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Wall Street finished one of the worst weeks of the year Friday, pushing Washington to work out a deal to avoid the tax increases and government spending cuts.
By Steve Rothwell,?AP Business Writer / November 9, 2012
Traders work on the floor of the New York Stock Exchange Friday. Remarks by re-elected President Barack Obama and House Speaker John Boehner on the looming fiscal cliff deadline didn't do much to cheer the market.
Brendan McDermid/Reuters
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Wall Street is peering over the "fiscal cliff" and feeling vertigo.
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The?stock?market finished one of the worst weeks of the year Friday, pushing Washington to work out a deal to avoid the tax increases and government spending cuts set to take effect Jan. 1.
Remarks by re-elected President Barack Obama and House Speaker John Boehner on the looming deadline didn't do much to cheer the market.?Stocks?finished barely higher for the day.
Chris Bertelsen, the chief investment officer at Global Financial Private Capital of Sarasota, Florida, said he expects Congress and Obama to reach a compromise to avoid the fiscal cliff.
"But it could well be the conventional U.S. political way of doing it ? the last minute type of stuff ? in which case the markets will be haunted by it until the point it happens," he said.
The Dow finished up 4.07 points at 12,815.39. The S&P advanced 2.34 points to 1,379.85, and the Nasdaq composite gained 9.29 points to 9,204.87.
For the week, the Dow Jones industrial average fell 277 points, or 2.1 percent. The Dow has fallen 795 points since hitting its closing high for the year, 13,610 on Oct. 5.
The S&P fell 2.3 percent during the week, its worst weekly decline since June 1, when investor concern about the debt crisis in Europe was rising.
Stocks?began their slide Wednesday in the biggest sell-off of the year after voters returned Obama, a Democratic Senate and a Republican House to power. Investors immediately turned to worrying about the cliff.
If the tax increases and spending cuts take full effect, the U.S. will likely fall back into recession, the Congressional Budget Office said Thursday.
Boehner said Friday that he remains unwilling to raise tax rates on upper-income earners. But he left open the possibility of balancing spending cuts with revenue increases that come from some revisions to the tax code.
Stocks?managed a small rally. The Dow was up about 30 points when Boehner started talking and about 80 points shortly after.
Then Obama said he would not accept any approach to federal deficit reduction that doesn't ask the wealthy to pay more in taxes. A spokesman later said Obama would veto legislation extending tax cuts for families making $250,000 or more.
The Dow began sliding just before Obama spoke, at 1 p.m. (1800 GMT), and had lost its gain for the day by 1:30.
As they head into talks with Obama next week on the fiscal cliff, congressional leaders no doubt remember what can happen on Wall Street when investors are worried and watching Washington's every move.
In September 2008, at the depths of the financial crisis, the House defeated a $700 billion emergency rescue of the nation's financial system, sending the Dow plunging 777 points.
The Dow also slid for eight straight days in the summer of 2011 as politicians squabbled over a deal to raise the nation's federal borrowing limit before eventually reaching an accord Aug. 1.
The index slipped as much as 634 points between July 27 as the political bickering intensified and Aug. 5, when S&P downgraded the national credit rating, citing the weakening of U.S. political institutions as a reason for the cut.
On Friday,?stocks?pared losses as investors took encouragement about the economy from a report by the University of Michigan showing that consumer confidence rose more than expected in November.
Stocks?are well below the highs of this year. The S&P is down 5.5 percent from its peak of 1,465 in September, when the Federal Reserve announced a third round of a bond-buying program intended to hold down borrowing costs.
The dimming outlook for Europe also weighed on markets this week. The European Commission, the executive arm of the European Union, cut its forecast for economic growth in the region Wednesday.
The yield on the 10-year Treasury note was little changed at 1.62 percent compared with 1.61 percent late Thursday. The yield on the benchmark government security has tumbled from as much as 1.84 percent Sept. 17, as investor aversion to risk has grown. Treasury yields fall as investor demand pushes up prices.
Among other?stocks?making big moves:
? Walt Disney fell $2.98, or 6 percent, to $47.06 after it said that advertising sales were flat at its ESPN unit, raising concern about the outlook for growth.
? Online deals company Groupon slumped $1.16, almost 30 percent, to $2.76 after it disclosed late Thursday that it was hurt by the economic problems in Europe and growth failed to meet expectations.
