Global shares gain, dollar dips as growth outlook brightens

LONDON (Reuters) - The dollar fell and world stocks gained on Friday as fresh economic data signaled that the euro zone's downturn has eased and China's growth was on track, but moves were limited as investors await a U.S. jobs report.

American employers are expected to have added 160,000 new jobs to their payrolls in January, a marginal rise on December's 155,000 gain, and a stronger number could knock the safe-haven dollar further as it would signal a strengthening recovery.

U.S. stock index futures pointed to a higher open on Wall Street on Friday <.n>, reflecting the hopes for jobs growth, while the dollar languished at a 3-1/2 month low against a basket of currencies <.dxy>.

MSCI's world equity index <.miwd00000pus> added 0.5 percent to stay close to its best level since May 2011.

Earlier, shares moved higher across Europe when euro zone factories recorded their best month in nearly a year during January although remaining mired in recession, according to the Markit Purchasing Managers' Index (PMI).

"Providing there are no further setbacks to the region's debt crisis, these data add to the expectation that the euro zone is on course to return to growth by mid-2013," said Chris Williamson, chief economist at data compiler Markit.

The euro hit a high of $1.3657 after the data came out, its highest level since November 2011, before settling to show a gain of 0.5 percent at $1.3643.

The common currency also hit a 33-month high against the yen, rising more than 1 percent to 125.96 yen.

The pan-European FTSEurofirst 300 index <.fteu3> extended its recent gains by 0.2 percent to 1,166.67 points, near a 23-month high after solid rally since the start of the year. London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were up between 0.5 and 0.8 percent.

Earlier, China's official PMI for January eased to 50.4, but held above the 50 mark which separates expansion from contraction, while a separate private survey showed growth in the manufacturing sector had hit a two-year high, underlining hopes the nation's economic recovery is slowly gaining momentum.

The mixed reading left MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> little changed.

A report from the Institute for Supply Management, due out at 10 a.m. ET, is likely to show that American factories joined in the modest global expansion in January.

EURO STRENGTH

Both the euro and European stocks trimmed some of their gains when the European Central Bank said the region's banks would return only 3.5 billion euros ($4.75 billion) of its emergency 3-year loans in a second repayment window next week.

The banks, which borrowed over one trillion euros of the cheap money at the height of the euro zone crisis, have another two years to pay it back if they want but took the opportunity this week to return a surprisingly large amount of the loans.

The quicker-than-expected repayments have triggered a rise in money market interest rates , effectively tightening monetary conditions, and rates could keep climbing if the money continues to drain from the system.

For Europe's struggling countries and the ECB this is not an ideal situation, effectively tightening monetary policy and creating unwanted stress just as economies are showing fragile signs of improvement.

It also comes as the Federal Reserve is undertaking a massive monetary stimulus in the United States and the Bank of Japan has come under strong pressure from the new government in Tokyo to add liquidity to boost its economy.

"The perception is that the ECB is being less supportive and is not providing as much liquidity as the other central banks are," said Andrew Milligan, head of Global Strategy at Standard Life Investments.

The approach of the U.S. jobs report was limiting moves in commodity markets which were generally supported by the rising confidence in the outlook for global growth.

Gold was up 0.2 percent at $1,665.91 an ounce, silver was up 0.1 percent at $31.43 an ounce and three month copper on the London Metal Exchange rose to $8,199 a tonne, up 0.4 percent.

Iron ore, which is particularly sensitive to economic growth, climbed to its highest level in more than two weeks to around $152.50 a tonne <.io62-cni> .

"The impression is that things are improving slowly on the macroeconomic front. The data seems to be moving in the right direction and we have had more positive surprises than negative surprises," said Robin Bhar, a metals analyst at Societe Generale.

In the oil market the rising economic optimism coupled with tension across the Middle East, the world's biggest oil producing region, has put Brent crude on track to its biggest weekly gain in two months, while U.S. crude is set to rise for an eighth straight week.

Brent oil was up 33 cents to $115.88, although U.S. crude futures slipped 27 cents to $97.22 a barrel.

