Showing posts with label World. Show all posts
Showing posts with label World. Show all posts

Wall Street extends gains, Nasdaq near 12-year high


NEW YORK (Reuters) - Stocks extended gains on Friday, with the Nasdaq rising 1 percent, putting it within close reach of a 12-year high.


The Dow Jones industrial average <.dji> gained 47.66 points, or 0.34 percent, to 13,991.71. The Standard & Poor's 500 Index <.spx> rose 7.47 points, or 0.49 percent, to 1,516.86. The Nasdaq Composite Index <.ixic> was up 30.23 points, or 0.96 percent, at 3,195.37.


If the Nasdaq rises above 3,196.93, it would be the highest level since November 2000.


(Reporting by Leah Schnurr; Editing by Bernadette Baum)



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Wall Street dips on renewed euro zone concerns

NEW YORK (Reuters) - Shares fell on Thursday after the euro currency dropped against the safe-haven dollar and yen, raising worries about Europe's outlook and curbing investors' appetite for risky assets such as stocks.


The euro sank after European Central Bank President Mario Draghi said the exchange rate was important to growth and price stability, which investors took as a sign the bank is concerned about the euro's advance in recent days.


U.S. stocks have been in an uninterrupted uptrend for most of the year, with the S&P 500 gaining more than 5 percent for 2013.


"The market is a bit shaky on the back of some of the Draghi comments" amid worry the strength of the euro might hamper economic recovery, said Andre Bakhos, director of market analytics at LEK Securities in New York.


"Whether this ignites renewed concerns about the euro debt struggles and Europe in general is yet to be seen, but the market is looking for any reason to take a profit. It is just consolidating near multi-year highs, taking a respite before we advance higher."


The Dow Jones industrial average <.dji> was down 92.05 points, or 0.66 percent, at 13,894.47. The Standard & Poor's 500 Index <.spx> was down 7.93 points, or 0.52 percent, at 1,504.19. The Nasdaq Composite Index <.ixic> was down 14.95 points, or 0.47 percent, at 3,153.52.


Housing and retail stocks were the day's biggest decliners. The housing sector index <.hgx> was off 1 percent and the S&P housing index <.spxrt> was off 0.5 percent.


Top U.S. retailers reported strong January sales after offering compelling merchandise that drew in shoppers facing a hit to their take-home pay from higher payroll taxes.


Macy's Inc rose 1.3 percent to $40.01 after reporting January same store sales rose 11.7 percent.


But Ann Inc dropped 6.6 percent to $30.63 after forecasting fourth-quarter sales below analysts' expectations.


Fund manager David Einhorn's Greenlight Capital on Thursday said it has sued Apple Inc and said the company needs to do more to unlock value for shareholders. Apple shares gained 1.2 percent at $460.16.


Akamai Technologies Inc lost 15.6 percent to $35.06 as the worst performer on the S&P 500 after the Internet content delivery company forecast current-quarter revenue below analysts' expectations.


Initial jobless claims dipped last week, with the four-week moving average falling to its lowest level since March 2008, signaling the economy continues to recover slowly.


A separate report said fourth-quarter productivity registered its biggest drop in nearly two years, while unit labor costs jumped 4.5 percent, more than economists expected.


According to Thomson Reuters data through Thursday morning, of 317 companies in the S&P 500 that have reported earnings, 69 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies rose 5 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


(Additional reporting by Chuck Mikolajczak; Editing by Kenneth Barry and Nick Zieminski)



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Wall Street stymied as investors lack catalysts to trade

NEW YORK (Reuters) - U.S. stocks were little changed on Wednesday as investors, without any major economic reports to guide them, awaited fresh incentives to trade after rallies took the S&P 500 to five-year highs.


Transportation stocks were among the worst performers, weighed down by a 10 percent drop in CH Robinson Worldwide to $60.40 after the freight transport company posted a lower-than-expected adjusted quarterly profit.


The Dow Jones Transportation index <.djt> shed 0.3 percent after closing at a record high Tuesday for a gain of more than 10 percent in 2013.


The benchmark S&P 500 index has advanced 6 percent this year, climbing to its highest since December 2007. The Dow industrials <.dji> have risen above 14,000 recently, making it a challenge for investors to push stocks higher in the absence of strong positive catalysts.


"Overall, we believe that the next near-term market dip should provide an opportunity to buy stocks ahead of rallies higher in the coming months, but we are skeptical about the long-term sustainability of these gains due to the maturing age of the bull market," said Ari Wald, equity research analyst at C&Co\PrinceRidge in New York.


The Dow Jones industrial average <.dji> was up 5.28 points, or 0.04 percent, at 13,984.58. The Standard & Poor's 500 Index <.spx> was up 0.56 point, or 0.04 percent, at 1,511.85. The Nasdaq Composite Index <.ixic> was up 1.67 points, or 0.05 percent, at 3,173.25.


The tech-heavy Nasdaq index was supported by Apple Inc , which rose 1.1 percent to $462.62.


Walt Disney Co was among the bright spots, up 1.1 percent at $60.31, after the company beat estimates for quarterly adjusted earnings and gave an optimistic outlook for the next few quarters.


According to Thomson Reuters data through Wednesday morning, of 301 companies in the S&P 500 <.spx> that have reported earnings, 68.1 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters. In terms of revenue, 65.8 percent of companies have topped forecasts.


Looking ahead, fourth-quarter earnings for S&P 500 companies are expected to grow 4.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


The benchmark S&P index rose 1.04 percent Tuesday, its biggest percentage gain since a 2.5-percent advance on January 2 after lawmakers agreed on a temporary delay of the "fiscal cliff."


Ralph Lauren Corp climbed 8 percent to $178.15 as the best performer on the S&P 500 after reporting renewed momentum in its holiday-quarter sales and profits.


Time Warner Inc jumped 4.4 percent to $52.15 after reporting higher fourth-quarter profit that beat Wall Street estimates, as growth in its cable networks offset declines in its film, TV entertainment and publishing units.


Visa , the world's largest credit and debit card network, is expected to report earnings per share of $1.79 for its first quarter, up from $1.49 a year earlier. Smaller rival MasterCard MA.N recently reported better-than-expected results but said its revenue growth could slow in the first half of the year due to economic uncertainty.


(Editing by Bernadette Baum and Kenneth Barry)



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S&P 500 gains more than 1 percent


NEW YORK (Reuters) - The S&P 500 rose more than 1 percent on Tuesday as stronger-than-expected earnings helped the outlook for profit growth while the Nasdaq also traded more than 1 percent higher.


The Dow Jones industrial average <.dji> was up 121.55 points, or 0.88 percent, at 14,001.63. The Standard & Poor's 500 Index <.spx> was up 16.25 points, or 1.09 percent, at 1,511.96. The Nasdaq Composite Index <.ixic> was up 38.08 points, or 1.22 percent, at 3,169.25.