? J.C. Penney dropped $1.05 cents, or 4.8 percent, to $20.64 after the company reported a loss that was larger than investors were expecting. Shoppers have been abandoning the store after it got rid of blockbuster sales in favor of everyday low prices.
? Kayak Software surged $8.63, or 28 percent, to $39.67 after the company said it had agreed to be bought by rival travel website Priceline.com.
New, improved mouse model of human Alzheimer's may enable drug discoveryPublic release date: 8-Nov-2012 [ | E-mail | Share ]
Contact: Jeanne Galatzer-Levy jgala@uic.edu 312-996-1583 University of Illinois at Chicago
Researchers at the University of Illinois at Chicago College of Medicine have developed a transgenic mouse that carries a human gene known to increase risk of Alzheimer's 15-fold. This new mouse mimics the genetics of the human disease more closely than any of the dozen existing mouse models and may prove more useful in the development of candidate drugs to prevent or treat the disease.
The new mouse model provides new evidence for the earliest cause of Alzheimer's, researchers report in a study to be published in the December issue of the Journal of Biological Chemistry and now available online.
The model is a cross between an existing transgenic Alzheimer's mouse and a mouse carrying fully human apoE, a gene that in one of its three variants, apoE4, is the greatest genetic risk factor for Alzheimer's in the human population.
UIC biochemist Mary Jo LaDu says amyloid-beta, a peptide, or small protein, is known to underlie the disease and is a key component of the plaques observed in the brains of deceased Alzheimer's patients at autopsy. But in addition to clumping to form those large, visible plaques, the sticky molecule is also found in smaller, soluble aggregates called oligomers -- which may be the actual culprit.
"Though for a long time it was thought that amyloid plaques might cause the nerve death seen in Alzheimer's, researchers now believe that the neurotoxicity may lie in the smaller, soluble, oligomeric forms," said LaDu, who is associate professor of anatomy and cell biology at the UIC College of Medicine and principal investigator of the study.
But the researchers still faced a hurdle before they could test their hypothesis about the role of oligomeric amyloid-beta, said one of her UIC coworkers.
"There are few methods for detecting the different aggregate forms of amyloid-beta," said Leon Tai, a research assistant professor working with LaDu. So, he said, the team developed a highly specific monoclonal antibody, which enabled them to assay only the specific oligomeric form of amyloid-beta.
This new monoclonal antibody, along with the new mouse model, "allowed us to identify the earliest accumulations of amyloid-beta and the differences related to the different forms of apoE," said LaDu.
The results were definitive: transgenic mice with apoE4 show an increase in the oligomeric form of amyloid-beta compared to mice carrying the other, more benign versions of apoE, providing a mechanism for apoE-induced Alzheimer's risk. Thus, previous transgenic mice lacking this interaction were poor models, say the researchers.
In addition, if oligomeric amyloid-beta is the cause of the disease, then it is also the earliest disease marker. Thus, the new model offers a clear picture of therapeutic effects on the cause of the disease not possible with the methods and models currently available.
"More than just an Alzheimer's risk factor, patients with apoE4 often respond differently to therapeutics in clinical trials, in many cases negatively," said Tai, whose background includes drug discovery. "However, preclinical compound testing in transgenic mouse models that express human apoE has not been possible until now."
"A pre-clinical model for testing these compounds has been badly needed, so we don't find ourselves in clinical trials with therapeutics that fail," said LaDu. She has begun collaborations with other researchers at UIC and worldwide to focus on drug discovery.
"We are actively working to test and develop novel compounds that we believe will benefit all Alzheimer's patients," she said.
###
The research was funded by an Alzheimer's Association Zenith Grant, a UIC Center for Clinical and Translational Science Pilot Award, and National Institutes of Health/National Institute of Aging Program Project Grant NIH/NIA PO1AG030128.
Katherine Youmans, former UIC graduate student and now a postdoctoral researcher at Boston University, is first author of the paper. In addition to Youmans, Tai and LaDu, other authors are Evelyn Nwabuisi-Heath, Lisa Jungbauer and Chunjiang Yu from UIC; Takahisa Kanekiyo, Ming Gan and Guojun Bu of the Mayo Clinic in Jacksonville, Fla.; Jungsu Kim of Washington University School of Medicine; William Eimer of the Northwestern University Feinberg School of Medicine; G. William Rebeck of Georgetown University and Edwin Weeber of the University of South Florida.