(Additional reporting by Marc Jones,; editing by David Stamp)

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U.N. Panel Says Israeli Settlement Policy Violates Law

GENEVA — Israel has used the expansion of Jewish settlements to pursue a creeping annexation of the occupied Palestinian territories and committed multiple violations of international law in its treatment of Palestinians, the United Nations Human Rights Council said in a report on Thursday that called for an immediate halt to all settlement activity.

Presenting its findings after a nearly six-month investigation, the panel of three women jurists led by a French judge, Christine Chanet, said Israel’s settlements had clearly violated the Geneva Conventions which prohibit a state from transferring its own civilian population into territory it has occupied.

Israel “must cease all settlement activities without preconditions” and begin the withdrawal of all settlers from the occupied territories, the jurists said their report, which is to be debated at the Human Rights Council in March.

The panel examined 67 submissions from academics, diplomats, Israeli civil society and Palestinians, Ms. Chanet said, but Israel refused to cooperate with the mission which was unable to visit the West Bank and instead went to the Jordanian capital, Amman, to hear testimony.

The Human Rights Council voted a year ago to investigate the impact of settlements on Palestinian rights, which prompted Israel to break off cooperation and castigate the panel as a political platform used “to bash and demonize Israel.” The report came two days after Israel boycotted the council’s review of Israel’s human rights record, becoming the first country to withhold cooperation from a process in which all 193 United Nations member states have previously engaged.

The United States also opposed creating the fact-finding mission on the grounds that “it does not advance the cause of peace and will distract the parties from efforts to resolve the issues that divide them.”

Washington has opposed Israel’s creation of further settlements and construction in East Jerusalem as “unhelpful” and an obstacle to a two-state solution of the Palestinian issue.

Reviewing Israel’s settlements policy since 1967, the panel said that Israel, with the full knowledge and compliance of successive governments, had established some 250 settlements in the West Bank and East Jerusalem since 1967 which now have an estimated 520,000 settlers and are growing much faster than the population of Israel. The result is “a mesh of construction and infrastructure leading to a creeping annexation that prevents the establishment of a contiguous and viable Palestinian state and undermines the right of the Palestinian people to self-determination,” the report said.

These actions fall under the jurisdiction of the International Criminal Court, the panel said, and if Palestine ratified the Rome Statute that created the court, Israel could be called to account for “gross violations of human rights law and serious violations of international humanitarian law,” the report said.

The settlements are maintained through “a system of total segregation” between the settlers, who enjoy a preferential legal status, and the rest of the population, the report said. It found Palestinian rights to freedom of movement, equality, due process of law and access to education, water, housing and natural resources “are being violated consistently and on a daily basis.”

The panel reported that violence and intimidation by “a small minority” of settlers continued with impunity and expressed grave concern at the high number of children who are detained. They were “invariably mistreated, denied due process and fair trial,” the report said and many were transferred to detention centers in Israel, also a violation of international law.

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Facebook slumps as mobile ad growth fails to impress

(Reuters) – Shares of Facebook Inc were set to open 7 percent lower on Thursday as a surge in fourth-quarter mobile advertising revenue failed to live up to Wall Street’s high expectations.

Three brokerages downgraded the stock of the No. 1 social network, which has struggled to develop a full-fledged mobile advertising business.

Facebook has long established itself as one of the most important websites, but investors have worried that until the company’s mobile advertising strategy takes off, revenue growth will remain shaky.

The company reported a better-than-expected fourth-quarter profit on Wednesday and said its mobile advertising revenue doubled to $ 306 million, suggesting it was making inroads into handheld devices such as smartphones and tablets.

Investors were looking for at least $ 350 million in mobile advertising revenue, Piper Jaffray analyst Gene Munster said in a note to clients.

“While the trajectory of mobile growth may not be as steep as some investors were hoping, the theme of mobile as the future of Facebook remains intact,” he said.

BMO Capital Markets analyst Daniel Salmon, who downgraded the stock to “market perform” from “outperform”, however said Facebook’s 2013 stock performance would not be dictated by its ability to generate mobile ad dollars.

