Wednesday, January 23, 2013

Wall Street opens flat as investors eye earnings

1 hr.

U.S. stocks opened little changed on Tuesday as investors held back from making large bets at the start of a busy week for corporate earnings after major indexes notched five-year highs.?

The Dow Jones industrial average gained 16.95 points, or 0.12 percent, to 13,666.65. The Standard & Poor's 500 Index shed 0.33 point, or 0.02 percent, to 1,485.65. The Nasdaq Composite Index added 0.21 point, or 0.01 percent, to 3,134.91.?

U.S. markets were closed on Monday for a public holiday.?

Despite stronger-than-expected earnings results from major companies, including big banks, at the start of the quarterly reporting season, many investors are worried that other reports will reflect economic uncertainty in the fourth quarter.?

"The market has been pleased with earnings thus far, and it is encouraging to see a cyclical company like DuPont show revenue strength, but I'm waiting on more tech and energy earnings until I come down one way or the other on this season," said Adam Sarhan, chief executive of Sarhan Capital in New York.?

DuPont posted a steep drop in earnings on reduced demand for paint pigment, though revenue was ahead of expectations.?

Verizon Communications Inc fell after reporting a steep loss due to pension liabilities and charges related to superstorm Sandy that offset strength in its wireless business. Travelers Cos Inc also posted earnings that were hurt by losses related to Sandy.?

DuPont, Verizon and Travelers are all Dow components, as is Johnson & Johnson , slated to report later Tuesday along with Google and Texas Instruments . Tech earnings will be in particular focus after Intel last week gave a revenue outlook that was below expectations.?

Overall, S&P 500 fourth-quarter earnings are forecast to have risen 2.5 percent, according to Thomson Reuters data. That estimate is above the 1.9 percent forecast from a week ago but well below the 9.9 percent fourth-quarter earnings forecast from October 1, the data showed.?

Monday was a market holiday for Martin Luther King Day in the United States, and also marked the start of a second term for President Barack Obama, who called for aggressive action on climate change, economic equality and the federal budget.?

"It remains a question whether Obama will be able to deliver on his agenda, but a sector like solar power companies could continue to be strong as he pushes for action," Sarhan said.?

Markets have recently been pressured by uncertainty stemming from Washington about the federal debt limit and spending cuts that could hamper U.S. growth.?

Republican leaders in the House of Representatives said they aim to pass on Wednesday a nearly four-month extension of the U.S. debt limit, allowing the government to borrow enough to meet its obligations during that period.?

The Dow and S&P 500 closed at five-year highs on Friday as the market registered a third straight week of gains on a solid start to the quarterly earnings season, including from Morgan Stanley and General Electric Co .?

Source: http://www.nbcnews.com/business/wall-street-opens-flat-investors-eye-earnings-1B8057221

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Tuesday, January 22, 2013

orpitasingh: HELP ARTICAL: Original Oil Paintings - The Lost Art of ...

Century oil painting back geoseulreogwa castle, has played a key role in the decoration of the home of the leading real estate and commoners art form. Some of the world's most well-known and well-loved artists have used the medium of oil painting that captures the eternal scenes of history, religion, politics, art. Most of the picture a long time ago in the great museums of the world still can be seen today. Others has been lost in time.

Readily available to all users in the media is oil painting has become something of a lost art. However, the real power of the writer, well versed in oil painting techniques typically do not. In the original oil panting, regardless of technology, education, experience, but which means that the amount of people who take the time to educate yourself on the steady decline of the lost art of oil painting media complex in can be done by almost everyone.

Tradition of portrait painting people before the camera, if the commission a portrait of the artist as a birthday gift, anniversary gift, or as a unique gift for other special occasions. The picture Traditionally, the authors attempt to capture a scene, such as accurately as possible, through the original oil painting while the subject is still for hours on end to be sitting. To the dedication of the people who need the broth from a long period of work and a portrait artist commissioned Under this process is often a tough and tiring

The art of the technology revolution, the new digital era, almost every artistic medium, including oil painting greatly influenced. Modern technology for almost portrait paintings expunged and the need to continue to sit for a long session. Family or commission portraits for other groups you want to simply hand photos of the author, artist When the conversion is completed, photos on canvas, oil portraits can be.

