Egypt PM in hot water over “unclean breasts” remarks






CAIRO (Reuters) – Egypt‘s prime minister faces accusations of being out of touch with the country’s crisis after televised comments blaming rural infant sickness on mothers not washing their breasts.


Hisham Kandil, a former irrigation minister widely seen as a stolid technocrat, was speaking at a meeting with journalists broadcast on state television this week when he veered into a ramble on the “miseries” of life in rural Egypt.






“In my work, I’ve gone around the countryside,” he said. “There are villages in Egypt, in the 21st century, where children get diarrhoea … because the mothers who nurse them, out of ignorance, do not maintain personal cleanliness of their breasts.”


Recalling a visit to the Beni Suef area south of Cairo in 2004, he spoke of the dire conditions of village life. “There’s no water, there’s no sewerage,” he said. “The men go to the mosque … the women go down to the fields and get raped.”


He appeared to be responding to complaints about a series of attacks and rapes of political activists in Cairo in recent weeks, citing the case of a man who was caught on video being beaten and dragged naked by police.


“I don’t know Hamada (Saber), well, I know him like you do, but I am 99 percent sure he doesn’t pay his electricity bill,” the prime minister said of the victim of that videoed beating.


His remarks unleashed a storm of criticism, much of it reflecting a sense of economic and political malaise that has settled over the country since an uprising two years ago that toppled veteran autocratic President Hosni Mubarak.


Dina Abdel Fattah, a talk show host on the independent Tahrir channel questioned why the head of government had dwelt on the subject when Egypt was in a state of “darkness”.


At least 59 people died in 10 days of protests that started late last month over what demonstrators see as Islamist President Mohamed Mursi‘s attempts to monopolise power as well as broader economic and political grievances.


“Imagine. Our prime minister is talking about this today, when we have martyrs in the street, we have people getting killed every day, when we have entire provinces in a state of unrest,” Abdel Fattah said on her show.


Another television channel, Al Nahar, interviewed residents of Beni Suef voicing dismay at Kandil’s comments.


“It’s no good the prime minister talking this nonsense about women, good people, clean people, and ignoring all the other problems of the world,” one man said on the programme.


Since his election in June, Mursi, a member of the Muslim Brotherhood, has struggled to restore security and revive the ailing economy.


Small demonstrations continued on Friday, drawing thousands of protesters in Cairo and other cities including Tanta in the Nile Delta and Port Said on the Suez Canal.


Critics questioned Mursi’s appointment of Kandil in July, saying it was unclear whether he had the political or economic experience for the job.


“Instead of making offensive comments about poor village women and laying blame on them when God knows they are already suffering, he should be blaming himself for the failure of his government to find a proper solution to alleviate poverty, illiteracy and awful health schemes in villages,” said Iman Mahmoud, a 61-year-old housewife in Cairo.


Health News Headlines – Yahoo! News





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Spain’s “bad bank” rebuffs three investment funds






MADRID (Reuters) – Spain‘s so-called ‘bad bank’, Sareb, has rejected overtures from investment funds Cerebrus, Fortress and Centerbridge to enter into its capital because they were asking for advantages over other shareholders, a source with knowledge of the matter said on Saturday.


“They asked for privileges when it came to buying the assets, and Sareb rejected that offer,” the source, who spoke on condition of anonymity said. “Sareb has a commitment to treat all shareholders the same.”






Sareb declined to comment. None of the three funds could be reached for comment and neither the Bank of Spain nor the Economy Minister could confirm the matter.


Spain set up the bad bank to hive off rotten real estate assets dating from a property crash from lenders’ balance sheets as a condition of receiving around 40 billion euros ($ 54 billion) of European money to bail out ailing banks.


The head of Sareb, Belen Romana, sent a letter to the three funds on Friday declining their entry into the bad bank’s capital, but leaving the door open for further talks, Expansion newspaper reported on Saturday.


The funds wanted first choice on buying portfolios of finished buildings and on supplying services to the bad bank, the paper said.