He said new catalysts were necessary to drive Facebook’s stock price up.

Facebook’s stock, which has lost over a quarter of its value since its botched debut in May, were down at $ 29.08 in premarket trading. The shares closed at $ 31.24 on the Nasdaq on Wednesday.

(Reporting by Neha Alawadhi in Bangalore; Editing by Saumyadeb Chakrabarty)

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Kendra Wilkinson Fondly Remembers Hugh Hefner's Late Secretary

By Tim Nudd

01/31/2013 at 08:30 AM EST

Kendra Wilkinson and (inset) Mary O'Connor

Jason LaVeris/FilmMagic; Inset: Elayne Lodge

A friend, a confidante, a shoulder to cry on. Someone who brought a welcome dose of levity when things got heavy.

Mary O'Connor was many things to Kendra Wilkinson.

Now, the former star of The Girls Next Door has written down her fond memories of Playboy founder Hugh Hefner's longtime secretary – who died last weekend – in a heartfelt post on her website.

"I'm devastated to hear about the passing of Mary O'Connor," she writes. "She was almost like a therapist because we could talk to her about anything. When I lived at the mansion I was very close with her. Over the years, she helped me through a lot and was always there for me."

Wilkinson, 27, was particularly touched when O'Connor invited her along to her favorite place far from Los Angeles – Branson, Mo. "I felt so special that she invited me to her getaway with her and it was so nice to see where she went away to," Wilkinson says.

One of Wilkinson's favorite memories shows O'Connor's fun-loving side. "She showed up at my bridal shower wearing a shower cap, while all of my friends were in risqué outfits," Wilkinson recalls. "She also held my baby shower for [now 3-year-old son] Lil' Hank which is something I will always be thankful for."

Wilkinson adds: "She was a wonderful person and I wouldn't be the person I am without her."

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Sex to burn calories? Authors expose obesity myths

Fact or fiction? Sex burns a lot of calories. Snacking or skipping breakfast is bad. School gym classes make a big difference in kids' weight.

All are myths or at least presumptions that may not be true, say researchers who reviewed the science behind some widely held obesity beliefs and found it lacking.

Their report in Thursday's New England Journal of Medicine says dogma and fallacies are detracting from real solutions to the nation's weight problems.

"The evidence is what matters," and many feel-good ideas repeated by well-meaning health experts just don't have it, said the lead author, David Allison, a biostatistician at the University of Alabama at Birmingham.

Independent researchers say the authors have some valid points. But many of the report's authors also have deep financial ties to food, beverage and weight-loss product makers — the disclosures take up half a page of fine print in the journal.

"It raises questions about what the purpose of this paper is" and whether it's aimed at promoting drugs, meal replacement products and bariatric surgery as solutions, said Marion Nestle, a New York University professor of nutrition and food studies.

"The big issues in weight loss are how you change the food environment in order for people to make healthy choices," such as limits on soda sizes and marketing junk food to children, she said. Some of the myths they cite are "straw men" issues, she said.

But some are pretty interesting.

Sex, for instance. Not that people do it to try to lose weight, but claims that it burns 100 to 300 calories are common, Allison said. Yet the only study that scientifically measured the energy output found that sex lasted six minutes on average — "disappointing, isn't it?" — and burned a mere 21 calories, about as much as walking, he said.

That's for a man. The study was done in 1984 and didn't measure the women's experience.

Among the other myths or assumptions the authors cite, based on their review of the most rigorous studies on each topic:

—Small changes in diet or exercise lead to large, long-term weight changes. Fact: The body adapts to changes, so small steps to cut calories don't have the same effect over time, studies suggest. At least one outside expert agrees with the authors that the "small changes" concept is based on an "oversimplified" 3,500-calorie rule, that adding or cutting that many calories alters weight by one pound.

—School gym classes have a big impact on kids' weight. Fact: Classes typically are not long, often or intense enough to make much difference.

