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Firing tear gas and rubber bullets, Egyptian riot police on Sunday clashed for a second day with thousands of rock-throwing protesters demanding that the ruling military quickly announce a date to hand over power to an elected government.

The police battled an estimated 5,000 protesters in and around central Cairo’s Tahrir Square, birthplace of the 18-day uprising that toppled authoritarian leader Hosni Mubarak in February. Tear gas filled the air as protesters, many chanting “freedom, freedom,” pelted the police with rocks.

Sunday’s clashes, which come a day after two people were killed and hundreds wounded in similar violence in the capital and other cities, are stoking tensions eight days before the start of the country’s first post-Mubarak parliamentary elections. Public anger has risen over the slow pace of reforms and apparent attempts by Egypt’s ruling generals to retain power over a future civilian government.

“We have a single demand: The marshal must step down and be replaced by a civilian council,” said protester Ahmed Hani, referring Field Marshal Hussein Tantawi, Egypt’s military ruler and Mubarak’s longtime defense minister.

“The violence yesterday showed us that Mubarak is still in power,” said Hani, who was wounded in the forehead by a rubber bullet. He spoke over chants of “freedom, freedom” by hundreds of protesters around him.

Rocks, shattered glass and trash covered most of the ground in and around Tahrir early Sunday, while a cloud of white smoke caused by the use of dozens of tear gas shells hung in the air. Several hundred protesters were camping out on the lawn of the square’s traffic island, and protesters manning barricades into the square checked the IDs of anyone entering the plaza.

The windows of the main campus of the American University in Cairo, which overlooks the square, were shattered and stores were shuttered. “The marshal is Mubarak’s dog,” said one of a fresh crop of graffiti in the square.

Yahya el-Sawi, a 21-year-old university student, said he was enraged by the sight of riot police beating up protesters already hurt in an earlier attack by the security forces. “I did not support the sit-in at the beginning, but when I saw this brutality I had to come back to be with my brothers,” he said.

Many of the protesters had red eyes and coughed incessantly. Some wore surgical masks to fend off against the tear gas. A few fainted, overwhelmed by the gas.

Sunday’s clashes, which were mostly on a road leading from Tahrir to the Interior Ministry, appeared likely to grow.

Protesters were using social networking sites on the Internet to call on Egyptians to join them, and there were reports of several demonstrations headed to the square, including one from Cairo University guaranteed approval cash advance loans.

The military, which took over from Mubarak, has repeatedly pledged to hand over power to an elected government but it has yet to set a specific date. According to one timetable floated by the military, the handover will take place after presidential elections are held late next year or early in 2013. The protesters say this is too late and accuse the military of dragging its feet. They want a handover to take place immediately after the end of parliamentary elections in March.

On Saturday, police fired rubber bullets, tear gas and beat protesters with batons, clearing the square at one point and pushing the fighting into surrounding side streets of downtown Cairo.

A 23-year-old protester died from a gunshot, said Health Ministry official Mohammed el-Sherbeni. At least 676 people were injured, he said. Another protester was killed in Alexandria, where clashes also took place, said a security official, speaking on condition of anonymity because he was not authorized to talk to journalists.

After nightfall, protesters swarmed back into Tahrir in the thousands, and running battles with the police in the streets took place throughout the night. Acrid smoke of tires set ablaze mixed with the stinging white smoke of tear gas.

The government urged protesters to clear the square.

A member of the military council, Maj. Gen. Mohsen el-Fangari, said protesters’ calls for change ahead of the election were a threat to the state.

“What is the point of being in Tahrir?” he asked, speaking by phone to a private TV channel. “What is the point of this strike, of the million marches? Aren’t there legal channels to pursue demands in a way that won’t impact Egypt … internationally?”

“The aim of what is going on is to shake the backbone of the state, which is the armed forces.”

In a warning, he said, “If security is not applied, we will implement the rule of law. Anyone who does wrong will pay for it.”

Saturday’s confrontation was one of the few since the uprising to involve the police, which have largely stayed in the background while the military took charge of security. There was no military presence in and around the square on Saturday or on Sunday. The black-clad police were a hated symbol of Mubarak’s regime.

Some of the wounded had blood streaming down their faces and many had to be carried out of the square by fellow protesters to waiting ambulances. Human rights activists accused police of using excessive force.

Police arrested 18 people, state TV reported, describing the protesters as rioters.

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The government delivered a blow to some desperate patients Friday as it ruled the blockbuster drug Avastin should no longer be used to treat advanced breast cancer.

