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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Tiger headed toward another win at Torrey

SAN DIEGO (AP) — The Pacific air was so cold at the end of a 10-hour day at Torrey Pines that Tiger Woods thrust both hands in the front pockets of his rain pants as he walked off the course at the Farmers Insurance Open.

It was a fitting image. Woods made a marathon day look like he was out for a stroll.

Staked to a two-shot lead going into the third round of this fog-delayed tournament, Woods drove the ball where he was aiming and was hardly ever out of position. Even with a bogey on the final hole — the easiest on the back nine — Woods still had a 3-under 69 and expanded his lead by two shots.

In the seven holes he played in the fourth round later Sunday afternoon, Woods hit the ball all over the course and still made three birdies to add two more strokes to his lead.

Thanks to the fog that wiped out an entire day of golf on Saturday, the Farmers Insurance Open didn't stand a chance of finishing on Sunday.

Woods just made it look like it was over.

He had a six-shot lead with 11 holes to play going into the conclusion of the final round on Monday. The two guys chasing him were Brandt Snedeker, the defending champion, and Nick Watney, who won at Torrey Pines in 2008. Neither was waving a white flag. Both understood how much the odds were stacked against them.

"I've got a guy at the top of the leaderboard that doesn't like giving up leads," Snedeker said. "So I have to go catch him."

"All we can do tomorrow is go out and try to make him think about it a little bit and see what happens," Watney said.

And then there was Erik Compton, a two-time heart transplant recipient who had a birdie-eagle finish in the third round that put him in third place through 54 holes, still five shots behind Woods. Someone asked Compton about trying to chase Woods. He laughed.

"I'm trying to chase myself," he said.

Woods was at 17-under par for the tournament, and more than just a six-shot lead was in his corner.

He finished the third round at 14-under 202, making it the 16th time on the PGA Tour that he had at least a four-shot lead going into the final round. His record on the PGA Tour with the outright lead after 54 holes is 38-2, the exceptions being Ed Fiori in 1996 when Woods was a 20-year-old rookie and Y.E. Yang in the 2009 PGA Championship.

Woods attributed his big lead to the "whole package."

"I've driven the ball well, I've hit my irons well, and I've chipped and putted well," he said. "Well, I've hit good putts. They all haven't gone in."

Woods has a good history of Monday finishes, starting with Torrey Pines. It was on this course along the coast north of La Jolla that Woods won a 19-hole playoff against Rocco Mediate to capture the 2008 U.S. Open for his 14th major.

He also won the Pebble Beach National Pro-Am on a Monday in 2000 when he rallied from seven shots behind with seven holes to play. He won his lone title in The Players Championship on a Monday, along with a five-shot win in the Memorial in 2000, and a scheduled Monday finish in the Deutsche Bank Championship outside Boston.

Woods even gets to sleep in.

A Monday finish because of weather typically resumes in the morning so players can get to the next tournament. CBS Sports, however, decided it wanted to televise the conclusion, and so play won't begin until 2 p.m. EST. That decision might have been based on Woods being headed toward victory — just a hunch.

Woods already has won seven times at Torrey Pines, including the U.S. Open. That matches his PGA Tour record at Bay Hill and Firestone (Sam Snead won the Greensboro Open eight times, four each on a different course).

The tournament isn't over, and Woods doesn't see it that way.

"I've got to continue with executing my game plan. That's the idea," he said. "I've got 11 holes to play, and I've got to play them well."

He seized control with his 69 in the third round that gave him a four-shot lead, and he might have put this away in the two hours he played before darkness stopped play.

He badly missed the first fairway to the left, but had a gap through the Torrey pines to the green and had a two-putt par. He missed his next shot so far to the left that the ball wound up in the first cut of the adjacent sixth fairway. He still managed a simple up-and-down for par.

After a 10-foot birdie on the par-3 third, Woods couldn't afford to go left off the tee again because of the PGA Tour's largest water hazard — the Pacific Ocean. So he went miles right, beyond a cart path, a tree blocking his way to the green. He hit a cut shot that came up safely short of the green, and then chipped in from 40 feet for birdie.

