World's 100 richest people got $241 billion richer in 2012

The richest people on the planet got even richer in 2012, adding $241 billion to their collective net worth, according to the Bloomberg Billionaires Index, a daily ranking of the world's 100 wealthiest individuals.

The aggregate net worth of the world's top 100 stood at $1.9 trillion at the market close Dec. 31, according to the index. Of the people who appeared on the final ranking of 2012, only 16 registered a net loss for the 12-month period.

"Last year was a great one for the world's billionaires," said John Catsimatidis, the billionaire owner of Red Apple Group Inc., in an email written poolside on his BlackBerry in the Bahamas. "In 2013, they will continue looking for investments around the world — and not necessarily in U.S. — that will give them an advantage."

Amancio Ortega, the Spaniard who founded retailer Inditex, was the year's biggest gainer. The 76-year-old tycoon's fortune increased to $57.5 billion, a gain of $22.2 billion, according to the index, as shares of the retailer that operates the Zara clothing chain rose 66.7%.

"It's an amazing company that has done great, and the gains are quite justified given its performance," said Christodoulos Chaviaras, an analyst at Barclays in London who's had an "equalweight" rating on Inditex for about a year. "Can they repeat that? It will be harder. A lot of the positive news is already reflected in the share price."

Global stocks soared in 2012. The MSCI World Index gained 13.2% during the year to close at 1338.50 on Dec. 31. The Standard & Poor's 500 index rose 13.4% to close at 1426.19.

European stocks surged in the second half of the year. The Stoxx Europe 600 index is up 19.6% since June 4, advancing as the European Central Bank introduced bond-buying programs, S&P upgraded Greece's debt and German business confidence rose more than forecast. The benchmark gauge's 14.4% advance for the year was the best annual return since 2009.

Carlos Slim, the telecommunications magnate who controls Mexico's America Movil, maintained his title as the richest person on Earth for the entire year. The 72-year-old's net worth rose $13.4 billion, or 21.6%, through Dec. 31, making him the second-biggest gainer by dollars.

Gains by Slim's industrial conglomerate, Grupo Carso, and Grupo Financiero Inbursa, his banking and insurance operation, more than offset the decline posted by America Movil, his biggest holding. The largest mobile phone operator in the Americas by subscribers fell 5.8% to close at 14.9 pesos at the end of the year.

U.S. software mogul Bill Gates, 57, ranks second on the list, trailing Slim by $12.5 billion. The Microsoft Corp. co-founder added $7 billion to his net worth as shares of the Redmond, Wash., company rose 2.9%. Microsoft stock accounts for less than 20% of the billionaire's fortune.

Warren Buffett, 82, lost his title as the world's third-richest man to Ortega on Aug. 6. The Berkshire Hathaway Inc. chairman gained $5.1 billion during the year, even after donating 22.3 million Berkshire Class B shares in July to charity. The billionaire, who has pledged to give away most of his fortune, spent much of the year pressing for higher taxes on the wealthy.

Ikea founder Ingvar Kamprad, 86, is the world's fifth-richest person with a $42.9-billion fortune. The complex ownership structure behind Ikea, the world's largest furniture retailer, became more transparent in August after Ikea's franchisor published its financial performance publicly for the first time. His net worth rose 16.6% in 2012.

Brazil's Eike Batista, 56, was the year's biggest loser by dollars, falling $10.1 billion. The commodities maven, who vowed a year ago that he'd become the world's wealthiest man by 2015, sold a 5.63% stake in his EBX Group Co. in March to Abu Dhabi's Mubadala Development Co.

As part of the deal, he pledged an unspecified additional stake in 2019 if he fails to meet a 5% annual return on the sovereign wealth fund's $2-billion investment, according to a person with knowledge of the deal. Batista now ranks 75th in the world with a net worth of $12.4 billion. On March 27, he was worth $34.5 billion and ranked 8th on the Bloomberg index.