The lost art of oil painting, short deadlines and a busy schedule, the convenience and speed of the digital age, as well as feeding on the kick. Oil painting artist, however, is generally considered advanced craftsmanship professionals to honor and (usually) a significant fee costs are reimbursed.

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Source: http://easyarticles.blogspot.com/2013/01/original-oil-paintings-lost-art-of-oil.html

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Source: http://orpitasingh.blogspot.com/2013/01/help-artical-original-oil-paintings.html

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Yahoo COO Henrique De Castro: The Future Of The Web Will Be Personalized

de castro at DLDAt the DLD conference in Munich today, Henrique de Castro, Yahoo's new COO and Google's former president of partners business solutions discussed the state of the web today and his vision for its immediate future. Sadly, de Castro argued that he couldn't really talk about Yahoo itself, given that he's only been there for eight weeks now. Still, his ideas about the future of the web itself can probably provide us with some hints about Yahoo's future, too.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/UrmvOgYvFS4/

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India rape prosecutors bank on DNA, despite poor forensic track record

NEW DELHI (Reuters) - A DNA investigation of bloodstained clothes and body swabs has linked all five men and a juvenile accused of the gang rape and murder of a woman in New Delhi to the crime, providing evidence the prosecution claims will be enough to convict them.

Prosecutors say their case will also hinge on cellphone records and on testimony from the dying woman and a male companion who was attacked with her on a moving bus in the Indian capital on December 16.

However, the case against the men may not be open and shut in a country where shoddy forensic practices are one of the chief reasons for a low conviction rate in rape trials.

Defense lawyers told Reuters they were preparing to reject the forensic findings as fabricated.

They said they would also contend that the case is unsafe because police rushed investigations after an outpouring of popular fury over the attack. Two of the four defense lawyers have said their clients were tortured in custody to make confessions that looked suspiciously similar.

"The statements all read the same. It is like somebody has dictated it to them," lawyer Manohar Lal Sharma told Reuters.

A police spokesman declined to comment on the confessions, saying it was policy not to respond to reported allegations.

"We have no comment to make on media reports. If anything has to be communicated, it will done in the appropriate court," he said. "We are not going to engage in a debate in the media."

Another official said the men had to undergo medical tests in custody and if they were beaten, it would have shown up; and if the lawyers were serious about the allegations, they should approach the court rather than air views in the media.

The defense will also argue that the men were denied legal aid for more than three weeks after their arrest and point to discrepancies in the account given by the woman's friend.

DNA SAMPLES - FROM CLOTHES TO DRIED LEAVES

A fast-track court will on Monday begin hearings in the case just five weeks after the attack, which brought thousands of protesters on to the streets of New Delhi and made headlines around the globe.

Police said the 23-year-old physiotherapy student and her friend were lured into the bus, both were beaten and then the woman was taken to the rear of the bus and raped. They were then thrown, bleeding, on to a dark roadside. The woman died in a Singapore hospital nearly two weeks later.

While the five men have been charged with rape and murder and face the death penalty if convicted, the juvenile will be tried separately. He will not be charged until police confirm he is under 18.

The forensic report found that DNA tests on bloodstains from underwear worn by the main accused, Ram Singh, matched those of the woman. Another test done on a swab taken from her body showed his DNA signature, according to a laboratory report seen by Reuters.

A lawyer for Singh dismissed the results as manipulated and demanded that the case be heard in a court away from the Indian capital, where pressure for a conviction is intense.

"The Delhi police are biased. This case must be taken away from Delhi," lawyer V.K. Anand said.

The other lawyer, Sharma, has filed a petition before the Supreme Court separately, asking for the case to be transferred out of New Delhi to ensure a free and fair trial.

The police spokesman declined to comment on the lawyers' claim that a fair trial was not possible in New Delhi.

