.99 with a 250GB hard drive.

In terms of which home console did the best over Black Friday, it looks like the Xbox 360′s 750,000 consoles took first place, while Sony came in second with 525,000 PS3s and Nintendo came in third with 400,000 Wii U systems.

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Clinton releases road map for AIDS-free generation

WASHINGTON (AP) — In an ambitious road map for slashing the global spread of AIDS, the Obama administration says treating people sooner and more rapid expansion of other proven tools could help even the hardest-hit countries begin turning the tide of the epidemic over the next three to five years.

"An AIDS-free generation is not just a rallying cry — it is a goal that is within our reach," Secretary of State Hillary Rodham Clinton, who ordered the blueprint, said in the report.

"Make no mistake about it, HIV may well be with us into the future but the disease that it causes need not be," she said at the State Department Thursday.

President Barack Obama echoed that promise.

"We stand at a tipping point in the fight against HIV/AIDS, and working together, we can realize our historic opportunity to bring that fight to an end," Obama said in a proclamation to mark World AIDS Day on Saturday.

Some 34 million people worldwide are living with HIV, and despite a decline in new infections over the last decade, 2.5 million people were infected last year.

Given those staggering figures, what does an AIDS-free generation mean? That virtually no babies are born infected, young people have a much lower risk than today of becoming infected, and that people who already have HIV would receive life-saving treatment.

That last step is key: Treating people early in their infection, before they get sick, not only helps them survive but also dramatically cuts the chances that they'll infect others. Yet only about 8 million HIV patients in developing countries are getting treatment. The United Nations aims to have 15 million treated by 2015.

Other important steps include: Treating more pregnant women, and keeping them on treatment after their babies are born; increasing male circumcision to lower men's risk of heterosexual infection; increasing access to both male and female condoms; and more HIV testing.

The world spent $16.8 billion fighting AIDS in poor countries last year. The U.S. government is the leading donor, spending about $5.6 billion.

Thursday's report from PEPFAR, the President's Emergency Plan for AIDS Relief, outlines how progress could continue at current spending levels — something far from certain as Congress and Obama struggle to avert looming budget cuts at year's end — or how faster progress is possible with stepped-up commitments from hard-hit countries themselves.

Clinton warned Thursday that the U.S. must continue doing its share: "In the fight against HIV/AIDS, failure to live up to our commitments isn't just disappointing, it's deadly."

The report highlighted Zambia, which already is seeing some declines in new cases of HIV. It will have to treat only about 145,000 more patients over the next four years to meet its share of the U.N. goal, a move that could prevent more than 126,000 new infections in that same time period. But if Zambia could go further and treat nearly 198,000 more people, the benefit would be even greater — 179,000 new infections prevented, the report estimates.

In contrast, if Zambia had to stick with 2011 levels of HIV prevention, new infections could level off or even rise again over the next four years, the report found.

Advocacy groups said the blueprint offers a much-needed set of practical steps to achieve an AIDS-free generation — and makes clear that maintaining momentum is crucial despite economic difficulties here and abroad.

"The blueprint lays out the stark choices we have: To stick with the baseline and see an epidemic flatline or grow, or ramp up" to continue progress, said Chris Collins of amFAR, the Foundation for AIDS Research.

His group has estimated that more than 276,000 people would miss out on HIV treatment if U.S. dollars for the global AIDS fight are part of across-the-board spending cuts set to begin in January.

Thursday's report also urges targeting the populations at highest risk, including gay men, injecting drug users and sex workers, especially in countries where stigma and discrimination has denied them access to HIV prevention services.

"We have to go where the virus is," Clinton said.

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Wall Street ends higher as investors buy dips

NEW YORK (Reuters) - Stocks finished higher on Thursday as investors bought on sporadic dips in a market roiled by conflicting comments from Washington about negotiations on an agreement to avoid the "fiscal cliff."

Tech shares, including Research In Motion and Advanced Micro Devices , helped the Nasdaq outperform the broader market. Telecommunications and health-care stocks were the day's best-performing sectors.

Reflecting the uncertainty surrounding U.S. budget talks, trading was choppy. Wall Street reversed early gains and fell shortly after House Speaker John Boehner, the top Republican in Congress, dashed hopes that lawmakers were getting closer to a budget deal that would avert automatic tax increases and spending cuts set for early 2013 - the fiscal cliff - that could push the U.S. economy into a recession next year. But the market rebounded by afternoon and the three major U.S. stock indexes rebounded to near their session highs.

