Wall Street rallies on "fiscal cliff" optimism

NEW YORK (Reuters) - U.S. stocks climbed on Tuesday, putting the S&P 500 on track for its best two-day run in a month, as investors gained confidence that "fiscal cliff" talks were progressing, even as significant differences separate Democrats and Republicans in Washington.

The gains followed a rally on Monday that lifted the S&P 500 to its highest point in nearly two months. Investors remain confident that Washington will come to an agreement to avoid a series of spending cuts and tax hikes before the end of the year that could hurt economic growth.

President Barack Obama's most recent offer makes concessions to the Republicans in taxes and entitlement spending, but House Speaker John Boehner said the offer is "not there yet," though he remains hopeful about an agreement. Senate Democrats, however, have expressed concern about entitlement cuts, particularly to Social Security.

"As you get more and more clarity and dialogue that there will be a compromise to avoid a fiscal cliff, I think the markets are going to rally," said Weston Boone, vice president of listed trading at Stifel Nicolaus Capital Markets, in Baltimore.

"What's holding this market back - the S&P 500 - from continuing to reach higher highs is the macro headwinds, and a lot of that emanates from (Washington) D.C."

For a second day, banks led the rally. Goldman Sachs Group shares shot up 3.1 percent to $127.30 and Morgan Stanley gained 3.2 percent to $19.13 after Jefferies Group reported a higher-than-expected adjusted quarterly profit.

Jefferies rose 2.9 percent to $18.77. The S&P 500 Financial Index <.gspf> climbed 1.2 percent.

"I think it's an expectation that if the fiscal cliff is resolved, it's going to be a better environment in 2013 for the financial names," said Michael James, senior trader at Wedbush Morgan in Los Angeles.

Shares of firearm makers sank on Tuesday as investors sold after the school shooting in Newtown, CT on Friday that killed 20 children and six adults.

Smith and Wesson fell 9.8 percent to $7.81, as the stock stayed on track for its busiest day in history. Sturm Ruger and Co slid 8.3 percent to $40.35.

The Dow Jones industrial average <.dji> jumped 104.46 points, or 0.79 percent, to 13,339.85. The Standard & Poor's 500 Index <.spx> rose 13.77 points, or 0.96 percent, to 1,444.13. The Nasdaq Composite Index <.ixic> gained 39.29 points, or 1.31 percent, to 3,049.89.

Tech shares rose, and gains in large-cap technology shares lifted the Nasdaq. Seagate Tech rose 4.9 percent to $29.41 while F5 Networks Inc gained 4.7 percent to $96.93. The S&P Information Technology Index <.gspt> rose 1.5 percent.

The S&P Energy Index <.gspe> also climbed 1.5 percent.

Baker Hughes Inc said third-quarter margins and revenue would be below its expectations because of lower land drilling activity and price erosion. Shares rose 4.3 percent to $42.3417, reversing a decline in the premarket session.

Arbitron Inc surged 23.6 percent to $47 after Nielsen Holdings NV agreed to buy the media and marketing research firm in a deal worth $1.26 billion. Nielsen rose 3.5 percent to $30.66.

(Editing by Jan Paschal)

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In Spain, Having a Job No Longer Guarantees a Paycheck

Working but Waiting:
The Times’s Suzanne Daley reports on struggling Spanish workers who have avoided losing their jobs but often face weeks or months without paychecks.

VALENCIA, Spain — Over the past two years, Ana María Molina Cuevas, 36, has worked five shifts a week in a ceramics factory on the outskirts of this city, hand-rolling paint onto tiles. But at the end of the month, she often went unpaid.

Still, she kept showing up, trying to keep her frustration under control. If she quit, she reasoned, she might never get her money. And besides, where was she going to find another job? Last month, she was down to about $130 in her bank account with a mortgage payment due.

“On the days you get paid,” she said at home with her disabled husband and young daughter, “it is like the sun has risen three times. It is a day of joy.”

Mrs. Molina, who is owed about $13,000 by the factory, is hardly alone. Being paid for the work you do is no longer something that can be counted on in Spain, as this country struggles through its fourth year of an economic crisis.

With the regional and municipal governments deeply in debt, even workers like bus drivers and health care attendants, dependent on government financing for their salaries, are not always paid.

But few workers in this situation believe they have any choice but to stick it out, and none wanted to name their employers, to protect both the companies and their jobs. They try to manage their lives with occasional checks and partial payments on random dates — never sure whether they will get what they are owed in the end. Spain’s unemployment rate is the highest in the euro zone at more than 25 percent, and despite the government’s labor reforms, the rate has continued to rise month after month.