The DNA samples were taken from bloodstains on clothes of all five accused, curtains and seats on the bus. Samples were also taken from bloodstained dried leaves by the side of the highway where the pair said they were dumped.

The woman's DNA profile showed up in bloodstains on the undergarments and flip-flops of Vinay Sharma, a gym assistant and one of the five men accused, a police document said.

Another test on blood found on his jacket matched that of the woman's friend, who, according to police, fought with the men before he was hit with an iron rod.

"EVIDENCE FABRICATED"

But Vinay Sharma's lawyer, A.P. Singh, said his client was not even on the bus that night. Sharma was with the main accused, Ram Singh, and his brother in the early part of the evening, but did not join the others when they allegedly went on a joy ride looking for women, the lawyer said.

"The police have falsely implicated my client. He is absolutely innocent," A.P. Singh said. "The DNA evidence against Vinay Sharma has been fabricated by the police. The police have a tendency of doing such things."

The police spokesman declined to comment on this allegation.

The police report also linked DNA evidence to the other members of the group - Ram Singh's brother, Mukesh Singh, 26, bus cleaner Akshay Kumar Singh, 28, and fruit vendor Pawan Kumar, 19, all of whom it says were friends who gathered for dinner that night and carried out the assault.

"All we need is to establish one member of the group committed the crime of rape. We don't have to prove every one of them did it," said the prosecution source.

Under Indian rape laws, all members of a group are equally liable as long as one is proved to have committed the crime.

CLOSED-CIRCUIT TV

Cellphone records show that both Vinay Sharma and Pawan Kumar received calls between 9:24 p.m. and 9:54 p.m., the period of the attack. These corroborated their location in south Delhi areas that the bus passed through at that time, according to the police document, which gave details of the calls on each phone.

The woman's friend also received a text message and a call during the time of the attack, but he couldn't answer because the phone had been taken away, police said. Closed-circuit TV footage of the street outside from Hotel Delhi Airport near where the pair were left also showed that the bus crossed the area twice, police said.

According to Ram Singh's statement to police, the group washed the bus after they returned home that night and set fire to clothes torn off the couple. Two neighbors in their slum who police said saw them burning the clothes are among 80 prosecution witnesses.

The prosecution says it will point to articles stolen from the couple on the bus, including their cellphones, rings and debit cards, the man's watch and shoes and all their money. Most of these were found in raids conducted in the men's homes, the police document said.

The defense lawyers, for their part, will zero in on discrepancies in the friend's version of events.

The friend told a television network that he and another friend lay naked and bleeding for 45 minutes in the street after the attack. When a police van arrived, officers spent a long while arguing about under whose jurisdiction the crime fell.

But Delhi police say GPS records showed the first police van reached the scene four minutes after they were called and took the battered pair to hospital within 24 minutes.

"When they cannot agree on such basic things, then how can you trust them on the main charges?" said lawyer Sharma, who is defending Mukesh Singh, the man police say drove the bus for most of the time while the others attacked the woman.

He said his client had not even read the charges against him because much of the charge sheet he was handed was only in English, which he cannot read.

"They have collected the evidence, they have already pre- decided that these are the accused persons and they have created the evidence against them," the lawyer said. "Within 10 days they completed everything. Has anything ever happened in India so fast?

India's criminal justice system is widely seen to have failed women who are sexually assaulted. One woman is raped every 20 minutes in India, according to government statistics, but the conviction rate is among the lowest in the world and one of the key reasons is lack of proper investigation.

An August 2012 study of 40 judgments of rape cases by district courts in Delhi where the accused were acquitted found that more than half were due to police failure to perform adequate investigations.

The study, by the Delhi-based charity Shakti Vahini, cited examples where judges criticized investigating officers for not collecting evidence or finding witnesses to support the claims.

Police refused to be drawn into comment on the pace at which they had moved in the latest case and on the issue of the language of the charge sheet. But K.T.S.Tulsi, a prominent criminal lawyer, said the court can provide a Hindi translation of the charge sheet if the accused asked for it.