Batista's former title as the richest Brazilian is now held by 73-year-old banker Jorge Paulo Lemann, who ranks 37th on the index with an $18.8-billion fortune. The country's second-richest person is Dirce Camargo, the matriarch behind Camargo Correa, the Sao Paulo conglomerate that has interests in cement, electricity and Havaianas flip-flops. Her net worth is $13.4 billion, according to the Bloomberg ranking.

Camargo, who doesn't appear on any other major international wealth ranking, is one of 54 billionaires the index uncovered during the year. Among the others: Hamdi Ulukaya, the 40-year-old Turkish immigrant owner of Chobani, the bestselling yogurt brand in the U.S.; South Africa's Nathan "Natie" Kirsh, 80, who amassed a $5.4-billion fortune in retail and real estate; and Elaine Marshall, 70, whose 14.6% ownership of closely held Koch Industries makes her the fourth-richest woman in America. She is worth $14.1 billion.

Koch Industries' two other shareholders, the brothers Charles and David Koch, are each worth $40.9 billion, up $7.1 billion, or 20.9%, for the year.

Oracle Corp. founder Larry Ellison rose $6.4 billion in 2012 as shares of the world's largest database company jumped 31.7%. Ellison, 68, who has more than tripled the amount of Oracle stock he has pledged against lines of credit in the last year, agreed to buy 98% of Hawaii's Lanai island. The 141-square-mile parcel with no traffic lights was purchased from billionaire David Murdock, the 89-year-old chairman of Dole Food Co., the world's largest producer of fresh fruit and vegetables.

The bulk of Ellison's fortune comes from his 23.5% stake in Oracle. He also has interests in software makers NetSuite Inc. and LeapFrog Enterprises Inc., as well as property holdings, including estates in California and Newport, R.I.

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Dow rallies more than 200 points after passage of 'fiscal cliff' plan

Traders wear 2013 New Year's party glasses while they work on the floor of the New York Stock Exchange. (Allison Joyce / Getty Images / December 31, 2012)

By Andrew Tangel

January 2, 2013, 7:00 a.m.

Stocks soared 2% Wednesday in the first trading of 2013, after Congress' last-minute passage of a plan to avert the brunt of the so-called fiscal cliff.

The Dow Jones industrial average was up 234 points, or 1.8%, to 13,338 shortly after the opening bell on Wall Street.

Wednesday morning's rally follows the Dow's 1.3% jump late in trading on New Year's Eve on signs of an emerging deal between President Obama and congressional leaders.

The broader Standard & Poor's 500 index jumped 29 points, or 2%, to 1,455 in early trading Wednesday.

The technology-heavy Nasdaq rose 79 points, or 2.6%, to 3,099.

Wall Street's rally followed similar surges in major stock markets in Asia and Europe on Wednesday.

However, Washington's New Year's Day deal likely won't mean the end of volatility in equities markets in coming weeks.

Obama and Congress put off some of the most contentious issues surrounding the fiscal cliff debate, including broad spending cuts to defense and government social programs. The debate over the "debt ceiling" borrowing limit could also rattle markets.

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How to Sync All Your Calendars Onto One Smartphone

It’s a simple request: I just want my online calendars to sync with my smartphone… is that too much to ask? It took some initial research and finesse, but I’ve discovered the best ways to get your Yahoo and Google calendars to appear on either an Android or Apple IOS mobile device.

Google Calendar on Android Phone
When you first set up your Android phone, you had to create or enter your Google account info, so the phone already has the login info for your Google Calendar. Now you can go to your phone’s Settings, choose Accounts, click the Google account and then make sure “Sync Calendar” is checked. Then go to the Calendar App on your Android phone and it should be there.

For multiple calendars, hit the Settings button and then Calendars to customize which Google calendars you see.

Yahoo Calendar on Android Phone
Although it seems like it should be easy to add the Yahoo Calendar to your Android, I never got mine to sync. Theoretically, you would open the Android calendar on your phone, hit the Settings option, and Add Account. But depending on the flavor of Android I tried, I either couldn’t add a Yahoo account or when I did, it didn’t sync. It could just be me, but I found a lot of people online with the same issue. So I tried one of the most recommended apps to solve the problem – Smoothsync for Yahoo. It costs just under three dollars, and once you install it, you can sync all your Yahoo calendars into the native Android calendar. Ah, sweet relief.

