New push for most in US to get at least 1 HIV test

WASHINGTON (AP) — There's a new push to make testing for the AIDS virus as common as cholesterol checks.

Americans ages 15 to 64 should get an HIV test at least once — not just people considered at high risk for the virus, an independent panel that sets screening guidelines proposed Monday.

The draft guidelines from the U.S. Preventive Services Task Force are the latest recommendations that aim to make HIV screening simply a routine part of a check-up, something a doctor can order with as little fuss as a cholesterol test or a mammogram. Since 2006, the Centers for Disease Control and Prevention also has pushed for widespread, routine HIV screening.

Yet not nearly enough people have heeded that call: Of the more than 1.1 million Americans living with HIV, nearly 1 in 5 — almost 240,000 people — don't know it. Not only is their own health at risk without treatment, they could unwittingly be spreading the virus to others.

The updated guidelines will bring this long-simmering issue before doctors and their patients again — emphasizing that public health experts agree on how important it is to test even people who don't think they're at risk, because they could be.

"It allows you to say, 'This is a recommended test that we believe everybody should have. We're not singling you out in any way,'" said task force member Dr. Douglas Owens of Stanford University and the Veterans Affairs Palo Alto Health Care System.

And if finalized, the task force guidelines could extend the number of people eligible for an HIV screening without a copay in their doctor's office, as part of free preventive care under the Obama administration's health care law. Under the task force's previous guidelines, only people at increased risk for HIV — which includes gay and bisexual men and injecting drug users — were eligible for that no-copay screening.

There are a number of ways to get tested. If you're having blood drawn for other exams, the doctor can merely add HIV to the list, no extra pokes or swabs needed. Today's rapid tests can cost less than $20 and require just rubbing a swab over the gums, with results ready in as little as 20 minutes. Last summer, the government approved a do-it-yourself at-home version that's selling for about $40.

Free testing is available through various community programs around the country, including a CDC pilot program in drugstores in 24 cities and rural sites.

Monday's proposal also recommends:

—Testing people older and younger than 15-64 if they are at increased risk of HIV infection,

—People at very high risk for HIV infection should be tested at least annually.

—It's not clear how often to retest people at somewhat increased risk, but perhaps every three to five years.

—Women should be tested during each pregnancy, something the task force has long recommended.

The draft guidelines are open for public comment through Dec. 17.

Most of the 50,000 new HIV infections in the U.S. every year are among gay and bisexual men, followed by heterosexual black women.

"We are not doing as well in America with HIV testing as we would like," Dr. Jonathan Mermin, CDC's HIV prevention chief, said Monday.

The CDC recommends at least one routine test for everyone ages 13 to 64, starting two years younger than the task force recommended. That small difference aside, CDC data suggests fewer than half of adults under 65 have been tested.

"It can sometimes be awkward to ask your doctor for an HIV test," Mermin said — the reason that making it routine during any health care encounter could help.

But even though nearly three-fourths of gay and bisexual men with undiagnosed HIV had visited some sort of health provider in the previous year, 48 percent weren't tested for HIV, a recent CDC survey found. Emergency rooms are considered a good spot to catch the undiagnosed, after their illnesses and injuries have been treated, but Mermin said only about 2 percent of ER patients known to be at increased risk were tested while there.

Mermin calls that "a tragedy. It's a missed opportunity."

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Stock index futures signal lower start

LONDON (Reuters) - Stock index futures pointed to a lower open on Wall Street on Tuesday, with futures for the S&P 500 and Nasdaq 100 down 0.2 percent, and Dow Jones contracts down 0.1 percent at 0905 GMT.


Japan's Nikkei <.n225> ended a four-day winning run on Tuesday as investors took profits in exporters, which had rallied on hopes Japan's main opposition party would win next month's election and pressure the central bank for more stimulus steps.


European shares edged lower early on, with the French CAC 40 <.fchi> a core euro zone laggard after ratings agency Moody's issued a long-awaited downgrade of France's credit rating.


The U.S. Commerce Department releases housing starts and permits data for October at 1330 GMT, expected to show a pull-back after hefty gains in recent months. But a severe storm in late October could exaggerate the magnitude of the decline.