(Reporting By Caroline Valetkevitch; Editing by Chizu Nomiyama)



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Wall Street retreats from five-year high

NEW YORK (Reuters) - Stocks fell on Monday after a disappointing report on factory orders, retreating from gains in the prior session that left the S&P 500 at a five-year high and the Dow above 14,000.


Investors also grew wary on political uncertainty in the euro zone, leading to a sharp rise in Spanish government bond yields.


Chevron and Wal-Mart were among the biggest drags on the Dow after analyst downgrades.


"S&P technicals are at overbought levels, and risk-off harbingers, such as Spanish 10-year yields, which are much more difficult for central bankers to tame, have bounced off recent lows," said Peter Cecchini, managing director at New York-based Cantor Fitzgerald & Co.


Spanish and Italian bond yields rose, renewing worries about the euro zone's sovereign debt crisis. Spain's prime minister faced calls to resign over a corruption scandal, while a probe of alleged misconduct involving an Italian bank was expected to widen three weeks before a national election.


The benchmark S&P 500 rose on Friday, leaving it roughly 60 points away from its all-time intraday high of 1,576.09, while the Dow's march above 14,000 was the highest for the index since October 2007.


The S&P index <.spx> is up 5.5 percent for the year, with nearly half of the gains coming after U.S. legislators temporarily sidestepped the "fiscal cliff" of automatic tax increases and spending cuts.


Data from the Commerce Department showed overall factory orders rose 1.8 percent in December, below economists' expectations. The report said capital goods orders outside of the defense and aircraft industries, edged 0.3 percent lower. The category is seen as a gauge of U.S. business investment plans.


Economic data has pointed to a modest U.S. recovery, but the data have not been strong enough to upset investor expectations the Federal Reserve will continue its stimulus policy that has buoyed stocks.


The Dow Jones industrial average <.dji> was down 117.19 points, or 0.84 percent, at 13,892.60. The Standard & Poor's 500 Index <.spx> was down 13.72 points, or 0.91 percent, at 1,499.45. The Nasdaq Composite Index <.ixic> was down 37.77 points, or 1.19 percent, at 3,141.33.


The CBOE Volatility index VIX <.vix>, Wall Street's so-called fear gauge, jumped more than 10 percent to 14.48 by afternoon trade.


Chevron Corp dipped 1 percent to $115.34 after UBS cut its rating to neutral, while Wal-Mart Stores Inc shed 1.5 percent to $69.46 after JP Morgan lowered its rating on the world's largest retailer and reduced its price target.


Oracle Corp lost 2.6 percent to $35.28 after the company agreed to buy network gear maker Acme Packet Inc for about $1.9 billion. Acme Packet shares surged 22 percent to $29.20.


Shares of household products company Clorox rose 1.3 percent to $80.23 after quarterly profit beat analysts' estimates as a severe flu season boosted sales of disinfecting wipes.


Earnings are due from Anadarko Petroleum Corp and Yum! Brands Inc , owner of fast-food chains, after the closing bell.


According to Thomson Reuters data, of the 256 companies in the S&P 500 that have reported earnings through Monday morning, 68.4 percent have reported earnings above analyst expectations compared with the 62 percent average since 1994 and the 65 percent average over the past four quarters.


S&P 500 fourth-quarter earnings are expected to rise 4.4 percent, according to the data. That estimate is above the 1.9 percent forecast at the start of earnings season, but well below the 9.9 percent fourth-quarter earnings forecast on October 1.


Herbalife Ltd slumped 3 percent to $34.03 after the New York Post newspaper reported the seller of weight loss products is facing a probe by the Federal Trade Commission.


(Reporting By Angela Moon; Editing by Kenneth Barry and Nick Zieminski)



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Hot, dry weather returns to threaten Ivory Coast cocoa






ABIDJAN (Reuters) – Dry, hot weather returned to top grower Ivory Coast‘s main cocoa regions last week, raising concerns over output and bean quality as the October to March main crop harvest wound down, farmers and analysts said on Monday.


Aside from a spate of showers in late January, there has been no measurable rainfall across most of the West African nation’s cocoa belt since the onset of the dry season in mid-December.






Dusty seasonal Harmattan winds have also dried the soil in some growing regions and hindered the development of new cocoa pods.


Bean shipments to Ivory Coast’s ports tapered off in January with volumes unlikely to recover until mid-crop harvesting picks up in April.


Farmers reported no rainfall in the western region of Bouafle last week.


“It’s very hot and it isn’t raining. There are many cherelles (small pods) and flowers that are drying due to a lack of water,” said farmer Denis Alla.


“We need a good shower this week, otherwise there will be big losses,” he said.


In the southern region of Divo, farmers said the harsh conditions were particularly damaging to recently planted sapplings.


“Lots of new trees we’ve planted are now drying because of intense heat and a lack of water,” said Amadou Diallo, who farms near Divo.


“There is a bit of cocoa on the trees. But if this dry weather continues, there will be very little cocoa in the coming two months,” he said.


Similar growing conditions were reported in the eastern region of Abengourou and the western region of Daloa, which is responsible for about a quarter of the country’s cocoa output.


“It is too hot and there is no water… The beans are starting to be of bad quality due to the lack of rain,” said farmer Marcel Aka.


“The volumes coming out of the bush have fallen off dramatically. If it doesn’t rain now, the start of the mid-crop will be timid,” he said.


In the western region of Soubre, in the heart of the Ivorian cocoa belt, an analyst reported no rainfall during the week. But farmers said they remained optimistic there would be a smooth transition to the mid-crop harvest.


“Things are going well on the plantations. There won’t be an interruption (in output). We’ll have small quantities of cocoa until the mid-crop,” said farmer Salam Kone.


“What we want is a bit of rain to improve the quality of the beans that will go out towards the end of this month and the beginning of next month,” he said.


Weather News Headlines – Yahoo! News





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"Great Rotation"- A Wall Street fairy tale?

NEW YORK (Reuters) - Wall Street's current jubilant narrative is that a rush into stocks by small investors has sparked a "great rotation" out of bonds and into equities that will power the bull market to new heights.


That sounds good, but there's a snag: The evidence for this is a few weeks of bullish fund flows that are hardly unusual for January.


Late-stage bull markets are typically marked by an influx of small investors coming late to the party - such as when your waiter starts giving you stock tips. For that to happen you need a good story. The "great rotation," with its monumental tone, is the perfect narrative to make you feel like you're missing out.


Even if something approaching a "great rotation" has begun, it is not necessarily bullish for markets. Those who think they are coming early to the party may actually be arriving late.


Investors pumped $20.7 billion into stocks in the first four weeks of the year, the strongest four-week run since April 2000, according to Lipper. But that pales in comparison with the $410 billion yanked from those funds since the start of 2008.