[Related: New Tricks for New (and Old) Androids]

Yahoo Calendar on iPhone
On your IOS device, hit Settings. If you haven’t added your Yahoo Account yet, do so by going to Mail, Contacts, Calendars. Choose “Add Account.” Once you’ve input your Yahoo login info, the next screen gives you the option to Sync Mail, Contacts, and Calendars. Make sure calendars is on. Hit the Home button, open the IOS calendar. Hit the Calendars button on the top corner and you will see all your calendars listed under Yahoo. If you only have one Yahoo calendar, make sure you check to have it show in your IOS Cal. Also, many people have multiple Yahoo calendars: a family calendar, a work calendar, a soccer team calendar for the kids, and a personal calendar. You can customize which of these Yahoo Calendars show up by checking or unchecking them in this screen.

Google Calendar on iPhone
It’s a little more complicated, but you can also put a Google or Gmail calendar on the iPhone. Here’s how:

If you only have your one personal Google calendar to sync, you do things the same way as with Yahoo: Go to Settings on your IOS device, add your Google account (if you haven’t done so yet) by going to Mail, Contacts, Calendars. Choose “Add Account.”

Once you’ve input your Google login info, the next screen gives you the option to Sync Mail, Contacts, and Calendars. Make sure Calendars is on. Hit the Home button, then open the IOS calendar. Hit the Calendars button on the top corner and you will see your calendar listed under Google. You can track those Google dates in the IOS calendar and multiple Yahoo calendars at the same time.

But if you want multiple Google calendars, you need an app for that. Google does let you do this through their mobile site, but that’s basically just a website without the power of notifications and all the extras you like from your calendars. So I suggest getting the CalenMob app. It’s free with ads or $ 5 ad-free. It syncs all your Google calendars to the app (not the native IOS calendar) and adds in notification options, SMS functions and email alert options. It also syncs simultaneously to your Yahoo calendars.

[Related: True/False: Never Sell Your Old Phone]

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Paparazzo killed after taking shots of Bieber car

LOS ANGELES (AP) — A paparazzo was struck and killed by a car while darting across a street after taking pictures of Justin Bieber's Ferrari when it was pulled over along a freeway in Los Angeles, police said Wednesday.

Bieber was not in the car at the time. The singer later said his prayers were with the family of the 29-year-old photographer who was pronounced dead at a hospital shortly after the accident late Tuesday afternoon.

His name was withheld by police pending notification of relatives.

"Hopefully this tragedy will finally inspire meaningful legislation and whatever other necessary steps to protect the lives and safety of celebrities, police officers, innocent public bystanders, and the photographers themselves," Bieber said in the statement released by Island Def Jam Music Group.

The death came about six months after another photographer was charged with reckless driving and with violating a 2010 California law that toughened punishment for those who drive dangerously in pursuit of photos for commercial gain.

However, a judge later dismissed the paparazzi law charges, saying the law was overly broad and violated First Amendment free-speech protections.

On Tuesday, a friend of Bieber's was behind the wheel of the Ferrari registered to the singer when a California Highway Patrol officer pulled it over for speeding along Interstate 405, authorities said.

"This photographer evidently had been following the white Ferrari" and when it was pulled over he stopped, parked and crossed the street to snap photos, Walton said.

The photographer stood on a low freeway railing to shoot photographs of the traffic stop over a chain-link fence, authorities said.

"The CHP officer told him numerous times that it wasn't safe for him to be there and to return to his vehicle," Walton said.

After the officer issued the traffic ticket and the Ferrari left, the photographer began to run back across the street to his car when he was struck by a Toyota Highlander, Walton said.

The driver, a 69-year-old Los Angeles woman, had two small grandchildren in the back seat.

It was not immediately clear how fast she was going. The photographer was carried about 30 feet on the hood of her car, Walton said.

