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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Dozens Killed in Clashes at a Venezuelan Prison

Diario el Informador, via Reuters

A rescue worker assisted a man injured during a riot at the Uribana prison in Barquisimeto, a northwestern city in Venezuela.

CARACAS, Venezuela — Dozens of people have been killed in fierce clashes between inmates and National Guard soldiers at a Venezuelan prison, local news media accounts said Saturday.

It was the latest in a series of bloody riots over the past year in overcrowded prisons here, where guns and drugs abound and inmates control many aspects of prison life.

Newspapers reported that more than 50 people had been killed at the Uribana prison in Barquisimeto, a northwestern city, citing the director of a hospital where the wounded and the dead were taken. The reports said that more than 80 people had been injured.

The minister of prisons, Iris Varela, said the violence broke out Friday when National Guard troops entered the prison to conduct an inspection, with the aim of taking weapons away from prisoners and establishing order.

“There was a tragic situation of confusion that we lament very much,” Vice President Nicolás Maduro said on television early Saturday. Mr. Maduro spoke after returning to Venezuela from Cuba, where he had gone to visit the country’s ailing president, Hugo Chávez, who has been out of sight since undergoing surgery in Havana for cancer more than six weeks ago.

Mr. Maduro is running the country in Mr. Chávez’s absence.

He described the prison as one of the country’s most dangerous, and he promised an investigation. “The prisons must be governed by the law,” he said.

There were conflicting reports about the episode but it appeared that inmates had resisted efforts by the National Guard to enter areas of the prison. The local news media reports indicated that some of the inmate bosses, known as prans, had been killed in the raid. The reports said that most of the dead were prisoners.

Ms. Varela said that two days before the raid the authorities received information of an increase in violence inside the prison, involving a settling of scores between different factions vying for control.

At that point, she said, the decision was made to have the troops enter the prison.

But she said that word of the operation leaked out and that it was reported by a television station, Globovision, on the Web site of a local newspaper and on social networking sites.

She called the reports “a detonator of the violence” and blamed them for setting off the riot inside the prison.

Last August, 25 people were killed and dozens were wounded in gunfights between inmates battling for control of the Yare I prison south of Caracas, according the official reports.

Also last summer, 30 people were killed in a prison riot in Merida, in the Andes Mountains, according the Venezuela Prison Observatory, a nongovernmental watchdog group. Outside the prison on Saturday morning a few hundred people, including many anguished relatives of prisoners, waited for news. Some sang the national anthem and some held signs that said “We want peace” and “No more deaths.”

“This happens all the time and nothing changes,” said Yolanda Rodríguez, 57, who was waiting for information about her 24-year-old son, an inmate in the prison. “We know nothing about what’s happening inside.”

Girish Gupta contributed reporting from Barquisimeto, Venezuela.

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New purported Galaxy Note 8.0 images confirm S-Pen support

Earlier this week, images that were purportedly of Samsung’s (005930) upcoming Galaxy Note 8.0 tablet leaked onto the Web. The slate looked like an oversized Galaxy S III smartphone and included the company’s physical home button, which had perviously been omitted from earlier Galaxy tablets. French blog Frandroid posted additional images of the tablet on Friday that confirmed it will include an S-Pen stylus, similar to the Galaxy Note II and Galaxy Note 10.1.

[More from BGR: Sony’s PS Vita: Dead again]

[More from BGR: The Boy Genius Report: Apple’s iMac takes desktop crown]

The Galaxy Note 8.0 is rumored to be equipped with a 1280 x 800 pixel resolution display, 1.6GHz quad-core processor and a 5-megapixel rear camera. The slate is also believed to include 2GB of RAM, 16GB of internal storage, a microSD slot and Android 4.2.

Samsung is expected to announce the Galaxy Note 8.0 tablet next month at Mobile World Congress in Barcelona.

