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 wins 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 final that included 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 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.

Americans Mike and Bob Bryan won their record 13th Grand Slam doubles title, defeating the Dutch team of Robin Haase and Igor Sijsling 6-3, 6-4. They had been tied with the Australian greats John Newcombe and Tony Roche with 12 major titles.

The women's 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 tie it 4-4, but Azarenka broke back and then held her serve.

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. Meanwhile, Azarenka's errors were 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. Azarenka said she needed the time out because a rib injury was making it difficult for her to breathe and she had a knee injury.

In the second set Saturday, a few fans heckled Azarenka. 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."

Later, Azarenka said she expected a "way worse" reception from the crowd.

"You just have to go out there and try to play tennis in the end of the day," she said. "The things what happened in the past, I did the best thing I could to explain, to do everything I could, and it was left behind me already."

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."

The Bryan brothers have six Australian Open doubles titles to go along with four at the U.S. Open, two at Wimbledon and one at the French Open.

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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Moon Swoon: How 2013′s Full Moons Got Their Peculiar Names

The first full moon of 2013 will light up the night sky tonight (Jan. 26), but did you know it’s a full moon of many names?

Full moon names date back to Native American tribes of a few hundred years ago who lived in what is now the northern and eastern United States. Those tribes kept track of the seasons by giving distinctive names to each recurring full moon. Their names were applied to the entire month in which each occurred.

There were some variations in the moon names, but, in general, the same ones were used throughout the Algonquin tribes from New England on west to Lake Superior. European settlers followed their own customs and created some of their own names. Since the lunar (or “synodic”) month is roughly 29.5 days in length on average, the dates of the full moon shift from year to year.

Here is a listing of all of the full moon names, as well as the dates and times for 2013. Unless otherwise noted, all times are for the Eastern time zone:

Jan. 26, 11:38 p.m. EST —Full Wolf Moon: Amid the zero cold and deep snows of midwinter, the wolf packs howled hungrily outside Indian villages.  It was also known as the Old Moon or the Moon after Yule.  In some tribes this was the Full Snow Moon; most applied that name to the next moon. [Full Moon: Why Does It Happen? (Video)]

Feb. 25, 3:26 p.m. EST —Full Snow Moon: Usually the heaviest snows fall in this month. Hunting becomes very difficult, and, hence, to some tribes this was the Full Hunger Moon. 

March 27, 5:27 a.m. EDT —Full Worm Moon: In this month the ground softens and the earthworm casts reappear, inviting the return of the robins. The more northern tribes knew this as the Full Crow Moon, when the cawing of crows signals the end of winter, or the Full Crust Moon, because the snow cover becomes crusted from thawing by day and freezing at night. TheFull Sap Moon, marking the time of tapping maple trees, is another variation. [Phases of the Moon in 2013: A Lunar Calendar]

In 2013, this is also the Paschal Full Moon— the first full moon of the spring season. The first Sunday following the paschal moon is Easter Sunday, which indeed will be observed four days later on Sunday, March 31.

April 25, 3:57 p.m. EDT —Full Pink Moon: The grass pink or wild phlox is one of the earliest widespread flowers of the spring. Other names were the Full Sprouting Grass Moon, the Egg Moon and — among coastal tribes — the Full Fish Moon, when the shad come upstream to spawn. The moon will also undergo a very slight partial lunar eclipse, which will be visible from the Eastern Hemisphere, but not from North America. At its peak, less than 1.5 percent of the moon’s diameter will be immersed in the Earth’s umbral shadow; a very underwhelming event to say the least.

May 25, 12:25 a.m. EDT —Full Flower Moon: Flowers are now abundant everywhere. It was also known as the Full Corn Planting Moon or the Milk Moon. The moon will also undergo a penumbral lunar eclipse, but the passage of the moon’s disk into the Earth’s shadow will result in one of the slightest eclipses of all, administering a mere touch of penumbral shadow at the northernmost part of the lunar limb.