"The windshield was smashed in her car and there was glass all over the front seat" but no blood, Walton said.

The motorist was distraught after the crash. She and the children were taken away by her husband.

She was not believed to be at fault for the accident and was unlikely to be cited, police said.

"There were no sidewalks on the street there, there was no crossing place for a pedestrian, there was no reason to expect a pedestrian," Walton said.

The street also was dark and winding, he added.

"It would have been very difficult for her to see him," Walton said.

It was not immediately clear whether the photographer was a freelancer or full-time professional, although he was carrying expensive camera gear and had connections to a photo agency, Walton said.

In the previous incident, photographer Paul Raef was charged in July with reckless driving and also with violating the paparazzi law that set a maximum penalty of six months in jail and a $2,500 fine.

Authorities said Raef was arrested after Bieber was chased in another car on Interstate 101 at speeds up to 80 mph.

However, Los Angeles Superior Court Judge Thomas Rubinson dismissed the paparazzi law charges.

The law was prompted by the experiences of Jennifer Aniston, who provided details to a lawmaker on being unable to drive away after she was surrounded by paparazzi on Pacific Coast Highway.

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Well: Good and Bad, the Little Things Add Up in Fitness

Phys Ed

Gretchen Reynolds on the science of fitness.

The past year in fitness has been alternately inspiring, vexing and diverting, as my revisiting of all of the Phys Ed columns published in 2012 makes clear. Taken as a whole, the latest exercise-related science tells us that the right types and amounts of exercise will almost certainly lengthen your life, strengthen your brain, affect your waistline and even clear debris from inside your body’s cells. But too much exercise, other 2012 science intimates, might have undesirable effects on your heart, while popping painkillers, donning stilettos and sitting and reading this column likewise have their costs.

With New Year’s exercise resolutions still fresh and hopefully unbroken on this, day two of 2013, it now seems like the perfect time to review these and other lessons of the past year in fitness science.

First, since I am habitually both overscheduled and indolent, I was delighted to report, as I did in June, that the “sweet sport” for health benefits seems to come from jogging or moderately working out for only a brief period a few times a week.

Specifically, an encouraging 2012 study of 52,656 American adults found that those who ran 1 to 20 miles per week at an average pace of about 10 or 11 minutes per mile — my leisurely jogging speed, in fact — lived longer, on average, than sedentary adults. They also lived longer than the group (admittedly small) who ran more than 20 miles per week.

“These data certainly support the idea that more running is not needed to produce extra health and mortality benefits,” Dr. Carl J. Lavie, a cardiologist in New Orleans and co-author of the study told me. “If anything,” he said, “it appears that less running is associated with the best protection from mortality risk.”

Similarly, in a study from Denmark that I wrote about in September, a group of pudgy young men lost more weight after 13 weeks of exercising moderately for about 30 minutes several times a week than a separate group who worked out twice as much.

The men who exercised the most, the study authors discovered, also subsequently ate more than the moderate exercisers.

Even more striking, however, the vigorous exercisers subsequently sat around more each day than did the men who had exercised less, motion sensors worn by all of the volunteers showed.

“They were fatigued,” said Mads Rosenkilde, a Ph.D. candidate at the University of Copenhagen and the study’s co-author.

Meanwhile, the men who had worked out for only about 30 minutes seemed to be energized by their new routines. They stood up, walked, stretched and even bounced in place more than they once had. “It looks like they were taking the stairs now, not the elevators, and just moving around more,” Mr. Rosenkilde said. “It was little things, but they add up.”

And that idea was, in fact, perhaps the most dominant exercise-science theme of 2012: that little things add up, with both positive and pernicious effects. Another of my favorite studies of 2012 found that a mere 10 minutes of daily physical activity increased life spans in adults by almost two years, even if the adults remained significantly overweight.

But the inverse of that finding proved to be equally true: not fitting periods of activity into a person’s daily life also affected life span. Perhaps the most chilling sentence that I wrote all year reported that, according to a large study of Western adults, “Every single hour of television watched after the age of 25 reduces the viewer’s life expectancy by 21.8 minutes.”

