Luck runs for 2 TDS, Colts beat Jaguars 27-10

JACKSONVILLE, Fla. (AP) — Inspiration one week, domination the next.

The Indianapolis Colts became the latest to hammer the Jacksonville Jaguars at home, winning 27-10 on Thursday night behind rookie quarterback Andrew Luck's two rushing touchdowns.

Darius Butler returned an interception for a score as the Colts (6-3) won their fourth consecutive game and snapped a three-game losing streak in the series. The Jaguars (1-8) have lost six straight, their worst start in franchise history.

The Colts had cause for concern following an emotional victory four days earlier, one in which cancer-stricken coach Chuck Pagano delivered a passionate, postgame speech in the locker room. Interim coach Bruce Arians was worried the team might crash from the emotional high.

Not even close.

Indianapolis scored on three consecutive possessions in the first half, opening up a 17-0 lead that started emptying the stands at EverBank Field.

"This win was huge," Luck said. "We wanted to keep our winning streak going. Jacksonville got us earlier this year. We didn't want to go 0-2 against a team. This is a good step in the right direction, but no one looks back at the fact that you were 6-3 in the middle of the season. It's what we do at the end of the season."

Coming off an NFL rookie record 433 yards passing against Miami, Luck wasn't quite as sharp in his prime-time debut. He didn't need to be, either.

Luck completed 18 of 26 passes for 227 yards, with an interception and a fumble. But he was unstoppable near the end zone, juking defenders with two pump fakes and scrambling for a 5-yard score on one drive and then plunging across the goal line on fourth down on the next possession.

That was plenty against the Jaguars, who have the league's worst offense and played a third game without star running back Maurice Jones-Drew.

Jacksonville has lost every game since a come-from-behind victory at Indianapolis. Blaine Gabbert hit Cecil Shorts III for an 80-yard touchdown in the final minute, stunning the Colts.

There was no drama in the rematch.

The Colts essentially sealed the victory when Butler stepped in front of Gabbert's pass in the flat and went untouched for an 11-yard score early in the third quarter.

"It was an anticipated thing," Butler said. "It was something I had seen those guys do on film, so I was ready for it and jumped in front of him. I knew they wanted to get the ball out quick. I was ready for it and went for it. A great feeling."

Indianapolis became just the third road team to win on Thursday night this season, and just the fifth in the last two seasons. NFL Commissioner Roger Goodell said before the game that the league is analyzing whether home teams on short weeks have a distinct advantage.

It certainly would help any road team to play in Jacksonville.

The Jaguars have been outscored 153-44 at home this season, on the wrong end of lopsided losses to Houston, Cincinnati, Chicago and Detroit.

Against Indy, nothing seemed to go Jacksonville's way.

Marcedes Lewis, Rashad Jennings and Shorts dropped passes early. Josh Scobee missed a 44-yard field goal attempt, snapping a streak of 20 consecutive makes.

The Jaguars had an interception overturned by a roughing the passer penalty on Terrance Knighton, keeping alive a drive that ended in a touchdown. They also were on the losing end of two reviews.

"We're trying to overcome ourselves," coach Mike Mularkey said. "We have to overcome ourselves. When we do that, we'll start winning games."

The mistakes kept coming, too.

Laurent Robinson fumbled at the end of a 9-yard gain, getting the ball stripped by Moise Fokou. Officials initially ruled Robinson was down, but the call was overturned on review. That turnover led to Indy's second touchdown and prompted Mularkey's meltdown on the sideline.

Mularkey lost his cool when officials refused to acknowledge his pleas for a review on Luck's fourth-down TD plunge. Luck appeared to fumble the ball as he crossed the goal line.

All scoring plays are reviewed, so Mularkey couldn't challenge, but he seemingly wanted officials to take a longer look at the scoring play. He whipped his play sheet and headset onto the field, drawing a flag for unsportsmanlike conduct.

"I lost my composure because of it," Mularkey said. "I knew it was going to be reviewed. I certainly thought the review would see what everybody else saw."