The Federal Reserve's Chairman Ben Bernanke speaks before the Economic Club of New York at 1715 GMT, a speech that may offer a fresh chance to gauge the Fed's appetite for more monetary stimulus. Market participants currently expect the Fed to step up asset purchases in 2013 after Operation Twist expires.


JPMorgan Chase & Co named little-known executive Marianne Lake as its chief financial officer on Monday, making her one of the most powerful women on Wall Street and the top ambassador to investors for the largest U.S. bank.


The U.S. International Trade Commission will review a judge's decision which found did not violate patents owned by Samsung Electronics in making the iPod touch, iPhone and iPad.


Tiger Global Management, a technology focused hedge fund run by Chase Coleman and Feroz Dewan, disclosed a big stake in Groupon Inc on Monday, a vote of confidence for the struggling daily deal website.


Best Buy reports quarterly results, expected to show a fall in earnings per shares to $0.12 from $0.47, as the world's largest consumer electronics chain struggles to fend off online and discount rivals. Investors are awaiting word on whether founder and top shareholder Richard Schulze comes through with a formal bid to take the company private.


Hewlett Packard, H.J. Heinz Company and salesforce.com are also among companies due to report results on Tuesday.


Archstone Inc, the apartment building owner and developer owned by Lehman Brothers Holdings Inc, said on Monday it plans to raise up to $3.45 billion in its initial public offering, making it the biggest U.S. commercial real estate IPO ever.


Stocks rose for a second consecutive session on Monday as investors were encouraged by the early atmosphere surrounding talks to tackle the nation's fiscal crunch.


President Barack Obama and the U.S. Congress hope to start serious negotiations after this week's Thanksgiving holiday on Thursday on how to avoid the "fiscal cliff," which has politicians and economists worried about the direction of the world's largest economy.


The Dow Jones industrial average <.dji> rose 207.65 points, or 1.65 percent, on Monday to 12,795.96 points. The Standard & Poor's 500 Index <.spx> was up 27.01 points, or 1.99 percent, at 1,386.89. The Nasdaq Composite Index <.ixic> was up 62.94 points, or 2.21 percent, at 2,916.07.


(Reporting By Francesco Canepa/editing by Chris Pizzey, London MPG Desk, +44 (0)207 542-4441)


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Israel pounds Gaza as rocket fire wanes; talks in Egypt

GAZA/JERUSALEM (Reuters) - Israel bombed dozens of suspected guerrilla sites in the Hamas-ruled Gaza Strip on Monday and Palestinian rocket fire from the enclave dropped off as international efforts to broker a truce intensified.


Ten civilians and two field commanders from the Islamic Jihad faction were killed and at least 30 other Palestinians were hurt in the new air strikes, hospital officials said, bringing the death toll from six days of clashes in Gaza to 85.


United Nations Secretary General Ban Ki-moon was due to arrive in Cairo to weigh in on ceasefire efforts led by Egypt, which borders both Israel and Gaza and whose Islamist-rooted government has been hosting leaders of Hamas.


Israeli media said a delegation from Israel had also been to Cairo for truce talks, though a spokesman for Prime Minister Benjamin Netanyahu's government declined comment on the matter.


The Gaza flare-up, and Israel's signaling that it could soon escalate from the aerial bombings to a ground sweep of the cramped and impoverished enclave, have stoked the worries of world powers watching an already combustible region.


As Hamas and other Islamist factions spurn permanent peace with the Jewish state, mediated deals for each to hold fire unilaterally have been the only formula for stemming bloodshed in the past. But each side now placed the onus on the other.


Izzat Risheq, aide to Hamas politburo chief Khaled Meshaal, wrote on Facebook that Hamas would enter a truce only after Israel "stops its aggression, ends its policy of targeted assassinations and lifts the blockade of Gaza".


Listing Israel's terms, Vice Prime Minister Moshe Yaalon wrote on Twitter: "If there is quiet in the south and no rockets and missiles are fired at Israel's citizens, nor terrorist attacks engineered from the Gaza Strip, we will not attack."


Yaalon also said Israel wanted an end to Gaza guerrilla activity in the neighboring Egyptian Sinai, a desert peninsula where lawlessness has spread during Cairo's political crises.