Avastin is hailed for treating colon cancer and certain other malignancies. But the Food and Drug Administration said it appeared to be a false hope for breast cancer: Studies haven’t found that it helps those patients live longer or brings enough other benefit to outweigh its dangerous side effects.

“I did not come to this decision lightly,” said the FDA’s commissioner, Dr. Margaret Hamburg. But she said, “Sometimes despite the hopes of investigators, patients, industry and even the FDA itself, the results of rigorous testing can be disappointing.”

Avastin remains on the market to treat certain colon, lung, kidney and brain cancers. Doctors are free to prescribe any marketed drug as they see fit. So even though the FDA formally revoked Avastin’s approval as a breast cancer treatment, women could still receive it _ but their insurers may not pay for it. Some insurers already have quit in anticipation of FDA’s long-expected ruling.

However, “Medicare will continue to cover Avastin,” said Brian Cook, spokesman for the Centers for Medicare & Medicaid Services. The agency “will monitor the issue and evaluate coverage options as a result of action by the FDA but has no immediate plans to change coverage policies.”

Including infusion fees, a year’s treatment with Avastin can reach $100,000.

The ruling disappointed patients who believe Avastin is helping to curb their incurable cancer.

“It’s saved my life,” said a tearful Sue Boyce, 54, of Chicago. She’s taken Avastin in addition to chemotherapy since joining a research study in 2003. Her breast cancer eventually spread to her lungs, liver and brain, but Boyce says she is stable and faring well.

“So I’m hoping the insurance company will grandfather me in to continue taking it,” she said.

The Avastin saga began in 2008, when an initial study suggested the drug could delay tumor growth for a few months in women whose breast cancer had spread to other parts of the body. Over the objection of its own advisers and to the surprise of cancer groups, FDA gave Avastin conditional approval _ it could be sold for such women while manufacturer Genentech tried to prove it really worked.

The problem: Ultimately, the tumor effect was even smaller than first thought. Across repeated studies, Avastin patients didn’t live longer or have a higher quality of life. Yet the drug causes some life-threatening risks, including severe high blood pressure, massive bleeding, heart attack or heart failure and tears in the stomach and intestines, the FDA concluded. In two public hearings _ one last year and one this summer _ FDA advisers urged the agency to revoke that approval.

“The science is clear: Breast cancer patients are more likely to be harmed than helped by Avastin,” said Diana Zuckerman of the National Research Center for Women and Families in Washington.

Genentech had argued the drug should remain available while it conducted more research to see if certain subsets of breast cancer patients might benefit, and some patients and their doctors had argued passionately for the drug.

“There certainly are patients who benefit tremendously,” said Boyce’s oncologist, Dr. Melody Cobleigh of Rush University Medical Center. “We’ll just be battling with the insurance companies.”

“For those not fortunate enough to be on Medicare or an insurance plan that covers it, it’s a death sentence,” Christi Turnage of Madison, Miss., said of the FDA’s decision. Her breast cancer had moved into her lungs before she began Avastin three years ago and the spreading stopped, but Turnage said her insurer is ending coverage and she will seek financial help from Genentech’s access program.

Hamburg said that she considered those arguments but that scientifically there are no clues yet to identify who those rare Avastin responders would be _ putting a lot of people at risk in order for a few to get some as-yet-unknowable benefit. She urged Genentech to do that research, saying the FDA “absolutely” would reconsider if the company could find the right evidence.

Genentech, part of Swiss drugmaker Roche Group, pledged to begin that research.

“We are disappointed with the outcome,” said company chief medical officer Dr. Hal Barron. “We remain committed to the many women with this incurable disease and will continue to provide help through our patient support programs to those who may be facing obstacles to receiving their treatment in the United States.”

The breast cancer organization Susan G. Komen for the Cure said that it respected the FDA’s decision and that it was time for researchers to concentrate on finding so-called biomarkers that would tell which drug is right for which patient.

“Each type of cancer is very different from another in important ways, and in the end it’s no surprise that Avastin’s effectiveness may not be equivalent against all types of cancer,” said Dr. Neal Meropol of University Hospitals Case Medical Center in Cleveland, who has long used Avastin for colon cancer.

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U.S. builders started slightly fewer homes in October but submitted plans for a wave of apartments, a mixed sign for the struggling housing market.

Builders broke ground on a seasonally adjusted annual rate of 628,000 homes last month, down 0.3 percent from September. That’s roughly half the 1.2 million homes that economists say must be built to sustain a healthy housing market.