“Before the crisis, a worker might let one month go by, and then move on to another job,” said José Francisco Perez, a lawyer who represents unpaid workers in the Valencia area. “Now that just isn’t an option. People now have nowhere to go, and they are scared. They are afraid even to complain.”

No one is keeping track of workers like Mrs. Molina. But one indication of their number can be seen in the courts, which have become jammed with people trying to get back pay from a government insurance fund, aimed at giving workers something when a company does not pay them.

In Valencia, Spain’s third-largest city, the unemployment rate is 28.1 percent and the courts are so overwhelmed that processing claims, which used to take three to six months, now takes three to four years.

Since the start of the crisis in 2008, the insurance fund has paid nearly a million workers nationally back pay or severance. In 2007, it paid 70,000 workers. It is on track to pay more than 250,000 this year, and experts say the figures would be much higher if not for the logjam in the courts.

Often the unpaid workers, like Mrs. Molina, whose company is now in bankruptcy proceedings, hope their labor will keep a struggling operation afloat over the long run. Unemployment benefits last only two years, they point out, and they wonder what they would do after that. But in the meantime, they cannot even claim unemployment benefits. And no amount of budgeting can cover no payment at all.

Beatriz Morales García, 31, said she could not remember the last time she went shopping for herself. A few years ago, she and her husband, Daniel Chiva, 34, thought that they had settled into a comfortable life, he as a bus driver and she as a therapist in a rehabilitation center for people with mental disabilities. His job is financed by the City of Valencia, and hers by the regional government of Valencia.

They never expected any big money. But it seemed reasonable to expect a reliable salary, to take on a mortgage and think about children. In the past year, however, both of them have had trouble being paid. She is owed 6,000 euros, nearly $8,000. They have cut back on everything they can think of. They have given up their landline and their Internet connection. They no long park their car in a garage or pay for extra health insurance coverage. Mr. Chiva even forgoes the coffee he used to drink in a cafe before his night shifts. Still, the anxiety is constant.

“There are nights when we cannot sleep,” he said. “Moments when you talk out loud to yourself in the street. It has been terrible, terrible.”

Mrs. Morales said it was particularly hard to watch other mothers in the park with their children while she must leave her own toddler to go to work, unsure she will ever get paid.

“We are working eight hours, and we’re suffering more than people who are not working,” she said.

The couple’s pay has been so irregular that they are having a hard time even keeping track of how much they are owed, because small payments show up sporadically in their account.

Rachel Chaundler contributed reporting.

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RIM begins BlackBerry 10 tests with business, government clients

TORONTO (Reuters) – Research In Motion Ltd said on Monday that it had begun a “beta testing” program that allows 120 companies and government departments to try out its new BlackBerry 10 smartphones before their global launch on January 30.

The Canadian company, which is trying to reverse a sharp decline in market share for the BlackBerry, said the program would enable so-called enterprise customers in business and government to size up the BB10.

Features of the BB10 include the ability to separate personal and business information so that the user can store both without compromising security.

RIM has struggled in recent years to hold on to its base of enterprise customers, which typically pay a higher subscription fee than consumers, as their employees push to use devices such as Apple Inc’s iPhone for business as well as personal communications.

“This is a crucial step for us in getting our large enterprise customers ready to support BlackBerry 10 at the point of launch date, as opposed to post-launch date,” Bryan Lee, senior director for enterprise accounts, said in a phone interview.

RIM is providing the software and handsets at no charge, and the companies do not have to buy anything once the trial is finished.

The company plans to release its quarterly results on Thursday, and analysts expect it to report its third straight loss as it struggles to sell its older devices.

RIM made its name selling mobile email devices to bankers, lawyers and other professionals before expanding to sell phones to consumers.

The company said the BB10 testers were from financial, insurance, healthcare, manufacturing, media, and distribution industries and include 64 Fortune 500 companies, as well as government departments.

Lee would not identify any of the entities, beyond Integris Health and the U.S. Immigration and Customs Enforcement agency, which have both said they are testing the new devices.

The customers have installed test versions of RIM’s new server software, which manages iPhones and devices using Google Inc’s Android software as well as BlackBerrys, and will each receive two preproduction BlackBerry 10 handsets later this week.

RIM shares were down 2.1 percent at C$ 13.59 in morning Toronto Stock Exchange trading.

The stock has rallied from September’s multiyear lows around C$ 6.50 on a wave of optimism over the new devices, but the share price is still far below mid-2008 highs of around C$ 150.