"I'm not sure you want to take a couple of weeks and extrapolate it into whatever trend you want," said Tobias Levkovich, chief U.S. equity strategist at Citigroup. "We have had instances where equity flows have picked up in the last two, three, four years when markets have picked up. They've generally not been signals of a continuation of that trend."


The S&P 500 rose 5 percent in January, its best month since October 2011 and its best January since 1997, driving speculation that retail investors were flooding back into the stock market.


Heading into another busy week of earnings, the equity market is knocking on the door of all-time highs due to positive sentiment in stocks, and that can't be ignored entirely. The Standard & Poor's 500 Index <.spx> ended the week about 4 percent from an all-time high touched in October 2007.


Next week will bring results from insurers Allstate and The Hartford , as well as from Walt Disney , Coca-Cola Enterprises and Visa .


But a comparison of flows in January, a seasonal strong month for the stock market, shows that this January, while strong, is not that unusual. In January 2011 investors moved $23.9 billion into stock funds and $28.6 billion in 2006, but neither foreshadowed massive inflows the rest of that year. Furthermore, in 2006 the market gained more than 13 percent while in 2011 it was flat.


Strong inflows in January can happen for a number of reasons. There were a lot of special dividends issued in December that need reinvesting, and some of the funds raised in December tax-selling also find their way back into the market.


During the height of the tech bubble in 2000, when retail investors were really embracing stocks, a staggering $42.7 billion flowed into equities in January of that year, double the amount that flowed in this January. That didn't end well, as stocks peaked in March of that year before dropping over the next two-plus years.


MOM AND POP STILL WARY


Arguing against a 'great rotation' is not necessarily a bearish argument against stocks. The stock market has done well since the crisis. Despite the huge outflows, the S&P 500 has risen more than 120 percent since March 2009 on a slowly improving economy and corporate earnings.


This earnings season, a majority of S&P 500 companies are beating earnings forecast. That's also the case for revenue, which is a departure from the previous two reporting periods where less than 50 percent of companies beat revenue expectations, according to Thomson Reuters data.


Meanwhile, those on the front lines say mom and pop investors are still wary of equities after the financial crisis.


"A lot of people I talk to are very reluctant to make an emotional commitment to the stock market and regardless of income activity in January, I think that's still the case," said David Joy, chief market strategist at Columbia Management Advisors in Boston, where he helps oversee $571 billion.


Joy, speaking from a conference in Phoenix, says most of the people asking him about the "great rotation" are fund management industry insiders who are interested in the extra business a flood of stock investors would bring.


He also pointed out that flows into bond funds were positive in the month of January, hardly an indication of a rotation.


Citi's Levkovich also argues that bond investors are unlikely to give up a 30-year rally in bonds so quickly. He said stocks only began to see consistent outflows 26 months after the tech bubble burst in March 2000. By that reading it could be another year before a serious rotation begins.


On top of that, substantial flows continue to make their way into bonds, even if it isn't low-yielding government debt. January 2013 was the second best January on record for the issuance of U.S. high-grade debt, with $111.725 billion issued during the month, according to International Finance Review.


Bill Gross, who runs the $285 billion Pimco Total Return Fund, the world's largest bond fund, commented on Twitter on Thursday that "January flows at Pimco show few signs of bond/stock rotation," adding that cash and money markets may be the source of inflows into stocks.


Indeed, the evidence suggests some of the money that went into stock funds in January came from money markets after a period in December when investors, worried about the budget uncertainty in Washington, started parking money in late 2012.


Data from iMoneyNet shows investors placed $123 billion in money market funds in the last two months of the year. In two weeks in January investors withdrew $31.45 billion of that, the most since March 2012. But later in the month money actually started flowing back.


(Additional reporting by Caroline Valetkevitch; Editing by Kenneth Barry)



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Exxon’s 2012 profit of $44.9B just misses record






Exxon Mobil Corp. nearly set a record for annual profit. The oil giant reported Friday that 2012 net income was $ 44.88 billion, just $ 340 million — less than 1 percent — short of the company’s record set in 2008, when crude oil prices hit an all-time high. Exxon‘s profit for the last 10 years totals $ 343.4 billion.


— $ 44.88 billion in 2012






— $ 41.06 billion in 2011


— $ 30.46 billion in 2010


— $ 19.28 billion in 2009


— $ 45.22 billion in 2008


— $ 40.61 billion in 2007


— $ 39.50 billion in 2006


— $ 36.13 billion in 2005


— $ 25.33 billion in 2004


— $ 20.96 billion in 2003


Source: Exxon Mobil annual reports filed with the U.S. Securities and Exchange Commission


Energy News Headlines – Yahoo! News





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"Great Rotation"- A Wall Street fairy tale?

NEW YORK (Reuters) - Wall Street's current jubilant narrative is that a rush into stocks by small investors has sparked a "great rotation" out of bonds and into equities that will power the bull market to new heights.


That sounds good, but there's a snag: The evidence for this is a few weeks of bullish fund flows that are hardly unusual for January.


Late-stage bull markets are typically marked by an influx of small investors coming late to the party - such as when your waiter starts giving you stock tips. For that to happen you need a good story. The "great rotation," with its monumental tone, is the perfect narrative to make you feel like you're missing out.


Even if something approaching a "great rotation" has begun, it is not necessarily bullish for markets. Those who think they are coming early to the party may actually be arriving late.


Investors pumped $20.7 billion into stocks in the first four weeks of the year, the strongest four-week run since April 2000, according to Lipper. But that pales in comparison with the $410 billion yanked from those funds since the start of 2008.


"I'm not sure you want to take a couple of weeks and extrapolate it into whatever trend you want," said Tobias Levkovich, chief U.S. equity strategist at Citigroup. "We have had instances where equity flows have picked up in the last two, three, four years when markets have picked up. They've generally not been signals of a continuation of that trend."


The S&P 500 rose 5 percent in January, its best month since October 2011 and its best January since 1997, driving speculation that retail investors were flooding back into the stock market.


Heading into another busy week of earnings, the equity market is knocking on the door of all-time highs due to positive sentiment in stocks, and that can't be ignored entirely. The Standard & Poor's 500 Index <.spx> ended the week about 4 percent from an all-time high touched in October 2007.


Next week will bring results from insurers Allstate and The Hartford , as well as from Walt Disney , Coca-Cola Enterprises and Visa .


But a comparison of flows in January, a seasonal strong month for the stock market, shows that this January, while strong, is not that unusual. In January 2011 investors moved $23.9 billion into stock funds and $28.6 billion in 2006, but neither foreshadowed massive inflows the rest of that year. Furthermore, in 2006 the market gained more than 13 percent while in 2011 it was flat.


Strong inflows in January can happen for a number of reasons. There were a lot of special dividends issued in December that need reinvesting, and some of the funds raised in December tax-selling also find their way back into the market.


