Stocks bounce back as House to reconvene

9 hrs.

JeeYeon Park , CNBC

Stocks staged a sharp recovery in the final hour of trading Thursday following news that the House of Representatives will reconvene on Sunday evening to resume talks, with less than a week left until the "fiscal cliff" deadline.

The House of Representatives will meet on Sunday evening at 6:30 p.m., according to GOP aides.?

"Moves are always exacerbated during low-volume days and we'll continue to react to every headline from Washington," said Keith Bliss, senior vice president at Cutton & Co. "But I still think the overall market is in a bullish sentiment by the way that the technical are lining up. It might be prudent to keep some powder dry and buy on these dips."

The Dow Jones Industrial Average slipped 18.28 points, or 0.14 percent, to end at 13,096.31, dragged by Cisco and Alcoa. The blue-chip index was down nearly 150 points at its session low.

The S&P 500 dipped 1.73 points, or 0.12 percent, to finish at 1,418.10. The Nasdaq erased 4.25 points, or 0.14 percent, to close at 2,985.91. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, turned lower after rising above 20 earlier for the first time in nearly five months.

Among key S&P sectors, materials and financials held small losses, while consumer staples turned higher.

Earlier, stocks tumbled more than 1 percent following Senate Majority Leader Harry Reid's comment that a "fiscal cliff" deal may not be reached by the end of the year.

"It looks like that's where we're headed," Reid said of the looming fiscal cliff and pointed fingers at House Speaker John Boehner of running a "dictatorship" by "not allowing the vast majority of the House of Representatives to get what they want."

Obama cut short his Christmas vacation in Hawaii to deal with the deadlocked talks between Democrats and Republicans on what to do with $600 billion in tax increases and automatic spending cuts, due to kick in on Jan. 1. With less than a week remaining this year, time is now running out and the pressure on politicians to find a solution is building, as U.S. Treasury Secretary Timothy Geithner warned the U.S. will hit the debt ceiling on Monday, Dec. 31.

The two sides could work towards a "mini-deal" to postpone the effects of the fiscal cliff by extending tax cuts for taxpayers with incomes below $250,000, postponing the automatic spending cuts, and extending unemployment benefits.?

Meanwhile on the economic front, the consumer confidence index tumbled to 65.1 in December from a downwardly revised 71.5 in November, hitting a four-month low, according to the Conference Board.

Earlier, jobless claims fell 12,000 to a seasonally adjusted 350,000 last week. Meanwhile, the four-week moving average tumbled to its lowest since March 2008.?

And new home sales rose 4.4 percent in November to a seasonally adjusted 377,000-unit annual rate, the fasts pace in 2-1/2 years, according to the Commerce Department.

Marvell Technology declined after a federal grand jury ruled the chipmaker infringed two patents held by Carnegie Mellon University and ordered the company to pay $1.17 billion in damages. In addition, at least two brokerages lowered their rating on the company.

Toyota Motor said it plans to settle a U.S. class-action lawsuit for $1.1 billion.

Domino's Pizza climbed after Oppenheimer raised its price target on the pizza chain to $50 from $44.

Hartford Financial Services edged higher after Stifel added the financial services company to its "select" list and raised its target price to $28 from $25.

BCD Semiconductor skyrocketed more than 90 percent after the chipmaker agreed to be bought by Diodes in a deal worth $151 million.?

In Europe, stocks rose in cautious trading after being closed for Christmas and Boxing Day. Meanwhile, in Asia, Japanese stocks hit a 21-month high as a weaker yen boosted export stocks. Sentiment in Asia was boosted as profits at China's factories jumped in November, helped by the recovery in the economy.

Source: http://www.nbcnews.com/business/stocks-bounce-back-house-reconvene-1C7753027

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Sudan says to get loan from Chinese state oil firm

KHARTOUM (Reuters) - Sudan will get a large loan from Chinese state oil firm China National Petroleum Corp (CNPC), the main oil operator in the Arab African country, state news agency SUNA reported.