June 23, 7:32 a.m. EDT —Full Strawberry Moon: Strawberry-picking season peaks during this month.  Europeans called this the Rose Moon. The moon will also arrive at perigee only 32 minutes earlier, at 7 a.m. EDT at a distance of 221,824 miles (356,991 kilometers) from Earth. So this is the biggest full moon of 2013. Very high ocean tides can be expected during the next two or three days, thanks to the coincidence of perigee with the full moon. 

July 22, 2:16 p.m. EDT—Full Buck Moon: Named for when the new antlers of buck deer push out from their foreheads in coatings of velvety fur. It was also often called the Full Thunder Moon, thunderstorms now being most frequent. Sometimes it’s also called the Full Hay Moon.

Aug. 20, 9:45 p.m. EDT —Full Sturgeon Moon: This large fish of the Great Lakes and other major bodies of water like Lake Champlain is most readily caught at this time. A few tribes knew it as the Full Red Moon, because when the moon rises it looks reddish through a sultry haze. It was also known as  the Green Corn Moon or Grain Moon.

Sept. 19, 7:13 a.m. EDT —Full Harvest Moon: Traditionally, this designation goes to the full moon that occurs closest to the autumnal (fall) equinox. The Harvest Moon usually comes in September, but (on average) once or twice a decade it will fall in early October.  At the peak of the harvest, farmers can work into the night by the light of this moon. 

Usually the moon rises an average of 50 minutes later each night, but for the few nights around the Harvest Moon, the moon seems to rise at nearly the same time each night: just 25 to 30 minutes later across the U.S., and only 10 to 20 minutes later for much of Canada and Europe. Corn, pumpkins, squash, beans and wild rice — the chief Indian staples — are now ready for gathering.

Oct. 18, 7:38 p.m. EDT —Full Hunters’ Moon: With the leaves falling and the deer fattened, it’s now time to hunt.  Since the fields have been reaped, hunters can ride over the stubble, and can more easily see the fox, as well as other animals, which can be caught for a thanksgiving banquet after the harvest. 

A penumbral lunar eclipse will also take place. Perhaps for some minutes centered on the time of greatest eclipse (7:50 p.m. EDT) might the penumbra be marginally detectable over the moon’s southernmost limb; for at that moment the penumbral magnitude will reach 76.5 percent.  Those living across the eastern half of North America might see some evidence of this faint penumbral shading soon after local moonrise.

Nov. 17, 10:16 a.m. EST —Full Beaver Moon: At this point of the year, it’s time to set beaver traps before the swamps freeze to ensure a supply of warm winter furs. Another interpretation suggests that the name Beaver Full Moon came from the fact that the beavers are now active in their preparation for winter. It’s also called the Frosty Moon.

Dec. 17, 4:28 a.m. EST —Full Cold Moon: On occasion, this moon was also called the Moon Before Yule. December is also the month the winter cold fastens its grip. Sometimes this moon is referred to as the Full Long Nights Moon and the term “Long Night” Moon is a very appropriate name because the nights are now indeed long and the moon is above the horizon a long time. This particular full moon makes its highest arc across the night sky because it’s diametrically opposite to the low sun. 

Editor’s note: If you have an amazing picture of the full moon 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]

Joe Rao serves as an instructor and guest lecturer at New York’s Hayden Planetarium. He writes about astronomy for The New York Times and other publications, and he is also an on-camera meteorologist for News 12 Westchester, New York.

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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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

After a few quiet nights, gun violence returned to Chicago's cold streets early Saturday morning with three people killed by gunshots and one person left with tears, blood-stained clothing and a friend's body.

Laverne Smith stood crying at one end of a vacant lot in the Lawndale neighborhood on the West Side early this morning while her friend, close like a brother, lay covered by a white sheet behind a maroon van at the other end.

Ronnie Chambers, 33, no address available, had been in the driver's seat of the van, which had just arrived in the 1100 block of South Mozart Street when one person, probably two, opened fire, police said. Chambers, identified by family members at the scene and later by police, died at the scene, in Smith's arms.

In the other fatal overnight shooting, three men were shot about 4 a.m. outside of a diner at the corner of Wallace Street and Pershing Road in the Bridgeport neighborhood on the South Side, police said. Two men died at the scene.