I am watching much less television these days.

But not all of the new fitness science I covered this year was quite so sobering or, to be honest, consequential. Some of the more practical studies simply validated common sense, including reports that to succeed in ball sports, keep your eye on the ball; during hot-weather exercise, pour cold water over your head; and, finally, on the day before a marathon, eat a lot.

But when I think about the science that has most affected how I plan my life, I return again and again to those studies showing that physical activity alters how long and how well we live. My days of heedless youth are behind me. So I won’t soon forget the study I wrote about in September detailing how moderate, frequent physical activity in midlife can delay the onset of illness and frailty in old age. Exercise won’t prevent you from aging, of course. Only death does that. But this study and others from this year underscore that staying active, even in moderate doses, dramatically improves how your aging body feels and responds.

Aging also inspired my favorite reader comment of 2012, which was posted in response to a research scientist’s name. “‘Dr. Head,’” the reader wrote. “That shall be the name of my all-senior-citizen metal band,” which, if its members gyrate and vigorously bound about like Mick Jagger on his recent tour, should ensure themselves decades in which to robustly perform.

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Fiscal cliff deal won't help labor market, economists say

Lawmakers may have avoided another recession by coming to a last-minute deal on the so-called fiscal cliff, but they did little to boost the lackluster labor market, indicating job seekers may have a tough time finding work in the first half of 2013, economists say.

Congress did not postpone a scheduled increase in payroll taxes, which means that employed Americans will see less take home pay than they did last year. That means they'll spend less initially while they readjust their budgets to the new reality. Slowing consumer spending will create less demand for goods and services, so "businesses will see less of a need to hire,” said Michael Feroli, chief U.S. economist for JPMorgan Chase.

The Bureau of Labor Statistics will release job numbers for December on Friday, and economists expect those numbers to be decent, with businesses and government adding about 150,000 jobs. But that report may be the best for months as businesses pull back in January and in the first quarter of the year because of that reduced demand.

Mark Zandi of Moody’s estimates that the deal will result in about 600,000 fewer jobs created this year than would have been created had last year’s tax policies remained in place.

The cuts will slow consumption by about 1% for the year, said Michael Gapen, senior U.S. economist at Barclays in New York. But the biggest hits to the labor market may be in the first few months of the year, when businesses purge payrolls after the holiday season. They won't hire much in the first quarter because businesses will remain cautious, waiting for Congress to make more decisions about the budget and sequestration in March, he said. 

“The cautiousness on the part of businesses will persist,” he said.

On the other hand,  Congress did extend unemployment insurance benefits through 2013, which will keep some spending in the economy, as unemployed workers generally spend their benefits on essentials such as food and clothing. About 2 million workers would have lost jobless benefits this week had the program not been extended.

Some economists, such as Peter Morici, an economist at the University of Maryland, warn that higher taxes on small businesses, coupled with increasing costs from Obamacare, will drag down hiring significantly.

“Small businesses now have more certainty – the assurance of more burdensome regulations, healthcare costs and taxes, and this will burden growth,” he wrote.

But more economists are slightly more optimistic. They expect a slowdown in the labor market to last about three to six months, unless, of course, more uncertainty is created by negotiations in March. One thing is for sure, said Gapen -- the recession illuminated some big problems in American governance, and until those are resolved, the economy will likely limp along.

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Playboy Hugh Hefner marries his 'runaway bride'

LOS ANGELES (AP) — Hugh Hefner is celebrating the new year as a married man once again.

The 86-year-old Playboy magazine founder exchanged vows with his "runaway bride," Crystal Harris, at a private Playboy Mansion ceremony on New Year's Eve. Harris, a 26-year-old "Playmate of the Month" in 2009, broke off a previous engagement to Hefner just before they were to be married in 2011.

Playboy said on Tuesday that the couple celebrated at a New Year's Eve party at the mansion with guests that included comic Jon Lovitz, Gene Simmons of KISS and baseball star Evan Longoria.

