Issue link: https://www.epageflip.net/i/208176
4B Daily News – Friday, November 8, 2013 Stocks sink on Fed worries, but Twitter surges NEW YORK (AP) — Twitter popped, but the rest of the market dropped. Twitter wowed investors with a 73 percent surge on its first day of trading Thursday. The broader market, however, had its worst day since August as traders worried that the Federal Reserve could cut back on its economic stimulus. The cause of that worry was a surprisingly strong report on U.S. economic growth in the third quarter. That led investors to believe the Fed could start pulling back as soon as next month, sooner than many anticipated. After 33 record-high closes this year, an increasing number of investors believe the stock market has become frothy and is ready for a pullback. The first-day surge in Twitter, a company that Wall Street has never made a profit, was the latest example. ''The market had rallied a heck of a lot and to justify further gains, we really need to see the economy improving or corporate earnings picking up,'' said Alec Young, global equity strategist with S&P Capital IQ. The Standard & Poor's 500 index fell 23.34 points, 1.3 percent, to 1,747.15. Even after Thursday's drop, the index is still up 22.5 percent this year. The last time the benchmark index had a bigger gain for a whole year was in 2009. The Dow Jones industrial average retreated from the record high it set the day before, giving up 152.90 points, or 1 percent, to close at 15,593.98. The Nasdaq composite lost 74.61 points, or 1.9 percent, to 3,857.33. Twitter soared $18.90 to $44.90. Twitter priced its initial public offering Wednesday night at $26 per share. What got traders concerned about a pullback by the Fed was a report from the government early in the day that the U.S. economy expanded at an annual rate of 2.8 percent in the third quarter, up from 2.5 percent in the previous quarter and more than economists anticipated. The robust growth ''certainly raises the possibility of the Fed pulling back in December,'' said Peter Cardillo, chief market economist at Rockwell Global Capital. ''The Fed is going to test the water.'' The Fed is buying $85 billion of bonds every month to hold down interest rates and encourage hiring and borrowing. The program has also helped drive the stock market rally by lowering bond yields, making them less appealing to investors. Another key economic report comes out on Friday, the government's jobs survey for October. Economists forecast that U.S. employers added 122,000 jobs, down from 148,000 the month before, reflecting a 16day partial shutdown of the federal government. The jobs report ''has people a little on edge'' said Erik Davidson, deputy chief investment officer of Wells Fargo Private Bank. ''We're expecting a modest number but it's really hard to say what the impact of the government shutdown will be.'' In government bond trading, the yield on the 10-year Treasury note fell to 2.60 percent from 2.64 percent. 'Ready for Hillary' campaign off and running, even if candidate isn't By Matea Gold The Washington Post. LOS ANGELES - The line of cars waiting to be valet parked outside The Exchange, a downtown nightclub here, was proof of how dramatically the mechanics of politics can change in just one election cycle. In the lead-up to the 2012 presidential election, super PACs devoted to helping one candidate were still exotic new creatures - the realm of savvy political operatives and deep-pocketed donors, and largely the domain of the right. But now - three years before voters will select the next occupant of the White House - a group called Ready for Hillary is already setting its sights on 2016, raising money and drawing together supporters for a potential Hillary Clinton presidential bid. Inside the club Wednesday night, more than 400 mostly twentysomethings milled around the cavernous dance floor, sipping $8 drinks such as The Rodham (Jack Daniels with peach schnapps, sweet & sour, orange juice, 7-Up and a splash of grenadine) or The Hillary (a simple shot of Crown Royal). Never mind that the potential candidate wasn't there - and says she has not yet made up her mind whether to run. The event (entry fee: $20.16.) was the fourth low-dollar fundraiser that Ready for Hillary has staged around the country in recent weeks. It had all the hallmarks of a professional campaign event: the group's red, white and blue logo projected in huge letters above the stage, a slickly produced video and pulsating pop anthems. "Why do we exist?" Michael Trujillo, a senior adviser to the group, asked he stood on the stage. "Our job is to basically convince, to urge, to nudge, to hug Hillary Clinton into the presidential race." Trujillo threw Ready for Hillary t-shirts into the crowd, then shouted: "Who do we want?" "Hillary!" the audience called back. "I couldn't be more Through a Child's Eyes… A special contest bringing Tehama County school children and local businesses together … to the delight of Daily News readers! Selected student-designed ads published in a stand-alone section of the Daily News Saturday, December 21, 2013 • Participating businesses agree to let school children in grades 2-8 create and draw a special ad for them. • Participating businesses choose the winner from the ads designed by the children. • Winning children's ads appear in a special section of The Daily News on Saturday, December 21, one for each participating business. • First and Second place winners in three separate age categories receive cash awards and special recognition in the newspaper. • Ads published are all the same size (apx. 5" wide x 3 1/4" tall) Business Operators: Deadline to commit to participate: TUES., NOV. 19 …so we can provide list of businesses to local classrooms $ 00 Business Sponsorship/Advertising cost: Includes publication in the Daily News Online Digital Edition 99 Call your Advertising Representative TODAY! DAILY NEWS RED BLUFF TEHAMA COUNTY 527-2151 advertise@redbluffdailynews.com excited," said Sri Ramesh, a member of the College Democrats at the University of Southern California. "She resonates with me. I identify with her a lot." The L.A. fundraiser netted just $8,000 for Ready for Hillary, though organizers stressed that they are less focused on raising huge sums and more intent on building a national network of supporters ready to back her bid. The super PAC, launched by Clinton fans early this year , is now guided by some veteran Clinton hands, though its backers stress that no one close to the former Secretary of State has indicated whether she approves of the effort. A Clinton spokesman did not respond to a request for comment on the super PAC. Clinton is set to be honored in Los Angeles this weekend by the nonprofit International Medical Corps and the U.S.