2 dead after apparent carbon monoxide leak in W. Rogers Park

Two women are dead and another hospitalized after an apparent carbon monoxide leak in a West Rogers Park building, officials said.

Paramedics were first called about 10:30 a.m. to the building in the 2500 block of West North Shore Avenue to transport one woman to the hospital, Chicago Fire Department spokeswoman Meg Ahlheim said.

The woman was taken in cardiac arrest to Swedish Covenant Hospital, Ahlheim said.

Fire officials at the scene called for a second ambulance, and another woman was taken to Swedish Covenant as well, Ahlheim said.

Both women died at the hospital.

Rasheeda Akhter, 77, was pronounced dead at 11:14 a.m., according to the Cook County medical examiner's office. The second victim, 18-year-old Zanib Ahmed, died at 9 p.m., according to the medical examiner's office.

Back at the building, fire officials checked the carbon monoxide levels but found no indication of a leak, Ahlheim said.

Paramedics were called back to the scene, however, about 3:45 p.m. for another woman found unresponsive. She was taken to St. Francis Hospital in Evanston in critical condition, Ahlheim said.

Officials checked carbon monoxide levels again, and while the meter readings in residential units did not indicate a leak, officials found a positive reading for a low level of carbon monoxide near a boiler in the basement, Ahlheim said.

Police suspect the deaths were caused by accidental carbon monoxide poisoning, but no official determination will be made until autopsy results are reported, Police News Affairs Officer Amina Greer said.

A spokeswoman for Peoples Gas, Jennifer Block, said representatives from the company were called to the building to assist police and fire officials. She referred further questions to the police and fire departments.

asege@tribune.com

Twitter: @AdamSege

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Egypt's Mursi declares emergency after clashes kill dozens

CAIRO (Reuters) - Egyptian President Mohamed Mursi declared a month-long state of emergency in three cities on the Suez Canal, where dozens of people have been killed in protests that have swept the nation and deepened a political crisis facing the Islamist leader.

Hundreds of demonstrators in Port Said, Suez and Ismailia turned out against the decision within moments of Mursi's announcement late on Sunday, which came after the death toll from protests and violence that erupted last week hit 49.

Mursi also called for a national dialogue with his rivals for later on Monday, but the early response from members of the main opposition coalition suggested they saw little point, saying the president only seemed to listen to his allies.

Most deaths have been in Port Said, where 40 were killed in just two days. Riots were sparked on Saturday when a court sentenced to death several people from the city on charges related to deadly rioting at a soccer match last year. Mourners at Sunday's funerals in the port, where guns are common, directed their anger at Mursi.

Violence in Egypt's cities has extended to a fifth day. Police fired volleys of teargas at dozens of youths hurling stones on Monday near Cairo's Tahrir Square, where opponents have camped for weeks to protest against Mursi, who they say betrayed the revolution that ousted Hosni Mubarak two years ago.

"We want to bring down the regime and end the state that is run by the Muslim Brotherhood," said Ibrahim Eissa, a 26-year-old cook, protecting his face from teargas wafting towards him from police lines near Tahrir, the cauldron of the 2011 revolt.

Propelled to power in a June election by the Brotherhood, Mursi's presidency has lurched through a series of political crises and violent demonstrations, compounding his task of shoring up a teetering economy and preparing for a parliamentary election to cement the new democracy in a few months.

"The protection of the nation is the responsibility of everyone. We will confront any threat to its security with force and firmness within the remit of the law," Mursi said, offering condolences to families of victims in the canal zone cities.

"WASTE OF TIME"

Appealing to his opponents, the president called for a national dialogue on Monday at 6 p.m. (1600 GMT), inviting a range of Islamist allies as well as liberal, leftist and other opposition groups and individuals to discuss the crisis.

The main opposition National Salvation Front coalition gathered in Cairo to discuss a response, but several members have already suggested they do not expect much from the meeting, raising the prospect of poor attendance.

"Unless the president takes responsibility for the bloody events and pledges to form a government of national salvation and a balanced committee to amend the constitution, any dialogue will be a waste of time," Mohamed ElBaradei, a prominent politician who founded the Constitution Party, wrote on Twitter.

Hamdeen Sabahy, a leftist politician and presidential candidate who is another leading member of the Front, said he would not attend Monday's meeting "unless the bloodshed stops and the people's demands are met".