Sareb took on 37 billion euros worth of troubled real estate assets at the end of December from four nationalized banks, including Bankia


(Reporting By Sonya Dowsett; Editing by Toby Chopra)


Business News Headlines – Yahoo! News





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Protests turn to street clashes across Egypt






CAIRO (AP) — Egyptian security forces backed by water cannons fired tear gas at rock-throwing protesters outside the presidential palace in Cairo on Friday while demonstrators clashed with riot police in cities across the country in marches against Islamist President Mohammed Morsi.


The protests are part of a wave of opposition-led demonstrations over the past two weeks that have frequently devolved into street clashes. The violence has left more than 70 people dead and hundreds wounded, and plunged the country into a fresh cycle of bloodshed and political turmoil.






Egypt‘s opposition is demanding Morsi form a new coalition government, open an investigation into the killings of protesters over the past months and give guarantees that upcoming parliamentary elections will be fair and free. They also want him to form a commission to amend the country’s newly adopted constitution, which was drafted by an Islamist-led panel and approved last December in a contentious referendum.


Some of the protesters go even further, demanding Morsi be removed from office. They also accuse the Muslim Brotherhood, the fundamentalist group from which Morsi hails, of monopolizing power and failing to deal with the country’s mounting woes.


Thousands took their demands to the streets in cities across the country on Friday, carrying Egyptian flags and pictures of slain protesters and chanting “down with the rule of the Guide,” referring to Brotherhood Supreme Guide Mohammed Badie, who critics allege is calling the shots for Morsi from behind the scenes.


At the presidential palace in Cairo, the scene of repeated violent clashes since late last year, protesters tried to remove the barbed wire at the front gate of the palace and fired flares at its perimeters. Riot police swiftly responded with water cannons and tear gas while protesters hurled stones.


Violence also broke out in Kafr el-Sheik, some 180 kilometers (110 miles) north of Cairo, where riot police clashed with protesters in front of the office of governor Saad el-Husseini, who is a member of the Muslim Brotherhood.


In the Mediterranean port city of Alexandria, protesters tore down a Brotherhood sign and burned it in front of the group’s office while security forces used tear gas to disperse demonstrators in front of the governor’s office.


Morsi and his allies accuse the opposition of trying to incite street violence to seize power after failing at the ballot box.


In a statement on Friday, Murad Ali, a spokesman for the Freedom and Justice party — the Muslim Brotherhood’s political arm — warned the opposition that it would be responsible for any acts of violence that occur during protests. He also called them “losers.”


The clashes over the past two weeks have fueled a sense that Egypt is coming unglued, while also raising concerns that the country could be hit by more — and greater — political violence.


Those worries sharpened after the assassination of a prominent anti-Islamist opposition leader in Tunisia on Wednesday, a killing that touched off a new wave of unrest there.


Tunisia was the birthplace of the region’s so-called Arab Spring uprisings in 2011 that brought an end to the rule of several autocrats including Egypt’s own Hosni Mubarak, clearing the way for Morsi’s election last summer. Egyptians have warily watched the events unfolding in Tunis, which many here look to as a bellwether for their own country.


Much of the public anxiety in Egypt following the killing in Tunis stems from religious edicts, known as fatwas, recently issued by extremist clerics calling for the killing of Morsi’s political opponents.


Egypt’s leading democracy advocate and opposition leader Mohamed ElBaradei sounded the alarm this week about the edicts.


The opposition says it will continue protests despite the fatwas, which the presidency and the government condemned as “terrorism.” Morsi called the rhetoric “hate speech cloaked by religion.”


Hamdeen Sabahi, a leader of the opposition National Salvation Front, said in a message posted on his Twitter account: “We will continue our peaceful struggle with the Egyptian people and revolutionary youth to continue our revolution.”


Middle East News Headlines – Yahoo! News





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Britney Spears considers long-term Las Vegas deal






LOS ANGELES (Reuters) – Pop star and former “X Factor” judge Britney Spears is in talks to sign a long-term contract to headline a show at a Las Vegas resort, Caesars Entertainment Corp. said on Friday.


“We can now confirm the company is actively engaged in discussions with Britney Spears‘ representatives regarding a potential headlining residency at Planet Hollywood Resort and Casino,” the company said in a statement.






