Iran Says It Has Found New Uranium Deposits





DUBAI, United Arab Emirates (Reuters) — Days before resuming talks over its disputed nuclear program, Iran said Saturday that it had found significant new deposits of raw uranium and identified sites for 16 more nuclear power stations.




The state news agency IRNA quoted a report by the Atomic Energy Organization of Iran, which said that the reserves were discovered in northern and southern coastal areas and had tripled the amount outlined in previous estimates.


There was no independent confirmation. Western experts had previously thought that Iran, with few uranium mines of its own, might be close to exhausting its supply of raw uranium.


“We have discovered new sources of uranium in the country, and we will put them to use in the near future,” Fereydoun Abbasi-Davani, head of the Atomic Energy Organization, was quoted as saying at Iran’s annual nuclear industry conference.


The timing of the announcement suggested that Iran, by talking up its reserves and nuclear ambitions, may hope to strengthen its negotiating hand at talks in Kazakhstan on Tuesday with the United States, Russia, China, Britain, France and Germany.


Diplomats say the six powers are willing to offer Iran some relief from international sanctions if it agrees to curb its production of higher-grade enriched uranium.


The West says Iran’s enrichment of uranium to a purity of 20 percent demonstrates its intent to develop a nuclear weapons ability, an allegation the Islamic republic denies.


The enriched uranium required for use in nuclear reactors or weapons is produced in centrifuges that spin uranium hexafluoride gas at high speeds. The gas is derived from yellow cake, a concentrate from uranium ore found in mines.


Iran’s raw uranium reserves now total around 4,400 tons, including discoveries over the past 18 months, IRNA quoted the report as saying.


In another sign that Iran is intent on pushing forward with its nuclear ambitions, the report also said that 16 sites had been identified for the construction of nuclear power stations. It did not specify the exact locations but said they included coastal areas of the Persian Gulf, the Gulf of Oman, Khuzestan Province and the Caspian Sea.


The Iranian authorities have long announced their desire to build more nuclear power plants for electricity production. Only one currently exists, in the southern city of Bushehr, and it has suffered several shutdowns in recent months.


The announcements could further complicate the search for a breakthrough in Kazakhstan, after three unsuccessful rounds of talks between the sides in 2012.


“We are meeting all of our obligations under the Nuclear Nonproliferation Treaty, and we should be able to benefit from our rights,” Saeed Jalili, Iran’s chief nuclear negotiator, was quoted as saying at the conference on Saturday. “We don’t accept more responsibilities and less rights.”


In what Washington has called a provocative move, Iran is also installing new-generation centrifuges, capable of producing enriched uranium much faster, at a site in Natanz in the center of the country.


Western diplomats say the six powers will reiterate demands for the suspension of uranium enrichment to a purity of 20 percent, the closing of Iran’s Fordo enrichment plant, increased access for International Atomic Energy Agency inspectors and an agreement to address concerns on existing uranium stockpiles.


In return, the latest embargoes on gold and metals trading with Iran would be lifted. Iran has criticized the offer and says its rights need to be fully recognized.


If the West wants to start constructive talks with Tehran, “It needs to present a valid proposal,” Mr. Jalili said. In a statement issued before the Iranian announcement, the German foreign minister, Guido Westerwelle, said the six-power group wanted to enter a “substantial negotiation process” over Tehran’s nuclear program.


The talks in Kazakhstan “are a chance which I hope Iran takes,” he said.


Read More..

Ellie Krieger's Butternut Squash Soup: Recipe















02/23/2013 at 02:30 PM EST







Ellie Krieger's winter soup


Andrew Purcell; Inset: Getty


Spring may be around the corner, but for many, it's still mighty cold outside.

So cookbook author and Cooking Channel host Ellie Krieger is sharing this warming winter soup with PEOPLE. "This bowl of goodness is satisfying and simple to make," she tells PEOPLE.

An updated version of Ellie Krieger's book Small Changes, Big Results is in stores now.

Butternut Squash Soup
Serves 4

• 1 tbsp. olive oil

• 1 medium onion, chopped

• 2 cloves garlic, minced

• ¼ tsp. ground allspice

• ¼ tsp. ground ginger

• 4 cups cubed butternut or other winter squash, fresh or frozen

• 4 cups low-sodium chicken broth or vegetable broth
• ¾ tsp. salt
• 1 tbsp. maple syrup
• 4 tsp. plain low-fat yogurt for garnish (optional)

1. Heat the oil over medium heat in a 6-quart stockpot. Add the onion and cook until soft but not brown, about 6 minutes. Add the garlic, allspice and ginger, and cook, stirring frequently, for 1 minute more.