Smith wore a pink blood-stained shirt under a pink jacket, white pants dotted with drops of blood, and pink sandals. She paced the crime scene, at the north end of Mozart Drive where it ends at Fillmore Street, letting out occasional screams and leaning on her friend for support.

"I held him, they had to pry me from him," she said, crying. "He was breathing, gasping."

At least one other man, 21, was inside the van when the shooting started, police said. He had jumped from the front passenger seat to the back, quick thinking that police said probably saved his life. He was wounded in the thigh and taken to Mount Sinai Hospital. Police did not say how many people were inside the van. They also did not say exactly how many shooters there were, but did say seven shots were fired.

The shooting happened across the street from Safer Foundation North Lawndale, an Illinois Department of Corrections transitional facility for adults with criminal records, and half a block west of a fire station.

Family and friends, none of whom wanted to give their names, circled the north end of the scene, marked by yellow tape hung around trees, light poles and cop cars.

A young man at the scene who refused to give his name but said he saw the shooting called the gun used a "big boy."

"Look at that (bullet) hole," the young man said, motioning to the passenger side door on the van. "That's a full nickel."

An east-facing car sat abandoned in the T intersection formed by Mozart and Fillmore. Police weren't sure whether the people who abandoned the car were involved in the shooting or freaked out and fled the scene. Police found casings from two weapons – one a rifle – whose bullets had entered the van from both sides.

"He was gangsta with his (expletive)," the man said of the individual or individuals who did the shooting. "He knew what he was doing."

Despite his apparent proximity to the attack, he explained to a detective that he could not help police do their jobs. He later complained to a supervisor about their response time – he said 27 minutes but police said 3. Police said that they received one 911 call about shots being fired in the area.

A 16-year-old boy who said he was with the victims when the shooting happened wandered around the lot, looking toward the ground most of the time. He looked emotionally spent after being held by police for a short time at the scene.

"I just want to go home," he said, though he had no ride home. "It just happened so fast. I'm tired of explaining myself."

pnickeas@tribune.com

Twitter: @PeterNickeas

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At least 26 die in Egyptian clashes over death sentences

PORT SAID, Egypt/CAIRO (Reuters) - At least 26 people died on Saturday when Egyptians rampaged in protest at the sentencing of 21 people to death over a soccer stadium disaster, adding to bloody street turmoil confronting Islamist President Mohamed Mursi.

Armored vehicles and military police fanned through the streets of Port Said after the violence. The state news agency quoted a general as saying the military aimed to "establish calm and stability in Port Said and to protect public institutions".

Unrest flared with nationwide rallies on Friday to mark the second anniversary of the overthrow of autocrat Hosni Mubarak, a democratic revolution that protesters now accuse Mursi of betraying by ramming through an Islamist-hued constitution.

While anniversary-related violence subsided, a new outbreak hit Port Said after a court sentenced 21 men to die for involvement in the deaths of 74 people after a local soccer match on February 1, 2012, many of them fans of the visiting team.

Residents ran wildly through the streets of Port Said, outraged that men from their city had been blamed for the stadium disaster, and gunshots were reported near the prison where most of the defendants were being held.

Security sources said 26 people, at least two of them policemen, had been killed in the Mediterranean coastal city. State television reported more than 200 people had been wounded.

Witnesses said some men stormed two police stations in Port Said, where protesters lit tires in the street, sending black smoke funneling into the air.

At least nine people were killed in clashes with police on Friday, mainly in the port of Suez where the army has also deployed. Hundreds were injured as police rained down tear gas on protesters armed with stones and some with petrol bombs.

The schism between Islamists and secular Egyptians is hurting efforts by Mursi, freely elected in June, to revive an economy in crisis - deprived of fresh investment and tourism due to political upheaval - and stem a slide in Egypt's currency.

The political strife and lack of security that has blighted the Arab world's most populous country over much of the post-Mubarak era is casting an ominous shadow over a parliamentary election expected to start in April.

