Wall Street climbs two percent on talk of Spain solution

June 6, 2012

By Caroline Valetkevitch

NEW YORK (Reuters) - Stocks jumped on Wednesday, giving the S&P 500 its best day since December, as talk of a rescue of Spain's troubled banks and hopes for more monetary stimulus sparked a rebound from recent selling.

After a 6 percent fall by the S&P 500 in May that took the index below its key 200-day moving average on Friday, the market was ripe for a rebound, analysts said. Buying was strong across the broad market, with all 10 S&P 500 sectors gaining ground.

The energy, financial and technology sectors, all of which are tied to strong global demand, led gainers Wednesday. Among the big banks, shares of Bank of America (BAC.N) shot up 7.6 percent to $7.64 and shares of Morgan Stanley (MS.N) climbed 8.4 percent to $13.94, both extending gains just ahead of the close.

"I think the market was oversold. And although you didn't get anything that concrete from the (European Central Bank) ... there's clearly an expectation in the market that Europe will eventually, and eventually means very soon, provide more liquidity for the banks," said Hank Smith, chief investment officer at

Clinton Remarks Test Uneasy Alliance

By PETER NICHOLAS and LAURA MECKLER 

6-6-2012

Bill Clinton, right, joins President Barack Obama onstage for a campaign fundraiser in New York this week.

Listening to the Obama campaign's attacks on Mitt Romney's career, Bill Clinton has been dissatisfied with the message—in particular, that it demonized Mr. Romney's record as head of a private-equity firm rather than laying out clear policy differences between the candidates, according to people familiar with his critique.

Fed's Yellen sees possibility of more stimulus

By James O'Toole @CNNMoney June 6, 2012

NEW YORK (CNNMoney) -- Federal Reserve Vice Chair Janet Yellen has reiterated her view that further action by the central bank might be necessary to stimulate the sputtering U.S. economy.

"An extended period of highly accommodative policy is necessary to combat the persistent headwinds to recovery," Yellen said Wednesday in remarks prepared for delivery to the Boston Economic Club Dinner.

Gay marriage in Washington state blocked by proposed referendum

Laura L. MyersReuters

 June 6, 2012

SEATTLE (Reuters) - Gay marriage opponents in Washington state blocked a law legalizing same-sex matrimony from taking effect as scheduled Thursday by submitting a petition for a ballot measure to repeal the statute.

The group behind the repeal initiative, Referendum 74, said on Wednesday they had collected more than 241,000 signatures, about twice as many as needed, to qualify the measure for the

India seems more interested in buying U.S. arms.

India not sold on closer military ties with U.S.

U.S. Defense Secretary Leon E. Panetta meets with Indian officials, seeking enhanced defense cooperation. But India seems more interested in buying U.S. arms.

By David S. Cloud and Mark Magnier, Los Angeles Times

June 7, 2012

NEW DELHI — Defense Secretary Leon E. Panetta urged India on Wednesday to build a closer military relationship with the United States, but Indian leaders appeared more interested in buying U.S. weapons than in aligning strategically with Washington.

Senior Indian officials made it clear in two days of talks that they will continue to set their own course on U.S. national security priorities, including isolating Iran and building upAfghanistan'smilitary forces, sometimes in tandem with Washington and sometimes not.

Panetta is visiting Asia this week to bolster military ties as the Obama administration, wary ofChina's growing clout in the region, seeks to reassert America's presence in the Pacific after a decade of war in Iraq and Afghanistan.

The Pentagon chief described enhanced defense cooperation with India as "a linchpin" of the new strategy. But India has charted an independent foreign policy for decades, and its response was decidedly cool.

Panetta held meetings with Prime Minister Manmohan Singh, Defense Minister A.K. Antony, National

WHO warns...

Sex bug growing resistant to drugs, WHO warns

June 6, 2012

A potentially dangerous sexually transmitted disease that infects millions of people each year is growing resistant to drugs and could soon become untreatable, the World Health Organization said Wednesday.

By FRANK JORDANS

Associated Press

GENEVA —

A potentially dangerous sexually transmitted disease that infects millions of people each year is growing resistant to drugs and could soon become untreatable, the World Health Organization said Wednesday.

The U.N. health agency is urging governments and doctors to step up surveillance of antibiotic-resistant gonorrhea, a bacterial infection that can cause inflammation, infertility, pregnancy complications and, in extreme cases, lead to maternal death. Babies born to mothers with gonorrhea have a 50 percent chance of developing eye infections that can result in blindness.

IPv6: Trillions of new net addresses

IPv6: Trillions of new net addresses now possible

6-6-2012 From bbc news

A new standard which will enable the creation of trillions of new internet addresses has been enabled.