During the height of the tech bubble in 2000, when retail investors were really embracing stocks, a staggering $42.7 billion flowed into equities in January of that year, double the amount that flowed in this January. That didn't end well, as stocks peaked in March of that year before dropping over the next two-plus years.


MOM AND POP STILL WARY


Arguing against a 'great rotation' is not necessarily a bearish argument against stocks. The stock market has done well since the crisis. Despite the huge outflows, the S&P 500 has risen more than 120 percent since March 2009 on a slowly improving economy and corporate earnings.


This earnings season, a majority of S&P 500 companies are beating earnings forecast. That's also the case for revenue, which is a departure from the previous two reporting periods where less than 50 percent of companies beat revenue expectations, according to Thomson Reuters data.


Meanwhile, those on the front lines say mom and pop investors are still wary of equities after the financial crisis.


"A lot of people I talk to are very reluctant to make an emotional commitment to the stock market and regardless of income activity in January, I think that's still the case," said David Joy, chief market strategist at Columbia Management Advisors in Boston, where he helps oversee $571 billion.


Joy, speaking from a conference in Phoenix, says most of the people asking him about the "great rotation" are fund management industry insiders who are interested in the extra business a flood of stock investors would bring.


He also pointed out that flows into bond funds were positive in the month of January, hardly an indication of a rotation.


Citi's Levkovich also argues that bond investors are unlikely to give up a 30-year rally in bonds so quickly. He said stocks only began to see consistent outflows 26 months after the tech bubble burst in March 2000. By that reading it could be another year before a serious rotation begins.


On top of that, substantial flows continue to make their way into bonds, even if it isn't low-yielding government debt. January 2013 was the second best January on record for the issuance of U.S. high-grade debt, with $111.725 billion issued during the month, according to International Finance Review.


Bill Gross, who runs the $285 billion Pimco Total Return Fund, the world's largest bond fund, commented on Twitter on Thursday that "January flows at Pimco show few signs of bond/stock rotation," adding that cash and money markets may be the source of inflows into stocks.


Indeed, the evidence suggests some of the money that went into stock funds in January came from money markets after a period in December when investors, worried about the budget uncertainty in Washington, started parking money in late 2012.


Data from iMoneyNet shows investors placed $123 billion in money market funds in the last two months of the year. In two weeks in January investors withdrew $31.45 billion of that, the most since March 2012. But later in the month money actually started flowing back.


(Additional reporting by Caroline Valetkevitch; Editing by Kenneth Barry)



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Climate Change May Shrink Bat Moms’ Range






Each the spring, female Indiana bats leave the cool caves where they spend the winter hibernating and head north, gathering together in trees to form maternity colonies to have their young. A new study shows that climate change could squeeze these bat moms into a much smaller range over the next 50 years.


The endangered bats are currently found over most of the eastern half of the United States, but researchers found that much of Missouri, Iowa, Illinois, Kentucky, Indiana and Ohio will become inhospitable for the species’ maternity colonies under most climates they modeled.






“We found that due to projected changes in temperature, the most suitable summer range for Indiana bats would decline and become concentrated in the northeastern United States and the Appalachian Mountains,” ecologist Susan Loeb, of the U.S. Forest Service’s Southern Research Station, said in a statement.


Previous studies have shown that animals worldwide are shifting their habitats to try to outrun climate change. But species like Indiana bats might be more vulnerable than other mammals in the face of global warming, because their reproductive cycles, hibernation patterns and migration are highly dependent on temperature, the researchers said.


“Our model suggests that once average summer (May through August) maximum temperatures reach 27.4 degrees C (81.3 degrees F), the climatic suitability of the area for Indiana bat maternity colonies declines,” Loeb said. “Once they reach 29.9 degrees C (85.8 degree F), the area is forecast to become completely unsuitable. Initially, Indiana bat maternity colonies may respond to warming temperatures by choosing roosts that have more shade than the roosts that they currently use. Eventually, it is likely that they will have to find more suitable climates.”


The tiny bats, which weigh about the same as three pennies but can have a wingspan up to 11 inches (28 centimeters), were listed as endangered in the United States in 1967. After decades of decline, the bats’ population picked up from 2000 to 2005, largely thanks to conservation efforts, but species’ numbers plunged again with the spread of the devastating white nose syndrome. Nicknamed for the powderlike fungal growth that appeared on the hibernating bats’ snouts, the mysterious bat-killing disease was first documented in New York in 2006 and has since spread to caves across the Northeast. In 2011, the number of Indiana bats reported hibernating in the northeastern United States was down by 72 percent.


According to the new study, maternity colonies in the western portion of the bats’ range likely will begin to decline, and possibly vanish, in the next 10 to 20 years, and by 2060, much of the region will be wholly unsuitable for roosting. The grim forecast has important implications for wildlife managers in the Northeast and the Appalachian Mountains, Loeb said, since these areas will likely become refuges for the bats when regions in the Midwest get too warm.


“Management actions that foster high reproductive success and survival will be critical for the conservation and recovery of the species,” she said.


The findings were detailed online in January in the journal Ecology and Evolution.


Follow LiveScience on Twitter @livescience. We’re also on Facebook & Google+.


Copyright 2013 LiveScience, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Green News Headlines – Yahoo! News





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Wall Street surges to five-year highs on data

NEW YORK (Reuters) - Stocks climbed to five-year highs on Friday in the wake of jobs and manufacturing data that showed the economy's sluggish recovery is still on track.


The Dow industrials rose to 14,000 for the first time since mid-October 2007 and the S&P hit its highest since December that year. The S&P advanced 5 percent in January, its best start to a year since 1997.


Analysts attributed the market's robust showing so far this year partly to a deluge of cash flowing into equities.


Data on Thursday showed investors poured $12.7 billion into U.S.-based stock mutual funds and exchange-traded funds in the latest week, concluding the strongest four-week flows into stock funds since 1996.


"There's a lot of money looking for a home and people are finally deciding the bond market is done and moving money into equities," said Edward Simmons, managing director and partner at HighTower in Portland, Maine.


"I see the rotation (of assets) pushing the market up in the face of not-massive amounts of good news," he said. "People are overlooking the higher risk in equities."


Employment grew modestly in January, with 157,000 jobs added in the month, slightly below expectations for 160,000. Still, figures for both November and December were revised upwards.


Other reports released Friday showed the pace of growth in the U.S. manufacturing sector picked up in January to its highest level in nine months, U.S. consumer sentiment rose more than expected last month, while December construction spending also beat forecasts.


"All the data seems to keep pointing to a slowly, steadily improving economy," said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.


The Dow Jones industrial average <.dji> rose 137.21 points or 0.99 percent, to 13,997.79, the S&P 500 <.spx> gained 14.81 points or 0.99 percent, to 1,512.92 and the Nasdaq Composite <.ixic> added 34.76 points, or 1.11 percent, to 3,176.89.


With the day's gains, major equity indexes were on track for a fifth straight week of gains. The S&P 500 is also coming off its best monthly performance since October 2011.