Ahmed Said of the liberal Free Egyptians Party said Mursi's tone on Sunday night was more threatening than conciliatory. "Egypt is in danger and completely split," he told Reuters.

Egypt's politics has become deeply polarized. Although Islamists have swept to victory in a parliamentary poll and presidential vote, the disparate opposition has been united by Mursi's bid late last year to expand his powers and fast-track a constitution with an Islamist hue through a referendum.

Mursi's opponents accuse him of listening only to his Islamist friends and reneging on a pledge to be a president for all Egyptians. Islamists say their rivals want to overthrow by undemocratic means Egypt's first freely elected leader.

The Front has distanced itself from the latest flare-ups but said Mursi should have acted far sooner to impose extra security measures that would have ended the violence.

BLAMING MURSI

"Of course we feel the president is missing the real problem on the ground, which is his own policies," spokesman Khaled Dawoud said. "His call to implement emergency law was an expected move, given what is going on, namely thuggery and criminal actions."

Even in Tahrir, some protesters said violence and the high death toll in Port Said and other cities on the strategic Suez waterway meant there was little choice but to impose emergency law, although they, too, blamed Mursi for fury on the streets.

"They needed the state of emergency there because there is so much anger," said Mohamed Ahmed, 27, a protester walking briskly from a cloud of teargas spreading into Tahrir Square.

However, activists in the three cities affected have pledged to defy the curfew that will start at 9 p.m. (1900 GMT) each evening and last until 6 a.m. (0400 GMT).

Some opposition groups have also called for more protests on Monday, which marks the second anniversary of one of the bloodiest days in the revolution that erupted on January 25, 2011, and brought an end to Mubarak's iron rule 18 days later.

Rights activists said Mursi's declaration was a backward step for Egypt, which was under emergency law for Mubarak's entire 30-year rule. His police used the sweeping arrest provisions to muzzle dissent and round up opponents, including members of the Brotherhood and even Mursi himself.

Heba Morayef of Human Rights Watch in Cairo said the police, still hated by many Egyptians for their heavy-handed tactics under Mubarak, would once again have the right to arrest people "purely because they look suspicious", undermining efforts to create a more efficient and respected police force.

"It is a classic knee-jerk reaction to think the emergency law will help bring security," she said. "It gives so much discretion to the Ministry of Interior that it ends up causing more abuse, which in turn causes more anger."

(Additional reporting by Yasmine Saleh in Cairo and Yusri Mohamed in Ismailia; Editing by Will Waterman)

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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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Djokovic beats Murray for 3rd straight Aust. title

MELBOURNE, Australia (AP) — Novak Djokovic returned to his dominant best to win his third consecutive Australian Open title, denying Andy Murray a second major championship with a 6-7 (2), 7-6 (3), 6-3, 6-2 victory Sunday night at Rod Laver Arena.

The top-ranked Djokovic is the first man in the Open era to win three straight Australian titles — nine others have won back-to-back but were unable to win three in a row.

"I love this court," Djokovic said. "It's definitely my favorite Grand Slam. It's an incredible feeling winning this trophy once more."

He has won four of his six majors titles at at Melbourne Park, where he is now unbeaten in 21 matches.

Born a week apart in May 1987 and friends since their junior playing days, the two played like they knew each other's game very well in a rematch of last year's U.S. Open final won by Murray. There were no service breaks until the eighth game of the third set, when Djokovic finally broke through and then held at love to lead by two sets to one.

Djokovic earned two more service breaks in the fourth set, including one to take a 4-1 lead when Murray double-faulted on break point.

The 25-year-old Serb didn't rip his shirt off this time, as he did to celebrate his epic 5-hour, 53-minute win over Rafael Nadal in last year's final. He just did a little dance, looked up to the sky and then applauded the crowd after the 3-hour, 40-minute match.

Murray's win over Djokovic in the U.S. Open final last year ended a 76-year drought for British men at the majors, but he still is yet to make a breakthrough in Australia after losing a third final here in the last four years.

Djokovic's win went against the odds of recent finals at Melbourne Park. In four of the past five years, the player who won his semifinal second has won the tournament. But this year, Djokovic played his semifinal on Thursday — an easy three-set, 89-minute minute win over No. 4-seeded David Ferrer. Murray needed five energy sapping sets to beat 17-time major winner Roger Federer on Friday night.

The win consolidated Djokovic's position as the No. 1-ranked player in the world, while Federer and Murray will be second and third when the ATP rankings are released Monday.