Building permits, a gauge of future construction, rose nearly 11 percent. The increase was spurred by a 30 percent increase in apartment permits, which reached its highest level in three years.

New-home construction and sales are in the midst of one of its worst years in history. Demand for new homes is weak and historically-low mortgage rates and plunging home prices have done little to help.

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Congressional bargainers have agreed to increase the size of mortgages insured by the Federal Housing Administration in a compromise being hailed by the housing industry but criticized by conservatives.

Under the deal by House and Senate negotiators, the FHA would be able to insure mortgages worth up to $729,750 in the most expensive regions of the U.S. for the next two years. The ceiling had been raised to that level during the financial crisis, but by law it dipped down to $625,500 on Oct. 1.

However, in a bow to conservatives, the bargainers would not increase the current $625,500 limit on mortgages that can be backed in expensive communities by Fannie Mae and Freddie Mac, the government-controlled mortgage giants, and by the Veterans Affairs Department.

Realtors and home builders had lobbied hard to raise the loan limits for all four entities, arguing that the last thing the country’s stubbornly weak housing market needs is stricter limits on government-backed mortgages. They were backed by members of Congress of both parties from areas where housing costs are high, like Southern California and New York.

“We’d have liked broader language, but the FHA is still an important part of the puzzle,” Jamie Gregory, a lobbyist with the National Association of Realtors, said Tuesday.

Conservatives and a majority of House Republicans oppose the increase, saying the government should reduce its involvement in subsidizing housing in hopes that the private market would step up.

In a written statement, the president of the conservative Club for Growth called increasing FHA’s loan limits “beyond ridiculous” and said his group would note how lawmakers vote on the issue when they rate members of Congress seeking re-election. He said raising the limits does the opposite of reducing the federal role in housing markets _ something that many conservatives and the Obama administration say they want to strengthen the private market and protect federal taxpayers payday advance.

It has so far cost the government about $170 billion to rescue Fannie and Freddie, which nearly collapsed in 2008 because of risky loans in their portfolios.

The size of loans that federal agencies can back is based on a formula that includes a region’s median housing cost. More than a fifth of the country’s roughly 3,100 counties would be affected by the higher FHA loan limits.

FHA insurance is often used by buyers who put down small down payments. The agency has insured more than 40 million homes since it was established in 1934, and last year three quarters of those it insured were first-time buyers.

“It’s good news for the more than 600 counties that faced loan limit decline,” said Robert Dietz, an economist for the National Association of Home Builders. “FHA is important for first-time home buyers, so that will help support housing demand.”

The provision was included in a bill financing the departments of Housing and Urban Affairs, Commerce, Justice, Transportation and several other agencies for the rest of the government’s fiscal year, which began Oct. 1. It would also keep all other federal agencies functioning through Dec. 16 as lawmakers continue working on permanent spending bills.

The Democratic-run Senate had voted to increase the loan limits in its housing bill, but the version approved by the Republican-led House left the ceilings alone.

The House and Senate are expected to approve the overall compromise legislation later this week.

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WASHINGTON

Online broker E-Trade Financial Corp. shares plunged nearly 5 percent in after-market trading following its announcement that it had concluded a strategic review and has no plans for a sale.

Shares fell 34 cents to close at $9.48. After it made the announcement, shares fell 46 cents, or 4.9 percent.

The company said it has concluded the review begun in August that was designed to consider all alternatives including a possible sale. The board unanimously determined that the continued execution of the company’s business plan is currently the best alternative, it said.

That also was the recommendation of Goldman Sachs & Co., hired as an adviser for the review.

E-Trade’s largest shareholder and bondholder, Citadel Advisors LLC, pushed the company earlier this year to seek a buyer.

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China will phase out power-draining light bulbs in an efficiency move certain to impact the global market.

The world’s biggest polluter will ban imports and sales of 100-watt-and-higher incandescent bulbs from Oct. 1, 2012. Lower-watt bulbs will be banned in phases until 2016.

China’s main planning agency says 3.85 billion incandescent light bulbs were produced here last year and 1 billion were sold domestically bad credit pay day loans.

The agency’s statement Friday said 12 percent of China’s total electricity use is for lighting. The move is meant to save energy and curb climate change.

The United States and the 27-nation European Union are phasing out the bulbs beginning next year as well.

Encouraging news from Europe helped ignite stock prices in October. This week, investors will shift their focus to U.S. economic data, which might temper their exuberance.

Three events this week will command attention: the U.S. jobs report for October, the Federal Reserve’s policy meeting and Fed Chairman Ben Bernanke’s quarterly news conference.