Investors were also attuned to corporate earnings, with a trio of Dow components reporting profits that beat expectations.


Exxon Mobil was little changed at $89.95 after its results while Chevron added 0.8 percent to $116.10.


Drugmaker Merck & Co fell 2.9 percent to $42 after a cautious 2013 outlook.


Generic drugmaker Perrigo reported a better-than-expected second-quarter profit and its shares jumped 6.3 percent to $106.92, the largest advancer on the S&P 500.


Of the 252 companies in the S&P 500 that have reported earnings so far, 69 percent have exceeded expectations, according to Thomson Reuters data. That is a higher proportion than over the past four quarters and above average since 1994.


Overall, S&P 500 fourth-quarter earnings are estimated to have grown 4.4 percent, according to the data, up from a 1.9 percent forecast at the start of the earnings season but well below a 9.9 percent profit growth forecast on October 1.


Dell Inc gained 4.2 percent to $13.80 after sources said the company was nearing an agreement to sell itself to a buyout consortium led by its founder Michael Dell and private equity firm Silver Lake Partners.


Shares of General Motors and Ford Motor rose after the two largest American automakers posted better-than-expected U.S. auto sales for January.


GM gained 1.2 percent to $28.42 and Ford added 0.9 percent to $13.07.


Shares of Zoetis surged on its trading debut on the New York Stock Exchange after its shares were priced at $26, above the expected range. Zoetis was trading at $30.67 at midday, after earlier climbing as high as $31.74.


(Editing by Bernadette Baum)



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Energy Secretary Chu to step down






WASHINGTON (AP) — Energy Secretary Steven Chu, who won a Nobel Prize in physics but came under questioning for his handling of a solar energy loan, is stepping down.


Chu offered his resignation to President Barack Obama in a letter Friday. He said he will stay on at least until the end of February and may stay until a successor is confirmed.






Chu’s departure had been widely expected and follows announcements by Interior Secretary Ken Salazar, Environmental Protection Agency chief Lisa Jackson and Jane Lubchenco, head of the National Oceanic and Atmospheric Administration, that they are leaving.


The White House said no decisions have been made on replacements for any of the environment and energy jobs but said Obama’s priorities will remain unchanged. Potential replacements for Chu include former North Dakota Sen. Byron Dorgan, former Michigan Gov. Jennifer Granholm and former Washington Gov. Chris Gregoire.


Obama said in a statement Friday that Chu brought a “unique understanding of both the urgent challenge presented by climate change and the tremendous opportunity that clean energy represents for our economy.”


During his tenure, Chu helped move the country toward energy independence, Obama said, citing Energy Department programs to boost renewable energy such as wind and solar power.


“Thanks to Steve, we also expanded support for our brightest engineers and entrepreneurs as they pursue groundbreaking innovations that could transform our energy future,” Obama said.


Chu, a former director of the Lawrence Berkeley National Lab, had little political experience before taking the energy post in 2009.


He drew fire from congressional Republicans who criticized his handling of a $ 528 million federal loan to solar panel maker Solyndra, which later went bankrupt, laying off its 1,100 workers. Republicans said Chu and other Energy Department officials missed many warning signs about problems at Solyndra and compounded them by approving a restructuring of the loan even after problems were discovered.


Solyndra was the first renewable-energy company to receive a loan guarantee under the 2009 stimulus law, and the Obama administration frequently promoted the company as a model for its clean energy program. Chu attended a 2009 groundbreaking when the loan was announced, and Obama visited the company’s Fremont, Calif., headquarters the next year.


The company’s implosion in 2011 and revelations that the administration hurried a review of the loan in time for the groundbreaking become an embarrassment for Chu and Obama and a rallying cry for GOP critics of the administration’s green energy program.


Lawmakers also criticized Chu for approving the plan to restructure Solyndra’s debt so that two private investors moved ahead of taxpayers for repayment in case of default.


Chu defended the Solyndra loan during a sometimes testy hearing in late 2011. While calling the ultimate outcome “regrettable,” Chu said the loan was subject to “proper, rigorous scrutiny and healthy debate” before it was approved in 2009.


“While we are disappointed in the outcome of this particular loan, we support Congress’ mandate to finance the deployment of innovative technologies and believe that our portfolio of loans does so responsibly,” Chu said.


The White House said Chu retained Obama’s confidence, but Chu was widely expected to leave following Obama’s re-election last fall.


In a letter to Energy Department employees, Chu said he was proud of his tenure and cited dozens of accomplishments, including doubling the production of renewable energy from wind and solar power. Installations of small solar electric, or photovoltaic, systems have nearly doubled in each of the last three years, he said, while fully 42 percent of new energy capacity in the U.S. last year was from wind —more than any other energy source, Chu said.


“I came with dreams and am leaving with a set of accomplishments that we should all be proud of,” he said.


One of his accomplishments was something that Chu rarely talked about: Obama repeatedly credits Chu with helping to plug the massive BP oil spill in the Gulf of Mexico. Chu and a team of engineers helped devised an interim solution before a replacement well permanently plugged the leak, which spewed more than 200 million gallons of oil in the worst offshore oil disaster in the country’s history.


___


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Market treads water before Friday's employment data

NEW YORK (Reuters) - Stocks were little changed on Thursday as investors were cautious after a mixed bag of economic data, while stellar earnings from chipmaker Qualcomm helped the Nasdaq index to edge higher.


The S&P 500 is on track to post its best month since October 2011 and its best January since 1997.


Investors expect a pullback in equities after the recent gains, though they have bought on dips over the past four weeks. The largest daily decline on the S&P 500 so far in 2013 was Thursday's 0.39 percent drop after data showed the economy contracted in the fourth quarter of 2012.


"This is a highly rotational market," said Janelle Nelson, portfolio analyst at RBC Wealth Management in Minneapolis, noting how investors dive into beaten-down sectors on the smallest encouraging news.


Data on Thursday that showed a slight rise in weekly jobless claims while incomes grew at the best pace since 2004 underscored how fragile the economic recovery still was.


On Friday the government is due to release figures on January's non-farm payrolls, which are expected to show employers added 160,000 jobs in January after a rise of 155,000 in December. Friday will also bring reports on consumer confidence, U.S. manufacturing, construction spending and car sales.


"The market's lack of movement is due in part to the large number of economic releases coming out tomorrow," said Nelson.


Qualcomm gained 4.7 percent to $66.53 as the top boost to the Nasdaq Composite after the world's leading supplier of chips for cellphones beat analysts' expectations for quarterly profit and revenue and raised its targets for the year.


Facebook was trading mostly flat at $31.21 after falling as low as $28.74 a day after the social network company said it doubled its mobile advertising revenue in the fourth quarter. However, growth trailed some of Wall Street's most aggressive estimates.


