Exxon passes Apple as most valuable company

NEW YORK (AP) — Exxon has once again surpassed Apple as the world’s most valuable company after the iPhone and iPad maker saw its stock price falter.

Apple Inc.’s stock has been on the decline since the company’s quarterly earnings report Wednesday suggested that its fast growth phase, rare for a company of its size, may be coming to an end.

Apple‘s stock fell 2.4 percent to close Friday at $ 439.88 for a market capitalization of $ 413 billion. That followed a 12 percent drop on Thursday, the biggest one-day percentage drop for the company since 2008.

Exxon Mobil Corp. gained 38 cents Friday to $ 91.73 for a market capitalization of $ 418 billion.

Apple first surpassed Exxon in the summer of 2011, displacing the oil company from a perch it had held since 2005. The two companies traded places through that fall, until Apple surpassed Exxon for good in early 2012 — at least until Friday.

China’s largest oil company, PetroChina, could lay claim to having hit a market capitalization even higher than either Exxon‘s or Apple‘s, but only based on prices on the Shanghai stock exchange, which is isolated from the rest of the financial world because of Chinese laws on foreign investment. PetroChina’s shares also trade in Hong Kong and on the New York Stock Exchange. Based on prices there, its market capitalization never went as high as $ 500 billion.

Apple and Exxon are among only a half dozen U.S. companies to have ever reached $ 500 billion in market value. Apple and Microsoft Corp. are the only ones to have ever hit $ 600 billion.

Apple‘s stock price peaked in September at $ 705.07 on the day the iPhone 5 was released. Exxon, in the meantime, has been trading steady. Its business — oil — seems less prone to stock market ups and downs than the Cupertino, Calif.-based tech darling.

Exxon, which is based in Irving, Texas, set a record in 2008 for the highest quarterly earnings by any company. In the first nine months of 2012, Exxon earned nearly $ 35 billion, or 10 percent more than the same period in 2011, on revenue of $ 367 billion. Results for the fourth quarter are due Feb. 1.

Exxon, the biggest investor-owned energy company in the world, predicted in December that oil will continue to be the most important source of energy. That’s because cars, trucks, airplanes, trains and ships will still depend heavily on oil-derived fuels such as gasoline and diesel.

This year, investors seem unforgiving with Apple, looking for perfection and punishing the stock for anything less. The company’s stock price slipped below $ 500 for the first time last week, as investors saw signs that the iPhone 5 was falling behind competition from phones running Google’s Android software, especially those from Samsung Electronics Co.

The latest quarterly report added to the concerns. Apple warned that its revenue growth, which had been running at a speed more reminiscent of promising startups than multi-national corporations, is slowing down considerably.

A big reason: It has been nearly three years since a new product has come from a company still seen as the embodiment of innovation. That last product, the iPad, came in 2010, when its CEO Steve Jobs was still alive. Some analysts question whether Apple can keep growing by just releasing new versions of its old products. The long-rumored Apple TV, is still just that, a rumor.

Gadgets News Headlines – Yahoo! News

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SAG Awards: Watch Live with PEOPLE

01/27/2013 at 09:30 AM EST

Happy Screen Actors Guild Awards!

On a night when the biggest stars of TV and film honor each other, we will be covering every inch of the red carpet beginning at 6 p.m. ET (3 p.m. PT) on our live pre-show, hosted by PEOPLE's Deputy Managing Editor Peter Castro and PEOPLE StyleWatch Managing Editor Susan Kaufman, right here on PEOPLE.com.

Join our @StyleWatchMag and @peoplemag Twitter party on Sunday to discuss the best dresses, the hottest hair and makeup and the most eye-popping jewels that nominees like Claire Danes, Jessica Chastain and Jennifer Lawrence will be wearing. Just use hashtag #PeopleSAG and your comments could appear on PEOPLE.com.

Once the show starts at 8 p.m. ET (5 p.m. PT), the fun continues as we track the winners, losers and best speeches of the night. PEOPLE editors and the stars, including Busy Phillips, will be Tweeting commentary, exclusive photos, behind-the-scenes tidbits and more on one of Hollywood's most heartfelt nights.

The 19th Annual Screen Actors Guild Awards will air live on TNT and TBS on Sunday, Jan. 27, at 8 p.m. ET (5 p.m. PT) from the Shrine Auditorium in Los Angeles. Be sure to join us!

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

___

CDC: http://www.cdc.gov/flu/

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

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

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

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

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

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

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

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

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

MUTUAL FUND INVESTORS COME BACK

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

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

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

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

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

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

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

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

JOBS DATA MAY TEST THE RALLY

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

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

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

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

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

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

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

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

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

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

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Egyptian youths, police clash in fourth day of violence

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

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

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

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

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

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

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

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

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

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

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

DIVISIONS

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

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

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

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

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

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

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

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

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

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

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

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

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

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Notre Dame’s Te’o says had no part in forming hoax

Jan 24 (Reuters) – Notre Dame football player Manti Te‘o said he was the victim of an elaborate online hoax and denied in an interview broadcast on Thursday having had any part in the construction of the dramatic story of his dying girlfriend.

“No, I did not,” Te’o said in the interview with Katie Couric broadcast on the daytime talk show “Katie.” “I think what people don’t realize is that the same day that everybody else found out about this situation, I found out.”

