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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Year of the Comets: 2 Dazzling Comets Heading Our Way






The year 2013 may someday be known as “the year of the comets.” If all goes well we may see two of the brightest comets in many years, and possibly one of the brightest in history.


However, astronomers are being very cautious in their predictions because of past disappointments. As comet specialist David Levy says, “Comets are like cats; they have tails, and they do precisely what they want.”






Once thought of as harbingers of doom, comets are now known to be normal members of our solar system. They are small bodies similar to asteroids. The majority spend most of their lives in the Oort Cloud, a mysterious region on the outer edge of the solar system. Now and then they venture close to the sun, and undergo a strange transformation.


The heat of the sun causes the comets’ ice, which is their main component, to vaporize. The solar wind streaming off the sun forces this vapor into a huge tail, which flows away from the sun. No matter what direction they are actually traveling, comets’ tails always point away from the sun.


There are always comets in the sky, but most are too far from the sun to develop large tails, and too far from Earth to be seen with the naked eye. [Photos of Comet ISON: A Potentially Great Comet]


Bright comets appear only every few years, so it is very rare for two comets to appear in a single year. 2013 looks to be one of those special years.


Comet C/2011 L4


Traditionally, comets have been named for their discoverer or discoverers. In recent years, astronomers have adopted a system of naming comets that includes the year of their discovery, in this case “2011,” followed by a letter and number indicating the point in the year in which they were discovered, in this case “L4.”


Many comets today are discovered by teams of observers, which has started a trend to name these discoveries for the project rather than the individual. This has two unfortunate results. It de-personalizes the discovery, and leads to a lot of comets sharing the same name. Peter Jedicke, past president of the Royal Astronomical Society of Canada, is urging astronomers to return to naming comets after people rather than acronyms.


Comet C/2011 L4 is a case in point. It was discovered by the Panoramic Survey Telescope and Rapid Response System, known by the acronym Pan-STARRS, and is one of three comets already discovered by this program. Jedicke would prefer that we call this Comet Wainscoat, after Richard Wainscoat, the member of the Pan-STARRS team who confirmed its existence.


This comet will become visible to the naked eye for observers in the Southern Hemisphere in early February in the morning sky. It will be at its brightest on March 10, when it will pass close to the sun and move into the evening sky, becoming visible to observers in the Northern Hemisphere. Look for it just above and to the left of the setting sun.


“Comet Wainscoat” will continue to be a bright object in the evening sky for the rest of March and the first two weeks in April.


Comet C/2012 S1


This comet was discovered on Sept. 21, 2012, through a telescope in Russia that is part of the International Scientific Optical Network, known as ISON. Its actual discoverers were two amateur astronomers, Vitali Nevski of Belarus and Artyom Novichonok of Russia. So Jedicke would prefer we call this Comet Nevski-Novichonok, because there are at least two comets named “ISON.”


This comet will make its first appearance to the naked eye of early risers in both hemispheres in the first week of November. It is what is known as a “sun grazer,” a comet that passes very close to the sun. Its appointment with the sun will be on Nov. 28, when it will pass within 680,000 miles (1.1 million kilometers) of the surface of the sun, much closer than Mercury.


If it survives this encounter, Comet C/2012 S1 should put on a spectacular show in the days immediately before and after that date. It is predicted to become brighter than the full moon, and to be visible in the daytime sky.


The comet should continue to be a bright object for all of December and into early January 2014.


But here we come back to David Levy’s comparison of comets and cats. No one knows for sure exactly what will happen in late November, but all the world’s astronomers will be watching the show, and hoping to see the brightest comet in decades.


Editor’s note: If you have an amazing of Comet ISON or any other night sky view that you’d like to share for a possible story or image gallery, send photos, comments and your name and location to managing editor Tariq Malik at [email protected]


This article was provided to SPACE.com by Starry Night Education, the leader in space science curriculum solutions. Follow Starry Night on Twitter @StarryNightEdu.