2. Add the squash, broth and salt, and bring to a boil. Reduce heat and simmer until squash is tender and the broth is slightly reduced, about 15 minutes for fresh squash and 5 minutes for frozen. Remove from heat and stir in maple syrup. Allow soup to cool slightly, then puree in a blender until smooth.

Read More..

FDA approves new targeted breast cancer drug


WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.


The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.


Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.


"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."


Cobleigh helped conduct the key studies of the drug at the Chicago facility.


The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.


The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.


Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.


FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.


Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.


FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug. Doctors are not required to follow FDA prescribing guidelines, and cancer researchers say the drug could have great potential in patients with earlier forms of breast cancer


Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.


Kadcyla was developed by South San Francisco-based Genentech using drug-binding technology licensed from Waltham, Mass.-based ImmunoGen. The company developed the chemical that keeps the drug cocktail together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.


Shares of ImmunoGen Inc. rose 2 cents to $14.32 in afternoon trading. The stock has ttraded in a 52-wek range of $10.85 to $18.10.


Read More..

Investors face another Washington deadline

NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.


Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.


Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.


"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.


Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.


But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.


National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.


"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.


OPTIONS BULLS TARGET GAINS


The spending cuts, if they go ahead, could hit the defense industry particularly hard.


Yet in the options market, bulls were targeting gains in Lockheed Martin Corp , the Pentagon's biggest supplier.


Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.


"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.


The stock ended up 0.6 percent at $88.12 on Friday.


If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp and Smith & Wesson Holding Corp could be affected.


General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.


EYES ON GDP DATA, APPLE


The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.


U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.


Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.


Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.


On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.


(Additional reporting by Doris Frankel; Editing by Kenneth Barry)



Read More..

The Lede: Syrian Television's Most Outraged Bystander

Last Updated, Friday, 2:41 p.m. In the aftermath of a deadly bombing in Damascus on Thursday, a man emerged from a small knot of bystanders crowded around a camera crew from Syrian state television to vent his anger at the foreign Islamist fighters he held responsible. “We the Syrian people,” he said, “place the blame on the Nusra Front, the Takfiri oppressors and armed Wahhabi terrorists from Saudi Arabia that are armed and trained in Turkey.”

A report on Thursday’s bombing in Damascus from Syrian state television’s YouTube channel.

Pointing at the ruined street near the headquarters of President Bashar al-Assad’s ruling Baath Party, the man described the location as “a civilian place — a mosque, an elementary school, the homes of local families.”

Watching a copy of the report online, Rime Allaf, a Syrian writer monitoring the conflict from Vienna, noticed that this man on the street, whose views so closely echoed those of the Syrian government, had a very familiar face. That is because, as opposition activists demonstrated last year, the same man had already appeared at least 18 times in the forefront or background of such reports since the start of the uprising.

After she posted a screenshot of the man’s latest appearance on Thursday, Ms. Allaf observed on Twitter that “it would be funny if there weren’t so many victims of Syria regime terrorism!”

As The Lede noted last July, the man was even featured in two more reports the same day, attending a small pro-Assad rally in Damascus.

Two pro-Assad television channels in Syria interviewed the same man on the street at a rally in July 2012.

Mocking the dark comedy of government-run channels recycling the same die-hard Assad supporter in so many reports, activists put together several video compilations of his appearances in the state media. The most comprehensive, posted online last June, featured excerpts from 18 reports (including two from international broadcasters).

A compilation of Syrian state media reports featuring the same Assad supporter again and again.

Another highlight reel, uploaded to YouTube 13 months ago by a government critic, showed that after the man had spoken at least five times on state-run television, he appeared in the background of a BBC report wearing a military uniform.

A man who is frequently interviewed on Syrian state television in civilian dress appeared in the background of a BBC report wearing a military uniform.

As longtime readers of The Lede may recall, during the dispute over Iran’s 2009 presidential election, opposition bloggers noticed that one particularly die-hard supporter of Mahmoud Ahmadinejad also appeared again and again and again in photographs of pro-government rallies.

While there is no way to determine just who is responsible for Syrian television’s frequent interviews with this same man on the street, there is some evidence that Iran has advised Syria on how to report bombings on state television.

