Monkeys in Space: A Brief Spaceflight History

If Iran has indeed launched a monkey to space, the nation is following a path similar to that taken by the United States in the early days of its space program.

Iran announced today (Jan. 28) that it had successfully launched a live monkey on a spaceflight and recovered the animal alive after landing. The move is a prelude to sending humans into space, which the Islamic Republic hopes to do by 2020, Iranian Space Agency officials said.

Iran and the United States don’t see eye-to-eye on many issues, but both have viewed monkeys as good astronaut test subjects over the years. The U.S. was the first country ever to launch a primate, sending a rhesus monkey named Albert to a sub-space altitude of 39 miles (63 kilometers) aboard a V2 rocket in June 1948.

Very little was known about the physiological effects of spaceflight back in those days, with some scientists postulating that astronauts’ cardiovascular systems would fail in the microgravity environment, causing near-instant death. So researchers wanted to blast some relatively large animals into space to see how they fared. [Giant Leaps: Top Milestones of Human Spaceflight]

Albert died of suffocation during his flight, and a number of his simian brethren also sacrificed their lives to the cause in the ensuing years.

Another rhesus monkey named Albert II, for example, became the first primate to reach space, achieving an altitude of 83 miles (134 km) aboard another V2 in June 1949. He survived the launch but died after a parachute failure caused his capsule to slam hard into the ground.

Alberts III and IV died during their missions in late 1949, and Albert V was victimized by another parachute failure in 1951. Albert VI, also known as Yorick, survived his 1951 flight, though it topped out at an altitude of just 45 miles (72 km) — significantly below the generally accepted 62-mile (100 km) boundary demarcating outer space.

Yorick died several hours after landing, possibly from heat stress suffered as he sat inside his cramped capsule in the New Mexico sun, waiting for the recovery crew.

The United States recorded a milestone in May 1959, finally recovering two primates alive after a spaceflight. A rhesus monkey named Able and a squirrel monkey named Baker reached an altitude of 300 miles (483 km) aboard a Jupiter rocket and were retrieved unharmed. (Sadly, Able died several days later during an operation to remove an electrode from under her skin.)

As the American human spaceflight program began to build momentum, the nation started experimenting with chimpanzees, which are larger and more closely related to humans than are rhesus, squirrel or other monkeys.

The U.S. launched a chimp named Ham on a suborbital spaceflight on Jan. 31, 1961. Ham reached an altitude of 157 miles (253 km) during a 16.5-minute flight and was recovered unharmed, though a bit dehydrated. With this success in hand, Alan Shepard successfully blasted off on his suborbital flight on May 5, 1961, becoming the first American — and second human, after the Soviet Union’s Yuri Gagarin — ever to reach space.

A chimp named Enos orbited the Earth on Nov. 29, 1961, paving the way for John Glenn’s historic orbital flight of Feb. 20, 1962. (Again, the U.S. was slightly late to the party: Gagarin orbited our planet on his flight of April 12, 1961.)

After it became established that humans could indeed survive the rigors of spaceflight, monkeys and apes faded into the background. The U.S. continued to launch animals for scientific experiments but increasingly concentrated on smaller creatures such as mice and insects, which are easier to care for and take up much less space (although two squirrel monkeys did ride on the space shuttle Challenger’s STS-51-B mission in April-May 1985.)

The United States’ space race rival, the Soviet Union, primarily used dogs in the run-up to its first human launches, thinking that canines would prove to be less fidgety in flight than monkeys.

The Soviets launched their first dogs to space in 1951. The nation famously succeeded in lofting the first animal — a dog called Laika (“Barker”) — to orbit aboard the Sputnik 2 spacecraft in November 1957. (Laika died during the flight.)

Despite its canine focus, the Soviet Union and its successor state, Russia did launch a number of rhesus monkeys to space in the 1980s and 1990s, as part of a program called Bion. France also blasted two pig-tailed macaque monkeys to suborbital space in 1967.

Iran’s recent launch was not its first attempt to send a monkey into space. A previous orbital effort in 2011 failed.

Follow SPACE.com senior writer Mike Wall on Twitter @michaeldwall or SPACE.com @Spacedotcom. We’re also on Facebook and 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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Fed waits for job market to perk up

LONDON (Reuters) - The Federal Reserve's ultra-loose monetary policy is a root cause of the "currency wars" that some see as a looming threat to the world economy, but don't expect the U.S. central bank to signal a shift back to normal any time soon.

The Fed, whose policy-setting Federal Open Market Committee concludes a two-day meeting on Wednesday, said just last month that it expects to keep short-term interest rates exceptionally low until the U.S. unemployment rate falls to 6.5 percent, inflation permitting.

That goal is still distant. Figures on Friday are likely to show that the jobless rate was unchanged in January at 7.8 percent, while the economy created 155,000 jobs, the same as in December, according to economists polled by Reuters.