Their last two matches in Grand Slams — Murray's five-set win at last year's U.S. Open and Djokovic's victory here last year in five in the semifinals — had a total of 35 service breaks.

It was a vastly different, more tactical battle on Sunday, with the first two tight sets decided in tiebreakers.

Murray, who called for a trainer to retape blisters on his right foot at the end of the second set, was visibly annoyed by noise from the crowd during his service games in the third set, stopping his service motion twice until the crowd quieted down. After dropping the third set, he complained about the noise to chair umpire John Blom.

Djokovic also appeared frustrated at times, kicking the ball football-style back over the net after he hit a forehand long during a lengthy point, and muttering to himself while sitting down in his chair during changeovers. But both players were guilty of making unforced errors, often ending long rallies with shots into the net or long.

Murray's fans came dressed for the occasion, with some wearing "Braveheart"-style wigs, Scottish flags painted on their faces and tartan caps. One group of men wore white T-shirts with black letters that spelled out A-N-D-Y; they serenaded Murray at the start of the first two sets.

There were a number of Serbian shirts, caps and flags in the stadium, as well as fans calling "Ajde!" or "Come on!" in Serbian to support Djokovic. Retired NBA basketball star Vlade Divac was sitting in Djokovic's box.

Djokovic looked agitated after failing to convert the break points in the first set, frequently looking up to his box and yelling at the members of his team and himself.

Although Djokovic went into the match with a 10-7 lead in head-to-heads, Murray had beaten Djokovic five out of eight times in tiebreakers, and that improved to six of nine after four unforced errors by Djokovic to end the first set.

Djokovic pegged back that edge in the second set, when Murray also didn't help his cause by double-faulting to give Djokovic a 3-2 lead, and the Serbian player didn't trail again in the tiebreaker. He leveled the match after nearly 2 hours, 15 minutes.

Andre Agassi was among those in the capacity crowd at Rod Laver Arena — the four-time Australian champion's first trip Down Under in nearly 10 years — and he later presented the trophy to Djokovic.

Victoria Azarenka, who won Saturday's women's singles final over Li Na, was in the crowd with her boyfriend rapper Redfoo. Actor Kevin Spacey, who met in the dressing room with both players ahead of the match and later tweeted a photo of himself with them, also was in attendance for the third straight night.

In the earlier mixed doubles final Sunday, wild-card entrants Jarmila Gajdosova and Matthew Ebden of Australia beat the Czech pair of Lucie Hradecka and Frantisek Cermak 6-3, 7-5.

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Bulgaria holds nuclear power referendum

SOFIA, Bulgaria (AP) — Bulgarians are voting in a referendum on whether a new nuclear power plant should be built in the European Union‘s poorest member country, a choice also seen as a barometer of the country’s relationship with Russia.

Sunday’s vote was called by the opposition Socialist party in an effort to force the government to reverse its decision to scrap a deal with Russia on the construction of a second nuclear plant.

Bulgaria’s first referendum since the fall of communism in 1989 has polarized opinion along party lines. It has been seen as a test ahead of general elections in July, but also as a chance to loosen Moscow’s energy grip.

The latest polls estimate a low turnout, which could make the referendum invalid. At least 60 percent of the electorate must take part.

Energy News Headlines – Yahoo! News

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Can sanctions deter North Korea?

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

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STORY HIGHLIGHTS

• N. Korea said Thursday it plans to carry out new nuclear test and more long-range rocket launches


• It said they are part of new phase of confrontation with United States


• George A. Lopez says North Korea's aim is to be recognized as a 'new nuclear nation by fait accompli'


• The Security Council sanctions aim to deteriorate and disrupt N. Korea's programs, says Lopez

Editor's note: George A. Lopez holds the Hesburgh Chair in Peace Studies at the Kroc Institute, University of Notre Dame. He is a former member, UN Panel of Experts on DPRK.

Indiana, U.S. (CNN) -- North Korea has responded to new Security Council sanctions condemning its December 12 rocket launch with a declaration that it plans a third nuclear test and more missile launches. Politically, it has made unambiguous that its "aim" is its enemy, the United States.

In this rapid reaction to U.N. sanctions, the young government of Kim Jong Un underscores what Security Council members have long known anticipated from the DPRK. Their end-game is to create a vibrant, integrated missile and nuclear weapons program that will result - as in the cases of Pakistan and India - in their being recognized as a new nuclear nation by fait accompli.

