With record highs in sight, stocks face roadblocks

NEW YORK (Reuters) - If Wall Street needs to climb a wall of worry, it will have plenty of opportunity next week.

Major U.S. stock indexes will make another attempt at reaching all-time records, but the fitful pace that has dominated trading is likely to continue. Next Friday's unemployment report and the hefty spending cuts that look like they about to take effect will be at the forefront.

The importance of whether equities can reach and sustain those highs is more than Wall Street's usual fixation on numbers with psychological significance. Breaking through to uncharted territory is seen as a test of investors' faith in the rally.

"It's very significant," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

"The thinking is, there's just not enough there for an extended bull run," he said. "If we do break through (record highs), then maybe the charts and price action are telling us there's something better ahead."

Flare-ups in the euro zone's sovereign debt crisis and next Friday's report on the U.S. labor market could jostle the market, though U.S. job indicators have generally been trending in a positive direction.

Small- and mid-cap stocks hit lifetime highs in February. Now the Dow Jones industrial average <.dji> and the S&P 500 <.spx> are racing each other to the top. The Dow, made up of 30 stocks, is about 75 points - less than 1 percent - away from its record close of 14,164.53, which it hit on October 9, 2007. The broader S&P is still 3 percent away from its closing high of 1,565.15, also reached on October 9, 2007.

The advantage may be in the Dow's court. So far in 2013, it has gained 7.5 percent, beating the S&P 500 by about 1 percent.

THE RALLY AND THE REALITY CHECK

The Dow's relative strength owes much to its unique make-up and calculation, as well as to investors' recent preference for buying value stocks likely to generate steady reliable gains, rather than growth stocks.

But the more defensive stance illustrates how stock buyers are getting concerned about this year's rally. While investors don't want to miss out on gains, they're picking up companies that are less likely to decline as much as high-flying names - if a market correction comes.

The Russell Value Index <.rav> is up 7.6 percent for the year so far, outpacing the Russell Growth Index's <.rag> 5.7 percent rise. Within the realm of the S&P 500, the consumer staples sector led the market in February, gaining 3.1 percent.

There is some concern that growth-oriented names are being eclipsed by defensive bets, said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research in Cincinnati.

"This isn't a be-all and end-all sell signal by any means, but we would feel much more comfortable if some of the more aggressive areas, like technology and small caps, would start to gain some leadership here," Detrick said.

Signs that investors are becoming concerned about the rally's pace is evident in the options market, where the ratio of put activity to call activity has recently shifted in favor of puts, which represent expectations for a stock to fall.

"We are seeing some put hedging in the financials, building up for the past month," said Henry Schwartz, president of options analytics firm Trade Alert in New York.

The put-to-call ratio representing an aggregate of about 562 financial stocks is 1:1, when normally, calls should be outnumbering puts.

Investors have no shortage of reasons to crave the relative safety of blue chips and defensive stocks. Although markets have mostly looked past uncertainty over Washington's plans to cut the deficit, fiscal policy negotiations still pose a risk to equities.

The $85 billion in spending cuts set to begin on Friday is expected to slow economic growth this year if policymakers do not reach a new deal. Markets so far have held firm despite the wrangling in Washington, but tangible economic effects could pinch stock prices going forward.

The International Monetary Fund warned that full implementation of the cuts would probably take at least 0.5 percentage point off U.S. growth this year.

EASY MONEY AND TEPID HIRING

Investors will also take in a round of economic data at a time when concerns are percolating that the market is being pushed up less by fundamentals and more by loose monetary policy around the world.

The main economic event will be Friday's non-farm payrolls report for February. The U.S. economy is expected to have added 160,000 jobs last month, only a tad higher than in January, in a sign the labor market is healing at a slow pace. The U.S. unemployment rate is forecast to hold steady at 7.9 percent.

While lackluster data has been a catalyst in the past for stock market gains as investors bet it would ensure continued stimulus from the Federal Reserve, that sentiment may be wearing thin.

Markets stumbled last week following worries that the Fed might wind down its quantitative easing program sooner than expected.

"It shows the underpinning of the market is being driven at this point by monetary policy," Hellwig said.

With investors questioning what is behind the rally, it will make a run to record highs even more significant, Hellwig added.