Editor's Note: Images available at
http://newsphoto.lib.uic.edu/v/LaDu/
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AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
New, improved mouse model of human Alzheimer's may enable drug discoveryPublic release date: 8-Nov-2012 [ | E-mail | Share ]
Contact: Jeanne Galatzer-Levy jgala@uic.edu 312-996-1583 University of Illinois at Chicago
Researchers at the University of Illinois at Chicago College of Medicine have developed a transgenic mouse that carries a human gene known to increase risk of Alzheimer's 15-fold. This new mouse mimics the genetics of the human disease more closely than any of the dozen existing mouse models and may prove more useful in the development of candidate drugs to prevent or treat the disease.
The new mouse model provides new evidence for the earliest cause of Alzheimer's, researchers report in a study to be published in the December issue of the Journal of Biological Chemistry and now available online.
The model is a cross between an existing transgenic Alzheimer's mouse and a mouse carrying fully human apoE, a gene that in one of its three variants, apoE4, is the greatest genetic risk factor for Alzheimer's in the human population.
UIC biochemist Mary Jo LaDu says amyloid-beta, a peptide, or small protein, is known to underlie the disease and is a key component of the plaques observed in the brains of deceased Alzheimer's patients at autopsy. But in addition to clumping to form those large, visible plaques, the sticky molecule is also found in smaller, soluble aggregates called oligomers -- which may be the actual culprit.
"Though for a long time it was thought that amyloid plaques might cause the nerve death seen in Alzheimer's, researchers now believe that the neurotoxicity may lie in the smaller, soluble, oligomeric forms," said LaDu, who is associate professor of anatomy and cell biology at the UIC College of Medicine and principal investigator of the study.
But the researchers still faced a hurdle before they could test their hypothesis about the role of oligomeric amyloid-beta, said one of her UIC coworkers.
"There are few methods for detecting the different aggregate forms of amyloid-beta," said Leon Tai, a research assistant professor working with LaDu. So, he said, the team developed a highly specific monoclonal antibody, which enabled them to assay only the specific oligomeric form of amyloid-beta.
This new monoclonal antibody, along with the new mouse model, "allowed us to identify the earliest accumulations of amyloid-beta and the differences related to the different forms of apoE," said LaDu.
The results were definitive: transgenic mice with apoE4 show an increase in the oligomeric form of amyloid-beta compared to mice carrying the other, more benign versions of apoE, providing a mechanism for apoE-induced Alzheimer's risk. Thus, previous transgenic mice lacking this interaction were poor models, say the researchers.
In addition, if oligomeric amyloid-beta is the cause of the disease, then it is also the earliest disease marker. Thus, the new model offers a clear picture of therapeutic effects on the cause of the disease not possible with the methods and models currently available.
"More than just an Alzheimer's risk factor, patients with apoE4 often respond differently to therapeutics in clinical trials, in many cases negatively," said Tai, whose background includes drug discovery. "However, preclinical compound testing in transgenic mouse models that express human apoE has not been possible until now."
"A pre-clinical model for testing these compounds has been badly needed, so we don't find ourselves in clinical trials with therapeutics that fail," said LaDu. She has begun collaborations with other researchers at UIC and worldwide to focus on drug discovery.
"We are actively working to test and develop novel compounds that we believe will benefit all Alzheimer's patients," she said.
###
The research was funded by an Alzheimer's Association Zenith Grant, a UIC Center for Clinical and Translational Science Pilot Award, and National Institutes of Health/National Institute of Aging Program Project Grant NIH/NIA PO1AG030128.
Katherine Youmans, former UIC graduate student and now a postdoctoral researcher at Boston University, is first author of the paper. In addition to Youmans, Tai and LaDu, other authors are Evelyn Nwabuisi-Heath, Lisa Jungbauer and Chunjiang Yu from UIC; Takahisa Kanekiyo, Ming Gan and Guojun Bu of the Mayo Clinic in Jacksonville, Fla.; Jungsu Kim of Washington University School of Medicine; William Eimer of the Northwestern University Feinberg School of Medicine; G. William Rebeck of Georgetown University and Edwin Weeber of the University of South Florida.