WESTERN SUPPORT


Israel's operation has so far drawn Western support for what U.S. and European leaders have called its right to self-defense in the face of years of cross-border attacks, but there have also been growing appeals for an end to the hostilities.


Sympathy for Israel may wear thin as the Gaza toll mounts. On Sunday, 11 Palestinian civilians were apparently killed during an Israeli attack on a militant which brought a three-storey family home crashing down on them.


"I am deeply saddened by the reported deaths of more than ten members of the Dalu family... (and) by the continuing firing of rockets against Israeli towns, which have killed several Israeli civilians. I strongly urge the parties to cooperate with all efforts led by Egypt to reach an immediate ceasefire," Ban said before leaving for Egypt. He visits Israel on Tuesday.


At least 22 of the Gaza fatalities have been children.


Netanyahu said he had assured world leaders that Israel was doing its utmost to avoid causing civilian casualties in Gaza.


In scenes recalling Israel's 2008-2009 winter invasion of Gaza, tanks, artillery and infantry have massed in field encampments along the sandy, fenced-off border and military convoys moved on roads in the area. Israel has also authorized the call-up of 75,000 military reservists, so far mobilizing around half that number.


A big, bloody rocket strike on Israelis might be enough for Netanyahu to give a green light for a ground offensive.


Three Israelis have been killed and dozens wounded in hundreds of salvoes since Wednesday. Some rockets reached as far as Tel Aviv, Israel's commercial capital, but were shot down by the country's air defense system.


As a precaution against the rocket interceptions endangering nearby Ben-Gurion International Airport, civil aviation authorities said on Monday new flight paths were being used. There was no indication takeoffs and landings at Ben-Gurion had been affected.


OVERNIGHT LULL


There was no rocket fire from Gaza between midnight and daybreak on Monday, the Israeli military said. It said a few cross-border launches followed in the early morning but there was no immediate word on casualties in southern Israel, where such salvoes usually set off sirens so residents can shelter.


Israel bombed some 80 sites in Gaza overnight, the military said, adding in a statement that targets included "under-ground rocket launching sites, terror tunnels and training bases" as well as "buildings owned by senior terrorist operatives".


Israel's declared goal is to deplete Gaza arsenals and force Hamas to stop rocket fire that has bedeviled Israeli border towns for years. The rockets now have greater range, putting Tel Aviv and Jerusalem within their reach - a strategic weapon for Gaza's otherwise massively outgunned guerrillas.


The southern resort city of Eilat was apparently added to the list of targets when residents said they heard explosions on Sunday and Monday thought to be rockets, though there was no word on casualties or damage.


Eilat is thought to be well out of the range of any rocket in possession of Hamas or any other Gaza group. But militants have in the recent past fired rockets at Eilat and its surroundings, using Egypt's Sinai desert as a launch site.


Hamas and other groups in Gaza are sworn enemies of the Jewish state which they refuse to recognize and seek to eradicate, claiming all Israeli territory as rightfully theirs.


Hamas won legislative elections in the Palestinian Territories in 2006 but a year later, after the collapse of a unity government under President Mahmoud Abbas the Islamist group seized control of Gaza in a brief and bloody civil war with forces loyal to Abbas.


Abbas then dismissed the Hamas government led by the group's leader Ismail Haniyeh but he refuses to recognize Abbas' authority and runs Gazan affairs.


While it is denounced as a terrorist organization in the West, Hamas enjoys widespread support in the Arab world, where Islamist parties are on the rise.


U.S.-backed Abbas and Fatah hold sway in the Israeli-occupied West Bank from their seat of government in the town of Ramallah. The Palestinians seek to establish an independent state in the West Bank and the Gaza Strip with East Jerusalem as its capital.


(Writing by Ori Lewis and Dan Williams; Editing by Catherine Evans) 䴀ˆ


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Justin Bieber Brings His Mom to the American Music Awards















11/18/2012 at 09:35 PM EST







Pattie Mallette and Justin Bieber


Jonathan Alcorn/Reuters/Landov


Mother knows best!

Despite his recent split from Selena Gomez, Justin Bieber still had a date for the 40th American Music Awards on Sunday: his mother, Pattie Mallette.

Malette – who recently penned Nowhere But Up: The Story of Justin Bieber's Mom – looked thrilled to pose for photographs with her son.