Several companies switched to Internet Protocol version 6 (IPv6) at 00:01 GMT on Wednesday.

The new system is necessary to prevent the internet running out of available addresses for new devices.

Experts said users should not notice any difference in their web use, and new devices should be using the new system as standard.

Companies such as Google, Facebook and major internet service providers have enabled the new system in order to encourage the widespread adoption of the standard.

The actions come as part of World IPv6 Launch Day, a special event organised by

Europe unveils bank-bailout plan

By Chris Isidore @CNNMoney June 6, 2012

NEW YORK (CNNMoney) -- The European Union announced a plan Wednesday for a continent-wide banking union that would deal with future banking crises rather than leave them in the hands of already struggling national governments.

The proposal would include a single EU deposit guarantee organization covering all banks in the union, something similar to the FDIC that covers U.S. bank deposits. There would also be a common authority and a common fund that would deal with bailouts needed for the cross-border banks that are major players in the European banking system.

Central Asia group seeks bigger Afghanistan role

Central Asia group seeks bigger Afghanistan role

By CHRISTOPHER BODEEN, Associated Press

6-6-2012

BEIJING (AP) — Central Asian states meeting in Beijing this week say they want a role in stabilizing Afghanistan after most U.S. combat troops leave at the end of 2014, with China's economic juggernaut leading the charge.

The war-torn nation's future is expected to feature prominently in discussions by leaders of the six nations that make up the Shanghai Cooperation Organization. The bloc, which includes China, Russia, and four Central Asian states, seeks closer security and economic ties among its members, most prominently through regular meetings and joint military exercises targeting separatists, religious extremists and drug

INSIDE THE NBA

Celtics take 3-2 lead as Heat's title hopes look like empty promises

June 6, 2012  by  Ian Thomsen   

MIAMI -- The videos were spliced together to give the false impression of never-ending effort and resilience. "It is our destiny," growled the narrator amid highlights of LeBron James, Dwyane Wade and Chris Bosh dunking and celebrating one after the next.

The JumboTron dangled over the Miami Heat court like a piano above a large plate of glass. From its screens read this concluding message:

"MAKE SOME NOISE"

And hardly anyone did. The only audible noise was coming out of the loudspeakers. The support had to be synthesized because moments earlier Paul Pierce had stared down LeBron James from the three-point line, the ball dribbling from his hand to the beat of a calm and confident heart. "Right when he gets into the footwork, you knew he was going to shoot it," said Celtics coach Doc Rivers. "At least I did, because I've seen him enough." But James, who before this series had mentioned how well he and Pierce knew the games of one another, backed away to leave Pierce the space for the three-pointer that gave the Celtics a four-point lead that robbed the arena that everyone loves to hate of its bluster.

The Celtics stole a 94-90 win in Game 5 on Tuesday and a 3-2 lead in the Eastern Conference finals, just six days after they'd fallen 0-2 in overtime while Pierce watched from the bench after fouling out. Miami must now win Game 6 on Thursday in Boston. Anyone who has been paying attention to the last four games will realize how difficult that's going to be.

Afterward Dwyane Wade would roll his eyes and laugh sardonically over the bad luck that followed the two-handed dunk that was missed by Boston's Brandon Bass midway into the fourth. The ball caromed high off the back iron and was tapped by Rajon Rondo out to Mickael Pietrus in the corner, and, in fact, there was nothing lucky about that play. "Rondo not only saved it," said Rivers, "but he saved it toward one of our shooters."

2 California cities voters embrace pension cuts

Associated Press | Posted: Wednesday, June 6, 2012 

Voters in two major California cities overwhelmingly approved cuts to retirement benefits for city workers in what supporters said was a mandate that may lead to similar ballot initiatives in other states and cities that are struggling with mounting pension obligations.

Supporters had a simple message to voters in San Diego and San Jose: Pensions for city workers are unaffordable and more generous than many private companies offer, forcing libraries to slash hours and potholes to go unfilled.

"The public is frustrated," said San Diego Councilman Carl DeMaio, a Republican who staked his mayoral bid on the pension measure and advanced to a November runoff in Tuesday's election to lead the

Guard rescued at SC prison; officers control unit

Guard rescued at SC prison; officers control unit

JACK JONES, Associated Press

Updated 07:46 a.m., Wednesday, June 6, 2012

COLUMBIA, S.C. (AP) — A guard held hostage at a South Carolina high security prison was rescued early Wednesday after a standoff of more than six hours, a corrections department spokesman said.

The officer was rescued and prison officials regained control of the building around 3:15 a.m. when negotiations with the inmates failed, said Clark Newsom, a spokesman for the Department of Corrections.