"I was able to play those holes in 2-under par," Woods said. "And then I hit three great drives right in a row."

One of them wasn't that great — it was in the right rough, the ball so buried that from 214 yards that Woods hit a 5-wood. It scooted down the fairway and onto the green, setting up a two-putt birdie the stretched his lead to six shots. And after another good drive, the horn sounded to stop play. Because it was due to weather, Woods was able to finish the hole, and he two-putted for par.

Eleven holes on Monday were all that were keeping him from his 75th career win on the PGA Tour, and delivering a message to the rest of golf that there could be more of this to follow no matter what the golf course.

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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+.

Copyright 2013 OurAmazingPlanet, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Why haven't we learned from fires?

STORY HIGHLIGHTS

• Pyrotechnics, overcrowding, poor exits have contributed to tragic fires in recent years


• You would think the world would have learned from past incidents, John Barylick says


• Concertgoers have to be their own fire marshals, he says

Editor's note: John Barylick, author of "Killer Show," a book on the 2003 Station nightclub fire in Rhode Island, is an attorney who represented victims in wrongful death and personal injury cases arising from the fire.

(CNN) -- Sunday morning we awoke to breaking news of another tragic nightclub fire, this time in Brazil. At last report the death toll exceeded 230.

This tragedy is not without precedent. Next month will mark the 10th anniversary of a similar nightclub fire in Rhode Island. At this sad time, it's appropriate to reflect on what we've learned from club fires -- and what we haven't.

Rhode Island's Station nightclub fire of 2003, in which 100 concertgoers lost their lives, began when fireworks set off by Great White, an 80s heavy metal band, ignited flammable packing foam on the club's walls.

Deadly blazes: Nightclub tragedies in recent history

John Barylick

Panicked patrons stampeded toward the club's main exit, and a fatal pileup ensued. Contributing to the tragedy were illegal use of pyrotechnics, overcrowding and a wall covering that would have failed even the most rudimentary flammability tests.

Video images of the Station fire were broadcast worldwide: A concert begins; the crowd's mood changes from merry, to curious, to concerned, to horrified -- in less than a minute. You'd think the world would have learned from it. You would be wrong.

The following year, the Republica Cromanon nightclub in Argentina went up in flames, killing 194 people. The club was made to hold about 1,000 people, but it was estimated that more than 3,000 fans were packed inside the night of the fire, which began when fans began lighting flares that caught the roof on fire.

Echoes of the past: Rhode Island victims 'can't help but watch'

Then, in January 2009, at least 64 New Year's revelers lost their lives in a nightclub in Bangkok, Thailand, after fire ignited its ceiling. Many were crushed in a rush to get out of the club. In December of that same year, a fire in a Russian nightclub, ignited by pyrotechnics, killed 156 people. Overcrowding, poor exits, and indoor fireworks all played roles in these tragedies; yet no one bothered to learn from mistakes of the past.

While responsibility for concert disasters unquestionably lies with venue operators, performers and promoters, ultimately, we, as patrons of clubs and concerts, can enhance our own safety by taking a few simple steps. The National Fire Protection Association urges concertgoers to:

• Be observant. Is the concert venue rundown or well-maintained? Does the staff look well-trained?

• As you proceed to your seat, observe how long the process takes. Could you reverse it in a hurry? Do you pass through pinch points? Is furniture in the way?

• Once seated, take note of the nearest exit. (In an emergency, most people try to exit by the door they entered, which is usually not the closest, and is always overcrowded.) Then, share the location of that nearest exit with your entire party. Agree that at the first sign of trouble, you will all proceed to it without delay.

• Once the show begins, remain vigilant. If you think there's a problem, LEAVE IMMEDIATELY. Do not stay to "get your money's worth" despite concerns about safety. Do not remain to locate that jacket or bag you placed somewhere. No concert is worth your life. Better to read about an incident the next day than be counted as one of its statistics.