When Bieber won the first award of the night, for favorite pop/rock male artist, his proud mother, 38, beamed.

"I want to say this is for all the haters who thought I was just here for one or two years. I feel like I'm going to be here for a very long time," the singer said as he accepted the award.

The award was a highlight during a rocky week for Bieber, who on Friday reunited with Gomez, 20, for dinner at a Japanese restaurant in Los Angeles. But just five minutes after entering the restaurant, the couple emerged with Gomez looking visibly "mad," says a source.

Later that night, Bieber Tweeted "Things aren't always easy. there is a lot of pressure. im figuring it all out. im trying. but i care, i notice, i still hear u. #Beliebers."

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EU drug regulator OKs Novartis' meningitis B shot

LONDON (AP) — Europe's top drug regulator has recommended approval for the first vaccine against meningitis B, made by Novartis AG.

There are five types of bacterial meningitis. While vaccines exist to protect against the other four, none has previously been licensed for type B meningitis. In Europe, type B is the most common, causing 3,000 to 5,000 cases every year.

Meningitis mainly affects infants and children. It kills about 8 percent of patients and leaves others with lifelong consequences such as brain damage.

In a statement on Friday, Andrin Oswald of Novartis said he is "proud of the major advance" the company has made in developing its vaccine Bexsero. It is aimed at children over two months of age, and Novartis is hoping countries will include the shot among the routine ones for childhood diseases such as measles.

Novartis said the immunization has had side effects such as fever and redness at the injection site.

Recommendations from the European Medicines Agency are usually adopted by the European Commission. Novartis also is seeking to test the vaccine in the U.S.

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Global shares rally on U.S. fiscal hopes

LONDON (Reuters) - World shares rose and German government bond prices fell on Monday as investors were encouraged by an improving outlook for talks to resolve an imminent fiscal crunch in the United States.


U.S. lawmakers expressed confidence on Sunday that they could reach a deal to avert the $600 billion "fiscal cliff", which threatened to send the giant economy back into recession.


"If we don't get any deal, and the automatic provisions kick in, it will be a massive blow to economic confidence globally," said Ric Spooner, chief market analyst at CMC Markets.


"And any attempt to just kick this down the road for a later date is also going to have negative implications for the global economy, not just the United States."


However, the rally in share markets only erased part of the losses seen last week with investors still concerned about the ongoing battle to find a long-term funding solution for Greece and the rising tension in the Middle East.


The MSCI world equity index <.miwd00000pus> was up 0.5 percent at 318.94, recovering from a 2.7 percent loss last week, its biggest five-day fall since early June. MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> also rose 0.5 percent, recovering from Friday's nine-week low.


The FTSE Eurofirst 300 index <.fteu3> of top European shares was up 0.7 percent in early trading with London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> as much as 1.0 percent higher. <.l><.eu/>


In the bond market German Bund futures fell 14 ticks to 143.17, although they remain firmly within the 142.83 to 143.48 range that held throughout last week's trading, while U.S. debt futures also dipped.


DOLLAR STRENGTH


In the currency market the dollar rose on growing expectations that a new Japanese government, after the elections to be held next month, will push the Bank of Japan into taking aggressive monetary stimulus measures to boost economic growth.


The dollar rose to as high as 81.59 yen, its highest level since April 25, before settling to trade around 81.25 yen, down 0.2 percent from late U.S. trade on Friday.


The BOJ begins a two-day policy meeting on Monday, and is not expect to take fresh policy steps ahead of the December 16 vote.


The euro rose about 0.1 percent to $1.2755 as the market waits to see how euro zone finance ministers and the International Monetary Fund will resolve their differing views on managing Greece's debt mountain.


European officials are due to meet on Tuesday and are expected to discuss a two-year funding deal for Greece deal which would postpone any longer-term solution until after a September 2013 German general election.


"As the EU prepares a bundled aid package to avert a Greek default, headlines coming out of the meeting may fuel a relief rally in the euro, but we will maintain our bearish forecast for the single currency as the region faces a deepening recession," said David Song, currency analyst at DailyFX.


In oil markets, Brent crude rose to almost $110 a barrel as escalating violence between Israel and the Palestinians fuelled concerns about supplies from the Middle East.


