Place first 4 ingredients in a 4-quart mixing bowl. Beat at low speed with a heavy-duty electric mixer 1 minute or until mixture is blended. Beat mixture at high speed 3 to 5 minutes or until stiff peaks form. Gradually add powdered sugar, beating at low speed until blended. Stir in chopped nuts.
Drop mixture by rounded tablespoonfuls onto wax paper. Garnish with toasted pecan halves. Let stand 8 hours; remove to wire racks, and let stand 8 more hours or until bottom of candy is firm. Store in airtight containers.
Divinity Candy With Sugared Maraschino Cherries: Substitute Sugared Maraschino Cherries for toasted pecan halves. Drop mixture by rounded tablespoonfuls onto wax paper. Press tip of a lightly greased wooden spoon handle into center of each piece of candy, making an indentation. Let stand as directed. Place 1 Sugared Maraschino Cherry in each indentation just before serving.