This article was originally published on BGR.com

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Newark Mayor Cory Booker Comes to Freezing Dog's Aid

People Pets

By Kiran Hefa

01/25/2013 at 12:55 PM EST

Have no fear, Cory Booker is here!

When Eyewitness News reporter Toni Yates spotted several dogs left outside in the cold in Newark, N.J., on Thursday afternoon, she Tweeted at Newark's mayor to let him know.

"Make pet owners get their dogs out of the cold. Saw 2 dogs freezing," Yates wrote – and Booker answered.

Less than four hours later, the mayor was on the scene, arriving with a police escort to help secure the shivering animal.

"This is brutal weather; this dog is shaking really bad and you just can't leave your dogs out here on a day like this," Booker told Eyewitness News. "Hypothermia on any animal including a human animal will set in pretty quickly. So this is very sad."

After loading the dog into a police car to warm it up, Booker contacted the dog's owner, who was reached on the phone and said he had no idea how his pet, named Cha Cha, had managed to get outside, but that he would be there soon to reclaim him.

The mayor's latest act of heroism comes less than a year after he rescued his neighbor from a house fire. Booker had come home to find the house ablaze, and despite protests from his security officers, ran into the home and carried the woman to safety from the second floor.

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Penalty could keep smokers out of health overhaul

WASHINGTON (AP) — Millions of smokers could be priced out of health insurance because of tobacco penalties in President Barack Obama's health care law, according to experts who are just now teasing out the potential impact of a little-noted provision in the massive legislation.

The Affordable Care Act — "Obamacare" to its detractors — allows health insurers to charge smokers buying individual policies up to 50 percent higher premiums starting next Jan. 1.

For a 55-year-old smoker, the penalty could reach nearly $4,250 a year. A 60-year-old could wind up paying nearly $5,100 on top of premiums.

Younger smokers could be charged lower penalties under rules proposed last fall by the Obama administration. But older smokers could face a heavy hit on their household budgets at a time in life when smoking-related illnesses tend to emerge.

Workers covered on the job would be able to avoid tobacco penalties by joining smoking cessation programs, because employer plans operate under different rules. But experts say that option is not guaranteed to smokers trying to purchase coverage individually.

Nearly one of every five U.S. adults smokes. That share is higher among lower-income people, who also are more likely to work in jobs that don't come with health insurance and would therefore depend on the new federal health care law. Smoking increases the risk of developing heart disease, lung problems and cancer, contributing to nearly 450,000 deaths a year.

Insurers won't be allowed to charge more under the overhaul for people who are overweight, or have a health condition like a bad back or a heart that skips beats — but they can charge more if a person smokes.

Starting next Jan. 1, the federal health care law will make it possible for people who can't get coverage now to buy private policies, providing tax credits to keep the premiums affordable. Although the law prohibits insurance companies from turning away the sick, the penalties for smokers could have the same effect in many cases, keeping out potentially costly patients.

"We don't want to create barriers for people to get health care coverage," said California state Assemblyman Richard Pan, who is working on a law in his state that would limit insurers' ability to charge smokers more. The federal law allows states to limit or change the smoking penalty.

"We want people who are smoking to get smoking cessation treatment," added Pan, a pediatrician who represents the Sacramento area.

Obama administration officials declined to be interviewed for this article, but a former consumer protection regulator for the government is raising questions.

"If you are an insurer and there is a group of smokers you don't want in your pool, the ones you really don't want are the ones who have been smoking for 20 or 30 years," said Karen Pollitz, an expert on individual health insurance markets with the nonpartisan Kaiser Family Foundation. "You would have the flexibility to discourage them."

Several provisions in the federal health care law work together to leave older smokers with a bleak set of financial options, said Pollitz, formerly deputy director of the Office of Consumer Support in the federal Health and Human Services Department.

First, the law allows insurers to charge older adults up to three times as much as their youngest customers.

Second, the law allows insurers to levy the full 50 percent penalty on older smokers while charging less to younger ones.

And finally, government tax credits that will be available to help pay premiums cannot be used to offset the cost of penalties for smokers.