Brent crude for January delivery was up $1 to $109.95 and U.S. crude futures gained 80 cents to $87.72 a barrel.


(Reporting by Richard Hubbard; Editing by Giles Elgood)


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Israel, Gaza fighting rages on as Egypt seeks truce

GAZA/JERUSALEM (Reuters) - Israel bombed Palestinian militant targets in the Gaza Strip from air and sea for a fifth straight day on Sunday, preparing for a possible ground invasion while also spelling out its conditions for a truce.


Palestinian fire into Israel subsided during the night but resumed in the morning, with two rockets targeting Tel Aviv. Both were shot down by Israel's Iron Dome air shield.


"As of now we have struck more than 1,000 targets, so Hamas should do the math over whether it is worth or not to cease fire," said Israeli Vice Prime Minister Moshe Yaalon.


"If there is quiet in the south and no rockets and missiles are fired at Israel's citizens, nor terrorist attacks engineered from the Gaza Strip, we will not attack," he wrote on Twitter.


Fifty Palestinians, about half of them civilians, including 14 children, have been killed since the Israeli offensive began, Palestinian officials said. More than 500 rockets fired from Gaza have hit Israel, killing three civilians.


Israel unleashed intensive air strikes on Wednesday, killing the military commander of the Hamas Islamist group that governs Gaza and spurns peace with the Jewish state.


Israel's declared goal is to deplete Gaza arsenals and press Hamas into stopping cross-border rocket fire that has plagued Israeli border towns for years and which has now targeted Tel Aviv and Jerusalem.


Air raids continued past midnight into Sunday, with warships shelling from the sea. Two Gaza City media buildings were hit, witnesses said, wounding six journalists and damaging facilities belonging to Hamas's Al-Aqsa TV as well as Britain's Sky News.


An employee of Beirut-based al Quds television station lost his leg in the attack, medics said.


An Israeli military spokeswoman said the strike had targeted a rooftop "transmission antenna used by Hamas to carry out terror activity". International media organizations demanded further clarification.


Three other attacks killed three children and wounded 14 other people, medical officials said.


Egyptian President Mohamed Mursi said in Cairo, as his security deputies sought to broker a truce with Hamas leaders, that "there are some indications that there is a possibility of a ceasefire soon, but we do not yet have firm guarantees".


Egypt has mediated previous ceasefire deals between Israel and Hamas, the latest of which unraveled with recent violence.


A Palestinian official told Reuters the truce discussions would continue in Cairo on Sunday, saying "there is hope", but that it was too early to say whether the efforts would succeed.


At a Gaza news conference, Hamas military spokesman Abu Ubaida voiced defiance, saying: "This round of confrontation will not be the last against the Zionist enemy and it is only the beginning."


SYRIAN FRONT


Israel's military also saw action along the northern frontier, firing into Syria on Saturday in what it said was a response to shooting aimed at its troops in the occupied Golan Heights. Israel's chief military spokesman, citing Arab media, said it appeared Syrian soldiers were killed in the incident.


There were no reported casualties on the Israeli side from the shootings, the third case this month of violence seen as a spillover of battles between Syrian President Bashar al-Assad's forces and rebels.


With Israeli tanks and artillery poised along the Gaza frontier for a possible ground operation, Prime Minister Benjamin Netanyahu convened his cabinet in Jerusalem on Sunday for its weekly meeting.


On Friday, ministers decided to double the current reserve troop quota set for the Gaza offensive to 75,000 and 30,000 soldiers have already been called up.


Israel's operation so far has drawn Western support for what U.S. and European leaders have called its right to self-defense, but there was also a growing number of calls from world leaders to seek an end to the hostilities.


British Prime Minister David Cameron "expressed concern over the risk of the conflict escalating further and the danger of further civilian casualties on both sides", in a conversation with Netanyahu, a spokesperson for Cameron said.


London was "putting pressure on both sides to de-escalate," the spokesman said, adding that Cameron had urged Netanyahu "to do everything possible to bring the conflict to an end."


Ben Rhodes, a deputy national security adviser to President Barack Obama, said the United States would like to see the conflict resolved through "de-escalation" and diplomacy, but also believed Israel had the right to self-defense.


Diplomats at the United Nations said Secretary-General Ban Ki-moon was expected to visit Israel and Egypt in the coming week to push for an end to the fighting.