—Losing a lot of weight quickly is worse than losing a little slowly over the long term. Fact: Although many dieters regain weight, those who lose a lot to start with often end up at a lower weight than people who drop more modest amounts.

—Snacking leads to weight gain. Fact: No high quality studies support that, the authors say.

—Regularly eating breakfast helps prevent obesity. Fact: Two studies found no effect on weight and one suggested that the effect depended on whether people were used to skipping breakfast or not.

—Setting overly ambitious goals leads to frustration and less weight loss. Fact: Some studies suggest people do better with high goals.

Some things may not have the strongest evidence for preventing obesity but are good for other reasons, such as breastfeeding and eating plenty of fruits and vegetables, the authors write. And exercise helps prevent a host of health problems regardless of whether it helps a person shed weight.

"I agree with most of the points" except the authors' conclusions that meal replacement products and diet drugs work for battling obesity, said Dr. David Ludwig, a prominent obesity research with Boston Children's Hospital who has no industry ties. Most weight-loss drugs sold over the last century had to be recalled because of serious side effects, so "there's much more evidence of failure than success," he said.

___

Online:

Obesity info: http://www.cdc.gov/obesity/data/trends.html

New England Journal: http://www.nejm.org

___

Marilynn Marchione can be followed at http://twitter.com/MMarchioneAP

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Stock futures flat as earnings roll in; data on tap

NEW YORK (Reuters) - Stock futures were little changed on Thursday ahead of data on the labor market and a slew of corporate earnings reports.

Facebook Inc shares lost 4.6 percent to $29.83 in premarket trading. The company doubled its mobile advertising revenue in the fourth quarter but that growth trailed some of Wall Street's most aggressive estimates.

Qualcomm Inc gained 6.3 percent to $67.55 in premarket trading after the world's leading supplier of chips for cellphones beat analysts' expectations for quarterly profit and revenue and raised its financial targets for 2013.

Investors will look to weekly initial jobless claims data at 8:30 a.m. ET (1330 GMT) for clues on the health of the labor market ahead of the payrolls report on Friday. Economists in a Reuters survey forecast a total of 350,000 new filings compared with 330,000 in the prior week.

The S&P 500 <.spx> is up 5.3 percent for the month, as legislators in Washington temporarily sidestepped a "fiscal cliff" of automatic tax increases and spending cuts that could have derailed the economic recovery, and amid improving economic data and better-than-expected corporate earnings.

But the benchmark index has stalled recently and is virtually flat for the week, hovering near the 1,500 mark, as investors look for more catalysts to justify further gains.

"We've got a handful of economic data today that might move the needle for the market and we've got plenty to contemplate as we continue to get through a plethora of earnings reports as well, so I'm not surprised to see us sideways," said Art Hogan, managing director of Lazard Capital Markets in New York.

"Whether you look at the fears over sequestration (broad government spending cuts set to take effect March 1) which is next month's business, or you consider the jackrabbit start to the year that is not sustainable, or you start to contemplate the weak patches in the economic data stream that we have seen in pieces - all of that combines for a wall of worry for this market to climb and it's building."

Also at 8:30 a.m. (1330 GMT), the Commerce Department will release December personal income and spending data; economists expect a 0.8 percent rise in income and a 0.3 percent increase in spending.

United Parcel Service Inc lost 2.1 percent to $79.49 in premarket trading after the world's largest parcel delivery company reported a net loss in the fourth quarter after a $3 billion one-time charge from pension accounting, and forecast that 2013 earnings would rise 6 percent to 12 percent.

Later in the session at 9:45 a.m. (1445 GMT), the Institute for Supply Management Chicago releases January index of manufacturing activity. Economists in a Reuters survey forecast a reading of 50.5 compared with 50.0 in December.

S&P 500 futures fell 0.5 point and were slightly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 5 points, and Nasdaq 100 futures lost 7 points.

Thomson Reuters data through Wednesday morning shows that of the 192 companies in the S&P 500 that have reported earnings this season, 68.8 percent have exceeded expectations, a higher proportion than over the past four quarters and above the average since 1994.