Here's how the math would work:

Take a hypothetical 60-year-old smoker making $35,000 a year. Estimated premiums for coverage in the new private health insurance markets under Obama's law would total $10,172. That person would be eligible for a tax credit that brings the cost down to $3,325.

But the smoking penalty could add $5,086 to the cost. And since federal tax credits can't be used to offset the penalty, the smoker's total cost for health insurance would be $8,411, or 24 percent of income. That's considered unaffordable under the federal law. The numbers were estimated using the online Kaiser Health Reform Subsidy Calculator.

"The effect of the smoking (penalty) allowed under the law would be that lower-income smokers could not afford health insurance," said Richard Curtis, president of the Institute for Health Policy Solutions, a nonpartisan research group that called attention to the issue with a study about the potential impact in California.

In today's world, insurers can simply turn down a smoker. Under Obama's overhaul, would they actually charge the full 50 percent? After all, workplace anti-smoking programs that use penalties usually charge far less, maybe $75 or $100 a month.

Robert Laszewski, a consultant who previously worked in the insurance industry, says there's a good reason to charge the maximum.

"If you don't charge the 50 percent, your competitor is going to do it, and you are going to get a disproportionate share of the less-healthy older smokers," said Laszewski. "They are going to have to play defense."

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Online:

Kaiser Health Reform Subsidy Calculator — http://healthreform.kff.org/subsidycalculator.aspx

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Earnings lift Wall Street; S&P 500 advances for eighth day

NEW YORK (Reuters) - U.S. stocks rose on Friday as strong Procter & Gamble Co's earnings trumped weak housing numbers and helped carry the Standard & Poor's 500 index higher toward its longest winning streak in more than eight years.

Procter & Gamble shares rose 3.9 percent to $73.15 and gave the biggest boost to both the Dow and S&P 500 after the world's top household products maker's quarterly profit soared past expectations. The company also raised its sales and earnings outlook for the fiscal year.

But the stock market's gains were curbed after economic data showed new U.S. single-family home sales fell in December, although expectations for a continued housing sector recovery remain intact. The PHLX housing sector index <.hgx> edged up 0.15 percent.

Apple Inc dropped 2.1 percent to $441.24. The stock of the iPhone maker has dropped more than 17 percent since the start of the year on growth concerns. Friday's decline knocked the tech giant from its perch as the most valuable U.S. company, making it No. 2 after ExxonMobil Corp .

Helping to lift the Nasdaq index, Starbucks Corp , rose 4.3 percent to $56.94 after the coffee retailer reported stronger-than-expected sales in the United States and Asia.

The benchmark S&P 500 index is up 5.2 percent so far in January. The equity market's strong start this year has been attributed to solid corporate results, an 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 reach a five-year peak. But the index has struggled to convincingly climb above 1,500, a level it surpassed briefly on Thursday for the first time since December 2007.

"It looks like we are encountering a little short-term resistance. The market always likes whole numbers and 1,500 seems like as good as any," said Doug Foreman, co-chief investment officer at Kayne Anderson Rudnick Investment Management in Los Angeles.

"The earnings are coming in pretty good overall. Expectations had been pretty low for the quarter given the 'fiscal cliff' concerns, etc., so some of the stocks are acting pretty well even with numbers that are a little bit better than people had feared."

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.

The Dow Jones industrial average <.dji> gained 55.58 points, or 0.40 percent, to 13,880.91. The Standard & Poor's 500 Index <.spx> climbed 5.81 points, or 0.39 percent, to 1,500.63. The Nasdaq Composite Index <.ixic> rose 14.49 points, or 0.46 percent, to 3,144.88.

Honeywell International Inc posted fourth-quarter earnings just above Wall Street's estimates, reflecting the diversified U.S. manufacturer's campaign to boost profit margins in the face of sluggish sales growth. Honeywell's stock edged up 0.1 percent to $68.33.