Players followed his lead, getting flagged for five more 15-yard penalties. Knighton, center Mike Brewster, safety Dawan Landry, defensive end Andre Branch and receiver Justin Blackmon all drew flags. The Jaguars finished the night with 10 penalties for 115 yards.

"That's not going to be who we are," Mularkey said. "There's no way we're going to be that way. We will not be that type of team. We will be a disciplined team, we'll be a smart team and we will be a physical team. But we will not be that team that's going to have personal fouls. It will stop."

Trailing 17-0, Mularkey wanted to go for it on fourth-and-4, but Gabbert bobbed his head and was flagged for a false start. Mularkey settled for a field goal.

Gabbert completed 18 of 31 passes for 209 yards, with an interception. He left the game in the fourth quarter after re-injuring his left, non-throwing shoulder. He could have returned, but Mularkey decided to keep him on the bench with the score out of hand.

Shorts caught six passes for 105 yards and a touchdown, a 4-yarder from backup Chad Henne. Robinson finished with nine receptions for 77 yards.

"We're so close but so far at the same time," Gabbert said. "We get drives going and we have to make a play and we haven't done that. We definitely didn't do that tonight."

Notes: Colts DT Drake Nevis injured a hand. ... Colts hadn't won four straight since closing the 2010 regular season. ... Jacksonville's previous worst start had been 1-7 in 2003, the first season for former coach Jack Del Rio. ... Jaguars have lost five straight Thursday night games and dropped nine of 10 prime time affairs.

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Recipes for Health: Sweet Potato and Apple Kugel — Recipes for Health

Andrew Scrivani for The New York Times

I’ve looked at a number of sweet potato kugel recipes, and experimented with this one a few times until I was satisfied with it. The trick is to bake the kugel long enough so that the sweet potato softens properly without the top drying out and browning too much. I cover the kugel during the first 45 minutes of baking to prevent this. After you uncover it, it’s important to baste the top every 5 to 10 minutes with melted butter.

 

4 eggs

Salt to taste

2 large sweet potatoes (1 3/4 to 2 pounds total), peeled and grated

2 slightly tart apples, like Gala or Braeburn, peeled, cored and grated

1 tablespoon fresh lime juice

1 tablespoon mild honey or agave nectar

3 to 4 tablespoons melted unsalted butter, as needed

 

1. Heat the oven to 375 degrees. Butter a 2-quart baking dish.

2. In a large mixing bowl, beat the eggs with salt to taste (I suggest about 1/2 teaspoon). Add the grated sweet potatoes and the apples. Pour the lime juice over the grated apples and sweet potatoes, then stir everything together. Combine the honey and 2 tablespoons of the melted butter and stir together, then toss with the sweet potato mixture and combine well.

3. Transfer the mixture to the prepared baking dish. Cover the dish tightly with foil and place in the oven. Bake 45 minutes. Remove the foil and brush the top of the kugel with melted butter. Return to the oven and bake for another 15 to 20 minutes or longer, brushing every 5 minutes with butter. The kugel is ready when the edges are browned, the top is browned in spots and the mixture is set. Remove from the heat and allow to cool for 10 to 15 minutes before serving.

Yield: 8 servings.

Advance preparation: You can make this a day ahead and reheat in a medium oven.

Nutritional information per serving (6 servings): 187 calories; 7 grams fat; 4 grams saturated fat; 1 gram polyunsaturated fat; 2 grams monounsaturated fat; 104 milligrams cholesterol; 28 grams carbohydrates; 4 grams dietary fiber; 91 milligrams sodium (does not include salt to taste); 5 grams protein

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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Debt Ceiling Complicates a Tax Shift

WASHINGTON — Come January, should Congress fail to act, the United States will face more than immense tax increases and spending cuts. It will also run out of room to finance its large running deficits.

The Treasury Department expects the country to hit its debt ceiling, a legal limit on the amount the government is allowed to borrow, close to the end of the year. That would give Congress only a matter of weeks to raise the ceiling, now about $16.4 trillion, before sending financial markets into a panic.