Read more: North Korea says new nuclear test will be part of fight against U.S.

In light of DPRK defiance - and a soon to occur nuclear test - the Security Council's first set of sanctions on North Korea since 2009 may seem absurd and irrelevant. These sanctions will certainly not prevent a new DPRK nuclear test. Rather, the new sanctions resolution mobilizes regional neighbors and global actors to enforce sanctions that can weaken future DPRK programs and actions.

Read more: U.N. Security Council slams North Korea, expands sanctions

The utility, if not the necessity, of these Security Council sanctions are to deteriorate and disrupt the networks that sustain North Korea's programs. Chances of this degradation of DPRK capabilities have increased as the new sanctions both embolden and empower the member states who regularly observe - but do nothing about - suspicious vessels in their adjacent waterways.

The resolution provides new guidance to states regarding ship interdiction, cargo inspections, and the seizure and disposal of prohibited materials. Regarding nuclear and missile development the sanctions expand the list of material banned for trade to DPRK, including high tech, dual-use goods which might aid missile industries.

Read more: South Korean officials: North Korean rocket could hit U.S. mainland

These new measures provide a better structure for more effective sanctions, by naming new entities, such as a bank and trading companies, as well as individuals involved in the illicit financing of prohibited materials, to the sanctions list. To the surprise of many in the diplomatic community - the Council authorizes states to expose and confiscate North Korea's rather mobile "bulk cash." Such currency stocks have been used in many regions to facilitate purchases of luxury goods and other banned items that sustain the DPRK elites.

Finally, the Security Council frees the Sanctions Committee to act more independently and in a timely manner to add entities to the list of sanctioned actors when evidence shows them to be sanctions violators. This is an extensive hunting license for states in the region that can multiply the costs of sanctions to the DPRK over time.

Read more: North Korea's rocket launches cost $1.3 billion

Whatever their initial limitations, the new round of U.N. sanctions serve as a springboard to more robust measures by various regional and global powers which may lead back to serious negotiations with DPRK.

Despite its bluster and short-term action plan, Pyongyang recognizes that the wide space of operation for its policies it assumed it had a week ago, is now closed considerably. To get this kind of slap-down via this Security Council resolution - when the launch was a month ago - predicts that any nuke test or missile launch from Pyongyang will bring a new round of stronger and more targeted sanctions.

Read more: North Korea silences doubters, raises fears with rocket launch

Although dangerous - a new game is on regarding DPRK. Tougher U.N. measures imposed on the North generated a predictable response and likely new, prohibited action. While DPRK may be enraged, these sanctions have the P5 nations, most notably China, newly engaged. A forthcoming test or launch will no doubt increase tensions on both sides.

But this may be precisely the shock needed to restart the Six Party Talks. Without this institutional framework there is little chance of influencing DPRK actions. And in the meantime, the chances of greater degrading of DPRK capabilities via sanctions, are a sensible next best action.

Read more: Huge crowds gather in North Korean capital to celebrate rocket launch

The opinions expressed in this commentary are solely those of George A. Lopez.

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Vehicle strikes, kills 2 people

A squad car blocks traffic on West 87th Street, where two people were fatally struck by a vehicle. (Adam Sege, Chicago Tribune / January 27, 2013)

By Adam Sege




Tribune reporter

6:44 a.m. CST, January 27, 2013

A vehicle struck and killed two people changing a tire in the Scottsdale neighborhood late Saturday, authorities said.

About 10:45 p.m., the vehicle swerved and struck two people, who were outside a vehicle on the Southwest Side, Chicago Police Department News Affairs Officer Ron Gaines said. Both people died on the scene, Gaines said.

The accident happened in the 3800 block of West 87th Street, according to the Cook County medical examiner's office.

The medical examiner identified the two victims as William Brunson, 39, of the 8200 block of South Harper Avenue in Chicago, and Victoria R. Means, 34, of the 14100 block of South School Street in south suburban Riverdale. Brunson was pronounced dead at the scene at 10:55 p.m. and Means was pronounced dead at the scene at 11:21 p.m., according to the medical examiner.

Police blocked off several blocks of West 87th Street for hours as detectives investigated.

Just east of South Springfield Avenue, a body lay in the eastbound lane of 87th, covered by a white sheet.