Last year, when The Guardian published a trove of hacked e-mails taken from the in-boxes of Syrian officials, one message forwarded to the president appeared to include advice from Iranian state television’s bureau chief in Damascus on what his Syrian counterparts should report after bombings. That e-mail, from Hussein Mortada, a Lebanese journalist who runs coverage of Syria for the Iranian government’s satellite news channels, complained that the government was not heeding directions he had received “from Iran and Hezbollah,” the Lebanese militant group, about who Syria should blame for bomb attacks. “It is not in our interest to say that Al Qaeda is behind” every bombing, Mr. Mortada wrote, “because such statements clear the U.S. administration and the Syrian opposition of any responsibility.”

Friday, 2:28 p.m. Update: As a reader of The Lede pointed out on Twitter after this post was published, Syrian activists noticed that the frequent bystander had also appeared at the very start of a graphic video clip recorded just after the bomb attack in Damascus on Thursday. In the first few seconds of that clip, which was copied from a pro-Assad Facebook page by opposition activists, the bearded man appeared to be directing a group of men in civilian dress who rushed to a car to help a badly wounded victim of the bombing to an ambulance.

A copy of graphic video of the aftermath of a bombing in Damascus on Thursday, originally uploaded to a pro-Assad Facebook page.

A version of this article appeared in print on 02/22/2013, on page A4 of the NewYork edition with the headline: Backing Assad, In 18 Videos, A Recycled Fan.
Read More..

Diane Lane Signed Divorce Papers from Josh Brolin on Valentine's Day















02/22/2013 at 02:50 PM EST







Diane Lane and Josh Brolin


Justin Lubin/NBC/AP


There were likely no flowers or candy exchanged on Feb. 14 between Josh Brolin and soon-to-be ex-wife Diane Lane.

Lane signed her divorce documents on Valentines's Day, documents filed in Los Angeles Superior Court reveal. Lane also cited Feb. 13 as the date of their official separation, although a source tells PEOPLE it was earlier than that.

"They've been separated for several months. This was a hard decision for both of them to make," says a source close to the couple of their split. "The relationship just ran its course."

The pair, who married in a 2004 ceremony at Brolin's central California ranch, were first introduced by the actor's stepmother, Barbra Streisand, at a party in 2002.

Brolin, 45, was recently arrested and held for public intoxication just before midnight on New Year's Eve 2013, but he was released without charge.

Read More..

FDA approves new targeted breast cancer drug


WASHINGTON (AP) — The Food and Drug Administration has approved a first-of-a-kind breast cancer medication that targets tumor cells while sparing healthy ones.


The drug Kadcyla from Roche combines the established drug Herceptin with a powerful chemotherapy drug and a third chemical linking the medicines together. The chemical keeps the cocktail intact until it binds to a cancer cell, delivering a potent dose of anti-tumor poison.


Cancer researchers say the drug is an important step forward because it delivers more medication while reducing the unpleasant side effects of chemotherapy.


"This antibody goes seeking out the tumor cells, gets internalized and then explodes them from within. So it's very kind and gentle on the patients — there's no hair loss, no nausea, no vomiting," said Dr. Melody Cobleigh of Rush University Medical Center. "It's a revolutionary way of treating cancer."


Cobleigh helped conduct the key studies of the drug at the Chicago facility.


The FDA approved the new treatment for about 20 percent of breast cancer patients with a form of the disease that is typically more aggressive and less responsive to hormone therapy. These patients have tumors that overproduce a protein known as HER-2. Breast cancer is the second most deadly form of cancer in U.S. women, and is expected to kill more than 39,000 Americans this year, according to the National Cancer Institute.


The approval will help Roche's Genentech unit build on the blockbuster success of Herceptin, which has long dominated the breast cancer marketplace. The drug had sales of roughly $6 billion last year.


Genentech said Friday that Kadcyla will cost $9,800 per month, compared to $4,500 per month for regular Herceptin. The company estimates a full course of Kadcyla, about nine months of medicine, will cost $94,000.


FDA scientists said they approved the drug based on company studies showing Kadcyla delayed the progression of breast cancer by several months. Researchers reported last year that patients treated with the drug lived 9.6 months before death or the spread of their disease, compared with a little more than six months for patients treated with two other standard drugs, Tykerb and Xeloda.


Overall, patients taking Kadcyla lived about 2.6 years, compared with 2 years for patients taking the other drugs.


FDA specifically approved the drug for patients with advanced breast cancer who have already been treated with Herceptin and taxane, a widely used chemotherapy drug.