Overall, S&P 500 fourth-quarter earnings are forecast to have risen 3.8 percent. That's above the 1.9 percent forecast from the start of the earnings season, but well below a 9.9 percent fourth-quarter earnings growth forecast on October 1, the data showed.

WMS Industries Inc surged 56.2 percent to $25.57 in premarket after the company agreed to be acquired by Scientific Games Corp for $26 per share in cash. Scientific Games advanced 1.8 percent to $9.09.

(Editing by Bernadette Baum)

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IHT Rendezvous: A Story Known Far and Wide, in Denmark at Least

Until this month, if the Danish director and screenwriter Nikolaj Arcel was known at all in the English-speaking world, it was as the co-writer of the screenplay for the original version of “The Girl With the Dragon Tattoo.” But after winning two prizes at the Berlin Film Festival a year ago, the latest film he directed, “A Royal Affair,” is now getting attention in Hollywood as one of the five contenders nominated for the Academy Award for best foreign-language film.

“A Royal Affair” is set in the late 18th century, in the court of Christian VII, the mentally ill king of Denmark. A German doctor with progressive political and medical ideas, Johann Friederich Struensee, is hired to attend him, but after some initial improvement in the king’s behavior, things begin to take an unexpected direction: the doctor fills Christian with the revolutionary ideas of Voltaire and Rousseau at the same time he secretly becomes the lover of the young English-born queen, Caroline.

The film is the fifth Mr. Arcel has directed and features Mads Mikkelsen, who has appeared in “Casino Royale” and “Clash of the Titans,” as Struensee and Alicia Vikander, seen most recently in “Anna Karenina,” as Caroline. This week Mr. Arcel, 40, spoke by telephone from Denmark, where he is at work on a new project, about the genesis and objectives of “A Royal Affair.” Here are edited excerpts from that interview:

Your film portrays an episode virtually unknown outside Denmark. How well-known is it among Danes in the 21st century?

This is probably one of the most famous historic episodes in Denmark, and I would say that every single Dane knows about it. But it’s funny, because as soon as you cross the border, nobody knows it. So basically it’s only Denmark, where it’s taught in schools.

Did this story fascinate you as a child?

Yes, as it did most Danish kids. Of course you can’t understand the complexities of it when you’re in second or third grade, but what you can understand is that a beautiful young girl married a crazy king and had an affair with a rebellious revolutionary doctor. The adventure of it got to me as a kid.

So why hadn’t a movie version of this story been made earlier?

It’s a very ambitious project. I knew a lot of people had been trying to make the film for many, many years; obviously it’s been a bit of a holy grail for Danish filmmakers. But of course because of financing and various other problems, I guess it didn’t get made.

I never thought I would be crazy enough to try and do it. But then eventually after my third film, I thought, “O.K., if nobody is going to do this film, maybe I should give it a go.” Then cut to five years later, because it did actually take that long to get it done.

To tell the story, you opted to make a genre film, somewhat in the style of the costume dramas that the British do so well. Why did you take that approach?

Denmark is known for smaller sort of films, the Dogme films and small dramas, but what my entire career has been about has been making films that are very non-Danish in their look and way of storytelling. So I always find joy in trying to do something that has never been done in Denmark before. In this case it was the big, epic, lavish sort of costume drama.

When you talking about your films looking non-Danish, what do you mean?

I was part of a generation raised on American films, on the films of the ’70s, the new Hollywood, and I was a big fan of those. We grew up with a healthy mix of Hal Ashby, Scorsese, Coppola, Spielberg and Lucas, and you can see that in other filmmakers my age now in Denmark. They have a slightly more Americanized way of telling stories, a slightly more lavish scope and are making films that are a little bit more genre and not so much dramas that are about divorce and death and family. We like to tell slightly bigger stories. I’m a big political nut myself, so a lot of my films have politics.

It’s interesting to hear you say that, because I thought you were using the costume drama and romantic triangle in “A Royal Affair” to deal a lot with politics, and not just 18th-century politics but also issues that confront us today.