Read more: How to protect yourself in a crowd

To be sure, all fire codes must be vigorously enforced, and club and concert hall operators must be held to the highest standards. A first step is banning indoor pyrotechnics in all but the largest, stadium-type venues.

But, ultimately, we are our own best "fire marshals" when it comes to avoiding, and escaping, dangerous situations. We can still enjoy shows. But it is up to us to look out for our own safety.

In coming days, Rhode Islanders will follow the unfolding news from Brazil with a sense of queasy deja vu -- the rising body counts, the victim identification process, the grieving families, and the assigning (and dodging) of blame. If only they had learned from our tragedy.

The opinions expressed in this commentary are solely those of John Barylick.

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CO leak suspected in 2 deaths: 'They were very good people'

The first sign of trouble came around 3 a.m. Sunday when Shabbir Ahmed's sister-in-law woke up feeling ill.

"It started from there," Ahmed said. "She was feeling dizzy."

Four hours later his 77-year-old mother, Rasheeda Akhter, was so ill she could not get out of bed. "They took her to Swedish Covenant Hospital but before she got there, she died," Ahmed said.

An hour later, relatives tried to wake his 18-year-old niece Zanib Ahmed. "She couldn't wake up," Ahmed said.  She was rushed by ambulance to the same hospital where "they tried their best to save her life but she did not come back."

Ahmed's brother then gathered five children ranging in age from 5 to 12 and took them to a hospital for observation. "We figured out something was wrong," said Ahmed, 49. "They were OK, they were eating and playing around."

Autopsies for Akhter and her granddaughter are scheduled for today, but officials suspect they were overcome by carbon monoxide.

Fire officials and workers from Peoples Gas have determined there was a leak in the exhaust system of the boiler in the basement of the four-flat in the 2500 block of West North Shore Avenue. Fire Department spokesman Larry Langford said officials believe people in the building had been exposed to low levels of carbon monoxide over a long period of time.

When fire officials first responded to the address, they checked the carbon monoxide levels and found no indication of a leak in the building, according to Fire Department spokeswoman Meg Ahlheim said.

When paramedics were called back to the scene, they checked again and still found no evidence of a leak, Ahlheim said. A carbon monoxide detector in a room near the boiler had not gone off, according to Langford, but high levels were found in the boiler room.

Langford said the building had no other working carbon monoxide detectors, though there were smoke detectors. City code requires carbon monoxide detectors on every floor where there are bedrooms, Langford said.

Ahmed said no work was done recently on the boiler. "It was the same boiler we had, it was working perfectly, then all of a sudden like a car, cars break down," he said.

The four-flat building is owned by his family and was purchased by his father more than 20 years ago. He said relatives live in each of the units.  "We owned the whole building, nobody else was living there."

Ahmed said his parents came to the United States from Pakistan. His father died about two years ago from a heart condition. He said his mother had three sons and a daughter and 11 grandchildren.

He called his mother a "beautiful person." He said the grandchildren would call her "Dadyji," which is Urdu for grandmother. He said most of the grandchildren lived in the building and she was a constant presence in their lives.

"All of the kids loved her and played with her all of the time, they are going to miss her very badly," Ahmed said.

He said his niece was a senior at St. Scholastica Academy High School and was scheduled to graduate this year. She was considering going to Northwestern University, where she wanted to go into premed.

"She had planned to go to medical school, she always talked about being a surgeon," Ahmed said.

She was the oldest of three children, and leaves behind a sister and brother, Ahmed said. "They were very close."

Another relatives said the family "is going through a tough time, they were very good people."

asege@tribune.com

chicagobreaking@tribune.com

Twitter: @AdamSege

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Violence flares in Egypt after emergency law imposed

CAIRO (Reuters) - A man was shot dead on Monday in a fifth day of violence that has killed 50 Egyptians and prompted the Islamist president to declare a state of emergency in an attempt to end a wave of unrest sweeping the biggest Arab nation.