Representatives for Spears were not immediately available for comment on Friday.


Caesars Entertainment, which owns casinos and resorts including Planet Hollywood, has hired some of the world’s top-selling artists for residencies at various Las Vegas sites.


Canadian singer Celine Dion has a three-year deal with Caesars Palace that is said to be worth $ 100 million. British singer Elton John also has a long-term commitment to perform at The Colosseum at Caesars Palace.


Singers Cher and Bette Midler had similar long-term deals at The Colosseum in recent years.


Spears, 31, shot to fame in the late 1990s with hits such as “… Baby One More Time” and has gone on to become one of the biggest pop figures of the 2000s.


She is waging a comeback after a turbulent few years in her life in which she lost custody of her children, entered rehab and shaved off her hair.


She landed a seat on “The X Factor” judging panel in May 2012, but left the show last month after one season. In the same week, she also split up with her fiancĂ© Jason Trawick.


(Reporting By Piya Sinha-Roy and Eric Kelsey; Editing by Xavier Briand)


Music News Headlines – Yahoo! News





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Even Healthy Older Adults Hit Hard by Flu






Cold weather and seasonal flu go hand in hand, and while we have the groundhog to provide insight into the length of winter, no one can say for certain when the 2012-13 influenza season will taper off. In its most recent Flu View report, representing data obtained from Jan. 27 through Feb. 2, the U.S. Centers for Disease Control and Prevention explains that although flu activity remained high throughout the nation, most areas reported a decrease in new cases of the illness.


Older Adults Age 65 and Over Hit Hardest by 2012-13 Influenza Season






In reviewing the laboratory-confirmed influenza hospitalizations graph provided by the CDC, the number of hospitalizations for those age 65 and older are three times that of the next highest age group. Dr. Lyn Finelli, a flu expert at the CDC, explained to NBCNews.com that this flu season’s rate of hospitalization for older adults is the highest it’s been since the agency began gathering such data in 2005.


Speaking to the number of deaths among people age 65 and over as a result of influenza and/or pneumonia, Finelli stated , “The deaths are way over the epidemic threshold,” and voiced the agency’s concern about these older members of the population in regard to influenza and its potential complications.


Finelli explained that even older adults who consider themselves generally fit and healthy have the potential to develop life-threatening complications from influenza due to underlying conditions.


CDC Recommendations to Prevent, Treat Influenza in those Age 65 and Older


The CDC continues to recommend that anyone age 6 months and older receive the flu vaccination. This is particularly important for baby boomers and seniors age 65 and older due to the increased risk of complications from influenza in this age group.


There are two vaccines available to those 65 years-of-age and older; the regular dose vaccination and a high-dose vaccination. The CDC does not prefer one of these types over the other. In theory, the high-dose vaccine is intended to provide a stronger immune response, but whether that occurs in reality is dependent on many factors. Talk with your health care provider to learn which vaccine he recommends.


If you suspect you have the flu — sudden onset of symptoms, cough, sore throat, fever or feverish with chills, tiredness, runny or stuffy nose, muscle/body aches — contact your health care provider immediately. You need not have all of the symptoms, and may not have a fever and still be ill with the flu.


There are two anti-viral medications your health care provider can prescribe, but they work best when taken within 48 hours of the symptoms first appearing. These anti-viral medications are intended to reduce the severity of the illness and potentially to prevent complications of influenza.


Research Finds that Older Adults Have Different and Fewer Antibodies Than Younger People


The peer-reviewed medical journal Science Translational Medicine published the results of research into the understanding of the antibody responses in older adults. The antibody response is the body’s method of fighting infection and also the portion of the system that develops a protective response following vaccination. Not only do older adults have fewer antibodies than their younger cohorts, but they have different types of antibodies. The number and types of antibodies decreases with age.


Diseases/Conditions News Headlines – Yahoo! News





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Firms face horsemeat ‘disaster’












The latest scandal surrounding horsemeat in processed food could be “disastrous” for the meat processing industry, retail analysts are warning.


Lost contracts with supermarkets “will undoubtedly cost them millions of pounds”, Neil Saunders of retail analyst Conlumino told the BBC.