About 100 corrections officers and State Law Enforcement Division agents blew open a door and regained control of the building. The inmates did not resist, Newsom said. The correctional officer had been dressed in an inmate's uniform to disguise him but he was recognized and rescued, Newsom said.

During the standoff, the inmates never left the wing of the Lee Correctional Institution in Bishopville and there was no danger to the

Ginseng Fights Fatigue in Cancer

ASCO: Ginseng Fights Fatigue in Cancer

By Crystal Phend, Senior Staff Writer, MedPage Today
Published: June 05, 2012
Reviewed by Zalman S. Agus, MD; Emeritus Professor, Perelman School of Medicine at the University of Pennsylvania.

CHICAGO -- Ginseng appears to counteract the fatigue often associated with cancer, according to randomized trial results.

After 8 weeks taking supplements of the ground-up root, fatigue scores among cancer patients dropped 20% compared with 10% on placebo pills (P=0.003), Debra Barton RN, PhD, of the Mayo Clinic Cancer Center in Rochester, Minn., and colleagues found.

Ginseng appeared as safe as placebo, at least over the short term, they reported here at the American Society of Clinical Oncology meeting.

The Secrets Behind Lindsay Lohan’s Elizabeth Taylor Transformation

The Secrets Behind Lindsay Lohan’s Elizabeth Taylor Transformation

JUN 05 2012



When Lindsay Lohan first walked onto the set of Lifetime’s Liz & Dick dressed as screen legend Elizabeth Taylor, “there was an audible gasp,” the movie’s costume designer, Salvador Pérez, tells PEOPLE. “You’d swear it was Elizabeth.”

Dressed in Taylor’s favorite styles — jewel-toned cocktail dresses, fur coats and those famous gems (well, good fakes) — the actress looked remarkably like her screen idol. “She just walked into the clothes and became Elizabeth Taylor,” says Pérez.

Producer Larry Thompson had some of Taylor’s most famous bling, including the 33-carat Krupp diamond, recreated for the film. “Part of the magic is the wardrobe,” he says. “And Lindsay said she wants to bring magic to the movie.” Many of the vintage dresses fit her like a glove, too; Lohan’s waist measures a tiny 23 inches, while Taylor’s was a mere 22 inches.


Lohan will wear 66 different looks in the 80-minute biopic, which begins in 1961, ends with Richard Burton’s death in 1984 and focuses on their tumultuous relationship (an affair while she was still married, two weddings and two divorces). To prep, Lohan hired a voice coach and even dyed her auburn hair a deep brunette to better match Taylor’s

Romney Team: email account ...

Romney Team: Authorities Probe Possible Hacking

by THE ASSOCIATED PRESS
WASHINGTON June 5, 2012

WASHINGTON (AP) — Authorities are investigating whether Mitt Romney's private email account was hacked, his presidential campaign said Tuesday.

The website Gawker reported Tuesday that an anonymous hacker had signed into Romney's personal Hotmail account. Gawker reported that the hacker guessed the answer to a security question about Romney's favorite pet in order to gain access to the account and change the password. The anonymous hacker told the website that Romney's account on DropBox, a file sharing service, also was compromised.

Fannie Mae new CEO

Fannie Mae names Timothy Mayopoulos as new CEO

By Marcy Gordon, Associated Press
6-5-2012
WASHINGTON – Timothy Mayopoulos, the general counsel of Fannie Mae, will be the next CEO of the government-controlled mortgage giant.

Fannie Mae, based in Washington, says Mayopoulos, 53, will become president and chief executive on June 18. He replaces Michael J. Williams, who announced in January that he would step down after a successor was found.
The government rescued Fannie and smaller sibling Freddie Mac in September 2008 after the two companies absorbed huge losses on risky mortgages that threatened to topple them. Since then, a federal regulator has controlled the two companies' financial decisions.
So far, Fannie and Freddie have cost taxpayers about $170 billion — the largest bailout of the financial crisis. It could cost roughly $260 billion more to support the companies through 2014, after subtracting dividend payments, according to the government.

Facebook stock fell 3.8 percent to $25.87

Facebook Extends Share Declines Since IPO

By Brian Womack - Jun 5, 2012

Facebook Inc. (FB) shares extended their decline today following a Reuters/Ipsos poll that showed sagging interest in the site and a minority of users being influenced by ads and comments when making purchasing decisions.
The stock fell 3.8 percent to $25.87 at the close in New York. The shares have lost 32 percent since they began trading at $38 on May 18.