"There's smart people that are in the bull camp and the bear camp and the muddle-through camp," Hellwig said. "The fact that you can statistically, using historical evidence, make a case for going higher, lower, or staying the same makes this number very important this time around."

(Wall St Week Ahead runs every Friday. Comments or questions on this column can be emailed to: leah.schnurr(at)thomsonreuters.com)

(Reporting by Leah Schnurr; Additional reporting by Doris Frankel in Chicago; Editing by Jan Paschal)

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Leaving North Korea, Rodman Calls Kims ‘Great Leaders’

Jason Mojica/VICE Media, via Associated Press

The North Korean leader, Kim Jong-un, and the former N.B.A. star Dennis Rodman watched an exhibition basketball game in Pyongyang on Thursday.

PYONGYANG, North Korea (AP) — Ending his unexpected round of basketball diplomacy in North Korea on Friday, ex-NBA star Dennis Rodman called leader Kim Jong Un an "awesome guy" and said his father and grandfather were "great leaders" — an assessment that got short shrift from the U.S. government.

Rodman, the highest-profile American to meet Kim since he inherited power from father Kim Jong Il in 2011, watched a basketball game with the authoritarian leader Thursday and later drank and dined on sushi with him.

At Pyongyang's Sunan airport on his way to Beijing, Rodman said it was "amazing" that the North Koreans were "so honest." He added that Kim Jong Il and Kim Il Sung, North Korea's founder, "were great leaders."

"He's proud, his country likes him — not like him, love him, love him," Rodman said of Kim Jong Un. "Guess what, I love him. The guy's really awesome."

At Beijing's airport, Rodman pushed past waiting journalists without saying anything.

Rodman's visit to North Korea began Monday and took place amid tension between Washington and Pyongyang. North Korea conducted an underground nuclear test just two weeks ago, making clear the provocative act was a warning to the United States to drop what it considers a "hostile" policy toward the North.

The State Department on Friday distanced itself from Rodman's visit and his praise for Kim, saying he doesn't represent the United States.

"The North Korean regime has a horrific human rights record, quite possibly the worst human rights situation in the world," spokesman Patrick Ventrell told reporters in Washington. He accused the regime of depriving their people of food, shelter, water and maintaining prison gulags.

Ventrell also took aim at Pyongyang for its grand treatment of the visiting basketball stars.

"Clearly you've got the regime spending money to wine and dine foreign visitors, when they should be feeding their own people," he said.

Rodman traveled to Pyongyang with three members of the professional Harlem Globetrotters basketball team, VICE correspondent Ryan Duffy and a production crew to shoot an episode on North Korea for a new weekly HBO series.

Kim, a diehard basketball fan, told the former Detroit Pistons and Chicago Bulls star that he hoped the visit would break the ice between the United States and North Korea, said Shane Smith, founder of the New York-based VICE media company.

Dressed in a blue Mao suit, Kim laughed and slapped his hands on a table during the game at Jong Ju Yong Gymnasium as he sat nearly knee to knee with Rodman. Rodman, the man who once turned up in a wedding dress to promote his autobiography, wore a dark suit and dark sunglasses, but still had on his nose rings and other piercings. A can of Coca-Cola sat on the table before him in photos shared with AP by VICE.

Smith, after speaking to the VICE crew in Pyongyang, said Kim and Rodman "bonded" and chatted in English, though Kim primarily spoke in Korean through a translator.

Thursday's game ended in a 110-110 tie, with two Americans playing on each team alongside North Koreans. After the game, Rodman addressed Kim in a speech before a crowd of tens of thousands of North Koreans and told him, "You have a friend for life," VICE spokesman Alex Detrick told AP.

At an "epic feast" later, the leader plied the group with food and drinks and round after round of toasts were made, Duffy said in an email to AP.

Duffy said he invited Kim to visit the United States, a proposal met with hearty laughter from the North Korean leader.

Kim said he hoped sports exchanges would promote "mutual understanding between the people of the two countries," the official Korean Central News Agency said.

Ventrell said the U.S. wanted North Korea to come into line with their international obligations and to stop ballistic missile tests and their nuclear programs. "We're not going to read into this sort of theater one way or another," he said.

North Korea and the U.S. fought on opposite sides of the three-year Korean War, which ended in a truce in 1953. The foes never signed a peace treaty, and do not have diplomatic relations.