Congressional leaders have made clear that the debt ceiling will be part of the intense negotiations over the so-called fiscal cliff, with many members unwilling to raise the ceiling without a broader deal. That has raised financial analysts’ worries of a financial market panic over the ceiling in addition to the slow bleed of the tax increases and spending cuts.

Congressional action is required to raise the debt limit. The Treasury can jostle payments for a few months. But expenses will eventually overwhelm revenue, putting the administration in the position of choosing which bills to pay. It might stop paying soldiers, for instance, or sending Social Security payments.

In 2011, Congressional Republicans would not raise the debt ceiling without a broader agreement to cut the country’s deficit and set it on a better fiscal path. The impasse over finding spending cuts and tax increases to do that led to the creation of the spending cuts on Jan. 1, the same time the Bush-era tax cuts were set to expire.

The threat that the country might not pay all its bills caused a slump in financial markets and led in August 2011 to the first downgrade of the nation’s credit rating. It left broader economic scars, too. Many economists contend it hurt economic growth and jobs.

A July report by the Government Accountability Office found that the delay in raising the debt limit increased the country’s borrowing costs by about $1.3 billion in the 2011 fiscal year. “However, this does not account for the multiyear effects on increased costs for Treasury securities that will remain outstanding after fiscal year 2011,” the report noted, adding that the debt-limit fight diverted Treasury’s time and resources from other priorities.

This year, Congress will have time to negotiate a broader debt deal before needing to raise the ceiling, even if negotiations spill into January. But the ceiling will be a card in the complex political game that the White House, Senate Democrats and Congressional Republicans are playing.

Much as Democrats see President Obama’s veto threat over an extension of the Bush-era tax cuts for the highest earners as leverage over Republicans, some Republicans see the need to raise the debt ceiling as leverage over the White House, Republican aides said.

Even if the stakes do not get that high, both parties view lifting the debt ceiling as part of the fiscal-cliff negotiations, and they do not expect Congress to raise it outside of a broader deal.

“Resolving the issues surrounding the fiscal cliff, especially the replacement of the sequester, and the next debt limit increase (likely necessary in February) will require that the president get serious about real entitlement reform,” Representative Eric Cantor of Virginia, the House majority leader, said in a letter to conservatives this week, as printed on The Hill Web site.

That has Democrats warning Republicans not to risk the country’s credit rating and broader financial stability again.

“They tried it before: ‘We’re going to shut down the government. We’re not going to raise the debt limit,’ ” Senator Harry Reid of Nevada, the majority leader, told reporters this week. “They want to go through that again? Fine, but we’re not going to be held subject to something that was done as a matter of fact in all previous administrations.”

Economists have warned that the political posturing over the debt ceiling has enormously dangerous economic consequences — even more so than last year, given the threat of huge tax increases and spending cuts hitting households at the same time.

On Wall Street, analysts have tended to use terms like “apocalypse” and “global catastrophe” to describe what might happen should Congress not lift the ceiling.

This week, Fitch, the credit rating agency, threatened a downgrade to the nation’s credit rating if Congress cannot find a timely resolution.

“Failure to reach even a temporary arrangement to prevent the full range of tax increases and spending cuts implied by the fiscal cliff and a repeat of the August 2011 debt ceiling episode would mean that the general election had not resolved the political gridlock in Washington and likely result in a sovereign rating downgrade by Fitch,” analysts at the agency said in a statement on Wednesday.

HSBC analysts this week warned clients of “echoes of 2011” in the uncertainty and market volatility the ceiling might cause.

And economists at the International Monetary Fund cautioned that the unstable situation in the United States might have international ripple effects.

“For now, a lack of political agreement keeps uncertainty about the fiscal road map unresolved,” the fund said in a global risk assessment. “Although bond yields remain low, when contentious political decisions — such as raising the debt ceiling — have come due in the past, uncertainty about the outcome led to unfavorable market reactions.”