The Dow Jones industrial average <.dji> fell 19.72 points or 0.14 percent, to 13,890.7, the S&P 500 <.spx> lost 1.68 points or 0.11 percent, to 1,500.28 and the Nasdaq Composite <.ixic> added 3.04 points or 0.1 percent, to 3,145.35.


The S&P 500 has advanced more than 5 percent in January after legislators in Washington temporarily sidestepped a "fiscal cliff" of automatic tax increases and spending cuts that could have derailed the recovery. Better-than-expected corporate earnings have added to the gains.


It would be the benchmark's largest monthly advance since a more than 6 percent gain in October 2011 and the best January advance since a 6.1 percent jump in 1997.


UPS shares lost 2.1 percent to $79.49 after reporting fourth-quarter earnings that were below analysts' estimates on Thursday and forecasting weaker-than-expected profit for 2013.


Constellation Brands shares tumbled 18 percent to $32.10 after the U.S. Justice Department moved to stop Anheuser-Busch InBev from buying the half of Mexican brewer Grupo Modelo that it does not already own. Constellation would have distributed Corona beer in the United States if the transaction had been approved.


Tank barge operator Kirby Corp added 6.3 percent to $70.67 and transportation company Ryder Systems climbed 3.2 percent to $56.01 after posting quarterly results.


Thomson Reuters data through Thursday morning shows that of the 231 companies in the S&P 500 that have reported earnings this season, 69.3 percent have exceeded expectations, a higher proportion than over the past four quarters and above the average since 1994.


Overall, S&P 500 fourth-quarter earnings are forecast to have risen 3.7 percent. That's above a 1.9 percent forecast at the start of the earnings season but well below a 9.9 percent profit growth forecast on October 1, the data showed.


WMS Industries surged 51.6 percent to $24.81 after the company agreed to be acquired by Scientific Games for $26 per share in cash. Scientific Games jumped 8.5 percent to $9.68.


(Reporting by Rodrigo Campos; editing by Bernadette Baum and Kenneth Barry)



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Chevron fined nearly $1M for Calif. refinery fire






SAN FRANCISCO (AP) — Chevron was fined nearly $ 1 million by the state on Wednesday in connection with a fire last year at the company’s San Francisco Bay area refinery that sent a cloud of gas and black smoke over residential areas.


Investigators found “willful violations” in Chevron Corp.‘s response before, during and after the Aug. 6 fire in Richmond caused by an old, leaky pipe in one of the facility’s crude units, said Ellen Widess, chief of the California Division of Occupational Safety and Health.






“Our … investigation showed that Chevron had repeated warnings and recommendations from its own metallurgists and pipe inspectors about the condition of this pipe,” Widess said.


“Chevron was in a unique position to really know the hazards that they deal with from their dynamic technologies and processes, many of which are proprietary. They alone were in position to have addressed these hazards.”


The agency filed 25 citations against oil giant, and said the $ 963,200 in fines were the largest allowed by state law. The company said it planned to appeal some of the violations.


Among the findings, the agency said the company didn’t follow recommendations of its own inspectors and scientists made in 2002 to replace the corroded pipe that ultimately ruptured and caused the fire.


“Chevron had pervasive violations in its leak repair procedures throughout the refinery,” the agency found. “Investigators identified leaks in pipes that Chevron had clamped as a temporary fix. In some cases the clamps remained in place for years, rather than replacing the pipes themselves.”


Cal-OSHA also cited Chevron for not following its own emergency shutdown procedures when the leak was first spotted, and said the company exposed workers to harm by not ensuring they wore proper safety equipment when going back into the burnt out crude unit following the blaze.


No workers were seriously injured in the incident.


Eleven of the violations have been classified as “willful” because investigators found that Chevron had not taken actions to eliminate dangerous conditions for employees, including replacement of the pipe that ruptured.


The investigation also cited the company for failing to file in writing its mandated “thorough review” of a new type of pipe that it wants to use in replacement of the old one that failed.


Company spokesman Sean Comey said Chevron disagreed with some of the violations.


“Although we acknowledge that we failed to live up to our own expectations in this incident, we do not agree with several of the (Cal-OSHA) findings and its characterization of some of the alleged violations as ‘willful,’” he said in an email. “Chevron intends to appeal.”


Smoke and gas from the fire prompted thousands of people to seek medical treatment, with many complaining of eye irritation and breathing problems.


The fire was caused by a decades-old pipe that the company had neglected to replace, even after inspecting areas near the segment that failed less than a year earlier.


Chevron has paid $ 10 million in connection to nearly 24,000 claims from residents and to nearby hospitals and local government agencies in Richmond and Contra Costa County, the company said in a report filed earlier this week.


Most of that money went to the hospitals to pay for medical exams and treatments following the incident.


While the fines may not be a major deterrent for a company that earned an estimated $ 25 billion in 2012, the agency said industry is often more sensitive to a violations classification, such as “willful,” than monetary penalties.


“There’s a huge stigma to willful violations with all industries,” Erika Monterroza, a Cal-OSHA spokeswoman.


Chevron’s El Segundo refinery and its oilfield near Bakersfield are also under investigation by Cal-OSHA.


___


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Wall Street flat ahead of Fed after GDP shock

NEW YORK (Reuters) - Stocks were little changed on Wednesday as data showing the economy unexpectedly contracted in the fourth quarter was offset by upbeat parts of the report and strong results from Boeing and Amazon.


Economists stressed that the 0.1 percent contraction in U.S. gross domestic product, caused partly by a plunge in government spending and lower business inventories, is not an indicator of recession.


"Inventories came down and that subtraction is actually positive for the private sector," said Jim Russell, chief equity strategist for U.S. Bank Wealth Management in Cincinnati.


"A lot of the important components going forth are there, like consumption by individuals and capital spending, and they are looking strong."


Wall Street opened slightly higher despite the GDP data, with traders awaiting a statement from the Federal Reserve after its two-day policy-setting meeting. The Fed is expected to keep monetary policy on a steady, accommodative path, though debate continues over when it should curtail its bond-buying program.


The S&P 500 held above 1,500, seen by technical analysts as an inflection point that will determine the overall direction in the near term. The index is on track to post its best month since October 2011 and its best January since 1997.


"This is a very modest pullback after a steep run," said Paul Zemsky, head of asset allocation at ING Investment Management in New York.


"It is too soon for the Fed to start talking about the end of (their bond buying program); the economy needs stimulus to sustain this recovery."


The Dow Jones industrial average <.dji> rose 0.27 points or 0 percent, to 13,954.69, the S&P 500 <.spx> lost 1.04 points or 0.07 percent, to 1,506.8 and the Nasdaq Composite <.ixic> dropped 0.11 points or -0 percent, to 3,153.55.


Both Boeing Co and Amazon.com shares gained after earnings beat expectations, continuing a trend this quarter of high-profile names advancing after results.


Amazon rose 5.4 percent to $274.40 and Boeing rose 1.2 percent to $74.54.