Rodman's trip is the second attention-grabbing American visit this year to North Korea. Google's executive chairman, Eric Schmidt, made a four-day trip in January to Pyongyang, but did not meet the North Korean leader.

The Obama administration had frowned on the trip by Schmidt, who was accompanied by former New Mexico Gov. Bill Richardson, but has avoided criticizing Rodman's outing, saying it's about sports.

_____

Associated Press writer Matthew Pennington in Washington contributed to this report.

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Valerie Bertinelli Pays Special Tribute to Bonnie Franklin

03/01/2013 at 02:55 PM EST

Bonnie Franklin, who died of pancreatic cancer Friday, and Valerie Bertinelli go back nearly 40 years, to the sitcom One Day at a TIme, on which Franklin played her mother, Ann Romano.

Two years ago the actresses reunited professionally, on Bertinelii's series Hot in Cleveland.

Bertinelli said in a statement Friday: "My heart is breaking. Bonnie has always been one of the most important women in my life and was a second mother to me.

"The years on One Day at a Time were some of the happiest of my life, and along with Pat [Harrington Jr.] and Mackenzie [Phillips] we were a family in every way.

"She taught me how to navigate this business and life itself with grace and humor, and to always be true to yourself. I will miss her terribly."

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Wall Street edges up as data outweighs sequester

NEW YORK (Reuters) - Stocks rose modestly on Friday as strong economic data outweighed growth concerns in China and Europe and let investors brush off worries about the impact of expected across-the-board government spending cuts.

Stocks opened sharply lower as Asian factories slowed and European output fell, but most of the losses dissipated after a report showed U.S. manufacturing activity expanded last month at its fastest clip in 20 months and put the S&P 500 index on track for a slight weekly gain.

U.S. consumer confidence also rose in February as Americans turned more optimistic about the job market.

With government budget cuts set to begin on Friday, President Barack Obama blamed Republicans for failure to reach a compromise to avert the cuts, known as sequester. But the stock market appeared to have already priced in the failure by legislators to reach an agreement.

"The positive manufacturing data, better than expected, sends a signal the economy itself, and manufacturing in particular, is showing signs of strength - trumping any concern that people seem to have with the sequester cuts," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.

The Dow Jones industrial average <.dji> gained 40.43 points, or 0.29 percent, to 14,094.92. The Standard & Poor's 500 Index <.spx> added 4.01 points, or 0.26 percent, to 1,518.69. The Nasdaq Composite Index <.ixic> rose 9.56 points, or 0.30 percent, to 3,169.75.

For the week so far, the Dow is up 0.7 percent, the S&P 500 is up 0.2 percent and the Nasdaq is up 0.3 percent.

The low interest rates due to the Federal Reserve's accommodative monetary policy have helped equities continue to attract investors. The Dow is less than 1 percent away from its all-time intraday high of 14,198.10. Declines have been shallow and short-lived, with investors jumping in to buy on dips.

Intuitive Surgical jumped 8.7 percent to $554.43 after Cantor Fitzgerald analyst Jeremy Feffer upgraded the stock, saying the stock's more than 11 percent slide on Thursday was a gross overreaction to a news report.

Groupon Inc surged 12.2 percent to $5.08 a day after the online coupon company fired its chief executive officer in the wake of weak quarterly results.

Gap Inc rose 3 percent to $33.87 after reporting fourth-quarter earnings that beat expectations and boosting its dividend by 20 percent, while Salesforce.com Inc posted sales that beat forecasts, driving its stock up 7.1 percent to $181.28.

Chesapeake Energy Corp fell 2.2 percent to $19.71 after the U.S. Securities and Exchange Commission escalated its investigation into the company and its Chief Executive Aubrey McClendon for a controversial perk that granted him a share in each of the natural gas producer's wells.

(Additional reporting by Rodrigo Campos; Editing by Jan Paschal)

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At Ice Age End, a Smaller Gap in Warming and Carbon Dioxide

A meticulous new analysis of Antarctic ice suggests that the sharp warming that ended the last ice age occurred in lock step with increases of carbon dioxide in the atmosphere, the latest of many indications that the gas is a powerful influence on the earth’s climate.