Authorities were talking to a person of interest in the fatal collision.

asege@tribune.com

Twitter: @AdamSege

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Egyptian youths, police clash in fourth day of violence

CAIRO (Reuters) - Police fired teargas at dozens of stone-throwing protesters in Cairo on Sunday in a fourth day of street clashes that have killed at least 42 people and compounded the challenges facing President Mohamed Mursi.

In the worst violence, security sources said 33 people died in Port Said on Saturday when protests erupted after a court sentenced 21 people, mostly from the city, to death for their role in a deadly stadium disaster last year.

Thousands of mourners joined funeral processions for the dead in Port Said on Sunday, a witness said by telephone, adding that he heard gunshots and the sound of emergency vehicle sirens. But there were no immediate reports of new casualties.

Mursi's opponents have also taken to the streets across Egypt since Thursday, accusing him and his Islamist allies of betraying the uprising that overthrew Hosni Mubarak in 2011.

"None of the revolution's goals have been realized," said Mohamed Sami, a protester in Cairo's Tahrir Square on Sunday.

"Prices are going up. The blood of Egyptians is being spilt in the streets because of neglect and corruption and because the Muslim Brotherhood is ruling Egypt for their own interests."

On a bridge close to Tahrir Square, youths hurled stones at police in riot gear who fired teargas to push them back towards the square, the cauldron of the uprising that erupted on January 25, 2011 and toppled Mubarak 18 days later.

The latest protests were initially timed to mark Friday's anniversary of that revolt.

The U.S. and British embassies, both close to Tahrir, said they were closed for public business on Sunday.

The violence adds to the daunting task facing Mursi as he tries to fix a beleaguered economy and cool tempers before a parliamentary election expected in the next few months which is supposed to cement Egypt's transition to democracy.

It has exposed a deep rift in the nation. Liberals and other opponents accuse Mursi of failing to deliver on economic promises and say he has not lived up to pledges to represent all Egyptians. His backers say the opposition is seeking to topple Egypt's first freely elected leader by undemocratic means.

DIVISIONS

The army, Egypt's interim ruler until Mursi's election in June, was sent back onto the streets to restore order in Port Said and Suez, another port city on the Suez Canal where at least eight people have been killed in clashes with police.

In Port Said, residents had reported gunshots overnight and shops and many workplaces were shut on Sunday. Residents said the city had been tense ahead of the funerals amid fears the burials could set off further violence.

Many Egyptians are frustrated by the regular escalations that have hurt the economy and their livelihoods.

"They are not revolutionaries protesting," said taxi driver Kamal Hassan, 30, referring to those gathered in Tahrir. "They are thugs destroying the country."

The National Defence Council, headed by Mursi, has called for a national dialogue to discuss political differences.

That offer has been cautiously welcomed by the opposition National Salvation Front. But the coalition has demanded a clear agenda and guarantees that any agreements will be implemented.

The Front, formed late last year when Mursi provoked protests and violence by expanding his powers and driving through an Islamist-tinged constitution, has threatened to boycott the parliamentary poll and to call for more protests if a list of demands is not met, including having an early presidential vote.

Egypt's transition has been blighted from the outset by political rows and turbulence on the streets that have driven investors out and kept many tourists away, starving the economy of vital sources of hard currency.

Egypt's defense minister who also heads the army, Abdel Fattah al-Sissi, called for the nation to stand together and said the military would not prevent peaceful protests. But he called on demonstrators to protect public property.

Clashes in Port Said erupted after a judge sentenced 21 men to death for involvement in 74 deaths at a soccer match on February 1, 2012 between Cairo's Al Ahly club and the local al-Masri team. Many of the victims were fans of the visiting team.

There were 73 defendants in the case. Those not sentenced on Saturday will face a verdict on March 9, the judge said.

Al Ahly fans cheered the verdict after threatening action if the death penalty was not meted out. But Port Said residents were furious that people from their city were held responsible.

(Additional reporting by Shaimaa Fayed in Cairo and Yusri Mohamed in Ismailia; Editing by Janet Lawrence)

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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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Azarenka secures back-to-back Australian titles

MELBOURNE, Australia (AP) — Victoria Azarenka won her second consecutive Australian Open title, beating Li Na 4-6, 6-4, 6-3 in a dramatic final that contained a break for fireworks, two medical timeouts and a nasty fall to the court by Li.