Kadcyla will carry a boxed warning, the most severe type, alerting doctors and patients that the drug can cause liver toxicity, heart problems and potentially death. The drug can also cause severe birth defects and should not be used by pregnant women.


Kadcyla was co-developed by South San Francisco-based Genentech and ImmunoGen Inc., of Waltham, Mass. ImmunoGen developed the technology that binds the drug ingredients together and is scheduled to receive a $10.5 million payment from Genentech on the FDA decision. The company will also receive additional royalties on the drug's sales.


Shares of ImmunoGen Inc. slipped 8 cents to $14.22 in afternoon trading. They have traded in a 52-wek range of $10.85 to $18.10.


Read More..

Deadly Bombings Hit Southern India City


Mahesh Kumar A/Associated Press


A member of the bomb squad with a sniffer dog arrived at a blast site in Hyderabad on Thursday.







NEW DELHI — Two bombs planted on bicycles killed at least 13 people and wounded some 70 in a busy shopping district in the southern India city of Hyderabad at the height of Thursday’s evening rush hour, the largest terrorist bombing in the country since September 2011.




Sushil Kumar Shinde, India’s home affairs minister, said the central government had warned state governments that such an attack was planned. “We have had some information for the last two days of such an incident,” he said.


Hyderabad, one of India’s largest cities and a leading center of the country’s burgeoning pharmaceutical and biotechnology industries, has suffered other such attacks in recent years, usually linked to sectarian friction. The blast sites on Thursday — in the Dilsukh Nagar neighborhood, packed with shops, restaurants, theaters and a huge produce market — were quickly mobbed by protesters, reporters, the curious, and politicians and their large security contingents. Television news footage in the hours afterward showed chaotic scenes, with some investigators trying to find the remains of explosive devices while huge numbers of people jostled for space around them.


Mr. Shinde, speaking to journalists in New Delhi, said that the bicycles were 150 meters away from each other and the bombs detonated about 10 minutes apart , killing eight at one site and three at the other. But he forewarned that the toll could rise, and it did so, with 13 reported dead by midnight.


In a Twitter message, Prime Minister Manmohan Singh said. “This is a dastardly attack, the guilty will not go unpunished.”


They and other officials sought to diminish the chances of the kind of sectarian rioting that has long plagued the country.


Asked in a news conference if he believed that Muslim extremists were to blame for the bicycle blasts, Mr. Shinde said: “We have to investigate. We should not come to conclusion immediately.”


Mr. Singh, said in another Twitter message, said: “I appeal to the public to remain calm and maintain peace.”


Asaduddin Owaisi, a Muslim member of Parliament from Hyderabad, called the blasts “cowardly.”


“I feel that the priority is to maintain peace,” he said. “Let us not fall pray to rumors.” The crush of government officials at the blast sites, along with their with enormous entourages and their own police squads, was portrayed by NDTV-News as particularly unhelpful. The money and resources spent on protecting bureaucrats and politicians has become a source of increasing controversy in India, especially in the wake of a highly publicized gang-rape case in December in New Delhi. But Indian politicians, like those elsewhere, often compete with each other to show who is tougher on acts of terrorism and other crimes.


“We’ve seen political leaders come into the area and hold press conferences,” the anchor on NDTV said. “That’s the last thing they should be doing.”


Kiran Kumar Reddy, the chief minister of Andhra Pradesh, held a news conference away from the scene late Thursday night and asked people to stay away from the blast areas. Renuka Chowdhury, a leader of the Indian National Congress Party, pleaded with other politicians to stay away as well.


“I really wish politicians would recognize this,” Ms. Chowdhury said.


The bombings in recent years in Hyderabad have often used homemade explosives.


In May 2007, 13 people died after a bomb went off at the Mecca Masjid, including some who were killed in clashes between the police and Muslim protesters afterward. In August 2007, a pair of synchronized explosions tore through two popular gathering spots in Hyderabad, killing at least 42 and wounding dozens. Police found and defused 19 more bombs in the hours after the blasts, left at bus stops, theaters, pedestrian bridges and intersections.


In New Delhi in September 2011, a briefcase exploded near the high court, killing at least 12 people and injuring scores.


Hari Kumar contributed reporting.



Read More..

Diane Lane and Josh Brolin Split















02/21/2013 at 02:25 PM EST







Josh Brolin and Diane Lane


Frank Micelotta/PictureGroup


After eight years of marriage, Josh Brolin and Diane Lane are splitting, their reps confirm to PEOPLE.