Previous research had suggested that as the world began to emerge from the depths of the ice age more than 20,000 years ago, warming in Antarctica preceded changes in the global carbon dioxide level by something like 800 years.

That relatively long gap led some climate-change contrarians to assert that rising carbon dioxide levels were essentially irrelevant to the earth’s temperature — a side effect of planetary warming, perhaps, but not the cause.

Mainstream climate scientists have rejected that view and argued that carbon dioxide, while it did not initiate the end of the ice age, played a vital role in the feedback loops that caused a substantial warming.

Still, a long gap between increases of temperature and of carbon dioxide was relatively hard for the scientists to explain. In the political debate in the United States over global warming, the supposed gap has been invoked repeatedly by climate-change contrarians.

In 2007, for example, Al Gore was testifying to Congress about the science in his documentary, “An Inconvenient Truth.” He came under attack by Representative Joe L. Barton, Republican of Texas.

“CO2 levels went up after the temperature rose,” Mr. Barton said, citing a scientific paper from 2001. “The temperature appears to drive CO2, not vice versa. On this point, Mr. Vice President, you’re not just off a little. You’re totally wrong.”

But the paper published online Thursday by the journal Science, together with a string of other recent studies, suggests that Mr. Gore was right all along.

The research was led by Frédéric Parrenin of the University of Grenoble, in France. He and his colleagues took a new stab at sorting out the sequence of events at the close of the last great ice age.

Since the 1980s, scientists have been collecting a climate record from those earlier times by extracting long cylinders of ice from the ice sheets in Greenland and Antarctica.

Air bubbles trapped in the polar ice give direct evidence of the past composition of the atmosphere. And subtle chemical variations in the ice itself give an indication of the local temperature at the time it was formed.

The trouble is that the air bubbles do not get sealed off for hundreds or even thousands of years, as the snow is slowly buried and compressed. Therefore, it is tricky for scientists to put the atmospheric record and the temperature record onto a common time scale.

Early analyses had fairly large error margins. Nonetheless, they produced one of the most striking findings of modern science: an extremely tight association between the temperature and the level of carbon dioxide in the atmosphere. That is consistent with basic physics showing that carbon dioxide is a powerful greenhouse gas.

But in several reconstructions based on ice cores, local temperature increases at the poles appeared to slightly precede global increases of carbon dioxide. In the 2001 paper that Mr. Barton cited, for example, Antarctic temperature appeared to lead global carbon dioxide levels by 800 years, give or take 600 years.

Using high-precision chemical techniques, Dr. Parrenin and his colleagues have essentially reduced the error margin. Their findings suggest that increases of carbon dioxide lagged temperature increases in Antarctica by no more than about 200 years and may have even preceded the temperature increase.

“It’s a breakthrough in our concept of how past climate evolved,” Dr. Parrenin said in an interview.

It remains to be seen how well the paper will withstand scientific scrutiny. “I’m left with this uneasy feeling that the uncertainties are larger than they claim,” said Eric Steig, a climate scientist at the University of Washington.

Dr. Steig noted that Dr. Parrenin’s paper is the third in recent years to suggest that the gap in the climate records between polar temperature and CO2, if it exists at all, is relatively small. And Jeremy Shakun, a visiting scholar at Harvard, compiled a temperature record for the whole planet, not just Antarctica. He concluded that the carbon dioxide increase preceded the overall planetary warming.

A small gap poses no conceptual problems, scientists said. They have long known that the ice ages are caused by variations in the earth’s orbit around the sun. When an intensification of sunlight initiates the end of an ice age, they believe, carbon dioxide is somehow flushed out of the ocean, causing a big amplification of the initial warming.

That understanding is one of the cornerstones of the scientists’ warning that modern society is running a big risk by burning fossil fuels and pumping enormous quantities of carbon dioxide into the atmosphere.

The level has already jumped 41 percent since the Industrial Revolution began in the 18th century, and given the weakness of global efforts to control emissions, scientists say it could eventually double or triple. Even at the current concentration, the evidence suggests that increases in sea level of 25 feet or more may have already become inevitable, albeit over a long period.

“We’re just entering a new era in earth’s history,” Dr. Shakun said. “It will be an unrecognizable new planet in the future. I think the only question is, exactly how fast does that transformation happen?”