“The loss of supply contracts could be disastrous for food suppliers.”


The Food Standards Agency now wants the industry to test all its processed beef products.


The British Meat Processors Association, whose members produce 80% of meat sold in the UK, said: “It’s too early to say what the impact will be on our industry. The BMPA is co-operating with the FSA [Food Standards Agency] to establish the facts, and to deal effectively with the issues.”


One supplier, meat processor Silvercrest, based in County Monaghan, Ireland, lost supply contracts with Tesco, Aldi and Co-operative supermarkets after the Food Safety Authority of Ireland (FSAI) found horse and pig DNA in burgers it supplied.


“It wouldn’t surprise me if there were redundancies,” said Mr Saunders.


A spokesperson for ABP Food Group, which owns Silvercrest, said: “We feel it would be inappropriate to comment at this stage.”


Testing regime


In a statement issued on Friday, the FSA said: “In addition to the widespread testing we are doing, we’ve instructed the industry to urgently carry out its own tests on processed beef products to see whether horsemeat is present.”


But this new testing regime could cost the industry millions of pounds.


Giving evidence to the Environment, Food & Rural Affairs select committee on 30 January, Tim Smith, Tesco’s group technical director revealed that the supermarket’s new DNA testing regime, introduced following the discovery of horsemeat in its value burgers, would cost it “£1m to £2m a year”.


Meanwhile, Tesco’s sales loss would be “a lot bigger than a million pounds” as a result of the scandal, he said.


But Richard Dodd of the British Retail Consortium, which represents 80% of the UK retail industry, told the BBC: “What we’re hearing from our members is that this [horsemeat] issue is not having an impact. People are clear that it isn’t a health issue, so it’s not producing a change in customer shopping habits.”


And Conlumino’s Neil Saunders agrees that the supermarkets are unlikely to be affected much by the scandal, since they can claim compensation from their suppliers.


“While it is highly likely that sales will have deteriorated in some food lines, such as value burgers, other categories may have benefitted, meaning that there is little net loss overall,” he said.


Traditional High Street butchers might even be benefiting from the horsemeat scandal, says Richard Stevenson, technical manager of the National Federation of Meat and Food Traders.


“Our members are telling us that they’re all getting more business since the Tesco burger issue, because most butchers know exactly where their meat has come from. You could argue that this issue has arisen as a direct result of the cheap food policy adopted by supermarkets.”


Findus, which had to withdraw its beef lasagne ready meals after some samples were found to contain 100% horsemeat, said on Friday that it had tested all its other beef products and found no evidence of contamination.


BBC News – Business





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South Africa outraged at gang rape of teenager






JOHANNESBURG (AP) — In a country where one in four women is raped and where months-old babies and 94-year-old grandmothers are sexually assaulted, citizens are demanding action after a teenager was gang-raped, sliced open from her stomach to her genitals, and left for dead on a construction site last week.


The 17-year-old lived long enough to identify one of her attackers, a 22-year-old. Police arrested him and said Thursday they have arrested a second suspect, aged 21. They promised more arrests soon.






“Kill them!” and “Cut off their penises,” were some of the demands voiced on talk show radio stations Thursday.


Every few months this African nation with the highest rate of rapes of babies and young girls in the world yells its outrage at a particularly brutal attack.


Last year, South Africans were shocked when village boys gang-raped a mentally ill 17-year-old with a mental age of 4. She was attacked by six boys, the youngest who was 10, in a crime that only came to light because the boys made a cellphone video of the rape and posted it on the Internet. It went viral.


Prof. Rachel Jewkes, a doctor heading the Women’s Research Unit of South Africa‘s Medical Research Council, said 37 percent of surveyed men in South Africa’s most populated province of Gauteng said they had raped a woman or child, according to a study. Seventy-five percent of them first raped a teenager, she said.


“It’s a social disaster,” she said. The number of “men who try to feel better about their past by trying to make out that what they did wasn’t serious or wasn’t rape is obviously huge and must be a huge obstacle to getting anything done — from police making arrests to decisions in the courtroom by magistrates and so forth.”