The reported deaths of Te’o's grandmother and purported girlfriend, both on Sept. 12, and his response to the tragedies, were often repeated stories during Notre Dame‘s bid for a national championship last season. His grandmother did die that day.

Te’o, who was a finalist for college football’s highest individual honor for helping drive Notre Dame to an undefeated regular season, admitted he maintained the public deception after he learned the truth that she had never existed, but he did not do so for personal gain.

Couric asked Te’o to respond to several theories people have raised since the hoax was revealed, including that he might be gay and created the relationship to hide his sexual orientation.

“No, far from it,” Te’o said when asked by Couric if he were gay. “Far from that.”

Te’o sat with his hands often clasped and responded in a soft tone to Couric‘s questions, telling her he did not know if the Lennay Kekua story had supported his Heisman trophy candidacy.

It was his first on-camera interview since sports blog Deadspin.com broke the story on Jan. 16 that Kekua did not exist. Couric also interviewed his parents, Brian and Ottilia Te‘o, who defended their son.

Notre Dame, one of the most powerful institutions in U.S. collegiate athletics, held a news conference within hours of the Deadspin.com story to say that Te’o had been duped.

Te’o had told sports network ESPN in an off-camera interview on Friday that an acquaintance, Ronaiah Tuiasosopo, had told him he was behind the hoax.

CONFESSED HOAX

Te’o said in the interview with Couric that Tuiasosopo, who he had spoken to twice before and had believed was Kekua‘s cousin, confessed the hoax to him on Jan. 16.

Te’o said he received a telephone call from the person claiming to be Kekua on Dec. 6 – two days before the Heisman presentation – and he wasn’t really certain she never existed until Tuiasosopo‘s confession to him.

“My whole reality was she was dead, and now all of the sudden she’s alive. At that time I didn’t know that it was just somebody’s prank.”

He went along with the Kekua story the day of the Heisman presentation, though he knew at a minimum that she was alive, and did not tell his parents until Christmas, he said.

“Part of me was saying that if you say she is alive what would everybody think? What are you going to tell everybody who follows you, who you inspire? What are you going to say? At that time, on Dec. 8, two days after I just found out she was alive, as a 21-year-old, I wasn’t ready for that.”

Te’o said he “wasn’t forthcoming” about the extent of his relationship with Kekua, that they had never met in person, but reporters did not ask him directly if they had met in person.

He said he was most sorry for having told his father he had seen Kekua in person when he was in Hawaii, a story that his father repeated to media when asked.

When asked why he wouldn’t simply want a girlfriend he could spend time with on campus, Te’o said he was drawn to Kekua because her background appeared similar to his own.

“What I went through was real,” Te’o said. “The feelings, the pain, the sorrow, that was all real. That is something I can’t fake.”

Te’o said he did not know how the hoax would affect his position in the National Football League draft.

“As far as my draft status, I hope and pray that good happens obviously, but as long as my family is OK, I can live with whatever happens,” he said. (Reporting by David Bailey; Editing by Cynthia Johnston and Tim Dobbyn)

Internet News Headlines – Yahoo! News

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Waiter Michael Garcia Refuses to Serve Man Who Insulted Boy with Down Syndrome

By Dahvi Shira

01/26/2013 at 09:00 AM EST

Waiter Michael Garcia made his regular customer Kim Castillo feel like family last week at the Houston restaurant Laurenzo's Prime Rib.

Castillo was eating there with her husband and their 5-year-old son Milo when several waiters came by their table to chat. Milo, who has Down syndrome, has slightly delayed speech. He showed off some new words, while talking about his recent birthday.

The chatter apparently displeased a nearby customer, who, according to NBC affiliate KPRC-TV, said, "Special needs children need to be special somewhere else."

Once Garcia heard the man's comment, "My personal feelings took over, and I told him, 'I'm not going to be able to serve you, Sir,' " he told the news channel. "[I said], 'How could you say that? How could you say that about a beautiful 5-year-old angel?' "

Castillo, "impressed" with Garcia's actions, says the waiter "put [his] job on the line … to stand up for somebody else."

Calling the man who insulted her son, "ignorant," Castillo adds, "I know Michael [stood up for Milo] from his heart, and from reacting to the situation. I don't think he stopped and thought about what he was doing."

Following the incident, Castillo wrote a blog post defending her son.

"Was he loud? Maybe a little in the moment, but honestly, the adults at our table were three times louder than he was," she said. "If he had been obnoxious, which like any other 5-year-old he can be, I wouldn't have thought twice about the family asking to move."

Meanwhile the restaurant's Facebook page has lit up with praise for Garcia and the supportive staff there.

"I am a Father of a special needs child and I applaud you and your employee, Michael Garcia, for standing up to intolerance and helping to educate people who fear the most precious of all children, those with special needs and disabilities," read one post.

He added, "Although I am a resident of California, I work for a [company] headquartered in Texas and am there on occasion for business. I will be sure to drop by and say hello and thank you when in town!"

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CDC: Flu seems to level off except in the West

New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.

The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.

Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.

There is still vaccine available although it may be hard to find. The CDC has a website that can help.

___

CDC: http://www.cdc.gov/flu/

Read More..

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)

Read More..

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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