(Additional reporting by Annie Banerjee; Editing by John Chalmers and Nick Macfie)

Source: http://news.yahoo.com/india-rape-prosecutors-bank-dna-despite-poor-forensic-210704012.html

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Monday, January 21, 2013

Low-Volatility Stocks Consistently Outperform; Dividend Investors ...

As many in the SA Income Investing forum know, I maintain several research-based, dividend-growth [DG] portfolio models in an effort to identify subsets of the DG universe that outperform, and I provide monthly performance updates. These updates include both absolute total return and the M2 measure, an adjusted return that factors in the portfolio's volatility relative to its benchmark, the S&P 500 Index (SPY). Dividend investors typically expect their holdings to underperform in absolute terms during bull markets and to decline less in bear markets, given the generally lower beta of dividend-stock portfolios.

Recent research has found that over the long run, lower volatility stocks outperformed higher volatility stocks in absolute total return. This result flies in the face of the Efficient Market Hypothesis [EMH] and Modern Portfolio Theory [MPT], which respectively assert that investors cannot consistently achieve excess returns and to obtain higher returns, investors need to take higher risk, as measured by volatility. This series of articles reviews several research studies, covering portfolio construction methods, performance results, and potential explanations for the "low volatility anomaly".

Portfolio Construction

A low-volatility portfolio can be constructed in a couple of ways:

  1. A mean-variance optimized approach [Markowitz] considers the correlations between portfolio stocks to determine the ones to hold and the weightings to create the portfolio with the lowest variance. One concern is that this method can lead to serious overweighting of a particular stock or sector, depending on recent performance.
  2. Alternatively, a portfolio of low-volatility stocks can be created by ranking stocks by volatility and choosing the less volatile stocks. This method is much easier for an investor to understand and create, and sector and stock weighting decisions can be independently determined. Blitz and Vliet (2007) showed that volatility correlated with beta, so the readily available beta metric can be used as a proxy for volatility. Blitz and Vliet (2011) also concluded that a rankings-based approach was just as effective at reducing volatility as the mean-variance optimized method; another reason to pursue this option.

EMH supports stock weightings based on market-cap. The low-volatility research showed that weightings based on inverse volatility or inverse beta were superior. In this scheme, a lower beta stock receives a higher weighting. This approach also has the effect of lowering the portfolio beta even more versus market-cap based or equal weighting systems.

The S&P research created and tracked three low-volatility portfolios, rebalanced quarterly, for each level of market capitalization (small, midcap, large):

  1. Base Case: A mean-variance optimized portfolio with no constraints.
  2. Constrained Case: A mean-variance optimized portfolio with a 5% maximum stock weighting, and sector weightings between 50% to 150% of the benchmark's sector weight.
  3. Rankings-Based: Stocks were divided into quintiles based on the standard deviation of the trailing 252 trading days' price changes. Stocks from the lowest quintile were selected and weighted based on the inverse of their standard deviation.

(click to enlarge)Exhibit 1

Low-Volatility Portfolios Outperformed

As observed in Exhibit #1 above, all of the low-volatility portfolios had higher absolute returns and relative returns, as measured by the Sharpe ratio, for the 10-year to 20-year periods. The rankings-based portfolio's relative performance was the highest for all years and with one exception, so was its absolute performance. These portfolios delivered strong returns with much lower volatility than the market-cap weighted S&P benchmark. The S&P report showed similar results for the Mid-Cap and Small-Cap low-volatility portfolios.

(click to enlarge)

Graph Source: Baker, Bradley, and Wurgler (2011)

Additional research supports these findings. A sizable difference was found between the performance of the most volatile [top] quintile and the other four lower quintiles. Baker, Bradley, and Wurgler (2011) sorted stocks into five quintiles, both by beta and by volatility, and the top quintile clearly underperformed. Figure #1 above from their research paper shows the value of $1 invested in each volatility quintile in 1968, tracked through 2008. The portfolios were rebalanced at the end of each month. Similar results occurred for the beta-ranked quintiles. I'm sure that the high-beta quintile required more rebalancing and therefore suffered from transaction costs. The gap between this quintile and the others is quite large though, so even allowing for these costs, it clearly underperformed.