A report Thursday showed that the U.S. economy expanded at a solid 2.5 annual rate in the July-September quarter. That helped ease concerns that another recession might be nearing. Yet the news may have also raised unrealistic expectations about the economy. Investors could end up disappointed.

“There’s a big difference between avoiding recession and stronger growth,” said Eric Green, chief U.S. economist at TD Securities. “The economic data will be OK, but it’s not going to be a catalyst to move stocks up” significantly.

Last week, investors were cheered by the deal European leaders reached Thursday. European banks agreed to take a 50 percent loss on their holdings of Greek government bonds. They will also set aside more money to cushion against future losses.

Leaders also pledged to expand the European Union’s bailout fund.

The announcement catapulted U.S. stocks. The Dow Jones industrial average rocketed 339 points Thursday and appears headed for its sharpest monthly gain since 1987.

Economists caution that European officials must still fill in the details of their plan and implement it. Even then, it might not work. When world leaders meet in France on Thursday and Friday, investors will want to see signs that China and other nations are prepared to help bolster Europe’s bailout fund.

For all that, some stock analysts remain bullish.

“The market was priced for meltdown, and didn’t get it,” Green said. “However inadequate the European package may appear, it is a decisive step in the right direction.”

Stocks had plummeted in September over fears that Europe’s debt burdens would trigger a financial catastrophe. With those fears fading, U.S. stock prices looked cheap last week, analysts said.

The U.S. economy appears more resilient than it did in August, when worries had grown that the United States would fall back into recession. Consumers’ sentiment tumbled that month after Congress fought over raising the nation’s borrowing limit and Standard & Poor’s downgraded long-term U.S. debt.

Yet the economy managed to expand in the July-September quarter at the healthiest pace in a year. Despite their gloomy outlook, consumers spent more. Companies increased their investment in software and equipment.

The focus on Europe “taught us something very important,” said David Kelly, chief market strategist at J.P. Morgan Fund. “Despite all the turmoil in Europe and the drop in confidence caused by it, the U.S. economy is still growing.”

All that makes the Fed less likely to announce any new steps Wednesday at the end of its two-day policy meeting no fax cash loans. Several members of the policy committee have suggested more action may be needed to try to help the economy _ perhaps another round of bond purchases to further cut long-term interest rates. But few analysts expect any such announcement yet.

Three of the 10 members of the policymaking committee have dissented from the Fed’s smaller-scale efforts to boost growth in recent months. Two of the three are scheduled to lose their voting privileges in 2012.

Investors might welcome a quiet Fed meeting, analysts said. It would suggest that the economy might be able to recover on its own.

“Every time the Fed administers medicine to the economy, it convinces people that the economy is sick,” Kelly said. “There would be incredible cheering if the Fed decided that the economy is on the mend and no further action is required.”

Also Wednesday, the central bank will update its economic forecasts, which Bernanke will discuss at his news conference. The Fed is expected to revise down its estimates for hiring and growth from its last forecast in June. Investors will scrutinize how Bernanke explains any such revisions.

The Fed’s meeting will be followed by the most closely watched economic indicator the government releases: the monthly jobs report.

The economy is growing, but not enough to generate many jobs for the 14 million people unemployed. Employers added 103,000 net jobs in September. That wasn’t enough to lower the unemployment rate, which has been stuck 9.1 percent for three months.

Analysts expect roughly 100,000 jobs to be added in October. Anything less could raise concerns that the economy may slow. Stocks might stumble.

A gain of 100,000 jobs is scarcely enough to keep up with population growth. More than double that total would be needed consistently to reduce unemployment significantly.

“The jobs report will be a sobering reminder … that all is not well with the economy,” said Dan Greenhaus, chief global strategist at brokerage firm BTIG.

This week will bring other economic reports, too. The Institute for Supply Management, a trade group of purchasing executives, will issue its surveys of purchasing managers for manufacturing and service-sector companies. Those will provide early reads of whether growth will accelerate in the final three months of the year or drop back.

And automakers will report their October sales, a gauge of whether consumers are willing to make big purchases. Consumer sentiment has fallen to recession levels. But that doesn’t necessarily mean shoppers will reduce their spending.

The auto sales data, in particular, will show “what the consumer does, not what the consumer says,” said Jerry Webman, chief economist at OppenheimerFunds.

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Americans are making a little more money and spending a lot more.

Under normal circumstances, that would be a troubling sign for the economy. But a closer look at some new government figures suggests another possibility: People are saving less money because they’re earning next to nothing in interest.