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Michelle Williams Was 'Not Ready' to Commit to Jason Segel: Source

02/28/2013 at 03:00 PM EST

Michelle Williams at her Oz premiere Feb. 13

Jordan Strauss/Invision/AP

From the outside, it seemed as though Michelle Williams couldn't get enough of boyfriend Jason Segel. In reality, the actress may not have seen him as forever material.

"She cares a great deal for Jason but is not ready to make a commitment," a source tells PEOPLE. "Maybe if they were together day-to-day, she would have more confidence in a future. But not at this time."

Dating for a year, PEOPLE confirmed on Tuesday that the pair called it quits, citing long distance as the primary reason.

"Jason never got rid of his place in L.A., and Michelle's life with [daughter] Matilda was and has always been in New York," a second source says. "While Jason made every effort to make them a priority in his life – and they were top priority – he still couldn't drop everything and leave his life and career in L.A."

The road to romance has not been an easy one for Williams, 32.

The actress's ex, Heath Ledger, was found dead of an accidental prescription drug overdose in 2008, less than a year after they split. Left to care for their daughter alone, Williams stayed out of the spotlight, but began dating director Spike Jonze for about a year. Following their split, she didn't have a public romance again until Segel, 33, in 2012.

•Reporting by JENNIFER GARCIA and LINDA MARX

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Huge study: 5 mental disorders share genetic links

WASHINGTON (AP) — The largest genetic study of mental illnesses to date finds five major disorders may not look much alike but they share some gene-based risks. The surprising discovery comes in the quest to unravel what causes psychiatric disorders and how to better diagnose and treat them.

The disorders — autism, attention deficit-hyperactivity disorder or ADHD, bipolar disorder, major depressive disorder and schizophrenia — are considered distinct problems. But findings published online Wednesday suggest they're related in some way.

"These disorders that we thought of as quite different may not have such sharp boundaries," said Dr. Jordan Smoller of Massachusetts General Hospital, one of the lead researchers for the international study appearing in The Lancet.

That has implications for learning how to diagnose mental illnesses with the same precision that physical illnesses are diagnosed, said Dr. Bruce Cuthbert of the National Institute on Mental Health, which funded the research.

Consider: Just because someone has chest pain doesn't mean it's a heart attack; doctors have a variety of tests to find out. But there's no blood test for schizophrenia or other mental illnesses. Instead, doctors rely on symptoms agreed upon by experts. Learning the genetic underpinnings of mental illnesses is part of one day knowing if someone's symptoms really are schizophrenia and not something a bit different.

"If we really want to diagnose and treat people effectively, we have to get to these more fine-grained understandings of what's actually going wrong biologically," Cuthbert explained.

Added Mass General's Smoller: "We are still in the early stages of understanding what are the causes of mental illnesses, so these are clues."

The Psychiatric Genomics Consortium, a collaboration of researchers in 19 countries, analyzed the genomes of more than 61,000 people, some with one of the five disorders and some without. They found four regions of the genetic code where variation was linked to all five disorders.

Of particular interest are disruptions in two specific genes that regulate the flow of calcium in brain cells, key to how neurons signal each other. That suggests that this change in a basic brain function could be one early pathway that leaves someone vulnerable to developing these disorders, depending on what else goes wrong.

For patients and their families, the research offers no immediate benefit. These disorders are thought to be caused by a complex mix of numerous genes and other risk factors that range from exposures in the womb to the experiences of daily life.

"There may be many paths to each of these illnesses," Smoller cautioned.

But the study offers a lead in the hunt for psychiatric treatments, said NIMH's Cuthbert. Drugs that affect calcium channels in other parts of the body are used for such conditions as high blood pressure, and scientists could explore whether they'd be useful for psychiatric disorders as well.

The findings make sense, as there is some overlap in the symptoms of the different disorders, he said. People with schizophrenia can have some of the same social withdrawal that's so characteristic of autism, for example. Nor is it uncommon for people to be affected by more than one psychiatric disorder.

___

Online:

http://www.thelancet.com/journals/lancet/article/PIIS0140-6736(13)60223-8/abstract

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Wall Street edges higher, Dow and S&P records a hurdle

NEW YORK (Reuters) - Stocks rose modestly on low volume on Thursday after strong economic data, but the proximity of record highs for the Dow and the S&P 500 gave investors a reason to keep gains in check.