DIVERSITY

Highlighting tensions, the opposition National Salvation Front coalition called for a government of national unity and an early presidential vote among other demands. It said it would call for more protests next Friday and could boycott the parliamentary election if its demands are not met.

Mursi's opponents say he has failed to deliver on economic pledges or be a president representing the full political and communal diversity of Egyptians, as he pledged.

His supporters say his critics do not respect the democracy that has given Egypt its first freely elected leader.

The Muslim Brotherhood, which propelled Mursi to office, said in a statement that "corrupt people" and media who were biased against the president had stirred up anger on the street and incited violence.

At the Port Said soccer stadium a year ago, many spectators were crushed and witnesses saw some thrown off balconies after the match between Cairo's Al Ahly and local team al-Masri.

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 in the court shouted: "God is greatest." Outside the Al Ahly club in Cairo, fans also cheered. They had threatened more violence unless the death penalty was meted out.

Thousands took to the streets of Cairo, Alexandria and other cities on Friday to protest against what they call the creeping authoritarianism of Mursi's rule. Protesters in Cairo were again hurling stones at police lines in Cairo on Saturday.

SEEKING CHANGE

"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 anti-Mubarak revolt and near where youths stoned police.

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."

Ismailia and Suez, cities which like Port Said lie on the Suez Canal, witnessed some of the worst violence on Friday. But a canal official said the unrest on Friday and Saturday had not disrupted traffic in the waterway vital to international trade.

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 met on Saturday with the National Defence Council, which includes senior ministers and security officials, to discuss the spate of violence.

In a televised statement, the National Salvation Front said it was holding Mursi responsible for the disturbances.

The Front was formed from disparate groups last year when Mursi awarded himself extra powers and fast-tracked an Islamist-flavored constitution to a referendum, opposed by the Front although the document was passed in the popular vote.

"Egypt will not regain its balance except by a political solution that is transparent and credible, by a government of national salvation to restore order and heal the economy and with a constitution for all Egyptians," prominent opposition politician Mohamed ElBaradei wrote on his Twitter account.

Until the Front was formed, the opposition had struggled to unite and their vote had been split at presidential and parliamentary polls, helping Islamists. The last parliament was dissolved based on court order, demanding a new vote this year.

Mustapha Kamal Al-Sayyid, a professor of political science at Cairo University, said the latest 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 a 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 among Egyptians two years ago has unraveled, triggering bloody street battles last month.

(Additional reporting by Omar Fahmy; Writing by Edmund Blair; Editing by Mark Heinrich)

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S&P 500 eyes best winning streak in eight years

NEW YORK (Reuters) - Stocks rose on Friday, buoyed by sturdy corporate earnings from Procter & Gamble and Honeywell, with the S&P 500 poised for its longest winning streak in more than eight years.

The strong start for the equity market this year has been attributed to solid corporate results, agreement in Washington to extend the government's borrowing power, encouraging signs from the global economy and seasonal inflows into stocks.

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

If the S&P 500 rises for an eighth day on Friday it will be its longest winning streak since late 2004, when it rallied for nine straight days.

"We are seeing a very broad-based rally and the ingredients are still in place," said Steve Goldman, principal at Goldman Management in Short Hills, New Jersey. "This is the lift-off phase and it's still significant."

Procter & Gamble , the world's top household products maker, said quarterly profit soared past expectations and raised its sales and earnings outlook for the fiscal year. Shares rose 3.5 pct to $72.93.

The Dow Jones industrial average <.dji> gained 27.45 points, or 0.20 percent, to 13,852.78. The Standard & Poor's 500 Index <.spx> rose 4.19 points, or 0.28 percent, to 1,499.01. The Nasdaq Composite Index <.ixic> added 8.63 points, or 0.28 percent, to 3,139.01.

Honeywell International Inc posted fourth-quarter earnings just above Wall Street estimates, reflecting the diversified U.S. manufacturer's campaign to boost profit margins in the face of sluggish sales growth. The shares rose 0.9 percent to $68.82.

Pointing to a rotation out of bonds, U.S. 30-year Treasury bonds traded more than a point lower in price on Friday, with yields touching session highs at 3.10 percent.