"There is an emotional part in buying on the small dips here. Investors are more worried about missing the rally than losing money as they believe that the 'fiscal cliff' will be solved eventually," said James Dailey, portfolio manager at TEAM Asset Strategy Fund in Harrisburg, Pennsylvania.

"Until the fiscal cliff is solved, the madness of the crowd will not subside."

Discussions on Capitol Hill are aimed at avoiding big automatic spending cuts and tax hikes, known as the fiscal cliff, that will start taking effect beginning in January.

Boehner's comment about a lack of progress in talks with the White House was one of a series of contrary pronouncements by lawmakers and the Obama administration over whether Washington will finally cut a deal.

There have been some signs that leaders are moving closer to a fiscal agreement. The S&P 500 has gained about 5 percent recently after a sell-off that took it down almost 8 percent following the U.S. election on November 6. But investors remain wary that politicians' ad hoc statements can spark quick reversals in the market.

U.S.-listed shares of BlackBerry maker Research In Motion rose 4 percent to $11.54 after Goldman Sachs upgraded the stock to "buy" from "neutral" on optimism ahead of the launch of the BlackBerry 10 smartphone.

Advanced Micro Devices Inc shares gained 4.1 percent to $2.04 on plans to sell and lease back its campus in Austin, Texas. The sale and lease-back will raise cash and fund its chipmaking business as Advanced Micro Devices diversifies beyond the struggling PC industry into new markets.

The Dow Jones industrial average <.dji> rose 36.71 points, or 0.28 percent, to 13,021.82 at the close. The Standard & Poor's 500 Index <.spx> gained 6.02 points, or 0.43 percent, to 1,415.95. The Nasdaq Composite Index <.ixic> advanced 20.25 points, or 0.68 percent, to close at 3,012.03.

So far this week, the Dow is up 0.1 percent, the S&P 500 is up 0.5 percent and the Nasdaq is up 1.5 percent.

But shares of top retailers retreated in the wake of data showing a weak start to November sales after Superstorm Sandy. Kohl's Corp fell 12 percent to $45.02.

Tiffany shares dropped 6.2 percent to $59.80 after the upscale jeweler reported quarterly results and cut its full-year sales and profit forecasts.

Supervalu shares sank 18.6 percent to $2.28 after a report that Cerberus Capital Management was having difficulty obtaining financing to buy out the troubled grocery chain.

Data showed the U.S. economy grew faster than initially thought in the third quarter as businesses restocked, but consumer and business spending were revised lower in a sobering reminder of the economic recovery's underlying weakness.

Contracts to buy previously owned U.S. homes rose more than expected in October, a sign the housing market recovery advanced into the fourth quarter despite a mammoth storm and concerns over looming tax hikes. Homebuilders' shares rose. The PHLX housing index <.hgx> rose 0.8 percent.

About 6.15 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.48 billion shares.

On both the NYSE and the Nasdaq, roughly three stocks rose for every one that fell.

(Editing by Kenneth Barry and Jan Paschal)

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Abbas urges U.N. to issue 'birth certificate' for Palestine

UNITED NATIONS (Reuters) - Palestinian President Mahmoud Abbas on Thursday urged the U.N. General Assembly to grant de facto recognition to a sovereign state of Palestine by upgrading the U.N. observer status of the Palestinian Authority from "entity" to "non-member state."

"Sixty-five years ago on this day, the United Nations General Assembly adopted resolution 181, which partitioned the land of historic Palestine into two states and became the birth certificate for Israel," Abbas told the 193-nation assembly after receiving a standing ovation.

"The General Assembly is called upon today to issue a birth certificate of the reality of the State of Palestine," he said.

The assembly is expected to approve a resolution shortly that implicitly recognizes Palestinian statehood, despite threats by the United States and Israel to punish the Palestinians by withholding funds for the West Bank government.

The move would lift the Palestinian Authority's U.N. observer status from "entity" to "non-member state," like the Vatican. It is expected to pass easily in the 193-nation General Assembly. At least 15 European states plan to vote for it.

Israel, the United States and a handful of other members are set to vote against what they see as a largely symbolic and counterproductive move by the Palestinians, which takes place on the anniversary of the assembly's adoption of resolution 181 on the partition of Palestine into Jewish and Arab states.