Yes, the big fight between conservatism and idealism. When I was writing, it was general feelings that I had about things that are still being discussed. When we were at Berlin, it was very timely because of the Arab Spring. Everybody thought we had done a film about the Arab Spring. And then when it came to America, it was the presidential election, and everybody in the U.S. thought we did a film that spoke to the American political situation. But this just goes to show that these are discussions that never end. We’re still discussing the same issues.

So the debate in the film about whether to inoculate the population against smallpox is a kind of stand-in for current issues like global warming and whether the 1 percent should pay more in taxes?

Yes, and you can even relate it to the health care discussion: should we use money to make sure that people are healthy? The conservatives at court are saying we don’t have money for that, we’ll just inoculate the wealthy— which is something that still goes on, I think.

Lars von Trier is listed as one of the executive producers of “A Royal Affair.” Could you talk a bit about his participation in the project?

He’s a friend and obviously a mentor to me and to almost every Danish filmmaker. I asked him to be the main consultant for the screenplay and also in the editing. He came in and read the screenplay at various stages and gave his notes and came up with some ideas. He was the one, for example, who suggested that we follow both Caroline and Struensee instead of following just one of them. He said, “You should go epic and spend the time it takes to be with both of them, instead of just one.” And that was very good advice.

And in the editing process?

He also came into the editing room and sat with us for a couple of weeks. He gives very good, concise notes, he’s very good at that. The good thing about Lars is that he’s a brutal guy. He will just tell you if something doesn’t work, and he will tell you right away ‘I hate that’ or ‘I love that.’ (Laughs)

Specifically, he did help us take out some overexplaining at certain points. We thought the audience wouldn’t get certain things, but he said, “Take this out, delete this scene, you don’t need that.” He is basically the mentor of this film.

I know you’re being told you’ve got an uphill climb, being in the same category as Michael Haneke’s “Amour,” but you sound like you’re pleased just to be one of the nominees.

Yes, of course. I mean, who wouldn’t be? I think that being nominated for an Oscar is something quite joyful and if you start really stressing that you want to win, then you get … I think winning is not the important thing. It’s really an honor to be in the company of Haneke and some of these other directors. I’ll just be happy with that for now. (Laughs)

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Yandex puts mobile app blocked by Facebook on hold

MOSCOW (Reuters) – Russian internet company Yandex has put an experimental application that allows users to search social networking sites from mobile devices on hold after it was blocked by Facebook.

Facebook, which launched its own search tool earlier this month, blocked the Wonder app three hours after its launch on January 24 for U.S. users.

The application allows users to look for recommendations on, for example, music or restaurants based on information from their friends on social network sites.

Facebook believes Wonder violates its policies, which state that no data obtained from Facebook can be used in any search engine without the company’s written permission, Yandex said on Wednesday, adding access to Facebook would not be restored.

“Since this access was revoked, we decided to put our application on hold for the time being,” the Russian firm said, adding it would consider partnership with other social networks and services.

Existing Wonder users are still able to search in Instagram, Foursquare and Twitter, a Yandex spokeswoman said, but marketing and further development of the application is on hold.

(Reporting by Maria Kiselyova; Editing by Mark Potter)

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'Kid President' Has a Pep Talk for the World

By Dahvi Shira and Stephen M. Silverman

01/30/2013 at 08:30 AM EST

"Kid President" Robbie Novak

Listen up! Kid President has some words of wisdom to share.

The young, self-proclaimed child chief of the United States doesn't identify himself by name in his video, apparently preferring that his message get all the attention.

"Life is not a game, people," says the tux-wearing "chief executive" – identified by Tennessee's Jackson Sun as 9-year-old Robbie Novak, a third-grader at East Chester Elementary School – says on a video posted on his Kid President website.

"Life isn't a cereal, either," he says in the video, which has already been viewed on YouTube 3 million times. "Well, [rolls eyes], it is a cereal. And if life is a game, aren't we all on the same team? I mean really, right? I'm on your team. Be on my team. This is life, people. You've got air coming through your nose. Heartbeat. That means it's time to do something!"