Emergency rule announced by President Mohamed Mursi on Sunday covers the cities of Port Said, Ismailia and Suez. The army has already been deployed in two of those cities and ministers agreed a measure to let soldiers arrest civilians.

A cabinet source told Reuters any trials would be in civilian courts, but the step is likely to anger protesters who accuse Mursi of using high-handed tactics of the kind they fought against to oust his military predecessor Hosni Mubarak.

Egypt's politics have become deeply polarized since those heady days two years ago, when protesters were making the running in the Arab Spring revolutions that sent shockwaves through the region and Islamists and liberals lined up together.

Although Islamists have won parliamentary and presidential elections, the disparate opposition has since united against Mursi. Late last year he moved to expand his powers and pushed a constitution with a perceived Islamist bias through a referendum. The moves were punctuated by street violence.

Mursi's national dialogue meeting on Monday to help end the crisis was spurned by his main opponents.

They say Mursi hijacked the revolution, listens only to his Islamist allies and broke a promise to be a president for all Egyptians. Islamists say their rivals want to overthrow by undemocratic means Egypt's first freely elected leader.

Thousands of anti-Mursi protesters were out on the streets again in Cairo and elsewhere on Monday, the second anniversary of one of the bloodiest days in the revolution which erupted on January 25, 2011 and ended Mubarak's iron rule 18 days later.

"The people want to bring down the regime," they chanted Alexandria. "Leave means go, and don't say no!" they shouted.

VOLLEYS OF TEARGAS

Propelled to the presidency in a June election by the Muslim Brotherhood, Mursi has lurched through a series of political crises and violent demonstrations, complicating his task of shoring up the economy and of preparing for a parliamentary election to cement the new democracy in a few months.

Instability in Egypt has raised concerns in Western capitals, where officials worry about the direction of a key regional player that has a peace deal with Israel.

In Cairo on Monday, police fired volleys of teargas at stone-throwing protesters near Tahrir Square, cauldron of the anti-Mubarak uprising. A car was torched on a nearby bridge.

A 46-year-old bystander was killed by a gunshot early on Monday, a security source said. It was not clear who fired.

"We want to bring down the regime and end the state that is run by the Muslim Brotherhood," said Ibrahim Eissa, a 26-year-old cook, protecting his face from teargas wafting towards him.

The political unrest has been exacerbated by street violence linked to death penalties imposed on soccer supporters convicted of involvement in stadium rioting in Port Said a year ago.

As part of emergency measures, a daily curfew will be imposed on the three canal cities from 9 p.m. (1900 GMT) to 6 a.m. (0400 GMT). Residents have said they will defy it.

The president announced the measures on television on Sunday: "The protection of the nation is the responsibility of everyone. We will confront any threat to its security with force and firmness within the remit of the law," Mursi said, angering many of his opponents when he wagged his finger at the camera.

He offered condolences to families of victims. But his invitation to Islamist allies and their opponents to hold a national dialogue was spurned by the main opposition National Salvation Front coalition. Those who accepted were mostly Mursi's supporters or sympathizers.

SENDING A MESSAGE

The Front rejected the offer as "cosmetic and not substantive" and set conditions for any future meeting that have not been met in the past, such as forming a government of national unity. They also demanded that Mursi declare himself responsible for the bloodshed.

"We will send a message to the Egyptian people and the president of the republic about what we think are the essentials for dialogue. If he agrees to them, we are ready for dialogue," opposition politician Mohamed ElBaradei told a news conference.

The opposition Front has distanced itself from the latest flare-ups but said Mursi should have acted far sooner to impose security measures that would have ended the violence.

"Of course we feel the president is missing the real problem on the ground, which is his own policies," Front spokesman Khaled Dawoud said after Mursi made his declaration.

Other activists said Mursi's measures to try to impose control on the turbulent streets could backfire.