The outcry over Saturday’s rape in Bredasdorp, a Western Cape town known for its giant protea flowers, led President Jacob Zuma to vow Thursday “that government would never rest until the perpetrators and all those who rape and abuse women and children, are meted with the maximum justice that the law allows.”


The maximum sentence for rape in South Africa is life in prison. The death sentence has been abolished.


Zuma himself was accused of rape by the HIV-positive lesbian daughter of a close friend in 2005. Zuma said the sex was consensual and he was acquitted, but is unlikely to live down his comment in court that he had a shower afterward to cut the risk of acquiring AIDS.


In a study conducted by Jewkes in 2009, 62 percent of surveyed boys over age 11 said they believed that forcing someone to have sex was not an act of violence. One-third said girls enjoy being raped.


That study found one-quarter of South African women are raped but only one in 25 report it to the police. Of those who were not raped by a partner, one in 13 had never reported the rape, and many had been raped more than once, Jewkes said. That casts doubt on police statistics showing sexual crimes decreased from 70,514 in 2009 to 64,419 last year. Females make up half of South Africa’s population of 50 million.


Official statistics show less than 10 percent of reported sexual crimes result in a successful prosecution, another reason many are reluctant to report rape.


A British documentary, “Lost Girls of South Africa,” concludes girls here have a bigger chance of being raped than of completing high school.


Studies show nearly 90 percent of victims are raped by family members, friends or other people they know. Girls are not safe at home or at school, with many reports of teachers having sex with students anxious to get good examination results.


Many reasons have been given for South Africa suffering the highest incidence of rape in the world. This is a patriarchal society where many men believe they are entitled to sex. The mother of an 11-year-old girl raped by her father told a court that her husband said no man had a right to have sex with his child until he had her.


The brutality of the white apartheid regime often is blamed, with psychologists saying that humiliated men work out their anger on those nearest and most helpless, their families.


Pervasive poverty, which also disempowers men and forces children to sleep in one-room shacks with adults, also is blamed.


That excuse was angrily dismissed in a Twitter debate last weekend.


“No one can tell me that raping a 3-month baby or 87-year-old granny or burning a library or vandalizing a school is caused by poverty,” tweeted Zwelinzima Vavi, head of the Congress of South African Trade Unions. “Yes, apartheid humiliated, dehumanized and made people feel valueless – its existence in the past is no excuse for current moral degeneration.”


Eastern KwaZulu-Natal province last year set up day-care centers for elderly women after several were raped.


Perhaps the saddest comment came from one protesting grandmother outside a court where a man was accused of raping a 94-year-old.


“It’s becoming clear that our grandchildren and great-grandsons are targeting us and it is only stiff sentences like castration and death that will stop this from happening,” 68-year-old Thokozile Gcumisa was quoted as saying in The Sowetan newspaper. “We fear our own flesh and blood.”


Africa News Headlines – Yahoo! News





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Martial arts drama kicks off Berlin film festival






BERLIN (Reuters) – The 2013 Berlin film festival kicks off on Thursday with the red carpet premiere of “The Grandmaster”, Hong Kong director Wong Kar Wai‘s martial arts period drama set in China at the time of the Japanese invasion in the 1930s.


Starring regular collaborator Tony Leung Chiu Wai as kung fu master Ip Man and Zhang Ziyi as his rival and friend Gong Er, the heavily stylized picture is a story of honor, principle, betrayal and forbidden love all set in a time of turmoil.






Wong, also president of the jury at the cinema showcase this year, said he was determined to get beneath the surface of martial arts in a way most films in the genre had not.


“‘Grandmaster’ is a film about kung fu. It tells you more than the skill,” he told reporters after a press screening and ahead of the opening night gala.


“It tells you more about these people, martial artists, the world of martial arts. What is their code of honor? What is their value? What is their philosophy?


“I hope this film can bring the audience a new perspective about martial arts, kung fu and also Chinese,” he added, wearing his trademark dark glasses and speaking in English.


The idea for “The Grandmaster” was first announced more than a decade ago and it took the notoriously slow filmmaker four years to make, involving rigorous training for both Leung and Zhang which both actors said changed them profoundly.