The Chinese star first tumbled to the court after twisting her left ankle in the fifth game of the second set and had it taped.

On the first point after a 10-minute pause in the third set while fireworks boomed overhead from nearby Australia Day celebrations, Li fell over again and slammed the back of her head on the court. The 2011 French Open champion was treated immediately and had another timeout before being allowed to resume the match.

Azarenka, who broke down in tears and sobbed into her towel when the match ended, won five of the next six games to claim her second major title and retain the No. 1 ranking.

"Unfortunately, you have to go through some rough patches to achieve great things. That's what makes it so special for me," she said. "I went through that, and I'm still able to kiss that beautiful trophy."

Serena Williams, who lost in the quarterfinals, will become the new No. 2 in the rankings.

The 2-hour, 40-minute match featured 16 service breaks, with Li losing her service nine times.

On a crisp Saturday night, Azarenka won the coin toss and elected to receive, a ploy that seemed to work when a nervous Li was broken to start the match. After a double fault on the first point, Li's forehand long gave Azarenka the early lead.

When she first injured her ankle, Li was trailing 3-1 in the second set. When she came back, she won three of the next four games to level the set at 4-4, but Azarenka broke back and then held her serve to level the match.

Azarenka broke in the opening game of the final set, just two games before the match was suspended for the fireworks, a planned stoppage of play that both players were notified about before the match.

While Azarenka jogged around and practiced her serving motion during the 10-minute fireworks break, Li sat on her courtside chair for most of the stoppage.

It was on the first point that she again fell to the court.

Li said she went "totally black" for two seconds after her head hit the court, and when a medical official asked her to follow her finger, "I started laughing, thinking 'This is a tennis court, not like a hospital.'"

Li said the tournament doctor saw her after the match and checked out her head and neck.

"I should be OK,' Li said.

From the outset, the capacity crowd at Rod Laver Arena was firmly behind Li, cheering loudly when she was introduced. Azarenka, meanwhile, had her errors applauded, and one spectator even mocked the loud hooting sound she makes when she hits a shot.

The chill from the crowd was a remnant of Azarenka's semifinal win over American teenager Sloane Stephens, when Azarenka was criticized for taking a questionable 10-minute medical timeout near the end of the match. She was accused of taking the time out to compose herself after she'd wasted five match points while serving for the match against Stephens, although Azarenka said she needed the time out because a rib injury was making it difficult for her to breathe.

In the second set Saturday, a few fans heckled Azarenka over the incident. One man yelled, "Take a deep breath, Vicky."

By the end of the match, she appeared to have won some of the fans back. Azarenka's friend, rapper Redfoo, yelled down to her from the player box "You deserve it," and she later blew kisses to the crowd. Someone else in the crowd shouted "Victoria, we love you."

Azarekna appeared to quickly forgive the crowd, saying during the trophy presentations that she wanted to thank the fans for their support.

"I will always keep very special memories of this court and it will be in my heart forever," she said, pausing several times to find the right words. "Of course, I (almost) forgot to say congratulations to Li Na, she's had a terrific start to the year ... hope to see you in many, many more finals."

Azarenka and Li had met twice before in Grand Slam tournaments, with Li winning both times — in the fourth round of the 2011 Australian Open and quarterfinals at the French Open. Li lost the 2011 Australian Open final to Kim Clijsters but won her first Grand Slam title at Roland Garros a few months later, beating Francesca Schiavone.

But after failing to advance past the fourth round at any major in 2012, Li hired Carlos Rodriguez, Justine Henin's former coach. The hard training he's put her through in the past four months appears to be paying dividends.

Li won a WTA tournament in China before travelling to Australia, where she advanced to the semifinals at the Sydney International.

In the men's final on Sunday, Novak Djokovic will attempt to win his third consecutive Australian Open against U.S. Open champion Andy Murray. Djokovic has had the benefit of an extra day off after an easy three-set win over David Ferrer on Thursday night, while Murray needed a tough five-setter to defeat Roger Federer.

Murray has predicted a tough match with long rallies against Djokovic, the player he beat in the final at Flushing Meadows in September.

"I'm ready for the pain," he said. "I hope it's a painful match, that will mean it will be a good one."

In the other final Sunday to end the year's first Grand Slam, the unseeded pairs of Jarmila Gajdosova and Matthew Ebden of Australia and the Czech Republic's Lucie Hradecka and Frantisek Cermak play for the mixed doubles championship.

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