Thomson Reuters data showed that of the 192 companies in the S&P 500 that have reported earnings this season 68.8 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.


Chesapeake Energy rose 6.5 percent to $20.20 a day after it said Aubrey McClendon would step down as chief executive. The last year has been marked by civil and criminal probes into the second-largest U.S. natural gas producer.


Research In Motion shares fell 5.7 percent to $14.76 after the company, which is changing its name to BlackBerry, unveiled a long-delayed line of smartphones in hopes of a comeback into a market it once dominated.


Giving the market extra support, private sector employment topped forecasts with the ADP National Employment report showing 192,000 jobs added in January, higher than the 165,000 expectation.


(Reporting by Rodrigo Campos; Editing by Kenneth Barry and Nick Zieminski)



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NASA Launching New Communications Satellite Today






NASA plans to launch a new satellite today (Jan. 30) to upgrade the network used to send messages back and forth between spacecraft and the ground.


The space agency is set to launch the new Tracking and Data Relay Satellite K (TDRS-K for short) at 8:48 p.m. EST (0148 Jan. 31 GMT) today from Cape Canaveral Air Force Station in Florida. The spacecraft will blast off atop a United Launch Alliance Atlas 5 rocket.






You can watch the launch live on SPACE.com through NASA TV starting at 6:15 p.m. ET (1115 GMT).


Cold front


Weather at the launch site is looking promising, but NASA officials aren’t taking any chances, and won’t launch the rocket unless skies are clear.


“Now we’re looking at a 40-percent chance that a weather rule will be violated,” Joel Tumbiolo, a NASA launch weather officer, said on Monday.


The rocket that will carry TDRS-K to orbit has already been rolled out onto the launch pad, but a cold front is approaching Cape Canaveral that could delay the launch. Electrically active clouds heralding the arrival of the cold front might create dangerous conditions.


TDRS-K has an estimated cost of between $ 350 million and $ 400 million, not counting the cost of the rocket to launch it. The spacecraft is the first of three new satellites due to lift off between now and 2015 to bolster the TDRS communications satellite network, which relays data and messages between spacecraft in orbit and ground stations. [NASA's New Comsat: TDRS-K Spacecraft in Photos]


Thanks to the positioning of ground elements and the TDRS network of satellites around the world, NASA scientists have constant communication with orbiting spacecraft. The network is responsible for space-to-ground communication with the International Space Station as well as the Hubble Space Telescope.


Orbital network


The TDRS-K satellite is expected last at least 15 years in orbit. It is the 11th TDRS spacecraft to launch since the network was started in 1983. Today, five satellites are in active service, but one might be retired once TDRS-K is placed in orbit, said Badri Younes, a scientist in NASA’s Space Communications and Navigation office.


The Atlas 5 rocket will boost the new satellite into an orbit 22,300 miles (35,888 kilometers) high, where it will join a network of other relay spacecraft above the planet. Once out of Earth’s atmosphere, the rocket’s main engine will separate and fall away, leaving a second-stage centaur rocket engine to carry the 26.7-foot-tall (8 meters) satellite into orbit.


The TDRS-K has two insect-like antennas that are folded during launch. Once the satellite detaches from the rocket’s second stage, its antennas will pop out into a bowl shape. After 10 days of maneuvering into its proper orbit, TDRS-K’s two solar arrays will unfurl and the antennas will lock into place.


After launch, NASA will test the satellite for three months to make sure everything is in working order. Once those tests are complete, the TDRS team will decide if the satellite is ready for service (if not, it will be moved to a backup position).


Follow Miriam Kramer on Twitter @mirikramer or SPACE.com @Spacedotcom. We’re also on Facebook & Google+


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Defensive stocks extend rally as caution sets in

NEW YORK (Reuters) - Stocks rose on Tuesday, led by defensive sectors, in a sign the cash piles recently moving into the market are being put to use by cautious investors to pick up more gains.


The S&P 500 is on track to post its best monthly performance since October 2011 and its best January since 1997 as investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record.


Among rising defensive shares, which are companies relatively immune to economic swings, were drugmaker Pfizer, up 1.2 percent to $27.16 after posting earnings and AT&T , 1.5 percent higher at $34.64.


"Cyclicals were moving very nicely, now you see balance with some of the defensives. Many managers use that as an internal hedge in equity portfolios," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.


She said the market is cautious ahead of Wednesday's statement following the Federal Reserve's two-day meeting. In addition, defensive stocks would hold up better if Friday's payrolls report surprises on the downside.


The S&P hovered near 1,500, and market technicians say the benchmark is at an inflection point which will determine the overall direction in the near term.


"The public is pouring in now," said Carter Worth, chief market technician at Oppenheimer & Co in New York. "It reflects complacency and that typically leads to hubris, and hubris leads to trouble. Everyone's buying."


The Dow Jones industrial average <.dji> rose 70.27 points or 0.51 percent, to 13,952.2, the S&P 500 <.spx> gained 6.62 points or 0.44 percent, to 1,506.8 and the Nasdaq Composite <.ixic> dropped 3.52 points or 0.11 percent, to 3,150.77.


The top performing sectors on the S&P 500 were healthcare <.spxhc> and telecom services <.splrcl>, so-called defensives, both up more than 1 percent.


The energy sector also advanced, on the back of strong earnings from Valero Energy Corp and a hedge fund move to break up Hess Corp to boost investor returns.


Valero shares jumped 10.3 percent to $42.82 and Hess gained 8.5 percent to $67.80.


The equity gains have largely come on a strong start to earnings season, though results were mixed on Tuesday with Pfizer rising but Ford Motor Co down after its report.


Both companies reported profits that topped expectations, but Ford also forecast a wider loss in its European segment. Ford dropped 5.6 percent to $13.01 as one of the biggest percentage losers on the S&P 500.


Thomson Reuters data showed that of the 174 companies in the S&P 500 that have reported earnings this season, 68.4 percent have been above analyst expectations, which is a higher proportion than over the past four quarters and above the average since 1994.


Disappointing outlooks from Seagate Technology and BMC Software pressured their shares. Seagate lost 9.6 percent to $33.82 and BMC fell 8.5 percent to $40.70.


Software maker VMware Inc lost 21 percent to $77.71 also after a cautious 2013 outlook.


Amazon was the biggest drag on the Nasdaq with a 2.1 percent drop to $270.17 before its results, expected after the closing bell.


U.S. home prices rose in November to rack up their best yearly gain since the housing crisis began, a further sign that the sector is on the mend, but consumer confidence fell to its lowest level in more than a year in the wake of higher taxes for many Americans.


(Reporting by Rodrigo Campos; Editing by Nick Zieminski)



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Scientists find genetic clue to severe flu among Chinese






LONDON (Reuters) – British and Chinese scientists have found a genetic variant which explains why Chinese populations may be more vulnerable to the H1N1 virus, commonly known as swine flu.