"Martial law, state of emergency and army arrests of civilians are not a solution to the crisis," said Ahmed Maher of the April 6 movement that helped galvanize the 2011 uprising. "All this will do is further provoke the youth. The solution has to be a political one that addresses the roots of the problem."

Rights activists said Mursi's declaration was a backward step for Egypt, which was under emergency law for Mubarak's entire 30-year rule. His police used the sweeping arrest provisions to muzzle dissent and round up opponents, including members of the Brotherhood and even Mursi himself.

Heba Morayef of Human Rights Watch in Cairo said the police, still hated by many Egyptians for their heavy-handed tactics under Mubarak, would once again have the right to arrest people "purely because they look suspicious", undermining efforts to create a more efficient and respected police force.

"It is a classic knee-jerk reaction to think the emergency law will help bring security," she said. "It gives so much discretion to the Ministry of Interior that it ends up causing more abuse, which in turn causes more anger."

(Additional reporting by Yasmine Saleh in Cairo, Yusri Mohamed in Ismailia and Abdelrahman Youssef in Alexandria; Editing by Giles Elgood, Peter Millership and Alastair Macdonald)

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

NEW YORK (Reuters) - U.S. 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> is up 5.4 percent this year and 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 just 2 percent away from all-time highs reached in October 2007. The Dow ended on Friday at 13,895.98, its highest close since October 31, 2007.

The S&P 500 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, a 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's 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 are no 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> led 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 United States and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, a 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. Last week, the S&P 500 held steady on Thursday despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The giant tech company is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx>. In the past, Apple's drop has suffocated stocks' broader gains.

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 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 suggest the rally has perhaps come too far.

THE FED AND JOBS ON THE AGENDA

The Federal Reserve's policymakers will meet this week for the first time this year. The Federal Open Market Committee's meeting will start on Tuesday and end on Wednesday. Most economists polled in late January expect the Fed's ultra-loose monetary policy to stay in place well into next year despite the modest growth forecast for the U.S. economy.

The market's resilience could be tested this week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are forecast to have been added in the month, a Reuters poll showed. The U.S. unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama, said in reference to the S&P 500. "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 this 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 price-to-earnings ratio sits at 15.66, 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 past week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Wall Street Week Ahead runs every Sunday. Questions or comments on this one can be sent to ryan.vlastelica(at)thomsonreuters.com)

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

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Djokovic completes Australian Open hat trick

MELBOURNE, Australia (AP) — No shirt ripping or bare-chested flexing this time.

Novak Djokovic completed his work before midnight, defeating Andy Murray in four sets for his third consecutive Australian Open title and fourth overall.

It was also the second time in three years Djokovic had beaten his longtime friend in this final. So the celebration was muted: a small victory shuffle, raised arms, a kiss for the trophy. No grand histrionics, although that's not to say the moment was lost on him.

"Winning it three in a row, it's incredible," Djokovic said after his 6-7 (2), 7-6 (3), 6-3, 6-2 victory Sunday night. "It's very thrilling. I'm full of joy right now. It's going to give me a lot of confidence for the rest of the season, that's for sure."

Nine other men had won consecutive Australian titles in the Open era, but none three straight years. One of them was Andre Agassi, who presented Djokovic with the trophy.

A year ago, Djokovic began his season with an epic 5-hour, 53-minute five-set win over Rafael Nadal at the Australian Open, the longest Grand Slam final. He tore off his shirt to celebrate, the TV replays repeated constantly at this tournament.

He mimicked that celebration after coming back to beat Stanislas Wawrinka in five hours in a surprisingly tough fourth-round victory this time.

Since then, he's looked every bit the No. 1 player. He said he played "perfectly" in his 89-minute win over fourth-seeded David Ferrer in the semifinals Thursday night. Murray struggled to beat 17-time major winner Roger Federer in five sets in the semifinals Friday night, and still had the bad blisters on his feet to show for it in the final.

In a final that had the makings of a classic when two of the best returners in tennis were unable to get a break of serve in the first two sets that lasted 2:13, the difference may have hinged on something as light as a feather.