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

Recent company earnings have been encouraging. Thomson Reuters data through early Thursday showed that of the 133 S&P 500 companies that have reported earnings so far, 66.9 percent exceeded expectations, more than the 65 percent average over the past four quarters.

Microsoft Corp reported lower quarterly profit on Thursday 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 0.2 percent to $27.51.

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, were little changed at around $450.93.

German business morale improved for a third consecutive month in January to its highest in more than half a year, providing further evidence that growth in Europe's largest economy was gathering speed after contracting late last year.

Echoing a more positive tone in Europe, ECB President Mario Draghi said on Friday he expects the euro zone economy to recover later this year, and that financial market improvements had not yet trickled into the general economy.

(Editing by Bernadette Baum)

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Murray edges Federer, reaches Australian final

MELBOURNE, Australia (AP) — Andy Murray has finally beaten Roger Federer at a Grand Slam.

The U.S. Open champion beat 17-time major winner Federer 6-4, 6-7 (5), 6-3, 6-7 (2), 6-2 Friday at the Australian Open, calling it a massive confidence boost as he attempts to win his second consecutive major.

Murray, who missed his chance to serve out the match at 6-5 in the fourth set, will play defending champion and top-seeded Novak Djokovic in Sunday's final. Djokovic cruised past David Ferrer in straight sets in just under 90 minutes — 2 1/2 hours less than Murray's semifinal.

Advantage Djokovic.

There was some controversy in that 12th game of the fourth set when Federer appeared to glare and say something to Murray when the Scotsman stopped momentarily behind the baseline during the rally.

Murray ignored it after winning the point, but conceded serve in that game and lost the ensuing tiebreaker before regrouping in the fifth set.

"I mean, it wasn't a big deal," Federer said. "We just looked at each other one time. That's OK, I think. We were just checking each other out for bit. That wasn't a big deal for me — I hope not for him."

While Murray came into the match with a 10-9 career advantage, Murray had never beaten Federer in their three previous meetings at a major — the finals of the 2008 U.S. Open, 2010 Australian Open and last year at Wimbledon.

"It's always tough against him, when he plays in Slams is when he plays his best tennis," Murray said. "When his back was against the wall at 6-5 and I was serving, he came up with some unbelievable shots. I just had to keep fighting."

Federer outplayed Murray at stages of the match, but the 25-year-old Scotsman appeared to have the legs and stamina over the 31-year-old Federer in the fifth set, including a service break to clinch the tense match.

"It's big. I never beat Roger in a Slam before. It definitely will help with the confidence," Murray said. "Just knowing you can win against those guys in big matches definitely helps."

Federer said he was playing catch-up all night.

"Definitely it was more of a chase," Federer said. "I think I had my chances a little bit. Obviously, you're going to go through a five-setter with some regrets. But overall, I think Andy was a bit better than I was tonight."

With a capacity crowd of 15,000 at Rod Laver Arena watching, including the Australian legend Laver himself, Federer opened the match serving and was in trouble early, losing a 28-rally point to set up break point for Murray. But Federer held the game with a stunning cross-court forehand that just looped over the net from the baseline.

Murray, who had not lost a set through five rounds at Melbourne Park this year, had the first service break — on his fourth break point — to lead 2-1. It came in unusually cool summer conditions in Melbourne — breezy and temperatures of only 60 degrees during most of the match.

The crowd was initially evenly split between Federer and Murray supporters — and at times, they were competing to be heard. At one point in the second set, a group of Murray fans wearing white shirts with blue letters spelling his nickname "Muzza" stood to chant Murray's name, while a group of Federer supporters with Swiss flags on their cheeks and shirts chanted Federer's name.

Earlier Friday, top-seeded Sara Errani and Roberta Vinci of Italy won the first title of 2013 at Melbourne Park, beating the unseeded Australian pair of Ashleigh Barty and Casey Dellacqua 6-2, 3-6, 6-2 for the women's doubles championship.