The pair, who married in a 2004 ceremony at Brolin's central California ranch, were first introduced by the actor's stepmother, Barbra Streisand, at a party in 2002.

Brolin, 45, was recently arrested and held for public intoxication just before midnight on New Year's Eve 2013, but he was released without charge.

Spotted without his wedding ring the following day, Brolin, donning sunglasses, seemed unfazed by the trouble as he ate with a male friend at Sauce on Hampton in Venice, Calif.

A few days later, Lane, 48, headed to the Palm Springs Film Festival – without her husband – where she presented an award to her former Unfaithful costar, Richard Gere.

Brolin was previously married to Alice Adair, with whom he had two children. Lane previously wed Christopher Lambert, and they had one child together.

Reporting by JENNIFER GARCIA

Read More..

Wall Street drops again, data raises growth concerns

NEW YORK (Reuters) - U.S. stocks fell on Thursday and were on track for their biggest two-day decline since November as weak data suggested expectations for economic growth were overly optimistic.


The two-day decline marked the U.S. stock market's first sustained pullback this year. The Standard & Poor's 500 is up 5.2 percent so far this year. The benchmark index has climbed for seven straight weeks, putting it near five-year highs.


In the latest economic data, initial claims for unemployment benefits rose more than expected last week while the Federal Reserve Bank of Philadelphia said its index of business conditions in the U.S. mid-Atlantic region fell in February to minus 12.5, the lowest in eight months.


"The Philly Fed report was troublingly weak, and adds to concerns about whether growth will remain up," said Brad Sorensen, director of market and sector analysis at Charles Schwab in Denver. "The only growth we're seeing is sluggish."


On Wednesday, the S&P 500 and the Nasdaq posted their worst daily declines of the year after the minutes from the Federal Reserve's most recent meeting sparked concerns that the central bank may rein in its economic stimulus measures.


"The upside momentum in markets appears to be coming to an end as we consolidate recent gains," said Adam Sarhan, chief executive at Sarhan Capital in New York. "If the S&P breaks under its 50-day moving average, something more serious could be in store."


The S&P 500 would need to fall 1.9 percent to reach that level of 1,473.58.


Other reports showed consumer prices were flat in January while existing-home sales edged higher and left the inventory of homes at the lowest level in 13 years.


Wal-Mart Stores Inc shares gained 2.5 percent to $70.94 and helped curb the Dow's decline after the world's largest retailer reported earnings that beat expectations, though early February sales were sluggish.


The Dow Jones industrial average <.dji> was down 70.03 points, or 0.50 percent, at 13,857.51. The Standard & Poor's 500 Index <.spx> was down 11.23 points, or 0.74 percent, at 1,500.72. The Nasdaq Composite Index <.ixic> was down 36.50 points, or 1.15 percent, at 3,127.92.


The benchmark S&P 500 index has dropped 1.9 percent over the past two sessions, the biggest two-day decline since November.


Wall Street will soon face another test with the upcoming debate in Washington over the automatic across-the-board spending cuts put in place as part of a larger congressional budget fight. Those cuts, set to kick in on March 1 unless lawmakers agree on an alternative, are expected to depress economic growth.


Semiconductor stocks ranked among the weakest of the day, pressuring the Nasdaq as the Philadelphia Semiconductor index <.sox> fell 1.8 percent. Intel Corp fell 2.2 percent to $20.27 while Advanced Micro Devices lost 4.8 percent to $2.57 as the S&P's biggest percentage decliner.


The semiconductor sector has performed well so far in 2013, rising 8.4 percent.


In company news, shares of supermarket operator Safeway Inc jumped 13.4 percent to $22.83 and ranked as the S&P 500's top percentage gainer after the company reported earnings that beat expectations.


In contrast, shares of VeriFone Systems Inc tumbled nearly 40 percent to $19.28 after the credit-card swipe machine maker forecast first- and second-quarter profits well below expectations.


Of the 427 companies in the S&P 500 that have reported results so far, 69.3 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data through Thursday morning.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.9 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


Berry Petroleum Co jumped 17.3 percent to $45.25 after oil and gas producer Linn Energy LLC said it would buy the company in an all-stock deal valued at $4.3 billion, including debt. Linn Energy shares advanced 1.9 percent to $37.33.


(Editing by Kenneth Barry and Jan Paschal)



Read More..