The bride wore a strapless gown in soft pink, Hefner a black tux. Hefner's been married twice before but lived the single life between 1959 and 1989.

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Hispanic Pregnancies Fall in U.S. as Women Choose Smaller Families

ORLANDO, Fla. — Hispanic women in the United States, who have generally had the highest fertility rates in the country, are choosing to have fewer children. Both immigrant and native-born Latinas had steeper birthrate declines from 2007 to 2010 than other groups, including non-Hispanic whites, blacks and Asians, a drop some demographers and sociologists attribute to changes in the views of many Hispanic women about motherhood.

As a result, in 2011, the American birthrate hit a record low, with 63 births per 1,000 women ages 15 to 44, led by the decline in births to immigrant women. The national birthrate is now about half what it was during the baby boom years, when it peaked in 1957 at 122.7 births per 1,000 women of childbearing age.

The decline in birthrates was steepest among Mexican-American women and women who immigrated from Mexico, at 25.7 percent. This has reversed a trend in which immigrant mothers accounted for a rising share of births in the United States, according to a recent report by the Pew Research Center. In 2010, birthrates among all Hispanics reached their lowest level in 20 years, the center found.

The sudden drop-off, which coincided with the onset of the recession, suggests that attitudes have changed since the days when older generations of Latinos prized large families and more closely followed Roman Catholic teachings, which forbid artificial contraception.

Interviews with young Latinas, as well as reproductive health experts, show that the reasons for deciding to have fewer children are many, involving greater access to information about contraceptives and women’s health, as well as higher education.

When Marucci Guzman decided to marry Tom Beard here seven years ago, the idea of having a large family — a Guzman tradition back in Puerto Rico — was out of the question.

“We thought one, maybe two,” said Ms. Guzman Beard, who gave birth to a daughter, Attalai, four years ago.

Asked whether Attalai might ever get her wish for a little brother or sister, Ms. Guzman Beard, 29, a vice president at a public service organization, said: “I want to go to law school. I’m married. I work. When do I have time?”

The decisions were not made in a vacuum but amid a sputtering economy, which, interviewees said, weighed heavily on their minds.

Latinos suffered larger percentage declines in household wealth than white, black or Asian households from 2005 to 2009, and, according to the Pew report, their rates of poverty and unemployment also grew more sharply after the recession began.

Prolonged recessions do produce dips in the birthrate, but a drop as large as Latinos have experienced is atypical, said William H. Frey, a sociologist and demographer at the Brookings Institution. “It is surprising,” Mr. Frey said. “When you hear about a decrease in the birthrate, you don’t expect Latinos to be at the forefront of the trend.”

D’Vera Cohn, a senior writer at the Pew Research Center and an author of the report, said that in past recessions, when overall fertility dipped, “it bounced back over time when the economy got better.”

“If history repeats itself, that will happen again,” she said.

But to Mr. Frey, the decrease has signaled much about the aspirations of young Latinos to become full and permanent members of the upwardly mobile middle class, despite the challenges posed by the struggling economy.

Jersey Garcia, a 37-year-old public health worker in Miami, is in the first generation of her family to live permanently outside of the Dominican Republic, where her maternal and paternal grandmothers had a total of 27 children.

“I have two right now,” Ms. Garcia said. “It’s just a good number that I can handle.”

“Before, I probably would have been pressured to have more,” she added. “I think living in the United States, I don’t have family members close by to help me, and it takes a village to raise a child. So the feeling is, keep what you have right now.”

But that has not been easy. Even with health insurance, Ms. Garcia’s preferred method of long-term birth control, an IUD, has been unaffordable. Birth control pills, too, with a $50 co-payment a month, were too costly for her budget. “I couldn’t afford it,” she said. “So what I’ve been doing is condoms.”

According to research by the National Latina Institute for Reproductive Health, the overwhelming majority of Latinas have used contraception at some point in their lives, but they face economic barriers to consistent use. As a consequence, Latinas still experience unintended pregnancy at a rate higher than non-Hispanic whites, according to the institute.