But other analysts said they would be surprised if the debate over the ceiling became the debacle it did last year. Many Congressional aides said neither side had any interest in causing market panic for political gain.

“Markets are now starting to become the disciplinarians,” said Diane Swonk, chief economist at Mesirow Financial in Chicago. “C.E.O.’s are finally stepping up to the plate and saying, ‘Excuse me, we can’t do this.’ And that puts political donations and jobs on the line.”

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China Prepares for Party Congress and Leadership Transition

Diego Azubel/European Pressphoto Agency

Soldiers marched past the Great Hall of the People in Beijing on Wednesday, on the eve of the 18th Communist Party Congress.

BEIJING — China’s Communist Party leader, Hu Jintao, defended his decade in power on Thursday and warned that the country faced stark challenges at home and abroad. He spoke at the start of a congress that will culminate in his retirement and the appointment of a new generation of leaders after a transition marked by scandal and anxiety about the party’s future.

Mr. Hu told the ranks of party-picked delegates assembled in the Great Hall of the People that China faced a period of major change and “complicated domestic and international circumstances.” Seated near him was his presumed successor, Xi Jinping, who is all but certain to take over as party chief after the congress ends next week and to take the reins as president in March.

Mr. Xi has privately signaled that he is aware of increasingly urgent calls from economists, intellectuals and some party insiders for a new round of market liberalization and even measured political relaxation to cure what they see as a deepening economic and social malaise. Mr. Hu acknowledged the problems facing the party, including corruption, but avoided specific mention of the scandals that have blighted his final year in power.

“Currently, the conditions of the world, the country and the party are continuing to undergo profound changes,” he said, reading from excerpts from his report to the party congress, which convenes every five years.

“We are confronting unprecedented development opportunities and challenges,” he said, adding, “The gap between rich and poor is growing.”

While acknowledging that China’s wealth remains unbalanced among regions and unequally distributed, Mr. Hu told the congress that his decade as top leader had brought robust economic growth and the makings of a “moderately prosperous society.”

“Over the past five years, there have been major achievements in every aspect of work,” he said. “Reform and opening up have gained major advances, and the people’s standard of living has clearly risen.”

Mr. Hu’s congress report is a major part of the public ceremony that accompanies China’s leadership transitions. But the real decisions about who will succeed him and his cohorts have been made in secretive negotiations involving senior officials and party elders.

In a show of unity, Mr. Hu earlier entered the assembly hall accompanied by the dominant party elder, former President Jiang Zemin, who shuffled gingerly to his seat. But party insiders have said Mr. Jiang, 86, played a major role in shaping the next leadership circle and voiced frustration with the record of Mr. Hu and Prime Minister Wen Jiabao.

Contrary to some observers’ predictions, Mr. Hu did not play down the founder of the People’s Republic of China, Mao Zedong, whose revolutionary heritage sits increasingly awkwardly with urban middle-class wealth and values. Mr. Hu also repeatedly mentioned the phrases “scientific development” and a “harmonious society,” which he has used to sum up his goals of a stable society under firm party control.

Officially, the new leadership team is to be selected in the coming week by the 2,268 delegates to this congress, the 18th in the party’s 91-year history. In fact, much of what will go on during the congress has already been decided. The delegates are voted on by lower-ranking members but based on guidance provided by higher-ups, a process known as “democratic centralism.”

Mr. Hu repeated vows of “political system reform” in his report to the congress. But officials have made clear that the party’s notions of political change do not embrace any idea of full-fledged electoral democracy.

On the contrary, at a news conference on Wednesday, the congress’s spokesman and deputy head of Communist Party propaganda, Cai Mingzhao, defended China’s current system.

“The leading position of the Communist Party in China is a decision made by history and by the people,” Mr. Cai said.

Still uncertain is who will be standing next to Mr. Xi when the top leadership is presented in a week. This group, known as the Politburo’s Standing Committee, essentially runs China. According to plan, it will include Mr. Xi and Li Keqiang, who is expected to take over as head of the government bureaucracy next year. Both men are current members of the Standing Committee.