Editor's Note: Images available at
http://newsphoto.lib.uic.edu/v/LaDu/
[ | E-mail | Share ]
?
AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert! system.
Please consider supporting this blog by subscribing. Read via email a weekly summary of posts here at Your Thriving Family. Or follow by RSS feed and peruse in your own time on a reader. Sara is a full-time mama of a daughter and two sons, all about 3 years apart. She is a wife to a her husband of almost 8 years, who has an amazing heart for working with youth. She is also a homemaker, gardener, chicken-raiser, doula, and an adjunct and Theatre Tech at a Christian University. She writes about family, food, marriage, children, miscarriage, pregnancy and God - trying to balance it all. Pushing her family to THRIVE, not just to survive!
Tomorrow night I'll know if I'm a U.S. congressman. We have run a vigorous campaign and expect to win, God willing.
But win or lose, I wanted to capture my feelings in the last moments of the campaign. And I want to do it now because I don't know how I'll feel tomorrow when the race is over. In these last hours of campaigning -- and I'm writing this between stops -- I'm feeling particularly vulnerable, like I have something to say.
First, campaigning has led me to a deep affection for the people of my district. I'm not just saying that. Before, I sort of knew them, but now I feel connected to them. Why? Because they're amazing. With the rarest of exception, they all welcomed me so warmly, laughed with me when I told them to "vote for the man with the beard," even if they didn't like Republicans. They took a minute to stop and tell me what was on their mind. If they were in a big rush, they still took our literature and wished me well. Almost no one treated me like I was a nuisance getting in their way.
The people who were the nicest? Some standouts were the Arab-Americans of Paterson. Consistently warm, friendly, hospitable. There was Raed who owns the Palestine Barber Shop and told me he personally registered 200 people for my opponent, but insisted on tidying up my hair so I looked like a more professional candidate. There was Ahmed who owns a restaurant, told me he was voting for Pascrell because he criticizes Israel, but pulled me and my kids in from the cold for a half-hour debate on the Middle East. Many Arabs spoke to me in Hebrew, reminding me they had grown up and lived in Israel.
The Community Baptist Church in Englewood is one of the largest black churches in our area. They hugged me, prayed with me, welcomed me, and treated me like family.
The Dominicans at their banquet. They got up to take pictures with me, escorted me from table to table, ran around trying to find me kosher food. And there is no question that the most fun I had in the campaign was dancing for four hours straight on the back of a truck at the Dominican Day Parade. (You can see the video at shmuleyforcongress.com)
The Korean-Americans, with their exceptionally polite manner. Hosting me at their debate and at their harvest festival, they wanted me to always feel at home.
More than anyone else, the good people of the Bergen County Republican Organization, BCRO, who never flinched for a moment when an orthodox Rabbi became their congressional candidate. To the contrary, they were immensely proud and treated me like a son at all times. The warmth shown to me by the Republican leaders of this district has been monumental, and that is especially true of Bob Yudin, the BCRO chairman.
On the campaign trail, I've loved making people laugh. Normally, when a candidate comes over to you to get your vote it's an annoyance. So I walked over to the women and asked them, "How many times in your life has a clean-shaven man let you down?" All of them said, "Many." Well, then you have to vote for the man with the beard. Case closed.
After 11 years as Rabbi at Oxford, I feared I would never encounter the same level of diversity like I found in a University that has students from all over the world. But our district is one of the most diverse in America. Meeting with and being greeted by people from every nationality made me experience a deeper, shared humanity.
In campaigning I've also been able to live the great Biblical teaching that every human being is created in the image of Gd. Democracy is all about the infinite worth of each individual, and the powerful see their fate rise and fall by the will of the people.
I've loved having my kids on the campaign trail. Our little Cheftziba, all of 4 years old, walks up to people and hands them our brochures. No doubt she's been responsible for more than a few votes. Shterny, my daughter in university, is the whiz behind so many of my campaign videos, including the super-popular "Vote for the Man with the Beard" and many in the "Where's Bill" series that have received so much national media attention. My wife Debbie doesn't like when people are mean to me on the campaign trail. As I said before, it hasn't happened a lot but when it did, she bristled. She's used to people coming over to thank me for my books. Meeting people who dislike me for my political party has taken some getting used to.