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Space and Astronomy 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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3 dead, 2 wounded in pair of early morning shootings













Photo: Three men were shot outside of a diner in the Bridgeport neighborhood


Photo: Three men were shot outside of a diner in the Bridgeport neighborhood
(Peter Nickeas / January 26, 2013)


























































Two shootings on the South and West sides left three people dead and two wounded at 2:15 and 4 a.m. Saturday morning. 


Three men were shot outside of a diner at the corner of Wallace Street and Pershing Road in the Bridgeport neighborhood about 4 a.m. Saturday. Two men died at the scene. 


At the north end of the 1100 block of South Mozart Street in the Lawndale neighborhood, two people were shot. One also died there, police said. That happened about 2:15 a.m. 





Check back for more information. 


pnickeas@tribune.com






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At least 16 die in Egyptian clashes over death sentences


PORT SAID/CAIRO (Reuters) - At least 16 people died in a rampage by protesters angry at the sentencing of 21 people to death over a soccer stadium disaster, amid a wave of bloody unrest posing a challenge for Egypt's new Islamist rulers.


Armored vehicles and military police were deployed on the streets of Port Said after the violence in the Mediterranean city on Saturday. The state news agency quoted a general as saying the military was sent to "establish calm and stability in Port Said and to protect public institutions".


The latest deaths brought to at least 25 the number reported killed in three days of violence. Hundreds have been injured in clashes in which police have rained down tear gas on protesters armed with stones and some with petrol bombs.


The unrest began with rallies to mark the second anniversary of the overthrow of autocrat Hosni Mubarak in a revolution which the protesters accuse current President Mohamed Mursi and his Islamist allies of betraying.


The schism is hindering efforts by Mursi, elected in June, to revive an economy in crisis and reverse a plunge in Egypt's currency. The polarization and lack of security that has blighted Egypt casts a shadow over a parliamentary election expected to start in April.


Mursi's opponents say he has failed to deliver on economic promises or to be a president for all Egyptians, as he pledged. His backers say his critics do not respect the democracy that has given Egypt its first freely elected leader.


Nine people were reported killed in Friday's violence, most in the port city of Suez, where the army has also been deployed.


Saturday's violence in Port Said erupted when a court sentenced 21 men, most from the city, to death for involvement in the disaster in the city's soccer stadium which killed 74 people on February 1, 2012.


VICTIMS' RELATIVES CHEER


Many spectators were crushed and witnesses saw some thrown off balconies after the match between Cairo's Al Ahly and local team al-Masri. Many of those killed were from the visiting team's supporters.


Families of victims in court cheered and wept for joy when Judge Sobhy Abdel Maguid read a list of 21 names "referred to the Mufti", a phrase used to denote execution, as all death sentences must be reviewed by Egypt's top religious authority.


A total of 73 people have been standing trial. Other rulings will be issued on March 9, the judge said.


One relative of a victim in the court shouted: "God is greatest." Outside Al Ahly club in Cairo, supporters also cheered. Fans had threatened fresh violence unless the death penalty was meted out.


But in Port Said residents rampaged through the streets in anger that men from their city had been blamed. Gunshots were reported near the prison where most are being held.


The director of Port Said hospitals said 16 people were killed and 200 wounded, state television reported. Security sources said at least two of the dead were policemen.


A witness said some men stormed a police station in Port Said, where protesters lit tires in the street, sending plumes of black smoke in the air.


Thousands took to the streets of Cairo, Alexandria and other cities on Friday to protest against what they call the authoritarianism of Mursi's rule.


"NOTHING HAS CHANGED"


"We want to change the president and the government. We are tired of this regime. Nothing has changed," said Mahmoud Suleiman, 22, in Cairo's Tahrir Square, the cauldron of the 2011 revolt. Nearby, youths hurled stones at police early on Saturday.


Ahmed Salama, 28, a protester camped out with dozens of others in Tahrir, said: "The protests will continue until we realize all the demands of the revolution - bread, freedom and social justice."


In a statement in response to Friday's violence, Mursi said the state would not hesitate in "pursuing the criminals and delivering them to justice". He urged Egyptians to respect the principles of the revolution by expressing views peacefully.