(Reporting by Alastair Sharp; Editing by Lisa Von Ahn)

Tech News Headlines – Yahoo! News

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Hilary Duff: I May Be 'One and Done' with My Son Luca

Mom & Babies
Celebrity Baby Blog

12/17/2012 at 01:00 PM ET

Steve Granitz/WireImage

This Christmas will mark the first as a family of three for Hilary Duff and she couldn’t be more excited to celebrate — Luca Cruz, lopsided tree and all.

“He’s into everything. I’m running around the house just trying to keep up with him. He’s so fast!” Duff, 25, tells Access Hollywood Live.

“He loves the Christmas tree. Obviously we have a funny looking Christmas tree [because] all the ornaments are at the top.”

Continuing with tradition, the trio — Duff, husband Mike Comrie and their 9-month-old son — will spend the holidays in Newport Beach, Calif. and take part in his family’s festivities.

“It’s nine kids going crazy, basically wrapping paper flying in the air, toys everywhere and mayhem,” she says. “We’re really looking forward to that  — we get to bring a baby this year! — so it’s really exciting.”

In addition to cherishing time with her son, animal advocate Duff recently contributed to A Letter to My Dog: Notes to Our Best Friends. And with her pack of pooches a big part of the household, the new mom and Comrie made it their priority to prep them for baby boy’s arrival last March.

“We kicked the dogs out of the bed a month before Luca came so they didn’t blame the baby for why they couldn’t sleep in the bed any more,” she explains.

“We gave them a blanket … that Luca’s smell had been on in the hospital — and it worked. Mike brought Luca in, I came and gave the blanket to the dogs and loved on them … They’ve been fine with him.”

Having just regained her pre-baby body, Duff admits adding another baby to the mix isn’t in the couple’s immediate future.

“Mike and I are literally obsessed with Luca. We’re like, ‘He’s perfect. We should just be one and done,’” she shares. ”But I think once your baby starts getting older you miss that phase and you go in for round two. Maybe when [Luca's] two or three?”

– Anya Leon

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Experts: No link between Asperger's, violence

NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.

Asperger's is a mild form of autism often characterized by social awkwardness.

"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.

Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.

A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.

High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.

Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.

"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.

"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.

Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.

Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.

"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.

She said those with Asperger's tend to focus on rules and be very law-abiding.

"There's something more to this," she said. "We just don't know what that is yet."

After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.

__

AP Writer Matt Apuzzo contributed to this report.

___

Online:

Asperger's information: http://1.usa.gov/3tGSp5

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S&P 500 rises more than 1 percent

In the aftermath of Friday's Newtown school shooting, we've heard tales mostly horrifying and occasionally heroic, from surviving witnesses and mourning citizens alike, but this one lies somewhere in between, all the more unshakeable. One six-year-old Sandy Hook student played dead in her first-grade classroom, her family pastor said late Sunday, with the kind of quick thinking that ended up saving her life but now leaves her with the unshakeable memories of watching all her classmates being shot and killed. ...

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The Hard Road Back: Chaplain with Traumatic Brain Injuries, Finds Tables Turned

A Counselor in Need:
Sent home from Iraq, Lt. Col. Richard Brunk, an Army chaplain, returned to Houston, where he is learning to cope with a serious brain injury.

It was Lt. Col. Richard Brunk’s second Sunday in Baghdad, and so, of course, there was church. Only 16 soldiers showed up, but that was good for that busy day, election day across Iraq. The presiding chaplain asked everyone to take seats up front. It was a providential move.

A 122-millimeter rocket exploded outside, virtually collapsing the rear of the chapel. Colonel Brunk was pitched forward, an outstretched arm failing to stop his head from hitting the marble floor. Gathering himself amid the chaos, he noticed some foil-wrapped chocolates scattered like pebbles before him and offered one to the chaplain, sprawled on the ground nearby.

“If I’m going to die, it’s going to be with chocolate on my breath,” the colonel said jokingly. The chaplain moved his lips in reply. “And I realized: ‘Uh oh, I’ve got a problem,’ ” Colonel Brunk recalled. “Because I couldn’t hear him.”

The explosion broke Colonel Brunk’s wrist, shattered both his eardrums and rattled his skull, medical records show. It would be the first of two major blasts in 2005 that traumatically injured his brain.

Seven years later, the symptoms have not gone away. Colonel Brunk, who retired from the Army this summer, regained his hearing, but he still has daily headaches, ringing in his ears, double vision and dizziness, all typical of traumatic brain injury, or T.B.I. Occasionally he struggles to remember once-familiar words, faces and names.