(click to enlarge)Exhbit 4

Asymmetric Payoff

The S&P study also tracked the number of months that the low-volatility portfolios beat the benchmark return, broken out by up and down months. As seen in Exhibit #4, on average, these portfolios beat their respective benchmarks about half of the time. The distribution was asymmetric though, as they outperformed 80% of the time during down months, and only around 30% of the time in up months. This supports the usual expectation of dividend stock investors. Since low-volatility stocks outperformed the benchmark overall, this means that while low-volatility stocks lagged in bull markets, they more than made up for this during bear markets.

(click to enlarge)Exhibit 7

Other Notes of Interest

  1. Systematic Risk: The S&P study found that of the three low-volatility portfolio strategies, the rankings-based methodology generated the lowest level of systematic risk. Systematic risk, by definition, cannot be diversified away, so a lower level is favorable.
  2. Weighting Performance: The S&P study evaluated the Sharpe ratios for market-cap, equally weighted, and inverse volatility-weighted portfolios. As seen in Exhibit #7, all of these methodologies delivered higher risk-adjusted returns than their respective benchmarks, and the inverse-weighted approach had the highest Sharpe and lowest volatility in each capitalization group.

(click to enlarge)Figure 1

Graph Source: Baker and Haugen (2012)

A Worldwide Anomaly

A research study by Baker and Haugen (2012) supports and expands on the S&P research findings. They found the low-volatility outperformance anomaly to be persistent, "existing now and as far back in time as we can see." Their analysis of 33 developed and emerging markets [Figure #1 above] showed that low-volatility stocks outperformed over a 22-year period (1990-2011) in each of these markets. This study ranked stocks and grouped them into deciles. The graph above compares the lowest-volatility decile stocks to the highest-volatility decile.

Figure #2 below shows the annual risk versus reward for each of these deciles for all countries together. There are clear clusters for the lowest risk and highest risk groups. On average the lowest-volatility decile appears to have delivered a 10% return with 15% volatility, while the highest-volatility decile had a -10% average return with 30% volatility.

(click to enlarge)Figure 2

Graph Source: Baker and Haugen (2012)

Summary

Income investors often cite lower volatility as a benefit of a dividend investment strategy. They also understand that during bull markets, their stocks may underperform relative to the overall market, but total return is often not the primary focus. The research presented shows that low-volatility stocks have historically outperformed higher-volatility stocks and market indices over longer periods of time in absolute return. This anomaly appears to exist across all capitalizations and in markets worldwide. By sticking to lower-volatility, dividend-growth stocks and being patient, income investors may be able to not only enjoy their dividends and the smoother ride, but also achieve higher total return in the long-term. That is something to celebrate, assuming the anomaly continues!

Next Steps

Being the curious type, I wondered why the low-volatility anomaly exists and why the market doesn't take notice of this research and arbitrage away these excess returns. The second article in this series will address these questions.

Finally, the third article will highlight a recently created low-beta, high-dividend growth rate [DGR] portfolio based on the rankings and inverse-volatility methodologies and research on high DGR as the primary driver of returns. This portfolio includes stocks such as: Darden Restaurants (DRI), Lorillard (LO), Steris Corp (STE), Sempra Energy (SRE), and Sunoco Logistics Partners (SXL). Unlike my other DG portfolios, this one is weighted using inverse beta, both to determine sector weightings and for the individual holdings within each sector. While some holdings overlap with the other DG portfolios, I was pleased to see many new names, providing more stocks to consider for my personal portfolio. Stay tuned for more on low-volatility portfolios!

Disclosure: I am long LO, SRE. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. (More...)