Finance Minister Ali Mahmoud gave no details but said the loan would help stabilise the economy, which has been hit hard by the loss of most oil reserves to South Sudan, and the foreign exchange rate of the Sudanese pound, SUNA said on its website.

The loan would "lead to a radical change in the structure of the Sudanese economy," he said.

The finance minister also said CNPC, which was not immediately available for comment, had agreed to postpone repaying its previous loans for five years.

China is Sudan's most important trading partner apart from Gulf Arab countries and the biggest investor in the local oil industry.

Sudan has been struggling with a severe economic crisis since losing three quarters of oil production when South Sudan seceded in July 2011. Oil revenues were the biggest source for state revenues and foreign currency needed to fund food imports.

Source: http://news.yahoo.com/sudan-says-loan-chinese-state-oil-firm-101100419--finance.html

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Rep. Tim Scott picked to replace DeMint in Senate

COLUMBIA, S.C. (AP) ? Gov. Nikki Haley appointed Rep. Tim Scott to the U.S. Senate on Monday, making him the South's first black Republican senator since Reconstruction in a state whose politics is steeped in the history of slavery and Civil War.

"It speaks to the evolution of South Carolina and our nation," Scott, 47, said of his appointment to fill the seat vacated by Sen. Jim DeMint, a conservative who reigned his post with four years left in his second term to head a right-leaning think tank.

Haley, a daughter of Indian immigrants who became South Carolina's first female and minority governor in 2010, acknowledged making history with her appointment, but she stressed that she picked Scott for his conservative values.

"He earned this seat for what I know he's going to do in making South Carolina and our country proud," she said.

Scott, 47, will be sworn in Jan. 3. Senate Republicans welcomed the appointment, which comes more than a month after Republicans' poor performance with minorities in the election forced soul-searching in the party to broaden its appeal.

He'll become only the fourth black Republican in Senate history and the only black Republican in Congress, after Rep. Allen West of Florida lost his re-election bid last month.

"This is truly an historic moment for the Palmetto State from a governor who's broken more than a few barriers in her own career," Senate Republican Leader Mitch McConnell of Kentucky said.

Sen. Marco Rubio, R-Fla., one of two Hispanics in the Senate, called Scott "a passionate, thoughtful and sincere advocate for the people of South Carolina and for limited government principles."

Scott is certain to be front and center when Republicans talk about fiscal matters and other issues vital to the conservative base. It remains to be seen what committee assignments he will get. He had served on the House Rules Committee.

Scott's selection culminates a fast rise through South Carolina politics. Just four years ago, he was chairman of the Charleston County Council. The 2008 election made him the first black Republican in the South Carolina Legislature in more than a century, and in 2010, he won his seat in the U.S. House from his conservative coastal district with 65 percent of the vote.

Outside the Statehouse where Scott spoke, a statue still stands of post-Reconstruction former governor and U.S. senator Ben Tillman, who unapologetically advocated lynching any black who tried to vote. Another statue depicts the late Strom Thurmond, who still holds a record for a 24-hour filibuster of the Civil Rights Act of 1957.

But Scott has never dwelled on his race.

"I've never heard on the campaign trail, 'Besides the fact you're black or because you're black, here's what we want of you.' They asked me questions about values and issues, and that's an amazing thing. It speaks to the evolution of South Carolina and our nation," Scott said.

Scott will serve for two years and then face an election in November 2014. That would give South Carolina two Senate elections: one for Scott and the other for two-term Republican Sen. Lindsey Graham.

"I have no doubt he'll fly through 2014," Haley said of Scott.

Scott said he still believes in term limits and would likely limit himself to two terms in the Senate, starting with 2014.

After asking for a moment of silence for the victims of the Connecticut school shooting, Scott said he accepted the challenge of trying to help the country through troubling times.

"Our nation finds itself in a situation we need backbone. We need to make some very difficult decisions," Scott said. "I learned early in my 20s that if you have a problem with spending, there's not enough revenue to make up for it. We have a spending problem in America."