A possible move into the densely populated Gaza Strip and the risk of major casualties it brings would be a significant gamble for Netanyahu, favored to win a January election.


The last Gaza war, a three-week Israeli blitz and invasion over the New Year of 2008-09, killed 1,400 Palestinians, mostly civilians. Thirteen Israelis died in the conflict.


The current conflagration has stirred the pot of a Middle East already boiling from two years of Arab revolution and a civil war in Syria that threatens to spread beyond its borders.


One major change has been the election of an Islamist government in Cairo that is allied with Hamas, potentially narrowing Israel's maneuvering room in confronting the Palestinian group. Israel and Egypt made peace in 1979.


In attacks on Saturday, Israel destroyed the house of a Hamas commander near the Egyptian border.


Casualties there were averted however, because Israel had fired non-exploding missiles at the building beforehand from a drone, which the militant's family understood as a warning to flee, witnesses said.


Israeli aircraft also bombed Hamas government buildings in Gaza on Saturday, including the offices of Prime Minister Ismail Haniyeh and a police headquarters.


Israel's "Iron Dome" missile interceptor system has destroyed more than 200 incoming rockets from Gaza in mid-air since Wednesday, saving Israeli towns and cities from potentially significant damage.


However, one salvo fired on Sunday evaded Iron Dome and wounded two people after hitting a house in the coastal city of Ashkelon, police said.


(Writing by Allyn Fisher-Ilan; Editing by Crispian Balmer)


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Kansas robber recognizes victim from prison, gives wallet back
















KANSAS CITY, Kansas (Reuters) – A Kansas robber who helped seize a man’s cell phone and wallet at gunpoint recognized the victim as an ex-convict he had served time with and gave the possessions back, police said on Thursday.


A Wichita, Kansas man reported that two young men approached him on the street late on Wednesday, one of them brandishing a large semi-automatic handgun, Wichita police Sergeant Joe Schroeder said.













The gunman demanded the victim’s phone and took his wallet while the second man searched his pockets, Schroeder said.


“Then, he (the second man) realized he spent some time in prison with him. He apologized, shook hands and walked away,” Schroeder said.


Although the victim went to police and said he knew one of the robbers in prison, the man said he did not think he could identify them in a suspect line-up, Schroeder said.


(Editing by Greg McCune and Eric Walsh)


Wireless News Headlines – Yahoo! News



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EU drug regulator OKs Novartis' meningitis B shot

LONDON (AP) — Europe's top drug regulator has recommended approval for the first vaccine against meningitis B, made by Novartis AG.

There are five types of bacterial meningitis. While vaccines exist to protect against the other four, none has previously been licensed for type B meningitis. In Europe, type B is the most common, causing 3,000 to 5,000 cases every year.

Meningitis mainly affects infants and children. It kills about 8 percent of patients and leaves others with lifelong consequences such as brain damage.

In a statement on Friday, Andrin Oswald of Novartis said he is "proud of the major advance" the company has made in developing its vaccine Bexsero. It is aimed at children over two months of age, and Novartis is hoping countries will include the shot among the routine ones for childhood diseases such as measles.

Novartis said the immunization has had side effects such as fever and redness at the injection site.

Recommendations from the European Medicines Agency are usually adopted by the European Commission. Novartis also is seeking to test the vaccine in the U.S.

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Wall Street Week Ahead: Going off "cliff" with a bungee cord

NEW YORK (Reuters) - The 1987 crash. The Y2K bug. The debt ceiling debacle of 2011.


All these events, in the end, turned out to be buying opportunities for stocks. So will the "fiscal cliff," some investors say as they watch favorite stocks tumble during the political give-and-take happening in Washington.


The first round of talks aimed at avoiding the "fiscal cliff" caused a temporary rise in equities on Friday, signaling Wall Street's recent declines could be a buying opportunity. The gains were small and sentiment remains weak, but it suggests hope for market bulls.


Though shares ended moderately higher on Friday, it was not enough to offset losses for the week. The S&P was down 1.5 percent, while both the Dow and the Nasdaq fell 1.8 percent.


The S&P 500 is down more than 5 percent in the seven sessions that followed President Barack Obama's re-election. Uncertainty arose as attention turned to Washington's task of dealing with mandated tax hikes and spending cuts that could take the U.S. economy back into recession.