Israeli Foreign Minister Avigdor Lieberman is in New York, but did not address the assembly. Israeli U.N. Ambassador Ron Prosor spoke after Abbas, reiterating the Jewish state's desire for peace with Palestinians, but opposing the resolution.

"It doesn't enhance peace," Prosor said ahead of the vote on the resolution. "It pushes it backwards."

"No decision by the U.N. can break the 4,000-year-old bond between the people of Israel and the land of Israel," he said.

Granting Palestinians the title of "non-member observer state" falls short of full U.N. membership - something the Palestinians failed to achieve last year. But it would allow them access to the International Criminal Court and other international bodies, should they choose to join them.

"The ICC issue is what the Israelis are really worried about," a U.N. official said on condition of anonymity. "They know this whole process isn't really symbolic, except for that."

ISRAEL TONES DOWN THREATS

Abbas has been leading the campaign to win support for the resolution, which follows an eight-day conflict this month between Israel and Islamists in the Gaza Strip, who are pledged to Israel's destruction and oppose a negotiated peace.

The U.S. State Department made a last-ditch effort to get Abbas to reconsider, but the Palestinian Authority, which exercises limited self-rule in the Israeli-occupied West Bank, refused to turn back.

Secretary of State Hillary Clinton repeated to reporters in Washington on Wednesday the U.S. view that "the path to a two-state solution that fulfills the aspirations of the Palestinian people is through Jerusalem and Ramallah, not New York."

The U.S. State Department has repeatedly warned that the U.N. status change could lead to a reduction of U.S. economic support for the Palestinians. The Israelis have also warned they might take significant deductions out of monthly transfers of duties that Israel collects on the Palestinians' behalf.

Despite its fierce opposition, Israel seems concerned not to find itself diplomatically isolated. It has recently toned down threats of retaliation in the face of wide international support for the initiative, notably among its European allies.

But U.N. diplomats say Israel's reaction might not be so measured if the Palestinians seek ICC action against Israel on charges of war crimes, crimes against humanity or other crimes the court would have jurisdiction over.

The European Union, a key donor for the Palestinians, has made clear it will not curtail aid after Thursday's vote.

Flag-waving Palestinians thronged the squares of the West Bank and Gaza Strip before Thursday's vote. In a rare show of unity, Abbas's Islamist rivals, Hamas, who have ruled Gaza since a brief civil war in 2007, let backers of the president's Fatah movement hold demonstrations.

Peace talks have been stalled for two years, mainly over Israeli settlements in the West Bank, which have expanded despite being deemed illegal by most of the world. There are 4.3 million Palestinians in the West Bank and Gaza.

In the draft resolution, the Palestinians have pledged to relaunch the peace process immediately following the U.N. vote.

With strong support from the developing world that makes up the majority of U.N. members, it is virtually assured of securing more than the requisite simple majority. Palestinian officials hope for more than 130 yes votes.

Abbas has focused on securing as many votes as possible from Europe, and his efforts appear to have paid off.

Austria, Denmark, Norway, Finland, France, Greece, Iceland, Ireland, Italy, Luxembourg, Malta, Portugal, Spain, Sweden and Switzerland all pledged to support the resolution. Britain said it was prepared to vote yes, but only if the Palestinians fulfilled certain conditions.

The fiercely pro-Israel Czech Republic was planning to vote against the move, dashing European hopes of avoiding any no votes that would create a three-way split on the continent into supporters, abstainers and opponents.

It was unclear whether some of the many undecided Europeans would join the Czechs. Germany, Hungary, the Netherlands, Estonia and Lithuania plan to abstain.

(Andrew Quinn in Washington, Noah Browning in Ramallah, Jeffrey Heller in Jerusalem, Michelle Nichols in New York, Robert Mueller in Prague, Gabriela Baczynska and Reuters bureau in Europe and elsewhere; Editing by Cynthia Osterman)

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Microsoft CEO defends its innovation record, financial results

BELLEVUE, Washington (Reuters) – Microsoft Corp Chief Executive Steve Ballmer defended his company’s record on innovation and financial performance at the annual shareholders’ meeting, but conceded that he should have moved faster to get into the booming tablet market dominated by Apple Inc‘s iPad.