Compared to six months ago, 34 percent of users are spending less time on Facebook, while just 20 percent are using the site more often, according to the poll. One in five people on Facebook have bought products because of advertising or comments they saw on the site, the poll found.
Facebook, owner of the world’s most popular social- networking service, has faced investor concerns about its prospects for revenue and profit growth. The company said last month that advertising is failing to keep up with growth in daily active users as more people access the site via mobile phones.

NASA Gets Two New Hubble Telescopes — Absolutely Free

By Michael D. Lemonick Tuesday, June 05, 2012

It hardly bears mentioning that the orbiting Hubble Space Telescope is one of the most extraordinarily successful scientific instruments of all time. Since 1993, when the telescope's flawed mirror was set right by a set of custom-fit corrective lenses, the Hubble has captured one spectacular image after another, of everything from the familiar planets of the Solar System to quasars and galaxies at the very edge of the visible universe — and thanks to four repair missions by shuttle-riding astronauts, the telescope has managed to survive the harsh environment of orbital space far longer than anyone could have imagined.

All good things must come to an end, though. The shuttle is flying no more, and within the next couple

Jarrod Parker’s gem helps Athletics beat Rangers 12-1

By Associated Press
Tuesday, June 5, 2012

OAKLAND, Calif. — Manager Ron Washington thought it would be a matter of time until his powerful Texas lineup would get to rookie Jarrod Parker at some point. The Rangers will have to wait until the next time they see the right-hander to do it.

Parker held Texas hitless until the eighth inning and Brandon Inge drove in four runs in Oakland’s eight-run second as the Athletics beat the Rangers 12-1 on Monday night.

Johnny Depp's Movie Awards Jam Session And His Rock And Roll Life

In honor of Depp's performance with the Black Keys, we take a look back at his lifelong love affair with rock.

By James Montgomery 

Jun 4 2012 2:31

As if his myriad of tattoos or swaggering, Keith Richards-indebted performances as Captain Jack Sparrow weren't proof enough, Johnny Depp's MTV Movie Awards jam session with the Black Keys definitely served notice that the Hollywood icon knows a thing or two about rock.

Of course, that Sunday-night performance — in lieu of a traditional acceptance speech for his MTV Generation Award, Depp opted instead to tear through a pair of tunes with the Keys — was just his latest rock and roll moment. Long before he was a big-screen star, music was Depp's first passion ... not to mention the reason he moved to Los Angeles in the first place.

During a 2002 appearance on "Inside the Actors Studio," Depp told host James Lipton that he received his first guitar when he was 12 years old and stole a Mel Bay chord book from a department store to learn how to play it. And during his hectic teenage years, the instrument took on near mythic proportions to him.

"At that age ... things are going haywire inside, so the guitar sort of saved me," he said. "You begin to go

Vulture funds smell blood from Spanish bank woes

By Sarah White

MADRID | Tue Jun 5, 2012

(Reuters) - A flock of "vulture" funds is gathering in Madrid in the hope that a banking sector shakeout will finally deliver a bonanza of real estate and distressed company assets at rock bottom prices.

Hedge funds and private equity houses are renewing ties with Spanish lenders and government officials, bankers said, as reforms push banks to offload troubled assets at steep discounts.

"They want to make sure they're among the first five people we call up when assets from the banks start moving," said a senior investment banker who spent the last two weeks shepherding such investors

For Obama and Clinton...

For Obama and Clinton, the hatchet's buried — if not forgotten

Political stakes are too high and the former president's campaign help is too valuable to let bitterness from the 2008 primary get in the way.

By Michael A. Memoli and Kathleen Hennessey, Los Angeles Times

June 4, 2012

NEW YORK — There were charges of racism, sexism and disrespect. There were hurt feelings and outbursts of red-faced anger. Friendships were frayed and tens of millions of dollars spent.

But the shrapnel of the great Obama-Clinton war of 2008 appeared to be little more than a distant memory Monday when President Obama and former President Clinton took the stage to raise big money for Obama's reelection.

It's a Washington ritual — burying the hatchet. And it has rarely been practiced as publicly. Four years after the primary that divided the Democratic Party, Hillary Rodham Clinton is the face of Obama's

1-in-3 chance Greece leaves euro

S&P-in-3 chance Greece leaves euro

By Ben Rooney @CNNMoneyInvest June 4, 2012

NEW YORK (CNNMoney) -- There is a one-in-three chance Greece will leave the euro currency union in the months ahead, according to Standard & Poor's.

The ratings agency issued a report Monday that examines the likelihood of Greece leaving the eurozone and how an exit would impact the creditworthiness of other euro area governments.

S&P warned that Greece could lose its financial lifeline if voters elect a government that opposes the terms of Greece's bailout program. Greece is set to hold an election June 17 after last