The military says it has diagnosed more than 260,000 cases of T.B.I. since 2000, about 42,000 of them involving deployed troops. That is less than 2 percent of the service members sent to Iraq and Afghanistan, and many experts believe that the actual number is higher. Though three in four of those cases were labeled “mild,” many veterans like Colonel Brunk have struggled with powerful aftereffects for years.

In his case, age has been a factor. A chaplain himself, Colonel Brunk was 54 when he was injured, a rarity in these wars, where 99 percent of the 2.3 million troops who deployed to Iraq or Afghanistan were under 50. Now 62, he faces a much steeper path to recovery than a younger person, doctors say.

But emerging research shows that traumatic brain injuries may have long-term effects on troops of all ages. A study by the University of Oklahoma this year, for instance, found that a majority of veterans treated at a traumatic brain injury clinic continued having headaches, dizziness and poor coordination eight years after their injuries.

Data from the Center for the Study of Traumatic Encephalopathy at Boston University suggests that multiple traumatic brain injuries during one’s youth may be linked to degenerative brain disease later in life.

Colonel Brunk’s story underscores another important issue: how poorly the military understood brain injuries early in the wars.

Since 2009, the Pentagon has required troops suspected of having head injuries to rest immediately after blast exposure, a crucial period when brains can often heal themselves, doctors say.

But in 2005, Colonel Brunk was allowed to return to work within hours of his first exposure. When doctors eventually recognized that he had neurological damage, he was sent home for about three months but was treated mainly for hearing problems. He was then permitted to return to Iraq, at his own request, where he had a second, potentially devastating head injury.

He had gone to war not expecting to experience warfare quite so intimately. But once he was hurt, he was determined to rejoin his battalion and finish the tour with his flock. And like many of those soldiers, he did his level best to ignore injury, pain and, eventually, a collapsing marriage.

“I went to Iraq a chaplain,” Colonel Brunk says. “But I came home a soldier.”

But to those close to him, his dogged good cheer was a mask that did not always serve him well. “People look at him and say, ‘That’s Chaplain Brunk, he can’t be having problems,’ ” said Kathy Curry, a close friend. “But he’s got problems at home. He’s got T.B.I. He’s got pain.”

And so, not long after meeting him, Ms. Curry felt compelled to ask: Who counsels you? Who counsels the counselor?

The answer, for a time at least, was nobody.

He had wanted to be a doctor, but college microbiology killed that notion. So he followed his father, an Army chaplain, into the ministry, leading Texas parishes of the Evangelical Lutheran Church while volunteering as chaplain for fire departments and hospitals. But the military, a family tradition, called.

In the fall of 1989, Colonel Brunk found himself chatting with an Army chaplain recruiter at a church convention in New Orleans. By the end of their stroll down Bourbon Street, the minister had signed on for the Texas National Guard. He was 39.

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Kelly Clarkson Shows Off Her Canary Diamond Engagement Ring

Stylewatch
Style News Now

12/16/2012 at 11:25 AM ET

Kelly Clarkson on WhoSay

Looks like the ginormous carat club has a new member.

Kelly Clarkson showed off her engagement ring on WhoSay on Saturday, hours after announcing her engagement to Brandon Blackstock.

“Everyone has been asking about my engagement ring, so here it is,” she wrote. “It’s a yellow canary diamond with diamonds around it and Brandon designed it with Johnathon Arndt! They did an amazing job!”

Clarkson and Blackstock, a talent manager, began dating late last year. But by November, Clarkson was already eager for some bling. She told Ellen DeGeneres, “I mean, he’s got to put a ring on [it] at some point.”

Now that she has her rock, she’s already thinking wedding bands, too. As she wrote on Twitter, “I can’t wait to make Brandon’s ring with Johnathon as well!” Tell us: What do you think of Clarkson’s ring?

PHOTOS: SEE THE BIGGEST STAR ENGAGEMENT RINGS OF 2012!

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Experts: No link between Asperger's, violence

NEW YORK (AP) — While an official has said that the 20-year-old gunman in the Connecticut school shooting had Asperger's syndrome, experts say there is no connection between the disorder and violence.

Asperger's is a mild form of autism often characterized by social awkwardness.

"There really is no clear association between Asperger's and violent behavior," said psychologist Elizabeth Laugeson, an assistant clinical professor at the University of California, Los Angeles.

Little is known about Adam Lanza, identified by police as the shooter in the Friday massacre at a Newtown, Conn., elementary school. He fatally shot his mother before going to the school and killing 20 young children, six adults and himself, authorities said.

A law enforcement official, speaking on condition of anonymity because the person was not authorized to discuss the unfolding investigation, said Lanza had been diagnosed with Asperger's.