The initial portion of earnings season has been encouraging relative to recent expectations. Overall, S&P 500 fourth-quarter earnings growth is on track for a 2.9 percent rise, up from the forecast of a 1.9 percent gain at the start of the earnings season but well below the 9.9 percent increase in an October 1 forecast.

Thomson Reuters data through Friday showed that of the 147 S&P 500 companies that have reported earnings, 68 percent exceeded expectations. Since 1994, 62 percent of companies have topped expectations, while the average over the past four quarters stands at 65 percent.

Halliburton Co shares jumped 5.1 percent to $39.72 after the world's second-largest oilfield services company reported higher-than-expected earnings and sales for the fourth quarter. Strong international drilling activity offset a slowdown in onshore North America work, Halliburton said.

(Editing by Jan Paschal and Kenneth Barry)

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15,000 Crocodiles Escape From South African Farm

Associated Press

Some recaptured crocodiles on South Africa's Rakwena Crocodile Farm on Wednesday.

JOHANNESBURG — About 15,000 crocodiles escaped from a South African reptile farm along the border with Botswana, a local newspaper reported Thursday.

Driving rains forced the Limpopo River over its banks on Sunday morning near the Rakwena Crocodile Farm. The farm’s owners, fearing that the raging floodwaters would crush the walls of their house, opened the gates, springing the crocodiles, the report said. About half of the reptiles have been captured, with thousands still on the loose.

“There used to be only a few crocodiles in the Limpopo River,” Zane Langman, whose father-in-law runs the farm, told the newspaper Beeld. “Now there are a lot.”

“We will catch them as the farmers call us and say there are crocodiles,” Mr. Langman was quoted as saying. Efforts to reach the farm and the local police directly were unsuccessful, with no one answering the phones.

Many of the captured crocodiles were found in the brush and orange groves that line the Limpopo. Most of the animals are captured at night, according to Mr. Langman, who said they were easier to spot because their eyes reflect light.

One of them was found on a school’s rugby field in Musina, nearly 75 miles from the farm.

During the floods Mr. Langman set out in a boat to rescue his neighbors. “You want to get them, but you wonder the whole time if you’ll make it there,” he said, according to the Beeld report. “When we reached them, the crocodiles were swimming around them. Praise the Lord, they were all alive.”

Recent flooding has killed at least 10 people in South Africa’s Limpopo Province, which has seen heavy rains for the past week. Local officials are recommending that some regions be declared disaster areas. The authorities in neighboring Mozambique have evacuated tens of thousands of people.

Both the South African and Zimbabwean air forces have had to rescue villagers in areas isolated by the floodwaters.

The land along the Limpopo is home to dozens of game reserves and crocodile farms, some housing tens of thousands of reptiles.

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DUST 514, Online Shooter Set in EVE Online Universe, Enters Open Beta

First announced in 2009, CCP Games’ online first-person shooter tie-in to its popular sci-fi MMO, EVE Online, was finally released as an open beta on Tuesday. Called DUST 514, it allows PlayStation 3 owners to play in the same world as EVE Online, fighting ground battles while EVE Online pilots contest star systems. The results of DUST 514 matches affect worlds and in-game corporations in EVE Online, and EVE Online players can even use starship weaponry to bombard the planets DUST 514 matches take place on.

Introducing New Eden

EVE Online and DUST 514 take place in a distant star cluster called New Eden. In a scenario sort of like ” Stargate” meets ” Star Trek: Voyager,” human space explorers found themselves trapped in New Eden, impossibly far from Earth, after using a one-way portal. Many thousands of years later, their descendants have formed completely new nations and ethnicities, and fight each other in space and on the ground over resources or ideology.

The most difficult MMO ever?

Widely regarded as very difficult — a popular infographic depicts EVE’s learning curve as a sheer cliff littered with stick figure bodies — EVE Online is also known for its byzantine politics, which take place completely between players. Player-run alliances sink years into building enormous spacecraft, which can vanish in a single battle or thanks to one person’s treachery.