It is also unclear how many members the committee will have. It now has nine posts and is expected to be cut to seven.

Nor has Mr. Hu indicated when he will give up his post as chairman of the Central Military Commission, which gives him continued influence over Mr. Xi’s policies and personnel choices.

In his report, Mr. Hu lauded China’s growing military strength, promising to continue modernizing the People’s Liberation Army forces, and calling them a defender of peace, a point sure to be questioned by regional neighbors, including Japan, that are embroiled in territorial disputes with Beijing.

Mr. Cai, the spokesman, also said the party had learned from the scandals surrounding two high-ranking officials: Bo Xilai, the former Politburo member, and Liu Zhijun, the former railway minister. Both have been accused of corruption, and Mr. Bo is also accused of covering up the murder of a British businessman. Mr. Hu did not refer explicitly to Mr. Bo in his report, but said corrupt officials should be punished “no matter how high or low in rank.”

This article has been revised to reflect the following correction:

Correction: November 7, 2012

An earlier version of this article gave an incorrect number for the delegates to China’s 18th Communist Party Congress. There are 2,268 delegates, not 2,280.

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Siemens to sharpen its game with 6 billion euros of savings

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Walt Weiss hired as Colorado Rockies manager

DENVER (AP) — Walt Weiss is making the rare jump from the high school dugout to the big leagues.

The Colorado Rockies hired the former major league shortstop Wednesday night to replace manager Jim Tracy, who resigned Oct. 7 with one year and $1.4 million left on his contract rather than return to a club where its assistant general manager had moved into an office in the clubhouse.

The 1988 AL Rookie of the Year with Oakland, Weiss played shortstop for the Rockies from 1994-97 and was a special assistant to general manager Dan O'Dowd from 2002-08.

He left to spend more time with his family and last season coached Regis Jesuit High School outside Denver, in Aurora, to a 20-6 record and the 5A semifinals of the state championship. Weiss' son, Brody, is in his senior year at the school.

The Rockies made the announcement after owner Dick Monfort and top officials deliberated at the general managers' meetings in Indian Wells, Calif. — held at a hotel Monfort owns, the Hyatt Regency Indian Wells Resort & Spa.

Weiss didn't return a phone message and e-mail from The Associated Press. A team spokesman said Weiss would be introduced at a news conference Friday at Coors Field.

"It was a lot of different things," general manager Dan O'Dowd said before suggesting senior vice president of major league operations Bill Geivett speak about Weiss' hiring. Geivett didn't immediately return phone messages.

Weiss and Arizona coach Matt Williams were the finalists to replace Tracy, who quit following the worst season in franchise history. Rockies bench coach Tom Runnells and first baseman Jason Giambi also interviewed, with Giambi saying he would retire as a player if he got the job.

The 48-year-old Weiss spent parts of 14 seasons in the major leagues, also playing for Oakland (1987-92), Florida (1993) and Atlanta (1998-2000). A .258 career hitter, he was an All-Star in the 1998 game at Denver's Coors Field.

Colorado had more familiarity with Weiss than with Williams.

"He would take trips in the minor leagues. He was always around with the major league club at home, as well," Geivett said earlier Wednesday. "I know Walt pretty well."

Williams, a five-time All-Star third baseman, has been Arizona's third base coach the last two seasons after a year coaching first base. Before that, he was a Diamondbacks' broadcaster for five years.

"I played against him in college when he was at UNLV," Geivett said. "No real personal contact."

Weiss is just the sixth manager for the Rockies, following Don Baylor (1993-98), Jim Leyland (1999), Buddy Bell (2000-02), Clint Hurdle (2002-09) and Tracy (2009-12).

Colorado went 64-98 last season under Tracy, who was promoted from bench coach to manager in May 2009 and was voted the NL Manager of the Year after guiding Colorado into the playoffs that season.

The Rockies started strong in 2010 but faded at the finish and they ended up going 294-308 under Tracy, who also had worked with Geivett in Montreal and Los Angeles.