In between quoting Robert Frost and Journey, emotive little Robbie gives a special shout-out to a certain basketball legend who starred in a certain basketball film.

"In high school, what if [Michael Jordan] had quit if he didn't make the [basketball] team?" Kid President says. "He would have never made Space Jam. And I love Space Jam. What would be your Space Jam? What would you create that would make the world awesome? Nothin' if you keep sitting there."

Continuing his pep talk while dancing in the middle of a football field, he says, "This is your time, this is my time, this is our time. We can make every day better for each other. If we're all on the same team, let's start acting like it. We've got work to do. We were made to be awesome."

The Jackson Sun says Robbie's father, David Novak, works at Freed-Hardeman University’s FHU, and the videos are produced by Robbie's brother-in-law (his older sister's husband), Brad Montague, who runs the university’s social media.

"He is without the doubt the funniest kid I've ever met," Montague told the newspaper. "He’s intelligent and quick witted. He always has a smile and keeps it positive.'

Robbie's also got a few famous friends. He's posted Tweets and photos of him and Josh Groban, among others. His blog posts include photos accompanied by upbeat quotes that say things like, "Treat everybody like it's their birthday" and "Don't be in a party. Be a party."

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Stock futures point to lower open after weak GDP read

NEW YORK (Reuters) - Stock index futures pointed to a slightly weaker open on Wednesday following an unexpected contraction in fourth-quarter economic activity.

The first read showed gross domestic product fell 0.1 percent, far below expectations for growth of 1.1 percent. However, a read on private sector employment topped forecasts, with the ADP National Employment report showing 192,000 jobs added in January, higher than the 165,000 expectation.

Futures dipped modestly following the GDP data; previously, they had indicated a flat open for equity markets, which have surged in recent sessions.

"This is one chink in the armor of the recent better-than-expected economic indicators. This will make people start to get wary," said Wayne Kaufman, chief market analyst at John Thomas Financial in New York. "If it turns out Sandy and the fiscal cliff were the reasons for (the contraction), people will shrug it off."

Deeper losses were prevented by a rise in both Boeing Co and Amazon.com Inc , which rallied after earnings, continuing a trend this quarter of high-profile names advancing after results.

Amazon.com Inc rose 8.8 percent to $283.30 in premarket trading a day after reporting better-than-expected fourth-quarter earnings and strong revenue growth. The rally put the stock within striking distance of an all-time high.

Boeing Co rose 1.3 percent to $74.60 before the bell after reporting adjusted fourth-quarter earnings that beat expectations. The Dow component also said that while production continued on its Dreamliner jet, which has had technical problems recently, it was suspending delivery until clearance was granted by the Federal Aviation Administration.

Thomson Reuters data showed that of the 174 companies in the S&P 500 that have reported earnings this season, 68.4 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.

S&P 500 futures fell 2.6 point and were about even with fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 18 points and Nasdaq 100 futures fell 3.25 points.

The S&P 500 has risen for nine of the past 10 sessions, putting it above 1,500, a level market technicians call an inflection point that will determine the overall direction in the near term. The benchmark index is on track to post its best monthly performance since October 2011 as investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record.

The Dow Jones industrial average has been flirting with 14,000, a level it hasn't seen since October 2007. Many analysts have said markets may need to take a pause at current levels.

The Federal Reserve concludes a two-day meeting on Wednesday, and while the central bank is expected to keep monetary policy on a steady path, intensive debates continue behind the scenes over when the controversial bond-buying program should be curtailed.

In company news, Chesapeake Energy Corp rose 10.5 percent to $20.95 in premarket trading a day after saying Aubrey McClendon would step down as chief executive after a year in which a series of Reuters investigations triggered civil and criminal probes of the second-largest U.S. natural gas producer.

U.S. stocks advanced on Tuesday, led by defensive sectors, in a sign the cash piles recently moving into the market are being put to use by cautious investors to pick up more gains.

(Editing by Chizu Nomiyama and Nick Zieminski)

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