Some see the market's move as an overreaction to hyperbolic headlines about policy gridlock in Washington, believing stocks may start to rebound in what should be a quiet few days ahead of the Thanksgiving holiday next Thursday.


"It just doesn't seem to make any sense that you suddenly wake up the day after the election and realize we've got a fiscal cliff," said Krishna Kumar, partner at New York hedge fund Goose Hollow Alpha Advisors.


Not long ago the S&P was on target for its second-best year in the last 10, riding a 17 percent advance in 2012. That's been halved to about 8 percent, which isn't bad but disappointing compared with just a month ago.


Investors have been selling the year's winners. Apple is down 25 percent from its peak above $700. General Electric is down 14 percent; Google has lost 16 percent. Overall, the stocks that make up the top 10 percent of performers in the month prior to Election Day have been the worst performers since, according to Bespoke Investment Group of Harrison, New York.


"I think it's a good opportunity to be long stocks at these levels," said Kumar.


Hikes on capital gains and dividend taxes are on the line, and Obama has dug in his heels on what he sees as a mandate to make the tax code more progressive.


He seems to have the upper hand in dealings with Congress because Republican lawmakers don't want to see tax rates increase, which is what will happen if no solution is found by the beginning of 2013. Republicans don't want to take the blame for driving the economy over the cliff.


The current crisis is similar to last year's fight to raise the U.S. debt ceiling, which led to the downgrade of the United States' top credit rating in early August 2011.


During the dealings, the S&P 500 lost 18.8 percent between its peak in July 2011 and its bottom in August. As the market slid, the political standoff badly hurt investors' confidence in Washington, setting off a spike in volatility.


In the end a deal was announced that raised the ceiling and put off longer-term fiscal decisions until January 1, 2013, setting the stage for today's "fiscal cliff" crisis.


After staying flat through September 2011, the S&P 500 jumped 31 percent between its October low and the end of March.


BUY THE DIP?


Gridlock in Washington and all that could possibly go wrong with the economy if a deal is not reached have grabbed the headlines, but the negotiations leave room for stock market gains. Congressional leaders said Friday they will work through the Thanksgiving holiday recess to find a solution.


"The debate over how to solve (the fiscal cliff) may be more productive than is commonly recognized," said Brad Lipsig, senior portfolio manager at UBS Financial Services in New York.


"The U.S. is facing a major debt overhang, and serious steps toward addressing it might ultimately be viewed as a positive for future growth," he said. "The market may recognize this and, after a time of hand wringing, recover from the concerns with a renewed sense of optimism."


The recent selling took the S&P 500's relative strength index - a technical measure of internal strength - below 30 this week, indicating the benchmark is oversold and due for a rebound.


The RSI in four of the 10 S&P sectors - utilities, telecoms, consumer staples and technology - is below 30 and the highest RSI reading, for the consumer discretionary sector, is below 40, suggesting a bounce is in store.


"What I want to do is what we did during the decline following the budget negotiations in the summer of 2011: The lower the stock market goes, the more I want to own stock," said Brian Reynolds, chief market strategist at New York-based Rosenblatt Securities.


"If we go off the cliff it will be with a bungee cord attached," he said.


KEEP CALM AND HEDGE


Volatility is expected to rise through the end of November and to spike in late December if no agreement on the fiscal cliff is reached in Congress. Alongside comes opportunity for those with high risk tolerance.


"Recently, volatility has increased in the market overall. You can't really pick it up in the VIX yet, but I think as we get through November, I think you're likely to see the VIX be at a relatively higher level," said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.


In 2011, the VIX averaged 19.2 in July and 35 in August. So far this month the average is 17.8 and it is expected to spike if negotiations on the cliff drag into late next month.


"Looking at the range of possibilities, I would say any of them would be better than sitting here waiting. I would even put going off the fiscal cliff in that category," said Jill Cuniff, president of Seattle-based Edge Asset Management Inc, which manages about $20 billion.


"But we don't believe Congress will let that happen; there's going to be some middle ground here."


(Reporting by Rodrigo Campos and Jonathan Spincer, additional reporting by Caroline Valetkevitch; Editing by Kenneth Barry)


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