Source: http://seekingalpha.com/article/1122031-low-volatility-stocks-consistently-outperform-dividend-investors-rejoice

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To Catch A Marten: Seeking Clues In Olympic National Forest

A group of volunteers is helping biologists see whether there are any martens left in the Olympic National Forest in Washington state.

U.S. Fish and Wildlife Service

A group of volunteers is helping biologists see whether there are any martens left in the Olympic National Forest in Washington state.

U.S. Fish and Wildlife Service

It's about 25 degrees on a clear Saturday morning when Gregg Treinish ? executive director of Adventurers and Scientists for Conservation, a nonprofit that puts volunteers to work gathering data for scientists around the world ? gathers a small group of outdoor adventurers around him near the Duckabush River in the Olympic National Forest in Washington state.

The mission for this group: help biologists figure out whether there are any martens left in the Olympic National Forest. Volunteers will set up motion-activated cameras in some of the forest's snowiest, most remote territory.

The citizen scientists fill their packs with a strange assortment of gear, including chicken wire, hammers, folding saws and ? wait for it ? human-head-sized chunks of beaver carcass.

"I don't mind carrying dead things, but maybe I'll move my lunch," says Sonia Wolfman, a lawyer from Olympia, Wash., as she stuffs a black garbage bag full of beaver guts into her pack.

The beaver, which was provided by the Forest Service, will be used as bait to lure the martens in front of the remote cameras the volunteers plan to set up throughout the forest.

But in the Olympics anyway, catching a marten, a member of the weasel family, on camera is a rare occurrence.

"For the past 25 years, we've had three verifiable sightings," says Betsy Howell, a biologist with the Forest Service who helped organize this project. "Two were photographs and one was an animal caught in a trap."

Although martens are doing OK in parts of the mountain West, their numbers appear to have plummeted in recent decades in the coastal ranges of Oregon and Washington.

Until scientists know that for sure, these animals can't be recommended for protection under the Endangered Species Act. That's where these volunteers come in.

Treinish leads the group into the woods at a brisk pace. He's a tightly muscled guy with mountain-man hair and an easy smile. When he hikes, his eyes remain glued to the forest floor, scanning the snow. He picks out the tracks of mountain lion, elk, coyote, bobcat and a host of rodents along the trail, and points them out to the group. But no sign of martens.

After more than four miles of hiking up steep switchbacks and past sparkling icy rock faces, we get to a spot that looks like a place martens might hang out. To the untrained eye, it looks like every other snowy section of forest we've hiked through, but not to Treinish.

"It's a nice flat area here," he explains, pointing at a dip in the landscape where a young cedar and fir tree stand about 13 feet apart. "I kind of like how it funnels everything into there, so we'll go with that spot."

The group unloads its gear and starts setting up the station.

Jenna Walenga, a barista from Seattle, snaps on a pair of rubber gloves and prepares to reach into the bloody garbage bag. A few years ago, she hiked Mount Kilimanjaro. Today her job is to attach a hunk of dead beaver to one of these trees.

"I'm actually a vegetarian," she says, as she holds the carcass against the tree so another volunteer can nail it down beneath a layer of chicken wire.

On the opposite tree, the team sets up the motion-activated camera and aims it at the beaver carcass.

The chances of getting footage of martens in the Olympic National Forest are slim. Much of the old-growth forests the martens rely on in the coastal range has been cut down, and biologists worry that climate change will shrink the remaining cold alpine habitat.

No one knows how many martens might still live in the national forest, but Howell says they'd probably never be able to find out without the help of volunteers like these.

"We can do so much more together than we can do separately," Howell says. "The partnership is a great way to get work done that otherwise we just don't have funding or staff for anymore."

The volunteers will set up 11 other stations like this one throughout the forest. Then they'll come back in smaller groups to check the cameras every month or so to see whether any martens showed up to have their pictures taken.

It's still legal to trap martens in Washington and Oregon. But here in Olympic National Forest, there may not be any left to catch ? on camera, or otherwise.