Bill Gates, co-founder and now chairman of the world’s largest software company, was one of the first to champion tablet-sized devices more than 10 years ago, but Microsoft failed to come up with a product that worked as well as the iPad. Gates was silent throughout the meeting, attended by about 450 shareholders.

“We’re innovating on the seam between software and hardware,” said Ballmer, asked why his company had fallen behind rival Apple. “Maybe we should have done that earlier.”

A month ago, Microsoft launched the Surface tablet – its first own-brand computer – but has not revealed sales figures.

In the tablet market, “we see nothing but a sea of upside,” Ballmer said, an acknowledgement that until now Microsoft has effectively had zero presence in the tablet market.

“I feel pretty good about our level of innovation,” he added.

Ballmer said smartphones running Microsoft’s new Windows software were selling four times as much as they did at this time last year. Microsoft has never given sales numbers of Windows phones, primarily made by Nokia, Samsung and HTC.

Windows currently has 2 to 4 percent of the global smartphone market, according to various independent data providers. Its overall market share will not likely grow in proportion to its own sales, given that sales of other smartphones – mostly running Google’s Android system – are also growing quickly.

Ballmer, flanked by Gates and Chief Financial Officer Peter Klein, was asked by several shareholders to explain Microsoft’s lackluster share price, which has been stuck for a decade, and has been outperformed by Apple and Google Inc stock in recent years.

“I understand your comment,” he told one shareholder. He went on to explain that Microsoft had “done a phenomenal job of driving product volumes” and was focusing on profiting from that growth.

He suggested that whether investors recognized that value at any given time was out of his hands.

“The stock market‘s kind of a funny thing,” he said, adding that Microsoft had handed back $ 10 billion in dividends and share buybacks to investors in the last fiscal year.

Several shareholders at the meeting in Bellevue, an upscale suburb of Seattle, complimented the executives on how they had grown and managed the company.

Microsoft’s shares rose almost 18 percent during fiscal 2012, which ended in June of this year, compared with a 3 percent rise in the Standard & Poor’s 500.

Despite such fluctuations, Microsoft’s shares stand around the same level they did 10 years ago.

To see a graphic on U.S. tech share price performance, 1990 to present, click on http://link.reuters.com/rug53t

(Reporting by Bill Rigby; Editing by Gary Hill)

Wireless News Headlines – Yahoo! News

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Larry Hagman's Son: 'Dallas' Kept Him Alive

TV legend Larry Hagman passed away last Friday from complications related to chemotherapy, and his only son Preston Hagman exclusively tells ET that his beloved father lived to perform as an actor and "didn't do it for the fame or the fortune."

Video: Larry Hagman Charms in Final ET Interview

"Doing Dallas is what kept him alive as long as he did," says the grieving Preston. "He just loved coming to work every single day. ... It wasn't about the money, it wasn't about the fame, it was about him acting. That's what he did."

Preston says that his father was surrounded by large family in his final days and hours, and his Dallas co-stars Patrick Duffy and Linda Gray even came to visit him. Although his death seemed sudden to some, Hagman began battling throat cancer last year, and in July he was diagnosed with MDS, a complication related to chemotherapy.

"Everybody was prepared for this at some time -- just a lot sooner than we thought," says Preston.

Video: Larry Hagman Reflects on Cancer Struggle

So what does Preston miss most about his dad? "He was a great man. We would talk all the time. Something funny happened in my life, I would call him and tell and laugh. I miss being able to just pick up the phone and call him."

Watch the video for Preston's details about his father's upcoming memorial service plans.

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Simple measures cut infections caught in hospitals

CHICAGO (AP) — Preventing surgery-linked infections is a major concern for hospitals and it turns out some simple measures can make a big difference.

A project at seven big hospitals reduced infections after colorectal surgeries by nearly one-third. It prevented an estimated 135 infections, saving almost $4 million, the Joint Commission hospital regulating group and the American College of Surgeons announced Wednesday. The two groups directed the 2 1/2-year project.

Solutions included having patients shower with special germ-fighting soap before surgery, and having surgery teams change gowns, gloves and instruments during operations to prevent spreading germs picked up during the procedures.

Some hospitals used special wound-protecting devices on surgery openings to keep intestine germs from reaching the skin.

The average rate of infections linked with colorectal operations at the seven hospitals dropped from about 16 percent of patients during a 10-month phase when hospitals started adopting changes to almost 11 percent once all the changes had been made.