The president was due to meet later on Saturday with the National Defence Council, which includes senior ministers and security officials, to discuss the violence.


Unrest has been stoked by Mursi's decision to fast-track an Islamist-tinged constitution rejected by his opponents.


Mustapha Kamal Al-Sayyid, a professor of political science at Cairo University, said violence reflected the frustration of many liberal-minded Egyptians and others.


"The state of polarization between Islamists and others is most likely to continue and will have very negative impact on the state's politics, security and economy," he said.


Inspired by the popular uprising in Tunisia, Egypt's revolution spurred further revolts across the Arab world. But the sense of common purpose that united Egyptians two years ago has given way to internal strife that triggered bloody street battles last month.


(Additional reporting by Omar Fahmy; Writing by Edmund Blair; Editing by Andrew Roche)



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Stock futures edge up, S&P 500 poised to extend rally

NEW YORK (Reuters) - Stock index futures gained on Friday after Procter & Gamble reported a higher quarterly profit and as the S&P 500 looked set to extend its best winning streak in more than six years.


The strong start to the year has been attributed to solid corporate earnings, agreement in Washington over raising the debt limit, encouraging recovery signs in the global economy and seasonal inflows to equity markets.


Those factors helped the S&P 500 rally for a seventh day on Thursday to a five-year peak. But the index is struggling to move convincingly above 1,500, a level it surpassed briefly Thursday for the first time since December 2007.


"You have had more confidence from fund managers to provide more allocations to equity markets," said Rick Meckler, president of investment firm LibertyView Capital Management, who added equities were looking more attractive than bonds or cash.


Procter & Gamble , the world's top household products maker reported a higher profit on Friday and raised its sales and earnings outlook for the fiscal year. Shares were up 1.4 pct at $71.42 in premarket trading.


Earnings have helped drive the stock market's recent rally. Thomson Reuters data through early Thursday showed that of the 133 S&P 500 companies that have reported earnings so far, 66.9 percent have exceeded expectations, above the 65 percent average over the past four quarters.


Microsoft Corp's quarterly profit edged lower as Office software sales slowed ahead of a new launch, offsetting a solid but unspectacular start for its Windows 8 operating system and sending the company's shares down 1.1 percent.


S&P 500 futures rose 3.2 point and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 44 points and Nasdaq 100 futures rose 9.75 points.


Echoing a more positive tone in Europe, ECB President Mario Draghi said he expects the euro zone economy to recover later this year, adding that financial market improvements have not yet trickled into the general economy. Draghi was speaking at the World Economic Forum in Davos on Friday.


Halliburton , the world's second-largest oilfield services company, is also due to report results.


Apple stepped up audits of working conditions at major suppliers last year, discovering multiple cases of underage workers, discrimination and wage problems. The shares, which fell 12 percent Thursday after disappointing earnings, edged up 0.2 percent to $451.80.


Honeywell , the diversified U.S. manufacturer, will be in focus as it reports earnings, with modest growth in demand for systems used to manage large buildings expected to be offset by declining sales to the military.


The Commerce Department releases new home sales data for December at 10:00 a.m. (1500 GMT). Economists forecast a total of 385,000 annualized units, compared with 377,000 in November.


Economic Cycle Research Institute releases its weekly index of economic activity for January 18 at 10:30 a.m. (1530 GMT). In the prior week the index read 130.


European shares <.fteu3> rose 0.1 percent after a survey showed German business morale improved for a third consecutive month in January.


(Editing by Bernadette Baum)



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Murray beats Federer, reaches Australian final


MELBOURNE, Australia (AP) — Andy Murray has beaten Roger Federer for the first time in a Grand Slam event to advance to the Australian Open final against top-ranked Novak Djokovic.


Murray, who became the first British man to win a major in 76 years when he beat Djokovic in last year's U.S. Open final, missed a chance to serve for the match in the fourth set before beating Federer 6-4, 6-7 (5), 6-3, 6-7 (2), 6-2 in a tense semifinal Friday.


The No. 3-ranked Murray, who lost Australian finals in 2010 and 2011, will be playing his third consecutive major final when he takes on two-time defending champion Djokovic on Sunday.