Preparing for a second serve at 2-2 in the second set tiebreaker, Murray was rocking back about to toss the ball when he stopped, paused and then walked onto the court and tried to grab a small white feather that was floating in his view. He went back to the baseline, bounced the ball another eight times and served too long.

After being called for a double-fault, Murray knocked the ball away in anger and flung his arm down. He didn't get close for the rest of the tiebreaker and was the first to drop serve in the match — in the eighth game of the third set. Djokovic broke him twice in the fourth set, which by then had turned into an easy march to victory.

"It was strange," said Djokovic, adding that it swung the momentum his way. "It obviously did. ... He made a crucial double-fault."

Murray didn't blame his loss on the one distraction.

"I mean, I could have served. It just caught my eye before I served. I thought it was a good idea to move it," he said. "Maybe it wasn't because I obviously double-faulted.

"You know, at this level it can come down to just a few points here or there. My biggest chance was at the beginning of the second set — didn't quite get it. When Novak had his chance at the end of the third, he got his."

Djokovic had five break-point chances in the opening set, including four after having Murray at 0-40 in the seventh game, but wasn't able to convert any of them.

Then he surrendered the tiebreaker with six unforced errors. Murray appeared to be the stronger of the two at the time. He'd beaten Djokovic in their last Grand Slam encounter, the U.S. Open final, and had the Serb so off balance at times in the first set that he slipped to the court and took skin off his knee.

Murray held serve to open the second set and had three break points at 0-40 in the second game, but Djokovic dug himself out of trouble and held.

"After that I felt just mentally a little bit lighter and more confident on the court than I've done in the first hour or so," Djokovic said. "I was serving better against him today in the first two sets than I've done in any of the match in the last two years."

Djokovic said he loves playing at Rod Laver Arena, where he won his first major title in 2008. He now has six Grand Slam titles altogether. Federer has won four of his 17 majors at Melbourne Park, and Agassi is the only other player to have won that many in Australia since 1968.

Djokovic was just finding his way at the top level when Agassi retired in 2006, but he had watched enough of the eight-time major winner to appreciate his impact.

"He's I think one of the players that changed the game — not just the game itself, but also the way the people see it," Djokovic said. "So it was obviously a big pleasure and honor for me to receive the trophy from him."

Agassi was among the VIPs in the crowd, along with actor Kevin Spacey and Victoria Azarenka, who won the women's final in three sets against Li Na the previous night.

Murray broke the 76-year drought for British men at the majors when he won the U.S. Open last year and said he'll leave Melbourne slightly more upbeat than he has after defeats here in previous years.

"The last few months have been the best tennis of my life. I mean, I made Wimbledon final, won the Olympics, won the U.S. Open. You know, I was close here as well," he said. "No one's ever won a slam (immediately) after winning their first one. It's not the easiest thing to do. And I got extremely close.

"So, you know, I have to try and look at the positives of the last few months, and I think I'm going the right direction."

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Freezing rain bringing 'very slippery, tricky driving conditions'

Weather on the 1s

Staff report

12:01 p.m. CST, January 27, 2013

The National Weather Service has issued a freezing rain advisory for northeast Illinois that warns of an ice storm that is expected to last until 9 p.m. this evening.

According to the agency, the region will be hit with freezing rain, possibly mixed with sleet, that will turn to rain as the temperatures rise above freezing in later afternoon or early evening. The agency warns of ice accumulation, up to a tenth-of-an-inch or two, making travel hazardous and possibly leading to downed tree limbs and power lines.

Because the ground is below freezing, the precipitation will freeze on contact, the agency said, leaving sidewalks as well as streets with that potentially dangerous coating of ice.

The state’s transportation agency has 360 trucks in the northeastern part of Illinois ready to salt roads as soon as precipitation hits the area, said Mike Claffey, a spokesman for the Illinois Department of Transportation.

IDOT will be monitoring weather conditions, but roads will likely be slick this afternoon when the ice storm arrives, Claffey said. He also cautioned drivers to stay off the roads.