Hospital stays for patients who got infections dropped from an average of 15 days to 13 days, which helped cut costs.

"The improvements translate into safer patient care," said Dr. Mark Chassin, president of the Joint Commission. "Now it's our job to spread these effective interventions to all hospitals."

Almost 2 million health care-related infections occur each year nationwide; more than 90,000 of these are fatal.

Besides wanting to keep patients healthy, hospitals have a monetary incentive to prevent these infections. Medicare cuts payments to hospitals that have lots of certain health care-related infections, and those cuts are expected to increase under the new health care law.

The project involved surgeries for cancer and other colorectal problems. Infections linked with colorectal surgery are particularly common because intestinal tract bacteria are so abundant.

To succeed at reducing infection rates requires hospitals to commit to changing habits, "to really look in the mirror and identify these things," said Dr. Clifford Ko of the American College of Surgeons.

The hospitals involved were Cedars-Sinai Medical Center in Los Angeles; Cleveland Clinic in Ohio; Mayo Clinic-Rochester Methodist Hospital in Rochester, Minn.; North Shore-Long Island Jewish Health System in Great Neck, NY; Northwestern Memorial Hospital in Chicago; OSF Saint Francis Medical Center in Peoria, Ill.; and Stanford Hospital & Clinics in Palo Alto, Calif.

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Online:

Joint Commission: http://www.jointcommission.org

American College of Surgeons: http://www.facs.org

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

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Wall Street jumps in another "fiscal cliff" swing

NEW YORK (Reuters) - Stocks rallied on Wednesday after comments from House Speaker John Boehner, the top Republican in Congress, on a possible compromise to avoid the "fiscal cliff" turned the market around.

The S&P 500 rebounded from a 1 percent decline, gaining more than 20 points from its low after Boehner, an Ohio Republican, said he was optimistic that a budget deal to avoid big spending cuts and tax hikes can be worked out. President Barack Obama added to the good feelings, saying he hoped to get a deal done in the next four weeks.

Whether or not those remarks reflect the reality of negotiations is another story.

"The fiscal cliff is dominating the discussion, and short term, we're a little bit too optimistic on it being fixed right away," said John Manley, chief equity strategist for Wells Fargo Advantage Funds in New York.

In expectation of higher dividend tax rates in 2013, companies have been shifting dividends or announcing special payouts to shareholders.

Costco Wholesale Corp , up 6.3 percent at $102.58, was the S&P 500's biggest percentage gainer after it became the latest company to announce a special dividend.

The market's move marked the second straight day where a leading legislator dictated trading action. On Tuesday, stocks fell on pessimistic remarks from Senate Majority Leader Harry Reid, a Democrat from Nevada.

The market has been swinging for weeks now on headlines from Washington, with Wednesday's gyrations once again highlighting the importance that Wall Street is giving to finding a solution to avoid the series of tax increases and spending cuts that could push the U.S. economy into recession.

The Dow Jones industrial average <.dji> rose 106.98 points, or 0.83 percent, to 12,985.11 at the close. The S&P 500 <.spx> gained 10.99 points, or 0.79 percent, to 1,409.93. The Nasdaq Composite <.ixic> added 23.99 points, or 0.81 percent, to close at 2,991.78.

The S&P 500 bounced off a strong support area near 1,385 that includes both its 200- and 14-day moving averages. It closed above 1,400 for the third session in four - an optimistic sign for stock bulls.

Knight Capital Group Inc shares jumped 15.2 percent to $3.42 on news that Getco Holding proposed a $1.4 billion merger with Knight, while Virtu Financial offered to buy Knight for at least $1.1 billion.

Apparel retailer Express Inc rose 8.9 percent to $14.15 after it forecast strong earnings for the current quarter as lower prices and easy-to-understand discounts led to robust Black Friday sales.

The S&P retail index <.spxrt> gained 1.4 percent.

Green Mountain Coffee Roasters surged 27.3 percent to $36.86 a day after it forecast quarterly and full-year earnings well ahead of analysts' expectations.

Nearly 6.1 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average so far this year of about 6.48 billion shares.

On the NYSE, roughly seven stocks rose for every three that fell, and on Nasdaq, five issues rose for every three that fell.

(Reporting by Rodrigo Campos; Editing by Jan Paschal)

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