The discovery of the variant could help doctors find those people at high risk of severe flu and prioritize them for treatment, researchers said.






It may also help explain why new strains of flu virus often emerge first in Asia, where the variant known as rs12252-C is more common in the population than elsewhere, they said.


“Understanding why some people may be worse affected than others is crucial in improving our ability to manage flu epidemics and to prevent people dying from the virus,” said Tao Dong at Britain’s Oxford University, who led the study.


The research, published in the journal Nature Communications on Tuesday, found that having the rs12252-C variant could increase the chances of severe infection by six times.


H1N1 swine flu swept around the world in 2009 and 2010. A study published last week estimated at least one in five people worldwide were infected and around 200,000 killed in the first year of the outbreak, which was declared a pandemic by the World Health Organisation in June 2009.


Previous research has found that rs12252-C is linked to more severe flu infections.


For this study, researchers focused on the variant because it is 100 times more common in Han Chinese, the predominant ethnic group in China, than in Caucasian populations indigenous to West Asia and Europe. The variant is present in the genetic make-up of about 1 in 3,000 people in Caucasian populations.


The results showed it was present in 69 percent of Chinese patients with severe pandemic H1N1 in 2009 compared with 25 percent who only had a mild version of the infection.


Andrew McMichael of Oxford’s human immunology unit said further studies are now needed to look in more detail at the gene variant’s effect on flu severity in different populations.


“It remains to be seen how this gene affects the whole picture of influenza in China and South East Asia but it might help explain why new influenza viruses often first appear in this region of the world,” he said in a statement.


(Reporting by Kate Kelland; Editing by Tom Pfeiffer)


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S&P 500 slips after rally, but Apple lifts Nasdaq

NEW YORK (Reuters) - The S&P 500 edged lower on Monday as a four-week rally stalled, while a rebound in Apple shares helped buoy the Nasdaq.


Caterpillar shares helped cap losses in the Dow industrials even as the company posted a 55 percent drop in quarterly profit due to a charge connected with accounting fraud at a Chinese subsidiary and weak demand among its dealers. Caterpillar's shares, down 2.2 percent in the past three sessions, rose 1.5 percent Monday to $96.97.


The S&P 500 is coming off a streak of eight sessions of gains, the longest in eight years. On Friday, the major U.S. stock indexes closed a fourth straight week of gains with the S&P 500 ending the session above 1,500 for the first time in more than five years.


The rally has left the market vulnerable to a short-term pullback of up to 3 percent in the S&P 500 as bullish sentiment continues to rise, according to Richard Ross, Auerbach Grayson's global technical strategist.


"Still," Ross said, "we have a lot of momentum and nice seasonality, and technicals support the long-term bull market."


Data on Monday pointed to growing economic momentum as companies sensed improved consumer demand.


Thomson Reuters data showed that of the 150 companies in the S&P 500 that have reported earnings so far, 67.3 percent have beaten analysts' expectations, which is a higher proportion than over the past four quarters and above the average since 1994.


The Dow Jones industrial average <.dji> fell 9.02 points or 0.06 percent, to 13,886.96, the S&P 500 <.spx> lost 1.5 points or 0.1 percent, to 1,501.46 and the Nasdaq Composite <.ixic> added 8.46 points or 0.27 percent, to 3,158.17.


Bargain hunters lifted Apple after the tech giant's stock dropped 14.4 percent in the previous two sessions. With Apple's stock up 2.4 percent at $450.29, the iPad and iPhone maker regained the title as the largest U.S. company by market capitalization as Exxon Mobil fell 0.9 percent to $90.94 and slipped back to second place.


"I think there is more downside in Apple if you did get a broad market pullback," Auerbach Grayson's Ross said.


"I'd be patient unless you're a trader. It might not be the most attractive entry point."


U.S. durable goods orders jumped 4.6 percent in December, a pace that far outstripped expectations for a rise of 1.8 percent. Pending home sales unexpectedly dropped 4.3 percent. Analysts were looking for an increase of 0.3 percent.


Equities have also gained support from a recent agreement in Washington to extend the government's borrowing power. On Monday, Fitch Ratings said that agreement removed the near-term risk to the country's 'AAA' rating.


Hess Corp shares shot up 5.3 percent to $62.02 after the company said it would exit its refining business, freeing up to $1 billion of capital. Separately, hedge fund Elliott Associates is looking for approval to buy about $800 million more in Hess stock.


Keryx Biopharmaceuticals Inc said a late-stage trial of its experimental kidney disease drug met the main study goal, and its shares soared 67 percent to $5.75.


(Editing by Jan Paschal and Nick Zieminski)



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Antarctic Drilling Team Nabs 1st Samples of Buried Lake






As a sterilized video camera dropped through a borehole in the ice, U.S. scientists camped at Lake Whillans in Antarctica became the first to see the bottom of a lake trapped underneath the glacial ice for thousands of years.


On Monday, the team pulled mud and water from the lake floor, 2,625 feet (800 meters) below the surface of the ice, marking the Whillans Ice Stream Subglacial Access Research Drilling (WISSARD) mission a success, the researchers said on the project’s blog.






“This effort marks the first successful retrieval of clean whole samples from an Antarctic subglacial lake,” the researchers said on the WISSARD site.


Drilling operations at Lake Whillans began on Jan. 21, after tractors pulled equipment, generators and 500,000 pounds (227,000 kilograms) of fuel to the drilling site, and the science team flew in from McMurdo Station on the Antarctic coast. [See Photos of Subglacial Lake Whillans Drilling Site]


Water and sediment samples returned to the surface will be examined for microbes and other signs of life; clues to past climate; and interactions between under-ice water and the overlying ice sheet. Some of the samples will be tested on-site, in a lab set up in a shipping container, and some will be sent back to the United States for further study.


The first traces of mud brought up from the lake floor yielded diatom fossils, microscopic marine life eroded from rocks in West Antarctica, Discover reported.


The U.S. effort was one of three attempts to drill into one of Antarctica’s buried lakes during the southern summer. The others are at Lake Ellsworth and Lake Vostok. Lake Whillans was closest to the surface of the three lakes by more than a mile (2 kilometers). Also, unlike the deeper pair, which may have been isolated for millions of years, Lake Whillans regularly fills and drains with water from subglacial streams.


A British-led team called off their attempt to drill into buried Lake Ellsworth on Christmas Eve due to technical problems with their hot-water drill. On Jan. 14, Russian scientists said they retrieved water samples from Lake Vostok, buried beneath more than 2 miles (3 km) of Antarctic ice. The Russian search for extreme life in Vostok has so far returned only drilling mud contaminants, but results from this year’s work have not yet been released.


Reach Becky Oskin at [email protected]. Follow her on Twitter @beckyoskin. Follow OurAmazingPlanet on Twitter @OAPlanet. We’re also on Facebook and Google+.


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