And while the share of births to teenage mothers has dropped over the past two decades for all women, the highest share of births to teenage mothers is among native-born Hispanics.

“There are still a lot of barriers to information and access to contraception that exist,” said Jessica Gonzáles-Rojas, 36, the executive director of the institute, who has one son. “We still need to do a lot of work.”

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Optimistic stock investors reaped rewards worldwide in 2012

Wall Street closed out the year with a surge in the final trading session, betting on a last-minute resolution of the so-called fiscal cliff.

The market may have jumped the gun, but investors' hopefulness fit the pattern of 2012: It was a year of solid stock price gains worldwide, as various predictions of Armageddon fell flat.

That has reinforced many market pros' conventional cautious optimism as the new year begins. Bears can still find plenty to be dour about, but the bulls have called it right in three of the last four years since the 2008 financial-system crash.

On Monday, the Dow Jones industrial average jumped 166 points, or 1.3%, to end the year at 13,104. Stocks rallied late in the session as rumors spread that Congress would approve a deal to limit the tax increases and spending cuts otherwise set to kick in Tuesday.

But after the closing bell, a deal to avert the fiscal cliff appeared uncertain — raising fears of a blistering market sell-off Wednesday.

Still, investors who had expected a sustained slump in stocks in 2012 found themselves left behind as most world markets posted double-digit percentage gains, underpinned by a resilient U.S. economy and by central banks' efforts to keep interest rates at rock bottom.

Wall Street optimism about 2013 remains rooted in expectations that the U.S. economy will continue to expand, albeit slowly, and with it corporate earnings.

"Absent a complete failure from Washington, growth should remain positive," said Russ Koesterich, global chief investment strategist at money management giant BlackRock Inc. in New York.

That bet paid off in 2012: The Standard & Poor's 500 index, a popular benchmark for many Americans' retirement accounts, rose 1.7% to 1,426 on Monday and was up 13.4% for the year.

That was the biggest advance since the index rose 23.4% in 2009. Stocks' gains last year also beat returns on most kinds of bonds and on low-yielding short-term cash accounts.

The S&P index now has rebounded 111% from its decade low in March 2009, restoring most of the wealth lost by investors in the Great Recession — if they held on.

In Europe, the Stoxx index of 600 big-name shares rose 14.4% for the year, also the biggest rally since 2009. Japan's main market index soared 22.9%. Most so-called emerging markets also were up sharply, including those in India, Mexico and Turkey.

The 30-stock Dow index was a relative laggard, rising 7.3% for the year. It was hurt by weakness in major energy stocks as crude oil prices fell and by a collapse of shares of troubled tech giant Hewlett-Packard Co.

Markets worldwide had rallied in the first few months of 2012, then dived in spring as doubts multiplied about the global economy.

Europe, gripped for a third year by its government-debt crisis, was the epicenter of those fears: Many investors expected the Eurozone to finally break up under its debt strains, consigning Greece, Spain, Portugal and perhaps other nations to economic death spirals.

But the doomsday predictions were thwarted by the European Central Bank. In late July, ECB President Mario Draghi shocked markets by declaring that the central bank would do whatever was necessary to preserve the Eurozone. "And believe me, it will be enough," Draghi said.

The ECB followed that pledge with a commitment to buy unlimited sums of Eurozone governments' bonds, if necessary, to pull down countries' borrowing costs — similar to the U.S. Federal Reserve's ongoing program of buying Treasury debt.

The ECB's move sparked a sharp rally in the euro that buoyed confidence in European stocks as well, despite deep recessions in the Continent's hardest-hit economies.

The U.S. economy, meanwhile, confounded expectations that it would slide back into recession. The economy grew at a 3.1% annualized rate in the third quarter after slowing to a 1.3% rate in the second quarter. Growth was supported in part by the housing market's continuing rebound.

"Housing got us into this mess. Now it's one of the sectors to get us out," said Sam Stovall, chief investment strategist at S&P Capital IQ in New York.