-Mexico Foundation. Super PACs and other independent groups aren't allowed to directly coordinate with candidates or party committees, but they can help gin up attention and support for White House hopefuls. As New Jersey Gov. Chris Christie, a Republican, cruised to reelection this week in a landslide, a group of Midwestern fans launched Ready for Christie, a super PAC modeled on the Clinton group and aimed at cajoling Christie to run in 2016. Ready for Hillary is quickly beginning to take on the veneer of a fullfledged campaign operation, with 12 paid staffers working out of new headquarters in Rosslyn, Va., and a team of 30 in all, including fundraisers and consultants. The group says it has pocketed donations from 20,000 contributors and logged more than 1 million supporters on Facebook. Next week, members of its national finance committee - a group that now includes billionaire George Soros - will meet in New York, joined by liberal activist David Brock, pollster Geoff Garin and former Michigan governor Jennifer Granholm. The group's aggressiveness has triggered some consternation in Hillaryland, as some former aides worry that the super PAC will confuse donors looking to get in early on a Clinton bid. Some allies have been pushing to turn Priorities USA Action, the super PAC that spent on behalf of President Obama in 2012, into the main pro-Clinton media group. Ready for Hillary officials have sought to tamp down concerns by capping donations at $25,000, leaving bigger checks to others. "I think the longer we've been around, people see we have her best interests at heart," said executive director Adam Parkhomenko. With no other Clinton campaign vehicle on the landscape, the super PAC is emerging as the go-to forum for her allies. The L.A. fundraiser featured a video message of support from Rep. Janice Hahn, D-Calif., while former Los Angeles city controller Wendy Greuel appeared in person to rally the crowd. "In terms of making sure we keep the presidency, it's never too soon to start," Greuel said in an interview. Being Southern California, there was also the requisite surprise Hollywood guest: Omarosa of "Celebrity Apprentice" fame, who reminisced about a stint as a White House aide when Clinton was first lady. "All of us have to get together and get behind this sister," she declared. Jonathan Colmenares, 25, of L.A.'s West Hills neighborhood, clutched a Ready for Hillary placard as he surveyed the scene. He had heard about the fundraiser on Facebook and pronounced the early activity on Clinton's behalf "insane." "What are we at, three years out?" he said. "It's sort of crazy. It's pretty cool." Marathon bomb victim gets new leg for high heels WARWICK, R.I. (AP) — Heather Abbott rarely wore flats before she became one of the many people to lose a leg in the Boston Marathon bombings. She calls herself a ''professional heel-wearer'' and preferred heels that reached the towering height of 4 inches. On Thursday, she showed off a new prosthetic that will help her reclaim a little bit of her personal style: a ''high-definition'' realistic silicone leg that can be worn with high heels. To showcase it, she broke out a pair of black leather Nine West shoes with peeptoed 4-inch spiked heels that displayed painted red nails on both feet. It is almost impossible to tell just by looking that the prosthetic is not real. ''I can't believe how much it looks like a real foot,'' Abbott said. Abbott, 38, of Newport, was going in to the Forum restaurant in Boston with friends on April 15 when one of two bombs went off a short distance away. Her left leg was badly hurt. She had to make the difficult decision to amputate it below the knee. ''One of my biggest concerns was, what it was going to look like,'' she said on Thursday. Then she met a woman at Brigham and Women's Hospital in Boston who had a similar leg and could wear high heels. ''That's what made me know it was going to be OK,'' she said. Abbott got her first prosthetic leg in June, and has also gotten prosthetics for running and for going in the ocean so she can resume her hobby of paddle boarding. She got the high-heeled prosthetic about a week ago from Next Step Bionics and Prosthetics, a Manchester, N.H.-based company with offices in Warwick and Newton, Mass. It treats seven of the people who lost legs in the bombing, its president, Matthew Albuquerque, said. Next Step built the interior of the prosthetic; the shape is a mirror image of Abbott's right leg and foot. The silicone cover was constructed by the British company Dorset, which matched the color to Abbott's skin and added details such as freckles. Abbott noted it even looks like it has a little bit of razor burn. The foot can even be given a pedicure. The cover cost $15,000, while the cost of the inside of the leg can cost anywhere from $8,000 to $10,000, Albuquerque said. Abbott's prosthetic was covered by insurance, but he said that doesn't always happen. ''Having a leg look like a leg sounds like something that should be very basic, but it's not,'' Albuquerque said. Abbott said she has felt self-conscious wearing skirts because her other prosthetics don't look real. But on Thursday she was wearing a skirt that hit just below the knee. Albuquerque said most people would not be able to walk in heels after just a few months with a prosthetic, but he calls Abbott determined. The company also normally would not make a prosthetic for a 4inch heel — usually at most two or three inches — but that's what Abbott wanted. She said after just a week with the new leg, she's still re-learning how to walk in heels. ''I'll get there,'' she said. ''Eventually.''