"It’s going to be very slippery, tricky driving conditions," Claffey said. "If you don't have to be out, you should not be."

Jennifer Delgado contributed.

chicagobreaking@tribune.com

Twitter: @ChicagoBreaking

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Nightclub fire kills at least 232 in Brazil

SANTA MARIA, Brazil (Reuters) - A fire in a nightclub killed at least 232 people in southern Brazil on Sunday when a band's pyrotechnics show set the building ablaze and fleeing partygoers stampeded toward blocked and overcrowded exits in the ensuing panic, officials said.

The blaze in the university town of Santa Maria was started by a band member or someone from its production team igniting a flare, which then set fire to the ceiling, said Luiza Sousa, a civil police official. The fire spread "in seconds," she said.

Local fire officials said at least one exit was locked and that bouncers, who at first thought those fleeing were trying to skip out on bar tabs, initially blocked patrons from leaving. The security staff relented only when they saw flames engulfing the ceiling.

The vast majority of the victims, most of them university students, died from asphyxiation, officials said. Others were crushed in the stampede.

"We ran into a barrier of the dead at the building's exit," Colonel Guido Pedroso de Melo, commander of the Santa Maria fire squad, said of the scene firefighters found on arrival. "We had to clear a path to get to the rest of those that were inside."

An estimated 500 people were in the Boate Kiss nightclub when the fire broke out at around 2:30 a.m., police said. Witnesses said the club, which has a 2,000-person capacity, was always busy on weekends but wasn't any more crowded than usual.

The death tally was lowered slightly, with police saying at midafternoon that 232 people had been killed, down from an initial figure of 245.

When the fire began, many revelers were unable to find their way out amid the chaos, confusing restroom doors for exits and finding resistance from bouncers when they did find an exit door.

"It all happened so fast," survivor Taynne Vendrusculo told GloboNews TV. "Both the panic and the fire spread rapidly, in seconds."

Once security guards realized the building was on fire, they tried in vain to control the blaze with a fire extinguisher, according to a televised interview with one of the guards, Rodrigo Moura. He said patrons were getting trampled as they rushed for the doors, describing it as "a horror film."

Television footage showed people sobbing outside the club before dawn, while shirtless firefighters used sledge hammers and axes to knock down an exterior wall to open up an exit.

SAFETY STANDARDS IN SPOTLIGHT

Rescue officials moved the bodies to a local gymnasium, where the deceased were segregated by gender. Male victims were easier to identify, they said, because most of them, unlike the women, whose purses were left scattered in the devastated nightclub, had identification on them.

One of the club's owners had already surrendered to police for questioning, GloboNews reported.

President Dilma Rousseff, who started her political career in the Rio Grande do Sul state where the fire happened, cut short a visit to Chile to return to visit the scene. Before leaving Chile, she broke out in tears as she pledged government help for the victims and their families.

"We are trying to mobilize all possible resources to help in the rescue efforts," Rousseff said. "All I can say at the moment is that my feelings are of deep sorrow."

The disaster recalls other incidents including a 2003 fire at a nightclub in West Warwick, Rhode Island, that killed 100, and a Buenos Aires nightclub blaze in 2004 that killed nearly 200. In both incidents, a band or members of the audience ignited fires that set the establishment ablaze.

Brazil's safety standards and emergency response capabilities are under particular scrutiny as it prepares to host the 2014 World Cup soccer tournament and the 2016 Olympics.

Santa Maria, with a population of more than 275,000, is about 186 miles west of the state capital of Porto Alegre.

Rio Grande do Sul state's health secretary, Ciro Simoni, said emergency medical supplies from all over the state were being sent to the scene.

(Additional reporting by Guillermo Parra-Bernal, Gustavo Bonato, Jeferson Ribeiro, Eduardo Simões and Brian Winter; Writing by Paulo Prada; Editing by Todd Benson, Kieran Murray and Eric Beech)

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