The U.S. economy grew slightly in the fourth quarter, reversing an earlier estimate showing contraction, and a drop in new claims for unemployment benefits last week added to a string of data that suggests the economy improved early this year.

Still, an even higher revision to GDP data was expected, and the jobless claims extended a trend baked into stock prices.

The low volume shows a lack of conviction from new buyers, according to Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York.

Polcari the recent gains are the reaction to Monday's selloff, but there are not enough catalysts to take indexes much higher.

"Don't expect the market to hit new highs today," he said.

In afternoon trading, just over 3 billion shares had changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT.

The Dow was within striking distance of its record high after a year-to-date advance of almost 8 percent. The Dow Jones Transportation Average <.djt>, seen as a bet on future growth, is up 13 percent this year, and the 20-stock index hit a record intraday high earlier on Thursday.

The Dow Jones industrial average <.dji> rose 61.32 points or 0.44 percent to 14,136.69. The S&P 500 <.spx> gained 8.03 points or 0.53 percent to 1,524.02. The Nasdaq Composite <.ixic> added 17.14 points or 0.55 percent, to 3,179.67.

The Dow's record closing high, set on October 9, 2007, stands at 14,164.53, while the Dow's intraday record high, set on October 11, 2007, stands at 14,198.10.

The S&P 500 is up 0.25 percent this week and is on track to post its fourth straight month of gains.

Equity markets suffered steep losses earlier in the week on concerns about the impact of an Italian election on the European economy, but stocks bounced back on strong data and recent comments by Federal Reserve Chairman Ben Bernanke that showed continued support for the Fed's economic stimulus policy.

Gains in Limited Brands and Netflix , both up nearly 4 percent, led the way among consumer stocks. Shares of Limited Brands, the parent of retailers Victoria's Secret and Bath & Body Works, shot up 3.8 percent to $46.21. The stock of video streaming service Netflix jumped 3.8 percent to $191.24.

In contrast, shares of J.C. Penney , however, slid 14.9 percent to $18.01 after the department store operator reported a steep drop in sales on Wednesday. Groupon Inc also fell on weak revenue, with the daily deals company's stock off 19.2 percent at $4.83.

Cablevision shares tumbled 8.8 percent to $14.11 after the cable provider took a $100 million hit on costs related to Superstorm Sandy and posted deeper video customer losses than expected.

On a positive note, Mylan Inc shares were on track to close at their highest ever after the generic drugmaker posted a 25 percent rise in fourth-quarter profit and said it will buy a unit of India's Strides Arcolab Ltd. Mylan's stock gained 4.2 percent to $29.78.

Investors were keeping an eye on the debate in Washington over U.S. government budget cuts that will take effect starting Friday if lawmakers fail to reach agreement on spending and taxes. President Barack Obama and Republican congressional leaders arranged last-ditch talks to prevent the cuts, but expectations were low that any deal would emerge.

With 93 percent of the S&P 500 companies having reported results so far, 69.5 percent have beaten profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data.

Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6.2 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

(The story corrects to show S&P up 0.25 pct this week, not 2 percent, in paragraph 11.)

(Reporting by Rodrigo Campos; Additional reporting by Ryan Vlastelica; Editing by Nick Zieminski and Jan Paschal)

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The Lede: Video of Pope Benedict’s Public Farewell

During his final farewell address, Pope Benedict XVI describes the joys and challenges of his papacy via CNN on YouTube.

As our colleagues, Rachel Donadio and Alan Cowell report, Pope Benedict XVI held his final general audience in St. Peter’s Square on Wednesday, a day before he withdraws from the public for a cloistered life of prayer and meditation.

Before tens of thousands of people gathered in the square, the pope acknowledged the difficulties he faced during his papacy, describing “moments of joy and light but also moments that were not easy.” At times, when the “seas were rough”, he said that “the Lord seemed to sleep.”

From the full text of his address:

When, almost eight years ago, on April 19th, [2005], I agreed to take on the Petrine ministry, I held steadfast in this certainty, which has always accompanied me. In that moment, as I have already stated several times, the words that resounded in my heart were: “Lord, what do you ask of me? It a great weight that You place on my shoulders, but, if You ask me, at your word I will throw out the nets, sure that you will guide me” – and the Lord really has guided me. He has been close to me: daily could I feel His presence.