Leung’s character, which dominates the first part of the film, is based on a real-life master of the same name who developed the Wing Chun school of martial arts and counted Bruce Lee among his students.


Gong Er’s character gradually takes a central role, and her repressed longing for Ip Man brings to the fore Wong’s mastery of melancholy, which he showed so memorably in his best known film to date “In the Mood for Love” also starring Leung.


IRANIAN FILM DEFIES BAN


Leung, 50, said he started training for the part four years ago, and reportedly broke his arm early in the process.


“There is a spiritual side of kung fu and that side cannot be learned from books or by fact-finding,” he said. “It grows spontaneously. So that’s why I had to practice four years. You can only achieve that thing through practice.”


“The Grandmaster” marks the official start of 11 days of screenings, photocalls, interviews and parties across Berlin where hundreds of movies will be screened, reviewed and traded at a film market that accompanies the Berlinale.


Matt Damon, Anne Hathaway and Nicolas Cage are expected on the red carpet, as are European heavyweights Catherine Deneuve and Jude Law and Asian stars including Leung and Zhang.


In the main competition of 19 movies eligible for awards is “Promised Land”, about the controversial drilling technique for extracting gas known as “fracking” and starring Matt Damon directed by his “Good Will Hunting” collaborator Gus Van Sant.


Steven Soderbergh‘s “Side Effects” is in part a critique of the pharmaceutical industry and boasts Law, Channing Tatum and Catherine Zeta-Jones in the cast.


Soderbergh, an Oscar winner for his 2000 narcotics drama “Traffic”, has announced it will be his final big screen feature film, at least for the foreseeable future.


One of the most eagerly awaited pictures at the festival is “Closed Curtain”, co-directed by acclaimed Iranian director Jafar Panahi who made it in defiance of a 20-year ban on film making imposed by authorities at home.


Out of competition is 3D prehistoric animation comedy “The Croods”, featuring the voices of Cage and Ryan Reynolds, and “Dark Blood”, which River Phoenix was filming when he died aged 23 in 1993.


(Reporting by Mike Collett-White, editing by Paul Casciato)


Movies News Headlines – Yahoo! News





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Stomach CT scans can be avoided in some kids – study






NEW YORK (Reuters Health) – Not all kids need a CT scan after a blunt trauma to the abdomen, according to a new study that identifies seven key signs to help doctors decide when a scan is unnecessary.


CT scans are becoming commonplace in emergency rooms, but they aren’t harmless. Each scan delivers a dose of radiation that slightly increases a person’s long-term risk of cancer – a risk that’s especially heightened for children.






The key, researchers said, is determining when a CT will help doctors make an important diagnosis – and is therefore worth the risk – and when it is unlikely to benefit a young patient’s care.


“An abdominal CT is the highest CT exposure for kids, and the younger the kid, the higher the exposure,” said Dr. James Holmes, who led the new study at the University of California, Davis School of Medicine.


“This is the big radiation risk, and (parents) need to be aware that if their child really needs the image, they should get it. But if there’s no good reason, they shouldn’t,” Holmes told Reuters Health.


His team’s study included just over 12,000 kids seen at one of 20 ERs after a car or bike crash, fall or other abdominal injury between 2007 and 2010.


Each doctor and hospital decided independently when to do an abdominal scan, and 45 percent of children ended up getting one while in the ER. Just over six percent of all kids had abdominal injuries spotted on a CT scan, and about one-quarter of those needed surgery, a blood transfusion or another intervention.


Based on kids’ symptoms and who ended up needing treatment, Holmes and his colleagues designed a seven-point checklist to determine when a CT scan is not warranted:


When children had no seat belt marks or other clear trauma, no stomach tenderness or pain and no thinking problems, breathing issues or vomiting, just one in 1,000 ended up with an acute injury requiring treatment.


Still, one-quarter of kids in the study who fit those criteria received a CT in the ER, the researchers reported in the Annals of Emergency Medicine.


A CT scan to the abdomen and pelvis delivers a radiation dose of eight millisieverts – equal to about three years’ worth of natural background radiation, or the combined radiation from 400 chest X-rays.