Murray lost the Wimbledon final to Federer — their third meeting in a major — before his career breakthrough in New York.


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The Singularity: Should We Worry?






Science fiction authors and futurists have long speculated about the Singularity: a coming technological event that transforms humanity in ways people can’t even begin to understand.


The term “singularity” has been applied to many different types of developments, from accelerated technological progress to an event that suddenly disrupts the course of human history. But the most common idea of “The Singularity” may be the advent of smarter-than-human AI: machines or robots that learn, reason and grow on their own.






Scary visions of the Terminator or Cylons may spring to mind. But is the Singularity really something to worry about? Is it something that will happen in the foreseeable future? Will the rise of artificial intelligence happen at all?


Luke Muehlhauser and his organization, the Singularity Institute in Berkeley, Calif., offer some possible answers.


“We’re designing machines that are more and more intelligent at doing very specific things. As this progresses, machines will be more intelligent than humans at a greater number of things,” Muehlhauser, the institute’s executive director, told TechNewsDaily. “So at some point, it looks like we’ll have machines that are smarter than humans in roughly all domains of activity.”


[What Is the Future of Computers?]


Muehlhauser doesn’t think that point is very far off. He predicts the Singularity will happen sometime between 10 and 140 years from today, with a likely date of 2060. But, Muehlhauser adds, “Humans are really bad at predicting AI, which is why we have very broad confidence intervals and we have to be very honest about our uncertainty.”


Other scientists are skeptical. Mary Cummings, who studies the intersection of humans and automation as an associate professor at the Massachusetts Institute of Technology, wonders how machines could become more capable than humans given how little people know about their own brains, from memory and intuition to logic and learning. Without understanding the model, how can scientists replicate it?


“I’m a big fan of the mutually supportive look at humans and technology, but this is a huge leap,” Cummings said. “We can manipulate basic electrical impulses, but for the scientific community to say we can completely replicate cognition, that to me is where the Singularity starts to fall apart.”


Muelhauser argues that that a total understanding of the human brain is not necessary to replicate the functionality of humans in machines. Just as a video game system can be emulated using totally new hardware, so can the brain. According to Muelhauser, there’s no need to know how the video game worked, just what it did.


While experts disagree on whether and when the Singularity will occur,


the event by definition will have serious implications on all facets of life. There are an endless number of possible outcomes of the Singularity, and most have to do with what AI optimizes  –  that is, what it considers its most important goals. Since AI’s needs will be different from humans’, it is likely to  have goals that are at odds with our own, Muehlhauser said.


But there are lines of reasoning that suggest the Singularity could produce artificial intelligence that is friendly and useful to humans. A higher intelligence might have higher moral standards, for example. “The Singularity could enable enormous benefits if it goes well. Really powerful AIs could be like a thousand Einsteins working to cure cancer,” said Muehlhueser.


AI could help humanity avoid other significant dangers, Muelhueser continued, such as nuclear warfare, malicious nanotechnology or even an asteroid hitting the Earth.


Even skeptics such as Cummings don’t completely rule out the idea of the Singularity occurring. “Is the Singularity a possibility? Sure,” she said, “because everything’s a possibility and all research is worth doing. These are great ideas and people should be encouraged to keep thinking down these lines.”


This story was provided by TechNewsDaily, a sister site to LiveScience. Follow TechNewsDaily on Twitter @TechNewsDaily. We’re also on Facebook & Google+.


Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Cantor CEO: 'Off the fiscal cliff we go'






Part of complete coverage on















By Ramy Inocencio, for CNN


January 25, 2013 -- Updated 1120 GMT (1920 HKT)









STORY HIGHLIGHTS


  • 'U.S. fiscal cliff still coming' in form of failure to raise debt ceiling, Cantor Fitzgerald CEO

  • More than 25% of CEOs feel world economy will get worse in 2013, says PwC survey

  • U.S. House of Representatives passed short-term debt ceiling increase Jan. 23

  • Lutnick: 'Dumb lending' caused 2008 credit crisis




Hong Kong (CNN) -- The world thought the U.S. fiscal cliff deadline was December 31, but "the fiscal cliff is (still) coming", says Richard Lutnick, CEO of global financial services firm Cantor Fitzgerald.