A study in contrasts

DUST 514 is only available on the PlayStation 3 console, whereas EVE Online is for Windows PCs and Macs. DUST 514 is free to play and has no monthly fee, while EVE costs money to start and up to $ 14.95 per month (although there’s an expensive in-game item which can be used to offset this fee). But perhaps the biggest contrast is the level of commitment required. Instead of managing a whole spacecraft and needing to keep track of where it’s docked, DUST 514 players can just jump into instant battles, and are rewarded with experience and in-game currency each time.

Since the two games were linked together just a few weeks ago, however, EVE Online politics are beginning to affect DUST 514, and groups of players are getting drawn into its conflicts — or being sent by EVE in-game alliances to fight for them.

A work in progress

DUST 514 still bears the “beta” tag, and the end-user license agreement reminds players of this, even pointing out that CCP Games may choose to reset players’ gear and experience points at some time in the future. It has a very limited number of planet environments and only two styles of play, which basically amount to capture the flag and team deathmatch. CCP continues to develop DUST, however, promising that even more content will be available in the future.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.

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North Carolina Women Roofers Fix Homes Free of Charge

By Nicole Weisensee Egan

01/24/2013 at 01:05 PM EST

The crew of roofers led by Lori Herrick (front right) and Susie Kernodle (front left).

Jeffery Salter

When she heard about a member of her church congregation who couldn't afford to have her roof fixed, Nell Bovender had an idea.

It was a Sunday in October 2002, she remembers, and "'Make a Difference' day [at the church] was coming up. I said, 'Why don't we redo a roof?' "

Inspired, the husbands and wives in her Sunday school class quickly agreed. But when it came time to do the project, only classmates Lori Herrick, 48, and Susie Kernodle, 64, showed up.

"We expected Billy Honeycutt (the parishioner in charge of the project) to say, 'Let's wait for the guys,' " recalls Herrick, of Rutherfordton, N.C. "What he said was, 'Pick up your hammers and get to work!' "

Ten years and 67 roofs later, the all-volunteer group of 80 moms, grandmothers and widows called the Women Roofers is still going strong, repairing and replacing roofs for the elderly and disabled in and around Forest City, N.C.

Founded by Herrick and Kernodle after that first project, the group pools their own resources to purchase supplies and fix roofs free of charge.

And they're having a ball doing it: A typical repair takes a day, which leaves a lot of time for girl talk.

"I've often said our grandmothers used to do quilting bees," says Bavender, 59, "and that's what we're doing up there on the roof."

It's especially satisfying to see the fruits of their labor after a hard day's work, adds Herrick.

"Besides being a mother, this is the most rewarding thing I've ever done," she says.

One grateful homeowner is Irenabell MacAdoo, 74, who says her Forest City, N.C., house was sprouting leaks everywhere before the ladies got to work.

Says MacAdoo: "I don't know what I would have done without them."

More Heroes Among Us:

• Pediatrician Wendy Ross Makes Flying Easier for Kids with Autism

• Dennis Tyler Finds Homes for More Than 7,000 Retired Greyhounds

Know a hero? Send suggestions to heroesamongus@peoplemag.com. For more inspiring stories, read the latest issue of PEOPLE magazine

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CDC: New version of stomach bug causing US illness

NEW YORK (AP) — Health officials say a new strain of stomach bug that's sweeping the globe is taking over in the U.S.

In the last four months, more than 140 outbreaks in the U.S. have been caused by the new Sydney strain of norovirus. These kinds of contagious bugs cause bouts of diarrhea and vomiting.

The new strain may not be unusually dangerous; some scientists don't think it is. But it is different, and many people might not be able to fight off its gut-wrenching effects.

It often spreads in places like schools, cruise ships and nursing homes. The new strain was blamed for a recent outbreak on the Queen Mary 2.

The Centers for Disease Control and Prevention reported on the new strain Thursday.

____

Online:

CDC report: http://www.cdc.gov/mmwr

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