Holmes said that for an infant, the risk of developing cancer after a single abdominal and pelvic CT scan might be as high as 1 in 200. By adolescence, that risks drops to 1 in 1,000 or 1 in 1,500.


There are times when a CT scan is clearly warranted to help doctors find or rule out serious injuries such as a lacerated spleen or liver, Holmes said.


“You’re looking at those things that need to be identified because they need therapy, either an operation to repair their gastrointestinal injury, or perhaps an embolization to repair a bleeding artery,” he said.


In those cases, “You don’t want to send that patient home, because if they need that therapy, they’re not going to get it” – and waiting can make things worse.


But, Holmes said, parents should feel comfortable questioning a doctor’s decision to perform a stomach CT scan on their child, given the potential risks.


SOURCE: http://bit.ly/WD6wKF Annals of Emergency Medicine, online February 4, 2013.


Parenting/Kids News Headlines – Yahoo! News





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Wall Street ends lower on renewed euro zone fears






NEW YORK (Reuters) – Stocks declined on Thursday, taking a step back from their recent advance, prompted by comments by the ECB president on the euro and Europe’s outlook.


The euro currency dropped against the safe-haven dollar and yen, spurring a retreat from risky assets such as stocks, after European Central Bank President Mario Draghi said the exchange rate was important to growth and price stability. Investors took that as a sign the bank is concerned about the euro’s advance and its effect on the region’s economy.






Growth sectors were among the weakest performers on the S&P 500: the S&P 500 materials index <.splrcma> was down 0.6 percent while the S&P energy index <.spny> was down 0.5 percent. Housing stocks also declined, with a housing sector index <.hgx> off 1.4 percent.</.hgx></.spny></.splrcma>


Despite the day’s decline and weakness earlier this week, the stock market has been in an almost uninterrupted up trend for most of the year, with the S&P 500 up 5.8 percent so far for 2013.


Many analysts say some weakness at this point is no surprise.


“Given the amount the market moved in January, having a little bit of a pullback and some consolidation where the market goes sideways for a little while, we think would be a healthy sign,” said Eric Marshall, director of research at Hodges Capital Management in Dallas.


Top U.S. retailers reported strong January sales after offering compelling merchandise that drew in shoppers facing a hit to their take-home pay from higher payroll taxes.


The Dow Jones industrial average <.dji> was down 42.47 points, or 0.30 percent, at 13,944.05. The Standard & Poor’s 500 Index <.spx> was down 2.73 points, or 0.18 percent, at 1,509.39. The Nasdaq Composite Index <.ixic> was down 3.34 points, or 0.11 percent, at 3,165.13.</.ixic></.spx></.dji>


Shares of Apple helped to limit losses on the Nasdaq, the stock ending up 3 percent at $ 468.22. Fund manager David Einhorn’s Greenlight Capital said it has sued Apple Inc and said the company needs to do more to unlock value for shareholders.


Though the earnings season is winding down, results continue to boost growth estimates for the fourth quarter. According to Thomson Reuters data through Thursday morning, of 317 companies in the S&P 500 that have reported earnings, 69 percent have exceeded analysts’ expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies rose 5 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


Akamai Technologies Inc lost 15.2 percent to $ 35.26 as the worst percentage performer on the S&P 500 after the Internet content delivery company forecast current-quarter revenue below analysts’ expectations.


Among retailers, Macy’s Inc rose 2 percent to $ 40.27 after reporting January same store sales rose 11.7 percent.


But Ann Inc dropped 8 percent to $ 30.20 after forecasting fourth-quarter sales below analysts’ expectations.


Economic data was mixed. Initial jobless claims dipped last week, with the four-week moving average falling to its lowest level since March 2008, signaling the economy continues to recover slowly.


A separate report said fourth-quarter productivity registered its biggest drop in nearly two years, while unit labor costs jumped 4.5 percent, more than economists expected.


Roughly 6.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.


Decliners outpaced advancers on the NYSE by nearly 4 to 3 and on the Nasdaq by about 5 to 3.


(Additional reporting by Angela Moon; Editing by Kenneth Barry and Nick Zieminski)


Business News Headlines – Yahoo! News





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