"You're going to watch the U.S. do crazy, crazy things this year," said Lutnick to CNN's Richard Quest at the World Economic Forum in Davos, Switzerland. "The Republican Party that was elected to control Congress... (is) going to cross their arms and they are not going to raise the debt ceiling ultimately unless they get severe spending cuts, and the Obama administration is not going to give it to them."


If Congress fails to act, the U.S. and the world economy will have a "dreadful" 2013, Lutnick said.


Following this week's PricewaterhouseCoopers survey of global CEO confidence, Lutnick appears to be one of the more than 25% who think the world economy is more likely to deteriorate in 2013.








Despite Lutnick's concerns, on January 23 the Republican-controlled House of Representatives did pass a bill that would allow the U.S. Treasury to borrow new money through mid-May. President Barack Obama has said he would not oppose the proposal if it reaches his desk, although he prefers a long-term debt ceiling increase.


Lutnick adds that to avoid a repeat of the 2008 financial crisis, regulators need to actually address issues that caused it.


"What caused the credit crisis was just dumb lending. When you lend money to people who can't pay you back, you go broke."


Looking ahead to 2013, Lutnick says the biggest risk to global growth is the U.S. hitting the debt ceiling -- whether in the short- or long-term.


"Off the fiscal cliff we go. We (the U.S.) are irrational and we are silly... we are dopey."












Part of complete coverage on







January 23, 2013 -- Updated 1308 GMT (2108 HKT)



Global policymakers, leading thinkers and key entrepreneurs are gathering in Davos. CNN brings you the latest news, views and musings live.







January 23, 2013 -- Updated 1040 GMT (1840 HKT)



As extreme weather events cost the global economy billions each year, the "neglected" risk of climate change seems to be rising to the top of the agenda, Andrew Steer writes.







January 23, 2013 -- Updated 1342 GMT (2142 HKT)



Economic empowerment offers a win-win scenario for Saudi Arabia and its women, Mounira Jamjoon writes.







January 23, 2013 -- Updated 1154 GMT (1954 HKT)



The recession in Europe is entering its fifth year and unemployment doesn't look like it will be returning to normal levels anytime soon.







January 22, 2013 -- Updated 1324 GMT (2124 HKT)



What has been made clear by current events and financial upheavals since 2008 is that the global economy has become truly that -- global.








The globe's greatest economic minds meet in Davos next week. With financial crises in the U.S. and Europe, CNN asks: What is your economic mood?








Many eurozone countries face dropping employment even as basic costs rise. But not everyone is suffering. Explore our interactive for more.







January 23, 2013 -- Updated 0551 GMT (1351 HKT)



In 2013, the greatest risk of conflict lies in the geopolitical struggle between Japan and China, according to Ian Bremmer of Eurasia Group.







January 21, 2013 -- Updated 1502 GMT (2302 HKT)



CNN's Richard Quest explores the topic that will be on every delegate's lips at the World Economic Forum in Davos this year.







January 21, 2013 -- Updated 1500 GMT (2300 HKT)



It was January 25, 2011, when the brisk winds of change from Tahrir Square swept through the Swiss Alpine village of Davos.







January 21, 2013 -- Updated 1357 GMT (2157 HKT)



The world's political and business elite will converge on Europe's highest-altitude town for the annual talk-shop that is the World Economic Forum.







January 21, 2013 -- Updated 1458 GMT (2258 HKT)



On July 1, 2013 the 27-nation European Union will become 28. But is the Adriatic country ready to join Europe's elite club?







January 22, 2013 -- Updated 1133 GMT (1933 HKT)



The great Davos talking shop is now up and running, with delegates of all levels of importance, shapes and nationalities putting the world to rights.







January 21, 2013 -- Updated 1404 GMT (2204 HKT)



After five years in crisis the eurozone's new leader has emerged. With influence reaching from the Arctic Circle to the Mediterranean Sea.

















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