Energized by the young players and the challenge of fixing things, Tracy said repeatedly toward the end of last season that he wanted to fulfill the final year on his contract in 2013. But he changed his mind after meeting with Geivett following the team's last-place finish in the NL West.

Things changed dramatically for Tracy on Aug. 1 when Geivett, the assistant general manager, was given an office in the clubhouse and began focusing on roster management, particularly as it related to the pitchers, and evaluating the coaching staff and the rest of the players. Tracy's responsibilities were narrowed to game management and meeting with the media.

"I thought we worked together fine," Geivett said after Tracy's surprise resignation last month.

Geivett had said that structure will remain in place next season but he didn't think that would be an issue in his search for a new manager.

In addition to altering their front office, with O'Dowd focusing his attention on the minor leagues and player development, the Rockies last summer reacted to Coors Field playing like its pre-humidor days by adopting a radical four-man rotation and a 75-pitch limit with several designated piggyback relievers, a much-derided experiment that lasted two months.

Geivett has said the Rockies will return to a traditional five-man rotation next season with pitch limits determined on a case-by-case basis.

Tracy was given an indefinite contract extension last spring but it guaranteed only his 2013 salary of $1.4 million as field manager and really just represented the club's desire to keep him in the organization in some capacity.

___

AP Sports Writers Ronald Blum, in Indian Wells, Calif., and Pat Graham contributed.

___

Follow AP Sports Writer Arnie Melendrez Stapleton on Twitter: http://twitter.com/arniestapleton

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Recipes for Health: Cabbage, Onion and Millet Kugel — Recipes for Health

Andrew Scrivani for The New York Times

Light, nutty millet combines beautifully with the sweet, tender cabbage and onions in this kugel. I wouldn’t hesitate to serve this as a main dish.

 

1/2 medium head cabbage (1 1/2 pounds), cored and cut in thin strips

Salt to taste

2 tablespoons extra virgin olive oil

1 medium onion, finely chopped

1/4 cup chopped fresh dill

Freshly ground pepper

1 cup low-fat cottage cheese

2 eggs

2 cups cooked millet

 

1. Preheat the oven to 375 degrees. Oil a 2-quart baking dish. Toss the cabbage with salt to taste and let it sit for 10 minutes.

2. Meanwhile, heat 1 tablespoon of the oil over medium heat in a large, heavy skillet and add the onion. Cook, stirring, until it begins to soften, about 3 minutes, then add a generous pinch of salt and turn the heat to medium-low. Cook, stirring often, until the onion is soft and beginning to color, about 10 minutes. Add the cabbage, turn the heat to medium, and cook, stirring often, until the cabbage is quite tender and fragrant, 10 to 15 minutes. Stir in the dill, taste and adjust salt, and add pepper to taste. Transfer to a large bowl.

3. In a food processor fitted with the steel blade, purée the cottage cheese until smooth. Add the eggs and process until the mixture is smooth. Add salt (I suggest about 1/2 teaspoon) and pepper and mix together. Scrape into the bowl with the cabbage. Add the millet and stir everything together. Scrape into the oiled baking dish. Drizzle the remaining oil over the top and place in the oven.

4. Bake for about 40 minutes, until the sides are nicely browned and the top is beginning to color. Remove from the oven and allow to cool for at least 15 minutes before serving. Serve warm or at room temperature, cut into squares or wedges.

Yield: 6 servings.

Advance preparation: The cooked millet will keep in the refrigerator for 3 to 4 days and freezes well. The kugel will keep for 3 days in the refrigerator. Reheat in a medium oven.

Nutritional information per serving (6 servings): 195 calories; 7 grams fat; 1 gram saturated fat; 1 gram polyunsaturated fat; 4 grams monounsaturated fat; 64 milligrams cholesterol; 23 grams carbohydrates; 4 grams dietary fiber; 148 milligrams sodium (does not include salt to taste); 10 grams protein

Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”

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DealBook: On Wall Street, Time to Mend Fences With Obama

Del Frisco’s, an expensive steakhouse with floor-to-ceiling windows overlooking the Boston harbor, was a festive scene on Tuesday evening. The hedge fund billionaires Steven A. Cohen, Paul Singer and Daniel Loeb were among the titans of finance there dining among the gray velvet banquettes before heading several blocks away to what they hoped would be a victory party for their presidential candidate, Mitt Romney.