Saving is already difficult because of more expensive gas and food. It’s even tougher because of the lower returns _ the flip side of super-low interest rates that the Federal Reserve has kept in place since 2008 to help the economy.

Critics say the Fed is punishing those who play by the rules _ those careful enough to set aside money for savings or people who built up a nest egg and are living on fixed incomes that depend on interest.

Americans spent 0.6 percent more in September, three times the increase from the previous month, the government said Friday. Spending was especially strong on durable goods _ things like cars, appliances and electronics.

At the same time, what they earned was mostly flat. Pay increased 0.3 percent, and overall income just 0.1 percent. After deducting taxes and adjusting for inflation, income fell for a third straight month.

So to make up the difference, many have cut back on savings. The savings rate fell to its lowest level since December 2007, the first month of the recession _ and right about the time the Fed started its dramatic series of interest-rate cuts.

Considering how little you can get for parking your money at a bank, it hasn’t been a tough choice.

“Consumers have hit a level of saturation in their savings,” said Marshal Cohen, chief industry analyst with market research firm The NPD Group. “The propensity is to spend.”

The annual yield on six-month certificates of deposit was unchanged this week at 0.23 percent, according to Bankrate.com. Five years ago, it was 3.62 percent. If you put your money in the six-month CD today, you’d make about enough to buy a burger.

Paul Ashworth, chief U.S. economist at Capital Economics, said the trend could mean more spending by Americans. But it will take robust personal spending _ along with improvement in the depressed housing market _ to get the economy going again.

Ashworth said his firm is not too concerned with the decline in savings because it partly represents “a sharp decline in debt servicing costs.” In other words, low interest rates mean it’s cheaper to borrow money.

The Fed began cutting interest rates four years ago at the start of the financial crisis. The rate cuts took the federal funds rate, the key for short-term interest rates, from 5.25 percent down to near zero, where they have stayed since December 2008.

The central bank has said it will keep rates super-low into 2013 as long as the economy stays weak. While that means low returns for savers, it is designed to encourage people and businesses to borrow more.

Many borrowers tend to be young families who are spending most of their income anyway. The loss in interest income tends to hit older households, which are saving for retirement and counting more on bonds and other fixed-income securities.

Consumer spending is closely watched because it accounts for about 70 percent of economic activity. A sharp rise in spending over the summer helped the overall economy grow in July, August and September at the fastest pace in a year.

Still, the economy would have to grow twice as fast to put a dent in the unemployment rate, which has stayed near 9 percent since the recession officially ended more than two years ago.

At the same time savings accounts and other fixed-income investments are paying less, the cost of food and gas has gone up.

Elizabeth Smith, who works in teacher education at the University of Arkansas, has cut her monthly contribution to her retirement savings in half to meet necessities.

“Every time I go to the store, butter, cheese and milk are more expensive,” she said. Child care costs for her two children have also risen this year.

On the other hand, Smith has benefited from lower interest rates. She and her husband refinanced the mortgage on her home a year ago, which lowered their monthly payments by $200, freeing up more cash.

The Fed’s policies are “designed to reward spending and effectively punish savers,” said Eric Green, chief U.S. economist at TD Securities.

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Taiwan Semiconductor Manufacturing Co., the world’s largest contract chip maker, said Thursday its earnings dropped by more than a third in the latest quarter amid uncertainties about the global economy.

The company which supplies chips for use in gadgets including Apple’s iPhones and iPads said its third quarter net profit of 30.4 billion New Taiwan dollars ($1 billion) was down 35 percent from last year and down 15.5 percent from the second quarter of this year.

Quarterly revenue totaled $3.5 billion, down 5 percent from a year earlier and 3.6 percent lower than the second quarter.

TSMC’s customers are either uncertain about their outlook or expecting a weaker first quarter of 2012, Chairman Morris Chang told an investor conference in Taipei.

Company officials said shipments have declined for chips used in computers, consumer and industrial electronics, while handset chips sales have expanded freecreditscore. But newly installed production using the cutting-edge 28 nanometer process could help improve profit margins next year, they said.

Chang said the current economic landscape was not as severe as the winter of 2008 when the world was mired in a financial crisis. He said TSMC expects its wafer shipments to pick up by March next year with customers rebuilding the inventories they’ve depleted in the last quarter.

“Perhaps … we may suddenly find a surge that’s amazingly strong,” he said.

TSMC has diversified into solar panels and LED lights, two sectors facing losses because of oversupplies.

But Chang said TSMC is in the startup stage in both sectors and has not been hurt by the sharp price declines.

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