High school classmates and others have described him as bright but painfully shy, anxious and a loner. Those kinds of symptoms are consistent with Asperger's, said psychologist Eric Butter of Nationwide Children's Hospital in Columbus, Ohio, who treats autism, including Asperger's, but has no knowledge of Lanza's case.

Research suggests people with autism do have a higher rate of aggressive behavior — outbursts, shoving or pushing or angry shouting — than the general population, he said.

"But we are not talking about the kind of planned and intentional type of violence we have seen at Newtown," he said in an email.

"These types of tragedies have occurred at the hands of individuals with many different types of personalities and psychological profiles," he added.

Autism is a developmental disorder that can range from mild to severe. Asperger's generally is thought of as a mild form. Both autism and Asperger's can be characterized by poor social skills, repetitive behavior or interests and problems communicating. Unlike classic autism, Asperger's does not typically involve delays in mental development or speech.

Experts say those with autism and related disorders are sometimes diagnosed with other mental health problems, such as depression, anxiety, bipolar disorder or obsessive-compulsive disorder.

"I think it's far more likely that what happened may have more to do with some other kind of mental health condition like depression or anxiety rather than Asperger's," Laugeson said.

She said those with Asperger's tend to focus on rules and be very law-abiding.

"There's something more to this," she said. "We just don't know what that is yet."

After much debate, the term Asperger's is being dropped from the diagnostic manual used by the nation's psychiatrists. In changes approved earlier this month, Asperger's will be incorporated under the umbrella term "autism spectrum disorder" for all the ranges of autism.

__

AP Writer Matt Apuzzo contributed to this report.

___

Online:

Asperger's information: http://1.usa.gov/3tGSp5

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Wall Street Week Ahead: Holiday "on standby" as clock ticks on cliff

NEW YORK (Reuters) - The last two weeks of December are traditionally quiet for stocks, but traders accustomed to a bit of time off are staying close to their mobile devices, thanks to the "fiscal cliff."

Last-minute negotiations in Washington on the so-called fiscal cliff - nearly $600 billion of tax increases and spending cuts set to take effect in January that could cause a sharp slowdown in growth or even a recession - are keeping some traders and analysts from taking Christmas holidays because any deal could have a big impact on markets.

"A lot of firms are saying to their trading desks, 'You can take days off for Christmas, but you are on standby to come in if anything happens.' This is certainly different from previous years, especially around this time of the year when things are supposed to be slowing down," said J.J. Kinahan, chief derivatives strategist at TD Ameritrade in Chicago.

"Next week is going to be a Capitol Hill-driven market."

With talks between President Barack Obama and House Speaker John Boehner at an apparent standstill, it was increasingly likely that Washington will not come up with a deal before January 1.

Gordon Charlop, managing director at Rosenblatt Securities in New York, will also be on standby for the holiday season.

"It's a 'Look guys, let's just rotate and be sensible" type of situation going on," Charlop said.

"We are hopeful there is some resolution down there, but it seems to me they continue to walk that political tightrope... rather than coming up with something."

Despite concerns that the deadline will pass without a deal, the S&P 500 has held its ground with a 12.4 percent gain for the year. For this week, though, the S&P 500 fell 0.3 percent.

BEWARE OF THE WITCH

This coming Friday will mark the last so-called "quadruple witching" day of the year, when contracts for stock options, single stock futures, stock index options and stock index futures all expire. This could make trading more volatile.

"We could see some heavy selling as there is going to be a lot of re-establishing of positions, reallocation of assets before the year-end," Kinahan said.

RETHINKING APPLE

Higher tax rates on capital gains and dividends are part of the automatic tax increases that will go into effect next year, if Congress and the White House don't come up with a solution to avert the fiscal cliff. That possibility could give investors an incentive to unload certain stocks in some tax-related selling by December 31.

Some market participants said tax-related selling may be behind the weaker trend in the stock price of market leader Apple . Apple's stock has lost a quarter of its value since it hit a lifetime high of $705.07 on September 21.

On Friday, the stock fell 3.8 percent to $509.79 after the iPhone 5 got a chilly reception at its debut in China and two analysts cut shipment forecasts. But the stock is still up nearly 26 percent for the year.

"If you owned Apple for a long time, you should be thinking about reallocation as there will be changes in taxes and other regulations next year, although we don't really know which rules to play by yet," Kinahan said.

But one indicator of the market's reduced concern about the fiscal cliff compared with a few weeks ago, is the defense sector, which will be hit hard if the spending cuts take effect. The PHLX Defense Sector Index <.dfx> is up nearly 13 percent for the year, and sits just a few points from its 2012 high.

(Reporting by Angela Moon; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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