The next morning was a cold, sobering one for these executives.

Few industries have made such a one-sided bet as Wall Street did in opposing President Obama and supporting his Republican rival. The top five sources of contributions to Mr. Romney, a former top private equity executive, were big banks like Goldman Sachs and JPMorgan Chase, according to the Center for Responsive Politics. Wealthy financiers — led by hedge fund investors — were the biggest group of givers to the main “super PAC” backing Mr. Romney, providing almost $33 million, and gave generously to outside groups in races around the country.

On Wednesday, Mr. Loeb, who had supported Mr. Obama in 2008, was sanguine. “You win some, you lose some,” he said in an interview. “We can all disagree. I have friends and we have spirited discussions. Sure, I am not getting invited to the White House anytime soon, but as citizens of the country we are all friendly.”

Wall Street, however, now has to come to terms with an administration it has vilified. What Washington does next will be critically important for the industry, as regulatory agencies work to put their final stamp on financial regulations and as tax increases and spending cuts are set to take effect in the new year unless a deal to avert them is reached. To not have a friend in the White House at this time is one thing, but to have an enemy is quite another.

“Wall Street is now going to have to figure out how to make this relationship work,” said Glenn Schorr, an analyst who follows the big banks for the investment bank Nomura. “It’s not impossible, but it’s not the starting point they had hoped for.”

Traditionally, the financial industry has tended to support Republican candidates, but, being pragmatic about power, has also donated to Democrats. That script got a rewrite in 2008, when many on Wall Street supported Mr. Obama as an intelligent leader for a country reeling from the financial crisis. Goldman employees were the leading source of campaign donations for Mr. Obama, who reaped far more contributions — roughly $16 million — from Wall Street than did his opponent, John McCain.

The love affair between Wall Street and Mr. Obama soured soon after he took office and championed an overhaul in financial regulations that became the Dodd-Frank Act.

Some financial executives complained that in meetings with the president, they found him disinterested and disengaged, while others on Wall Street never forgave Mr. Obama for calling them “fat cats.”

The disillusionment with the president spawned reams of critical commentary from Wall Street executives.

“So long as our leaders tell us that we must trust them to regulate and redistribute our way back to prosperity, we will not break out of this economic quagmire,” Mr. Loeb wrote in one letter to his investors.

The rhetoric at times became extreme, like the time Steven A. Schwarzman, co-founder of the private equity firm Blackstone Group, compared a tax proposal to “when Hitler invaded Poland in 1939.” (Mr. Schwarzman later apologized for the remark.)

Mr. Loeb was not alone in switching allegiances in the recent presidential race. Hedge fund executives like Leon Cooperman who had supported Mr. Obama in 2008 were big backers of Mr. Romney in 2012. And Wall Street chieftains like Jamie Dimon of JPMorgan Chase and Lloyd C. Blankfein of Goldman Sachs, who have publicly been Democrats in the past, kept a low profile during this election. But their firms’ employees gave money to Mr. Romney in waves.

Starting over with the Obama White House will not be easy. One senior Wall Street lawyer who spoke on condition of anonymity said Wall Street “made a bad mistake” in pushing so hard for Mr. Romney. “They are going to pay a price,” he said. “It will soften over time, but there will be a price.”

Mr. Obama is not without supporters on Wall Street. Prominent executives like Hamilton James of Blackstone, and Robert Wolf, a former top banker at UBS, were in Chicago on Tuesday night, celebrating with the president.

“What we learned is the people on Wall Street have one vote just like everyone else,” Mr. Wolf said. Still, while the support Wall Street gave Mr. Romney is undeniable, Mr. Wolf said, “Mr. Obama wants a healthy private sector, and that includes Wall Street.