As far as democracy is concerned, here is where I've become less inspired and a bit more cynical. I've discovered that our democracy needs a severe overhaul with congressional districts that are not drawn up by professional politicians who gerrymander them in proverbial smoke-filled rooms. And I'm sick of hearing about Ohio. I think every American should be able to decide who their president is. But I'll save that for another day.
Vote for Shmuley! Vote for the man with the beard!
Rabbi Shmuley Boteach, whom The Washington Post calls "the most famous Rabbi in America," is the Republican Candidate for Congress in New Jersey's Ninth Congressional District. The international best-selling author of 29 books, he will shortly publish "The Fed-up Man of Faith: Challenging G-d in the Face of Tragedy and Suffering." His website is www.shmuleyforcongress.com . Follow him on Twitter @RabbiShmuley.
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Follow Rabbi Shmuley Boteach on Twitter: www.twitter.com/RabbiShmuley
As millions of Americans head to the polls Tuesday, most of the attention will be on the tight presidential race.
But there are a number of ballot initiatives across the country that could significantly impact state education systems. Here?s a look at how voters could change policies on school choice, merit pay and more. Check back with The Hechinger Report after Election Day to find out the results.
Florida: A ballot initiative in Florida, if passed, will remove language from the state?s constitution that bans religious institutions from receiving taxpayer money. The measure does not explicitly reference education, but if it is successful, it will likely pave the way for private-school vouchers. While Florida currently has a voucher program for special education students and a tax credit scholarship program for low-income students, its statewide voucher program was ruled unconstitutional in 2006 because it gave taxpayer money to religious schools. If this language is removed, it seems likely vouchers could be reinstated.
Georgia: If Georgia voters approve a new constitutional amendment, the state will set up a special commission to authorize new charters. Such a commission existed until 2011, when the State Supreme Court ruled it unconstitutional. Now, local school boards must first approve charter school applications. If the State Board of Education follows suit, the school can open. If the local school board rejects the application, would-be charter operators can still appeal to the state. The Georgia Board of Education can approve the charter, but it will only receive state and federal money ? not local property-tax funds.
If the amendment passes, the state commission would be able to grant charters, regardless of local board support. Opponents say the change will take money and control away from local school systems. Proponents argue it will increase school choice across the state.
Idaho: A slate of controversial education laws could be overturned in Idaho on Election Day. The state?s teachers union is leading the charge against three recently passed laws through propositions on the ballot.
Proposition 1 aims to repeal a law mandating that 50 percent of teacher evaluations be tied to student growth ? an increasingly common policy nationwide. The law also abolished teacher tenure, limited collective bargaining and eliminated incentives for early retirement. Proposition 2 would end Idaho?s new merit pay plan, which provides bonuses for teachers and administrators based on student growth on standardized tests. The law also allows for bonuses to be given to teachers who take hard-to-staff positions or leadership roles. And if a majority vote yes on Proposition 3, a law mandating that all students take two online classes before graduating high school will be repealed.
Maryland: Voters in Maryland will decide if undocumented immigrants will be eligible for in-state tuition at public universities. The Maryland legislature passed its own version of a federal bill that has yet to pass, the Development, Relief and Education for Minors (DREAM) Act, last year, which allowed undocumented immigrants who have attended high school in the state and first attend a community college to receive in-state tuition prices at Maryland colleges and universities. Opponents have argued the measure will encourage illegal immigration, but it looks likely the law will remain on the books. A Washington Post poll found 60 percent of voters supported it.
Washington: Washington is one of nine states that don?t allow charter schools. That could change if a ballot initiative passes that would allow the schools to open across the state. Such a measure has been rejected three times in the past. If the vote goes the other way this time, though, 40 charters may be authorized in the state over the next five years. A parent trigger provision is also written into the ballot. A majority of parents, or teachers, could vote to convert their traditional public school into a charter if the initiative passes.
This 4-port USB Wall Charger from Richard Solo goes right to the heart of traveling with mobile gadgets. ?Most of them are USB-chargeable, and you don’t want to carry around a wall charger for each, but you still want to be able to charge multiple devices at once. ?This wall charger has no standard AC [...]
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Public release date: 8-Nov-2012
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