Source: http://www.npr.org/2013/01/21/169912767/to-catch-a-marten-seeking-clues-in-olympic-national-forest?ft=1&f=1007

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Swearing age-old oath, Obama steps into 2nd term

WASHINGTON (AP) ? President Barack Obama was sworn in for four more years Sunday in a simple ceremony at the White House, embarking on a second-term quest to restore a still-shaky economy and combat terrorists overseas while swearing an age-old oath to "preserve, protect and defend" the Constitution.

"I did it," a smiling president said to his daughter Sasha seconds after following Chief Justice John Roberts in reciting the oath of office. First lady Michelle Obama and the couple's other daughter, Malia, were among relatives who bore witness.

The quiet moments were prelude to Monday's public inaugural events when Obama and Vice President Joe Biden will be sworn in on the steps of the U.S. Capitol before a crowd expected to reach into the hundreds of thousands and a television audience counted in the millions.

The trappings were in place ? the flag-draped stands ready outside the Capitol and the tables set inside for a traditional lunch with lawmakers. Across town, a specially made reviewing stand rested outside the White House gates for the president and guests to watch the traditional parade down Pennsylvania Avenue.

A crowd of perhaps 800,000 was forecast, less than the million-plus that thronged to the nation's capital four years ago to witness the inauguration of the first black president in American history.

The weather forecast was encouraging, to a point. High temperatures were predicted for the lower 40s during the day, with scattered snow showers during the evening, when two inaugural balls closed out the official proceedings.

The 44th chief executive is only the 17th to win re-election, and his second-term goals are ambitious for a country where sharp political differences have produced gridlocked government in recent years.

Restoration of the economy to full strength and pressing the worldwide campaign against terrorists sit atop the agenda. He also wants to reduce federal deficits and win immigration and gun control legislation from Congress, where Republicans control the House.

If he needed a reminder of the challenges he faces, he got one from half-way around the globe. An Algerian security official disclosed the discovery of 25 additional bodies at a gas plant where radical Islamists last week took dozens of foreign workers hostage.

In Washington, tourists strolled leisurely on an unseasonably warm day.

"I'm very proud of him and what he's trying to do for immigration, women's rights, what they call 'Obamacare,' and concerns for the middle class," said Patricia Merritt, a retired educator from San Antonio, in town with her daughter and granddaughter to see the inauguration and parade as well as historic sites. "I think he's more disrespected than any other president," she added, referring to his critics.

Sean Payton, an operations analyst from Highland Ranch, Colo., said he hoped to hear "a nice eloquent speech that makes people feel good about being an American."

Republicans lent a touch of bipartisanship to the weekend.

"We always want any president to succeed, to do well, that means America does well and Americans do well," Sen. John Barrasso of Wyoming said on CNN's "State of the Union."

Obama took the oath in the White House Blue Room where portraits of Presidents John Adams, Thomas Jefferson, James Madison and John Tyler grace the walls. He placed a hand on a Bible held by his wife. His daughters stood nearby.

The nation's political divisions seemed scarcely to intrude as Obama, a Democrat, shook hands with Roberts, a Republican appointee, in a rite that renews American democracy every four years. Unlike four years ago, when Roberts stumbled verbally, the chief justice recited the oath without error.

Before the swearing-in, the president listened from a second-row pew at the 175-year-old Metropolitan African Methodist Episcopal Church as the Rev. Jonathan V. Newman asked God's blessing for the him and his family. "But also prepare him for battle ... because sometimes enemies insist on doing it the hard way," he said.

Like Obama, Biden began his day early. He attended Catholic Mass at his official residence at the U.S. Naval Observatory a few miles from the White House. Justice Sonia Sotomayor, the first Hispanic justice and an Obama appointee, administered the oath of office.

Biden then joined Obama at the cemetery, where the two men placed a wreath at the Tomb of the Unknowns and observed a moment of silence as a bugler sounded "Taps."

___

Associated Press writers Darlene Superville, Josh Lederman, Matthew Daly and Stacy Anderson contributed to this report.

Source: http://news.yahoo.com/swearing-age-old-oath-obama-steps-2nd-term-195807063--politics.html

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