The 16-year-old Barty was attempting to become the youngest Grand Slam champion since Martina Hingis won the Australian Open singles title in 1997.

On Saturday, defending champion Victoria Azarenka plays sixth-seeded Li Na of China for the women's singles title. Li lost the Australian Open final to Kim Clijsters in 2011 two months before winning her first and only Grand Slam at the French Open.

"Last time was more exciting, (more) nervous because it was my first time to be in a final," Li said. "But I think this time (I'm) more calmed down, more cool."

Azarenka leads 5-4 in career matches, including the last four times they've played.

"I'm really hungry to defend my title," said Azarenka, who needs to beat Li to retain her No. 1 ranking. "I've put myself in the position to give it the best shot."

If Li win, Serena Williams will regain the No. 1 ranking.

Also on Saturday, American brothers Bob and Mike Bryan will play their fifth consecutive Australian Open doubles final and attempt to win their record 13th Grand Slam doubles championship. They'll play the Dutch pair of Robin Haase and Igor Sijsling.

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Andean glaciers melting at “unprecedented” rates: study

LIMA (Reuters) – Climate change has shrunk Andean glaciers between 30 and 50 percent since the 1970s and could melt many of them away altogether in coming years, according to a study published on Tuesday in the journal The Cryosphere.

Andean glaciers, a vital source of fresh water for tens of millions of South Americans, are retreating at their fastest rates in more than 300 years, according to the most comprehensive review of Andean ice loss so far.

The study included data on about half of all Andean glaciers in South America, and blamed the ice loss on an average temperature spike of 0.7 degree Celsius (1.26 degrees Fahrenheit) over the past 70 years.

“Glacier retreat in the tropical Andes over the last three decades is unprecedented,” said Antoine Rabatel, the lead author of the study and a scientist with the Laboratory for Glaciology and Environmental Geophysics in Grenoble, France.

The researchers also warned that future warming could totally wipe out the smaller glaciers found at lower altitudes that store and release fresh water for downstream communities.

“This is a serious concern because a large proportion of the population lives in arid regions to the west of the Andes,” said Rabatel.

The Chacaltaya glacier in the Bolivian Andes, once a ski resort, has already disappeared completely, according to some scientists.

(This story was refiled to insert “The” at the end of the first paragraph)

(Reporting By Mitra Taj; Editing by Sandra Maler)

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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 1453 GMT (2253 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 Howard Lutnick, CEO of global financial services firm Cantor Fitzgerald.

"You're going to watch the U.S. do crazy, crazy things this year," Lutnick told 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 25, 2013 -- Updated 1508 GMT (2308 HKT)

Free trade, transparency and a crackdown on tax cheats will be at the heart of Britain's G8 presidency, Prime Minister David Cameron told the World Economic Forum in Davos on Thursday as he set out his vision for a more competitive Europe.

January 25, 2013 -- Updated 1559 GMT (2359 HKT)

Walk the halls of Davos and you're bound to bump into celebrities, heads of state and even princes and princesses.

January 25, 2013 -- Updated 1155 GMT (1955 HKT)

While Prime Minister David Cameron's speech this week -- voicing his intent to let the British people vote on whether to stay in the European Union -- has caused concern on the continent, the mayor of London says it's all part of democracy.

January 25, 2013 -- Updated 1119 GMT (1919 HKT)

A top European Union official says there's no need for Britain to make threats to leave the union in order to reform its membership.

January 24, 2013 -- Updated 1937 GMT (0337 HKT)

Kenyan Prime Minister Raila Odinga says his country will not negotiate with al Qaeda-linked Somali militants who have threatened to kill Kenyan hostages unless Nairobi releases all Muslims charged with terrorism.

January 24, 2013 -- Updated 1904 GMT (0304 HKT)

LeWeb founder Loic Le Meur is looking to "digital hippies" as a potential theme for his next conference.

January 25, 2013 -- Updated 1347 GMT (2147 HKT)

The head of Airbus says the European aviation giant will take care to learn from its own mistakes -- and rival Boeing's -- ahead of the launch of its new widebody A350 aircraft.

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.

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?

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