Scott grew up in poverty in North Charleston. His parents divorced when he was 7, and he remembered his mom working 16 hours a day to support him and his brother.

"To the single moms out there, don't give up on your kids. It may get tough. It may be challenging, but all things are truly possible," he said.

In high school, he said he was failing four courses and in danger of "flunking out of high school" until he met the late John Moniz, a conservative entrepreneur who ran a Chick-fil-A beside the movie theater where Scott worked.

They became friends and Scott said Moniz taught him important values and basic business principles.

Scott earned a degree in political science from Charleston Southern University, which is affiliated with the South Carolina Baptist Convention and touts how it integrates faith into learning and serving.

Graham, South Carolina's senior senator, said Scott has a unique opportunity to inspire others and be a leading voice for the conservative cause.

"When it comes to trying to explain what America's all about, I could not tell a better story than the story of Tim Scott," Graham said. "Tim is what America's all about."

The governor won't name a replacement for Scott. By state law, U.S. House vacancies are filled through a special election.

___

Associated Press Writer Donna Cassata in Washington contributed to this report.

Source: http://news.yahoo.com/rep-tim-scott-picked-replace-demint-senate-172547063--politics.html

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Good Reads: American manufacturing, Apple's new CEO, and a father-son journey to meet two presidents

A round-up of this week's long-form good reads include takes on America's manufacturing power, how religion is faring in the US, and the power of seeing a son in a new light.

By Dave Cook,?Staff writer / December 14, 2012

In this file photo, Apple CEO Tim Cook speaks following an introduction of the new iPhone 5 in San Francisco earlier this fall.

Eric Risberg/AP

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Things may finally be looking up for US manufacturing, James Fallows argues in the December issue of The Atlantic.?

Even in its battered condition, the American manufacturing sector is still the largest in the world, but its share of the US economy has declined from 20 percent in the early 1980s to just over 10 percent today. In the process, many high-paying jobs moved to China and other lower-wage countries, while Rust Belt communities in the United States were hard hit.

Two trends are likely to get trade winds blowing toward America again, Mr. Fallows contends. First, new technologies emerging in the US, such as 3-D printing, make it easier and faster to design, build, and refine products. Three-dimensional printing allows firms to use computerized molding systems to produce prototypes in minutes or hours. ?A revolution is coming to the creation of things, comparable to the Internet?s effect on the creation and dissemination of ideas,? one industrial design expert told Fallows.

At the same time, tumultuous changes in China are reducing its manufacturing advantages, complicating life for outsourcers and exporters. ?In China, wages are rising, workers are becoming choosier, public resistance to environmental devastation is growing, and the Chinese ?investment led? model is showing strain,? Fallows says.?

Apple?s new CEO

Apple chief executive officer Tim Cook talked extensively about management and corporate creativity in an interview with Bloomberg Businessweek editor Josh Tyrangiel.

Mr. Cook succeeded Apple?s late co-founder Steve Jobs. Mr. Jobs was a major shareholder in the Walt Disney Company and had seen how executives there wasted time trying to figure out what Disney himself would have done after the founder of the company had passed away. Jobs ?removed a tremendous burden for me,? Cook says, by instructing, ?I never want you to ask what I would have done. Just do what is right.?

Apple has taken heat for poor working conditions at massive Foxconn Technology Group factories in China where many of its products are assembled. Cook told Businessweek that Apple would start producing one line of its Mac computers in the US in 2013 ? a modest sign of the brightening prospects for US manufacturing mentioned above.

Creativity, in Cook?s definition, is ?people who care enough to keep thinking about something until they find the simplest way to do it.? He laughed about corporate innovation departments saying that having one ?is always a sign that something is wrong ... you know, put a for sale sign on the door.?

Source: http://rss.csmonitor.com/~r/csmonitor/globalnews/~3/uF1QmfGsiOE/Good-Reads-American-manufacturing-Apple-s-new-CEO-and-a-father-son-journey-to-meet-two-presidents

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