“If you look at fiscal reform, infrastructure, immigration and education, they are all bipartisan issues and are more aligned than some people make it seem.”

Reshma Saujani, a former hedge fund lawyer who was among Mr. Obama’s top bundlers this year and is planning to run for city office next year, agreed.

“Most people in the financial services sector are social liberals who support gay marriage and believe in a woman’s right to choose, so I think many of them will swing back to Democrats in the future,” she said.

---

This post has been revised to reflect the following correction:

Correction: November 8, 2012

An earlier version of this article misidentified Reshma Saujani as a male.

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Obama Wins New Term as Electoral Advantage Holds

Damon Winter/The New York Times

Americans voted to give President Obama a second chance to change Washington.

Barack Hussein Obama was re-elected president of the United States on Tuesday, overcoming powerful economic headwinds, a lock-step resistance to his agenda by Republicans in Congress and an unprecedented torrent of advertising as a divided nation voted to give him more time.

In defeating Mitt Romney, the president carried Colorado, Iowa, Ohio, New Hampshire, Virginia and Wisconsin, a near sweep of the battleground states, and was holding a narrow advantage in Florida. The path to victory for Mr. Romney narrowed as the night wore along, with Mr. Obama winning at least 303 electoral votes.

A cheer of jubilation sounded at the Obama campaign headquarters in Chicago when the television networks began projecting him as the winner at 11:20 p.m., even as the ballots were still being counted in many states where voters had waited in line well into the night. The victory was far narrower than his historic election four years ago, but it was no less dramatic.

“Tonight in this election, you, the American people, reminded us that while our road has been hard, while our journey has been long, we have picked ourselves up, we have fought our way back,” Mr. Obama told his supporters early Wednesday. “We know in our hearts that for the United States of America, the best is yet to come.”

Mr. Obama’s re-election extended his place in history, carrying the tenure of the nation’s first black president into a second term. His path followed a pattern that has been an arc to his political career: faltering when he seemed to be at his strongest — the period before his first debate with Mr. Romney — before he redoubled his efforts to lift himself and his supporters to victory.

The evening was not without the drama that has come to mark so many recent elections: For more than 90 minutes after the networks projected Mr. Obama as the winner, Mr. Romney held off calling him to concede. And as the president waited to declare victory in Chicago, Mr. Romney’s aides were prepared to head to the airport, suitcases packed, potentially to contest several close results.

But as it became increasingly clear that no amount of contesting would bring him victory, he called Mr. Obama to concede shortly before 1 a.m.

“I wish all of them well, but particularly the president, the first lady and their daughters,” Mr. Romney told his supporters in Boston. “This is a time of great challenges for America, and I pray that the president will be successful in guiding our nation.”

Hispanics made up an important part of Mr. Obama’s winning coalition, preliminary exit poll data showed. And before the night was through, there were already recriminations from Republican moderates who said Mr. Romney had gone too far during the primaries in his statements against those here illegally, including his promise that his get-tough policies would cause some to “self-deport.”

Mr. Obama, 51, faces governing in a deeply divided country and a partisan-rich capital, where Republicans retained their majority in the House and Democrats kept their control of the Senate. His re-election offers him a second chance that will quickly be tested, given the rapidly escalating fiscal showdown.

For Mr. Obama, the result brings a ratification of his sweeping health care act, which Mr. Romney had vowed to repeal. The law will now continue on course toward nearly full implementation in 2014, promising to change significantly the way medical services are administrated nationwide.

Confident that the economy is finally on a true path toward stability, Mr. Obama and his aides have hinted that he would seek to tackle some of the grand but unrealized promises of his first campaign, including the sort of immigration overhaul that has eluded presidents of both parties for decades.

But he will be venturing back into a Congressional environment similar to that of his first term, with the Senate under the control of Democrats and the House under the control of Republicans, whose leaders have hinted that they will be no less likely to challenge him than they were during the last four years.

Michael Cooper contributed reporting.

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Exclusive - Amazon to win EU e-book pricing tussle with Apple

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