[These years] have been a stretch of the Church’s pilgrim way, which has seen moments joy and light, but also difficult moments. I have felt like St. Peter with the Apostles in the boat on the Sea of Galilee: the Lord has given us many days of sunshine and gentle breeze, days in which the catch has been abundant; [then] there have been times when the seas were rough and the wind against us, as in the whole history of the Church it has ever been – and the Lord seemed to sleep. Nevertheless, I always knew that the Lord is in the barque, that the barque of the Church is not mine, not ours, but His – and He shall not let her sink. It is He, who steers her: to be sure, he does so also through men of His choosing, for He desired that it be so. This was and is a certainty that nothing can tarnish. It is for this reason, that today my heart is filled with gratitude to God, for never did He leave me or the Church without His consolation, His light, His love.

An English translation from the Vatican of Pope Benedict XVI’s last general audience before his formal resignation on Thursday.

On Twitter, the pope’s account, @Pontifex, which has more than 1.5 million followers, posted:

If only everyone could experience the joy of being Christian, being loved by God who gave his Son for us!

— Benedict XVI (@Pontifex) 27 Feb 13

Shortly after he announced his resignation, he asked on Twitter for people “to pray for me and for the church, trusting as always in divine providence.”

From St. Peter’s Square, people posted photographs from the crowd, including a shot of the pope arriving in the so-called popemobile, on his way to deliver his final farewell.

St. Peter’s Square completely full of people! #vatican #pope #last #speaking http://t.co/m2RBoGNDJy

— Marko Style (@MarkoStyle44) 27 Feb 13

This is how close I got to the Pope http://t.co/BfOXkddkrE

— Becca Liudzius (@becksky123) 27 Feb 13

As my colleague, Laurie Goodstein reports, the church faces, among its many challenges as cardinals gather to select a new pope, the wounds caused by sexual abuse cases involving minors all over the world that have been mishandled for years.

In St. Peter’s Square, the pope also spoke briefly in English to the crowd.

The pope spoke in English, and asked Catholics to pray for both him and the new pope.

I offer a warm and affectionate greeting to the English-speaking pilgrims and visitors who have joined me for this, my last General Audience. Like Saint Paul, whose words we heard earlier, my heart is filled with thanksgiving to God who ever watches over his Church and her growth in faith and love, and I embrace all of you with joy and gratitude. During this Year of Faith, we have been called to renew our joyful trust in the Lord’s presence in our lives and in the life of the Church. I am personally grateful for his unfailing love and guidance in the eight years since I accepted his call to serve as the Successor of Peter. I am also deeply grateful for the understanding, support and prayers of so many of you, not only here in Rome, but also throughout the world.

The decision I have made, after much prayer, is the fruit of a serene trust in God’s will and a deep love of Christ’s Church. I will continue to accompany the Church with my prayers, and I ask each of you to pray for me and for the new Pope. In union with Mary and all the saints, let us entrust ourselves in faith and hope to God, who continues to watch over our lives and to guide the journey of the Church and our world along the paths of history. I commend all of you, with great affection, to his loving care, asking him to strengthen you in the hope which opens our hearts to the fullness of life that he alone can give. To you and your families, I impart my blessing. Thank you!

The identity of the new pope will revealed from this balcony after the conclave, likely within 2 weeks. http://t.co/40Q9oWAz3f

— Eric Reguly (@ereguly) 27 Feb 13

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Matt Damon & Wife Luciana Planning Secret Second Wedding

02/27/2013 at 03:15 PM EST

Better late than never!

More than seven years after saying, "I do" in a private, low-key ceremony at City Hall in Manhattan in 2005, Matt Damon, 42, and wife Luciana are going all out with a top-secret destination wedding celebration in April, a source confirms to PEOPLE.

The pair has sent out "save the date" cards to close family and friends, but even the guests do not know the mysterious location of the event.

"They now want to do something bigger," a source tells Page Six of their planned second wedding.

But "bigger" doesn't necessarily mean the couple's four girls will participate in the ceremony. They are reportedly requesting "no kids" at the destination event.

•Reporting by JULIE JORDAN

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