Housing-related stocks were some of the year's biggest winners, with builder PulteGroup Inc. up 188%, appliance maker Whirlpool Corp. rising 114% and paint producer Sherwin-Williams Co. up 72%.

Worldwide, investors' confidence also benefited as worries dissipated about a war between Israel and Iran. And late in the year, hopes rose that China's slowing economy would avoid a so-called hard landing — which could have put it in a recession — and instead would help drive global growth in the new year. The Shanghai stock market rocketed nearly 15% in December alone.

Emerging markets such as China could be a big lure for global investors in 2013, some experts said. Many governments in those markets have more leeway than developed economies to bolster growth with fiscal stimulus measures and with lower interest rates, said Jack Ablin, chief investment officer at BMO Private Bank in Chicago.

By contrast, Ablin worries that U.S. economic growth and corporate earnings growth will be much slower than many investors are anticipating in the new year.

Whatever the ultimate workout of the fiscal cliff, Ablin said, "We are going to see taxes go up incrementally and spending go down incrementally," weighing on the economy.

Market pessimists believe that stock markets since 2009 have been driven largely by cheap credit supplied by central banks, particularly the Federal Reserve. Critics say the Fed's latest decision to ramp up purchases of Treasury bonds, aimed at pumping more money into the economy, smacks of desperation.

Fed Chairman Ben S. Bernanke, however, has insisted that the Fed still has plenty of tools left to help the U.S. recovery gain speed. Wall Street, by and large, believes Bernanke.

"If they can print money," Stovall said, "are the central banks ever really out of bullets?"

business@latimes.com

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With clock ticking, still no deal to avert 'fiscal cliff'

Efforts to save the nation from going over a year-end "fiscal cliff" are still in disarray as lawmakers continue negotiations to confront the tax-and-spend crisis.

WASHINGTON – Senate leaders remain shy of a deal to avert the automatic tax increases due to take effect at midnight on New Year’s Eve, despite conversations that continued overnight between Vice President Joe Biden and Senate Republican Leader Mitch McConnell (R-Ky.).

Majority Leader Harry Reid (D-Nev.) said on the Senate floor Monday morning that “there are a number of issues in which the two sides are still apart” but that negotiations “are continuing as I speak.”

“We really are running out of time,” he added, about 13 hours before the nation would go over the so-called “fiscal cliff.”

Biden and McConnell, after trading phone calls Sunday afternoon, spoke again at 12:45 a.m. and again at 6:30 a.m. Monday. Biden’s role in the negotiations emerged on Sunday as McConnell, his former colleague of two decades in the Senate, appealed for a “dance partner” in his effort to find a workable solution on tax rates.

QUIZ: How much do you know about the fiscal cliff?

Republicans have said they are willing to raise taxes on wealthier households while stopping the tax increases for most Americans. But one of the sticking points remains the threshold at which current tax rates would be maintained. On Sunday, Republicans suggested taxing income of more than $550,000 for couples, while Democrats set their latest offer at $450,000.

Despite Biden’s lead role, there’s no guarantee any solution would meet with Democratic’ support. Sen. Tom Harkin of Iowa said Monday that he was concerned about the reported details of the deal, indicating that he believed it was preferable to see all tax rates revert to Clinton-era levels.

“I ask, what’s so bad about that?” he said on the Senate floor, noting the economic boom of the 1990s at those tax rates. “As I see this thing developing … no deal is better than a bad deal. And this looks like a very bad deal.”

Sen. Barbara Boxer (D-Calif.), who has supported a higher tax threshold, was more cautious. “One party doesn’t control everything. So we are going to have to meet somewhere in the middle,” she said.

The House was set to hold unrelated votes Monday afternoon but would be ready to vote if the Senate acts. The House Rules Committee waived the Republicans’ 72-hour rule, allowing the chamber to vote on legislation introduced the same day.

PHOTOS: Notable moments of the 2012 presidential election

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michael.memoli@latimes.com

Twitter: @mikememoli

lisa.mascaro@latimes.com

Twitter: @lisamascaroindc

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