So it would be a huge surprise if the Fed were to do anything other than reaffirm last month's decision to anchor short-term interest rates in a range of zero to 0.25 percent and to keep buying $85 billion of bonds each month to hold down long-term rates.

The only question mark is whether the FOMC vote will be unanimous now that Richmond Fed President Jeffrey Lacker, who opposes the current round of bond-buying, has rotated off the panel, said Harm Bandholz, an economist with UniCredit Bank in New York.

Most economists polled by Reuters expect the Fed to keep its open-ended bond-buying program in place well into next year, even though the economic news flow and market confidence are improving markedly.

True, Wednesday's preliminary report on fourth-quarter GDP is likely to show that growth slowed to an annualized rate of 1.2 percent from 3.1 percent in the July-September period.

And the current quarter will also be soft as the expiry of a 2 percent payroll tax cut is dampening consumer spending.

But then Bandholz expects an average growth rate of 2.8 percent over the rest of the year. That would be the strongest three-quarter period of the recovery so far, he said.

"The outlook has improved a lot in the U.S. I've been on the cautious side for the last three years, but this time I'm a bit more bullish," he said.

THE FED BIDES ITS TIME

The recovery in housing would add at least half a percentage point to GDP growth in 2013, while capital spending was likely to revive now that uncertainty over budget talks in Washington had been largely allayed, Bandholz said.

"There's a lot of pent-up demand in the system. I don't think all these investments have been abandoned; they've just been postponed," he said.

At some point, investors' exuberance over the super-easy stance of the world's major central banks will give way to worries that they are about to take away the punch bowl.

Gustavo Reis, an economist with Bank of America Merrill Lynch in New York, said concerns about the costs of money-printing were likely to spread but would be offset by uncertainty over the impact on growth of fiscal tightening in the United States and Europe.

"All told, although global activity seems more robust now than at any point in 2012, we expect policymakers to continue to worry predominantly about downside risks," he said in a note.

The bank does not expect the Fed to consider halting asset purchases before 2014, while the latest episode of monetary easing announced by the Bank of Japan is likely to be ‘long-lived and significant'.

Many economists argue that bold monetary action is long overdue in Japan, whose nominal output has not grown in 20 years, saddling the government with a debt-to-GDP ratio of more than 220 percent.

But Douglas McWilliams, who heads the Centre for Economics and Business Research, a London consultancy, fears Japan's decision will lead the global economy into unpredictable currency wars.

"It's a bit like if someone's rude to you, you're rude to them back. You get tit-for-tat behavior," McWilliams said.

CURRENCY FRICTION, BUT NO WAR

Olivier Blanchard, the chief economist of the International Monetary Fund, last week called talk of currency wars overblown and said countries had to pull the right policy levers to get their economies back on track, with corresponding consequences for exchange rates.

However, McWilliams said the problem was that it was difficult to get countries to agree NOT to wage currency wars.

Tellingly, Chancellor Angela Merkel voiced German concerns last week that Japan might be deliberately seeking to cheapen the yen to give its exporters a competitive edge.

"So we may well find that there is a period of very heavy volatility before the authorities involved try and get some kind of agreement," McWilliams said.

In a relatively quiet week for economic data in the euro zone - money supply figures and confidence surveys from the European Commission are the highlights - the focus is likely to remain squarely on the euro, which has been rising briskly as traders price in the policy shifts that Blanchard had in mind.

While the Fed and the Bank of Japan are expanding their balance sheets, the European Central Bank is starting to soak up some of the emergency cash it lent to banks a year ago.

The central bank said on Friday that banks would repay early 137 billion euros of cheap borrowed money.

"I'm not sure if we have too strong a euro for the moment but certainly we would not want to see a currency war of competitive devaluations which would have a negative effect on the euro," the European Union's top monetary official, Olli Rehn, told Reuters.

(Additional reporting by Paul Taylor in Davos; editing by Jason Neely)

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

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

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

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

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

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

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

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

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

MUTUAL FUND INVESTORS COME BACK

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

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

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

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

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

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

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

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

JOBS DATA MAY TEST THE RALLY

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

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

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

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

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

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

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

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

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

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

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Secret Painting in Rembrandt Masterpiece Coming into View

Scientists may be one step closer to revealing a hidden portrait behind a 380-year-old Rembrandt painting.

The masterpiece, “Old Man in Military Costume” by Dutch painter Rembrant Harmenszoon van Rijn, resides at the J. Paul Getty Museum in Los Angeles. Scientists had noticed the painting bears faint traces of another portrait beneath its surface. Researchers had previously probed the painting with infrared, neutron and conventional X-ray methods, but could not see the behind the top coat, largely because Rembrandt used the same paint (with the same chemical composition) for the underpainting and the final version.

New studies with more sophisticated X-ray techniques that can parse through the painting’s layers give art historians hope that they may finally get to see who is depicted in the secret image.

“Our experiments demonstrate a possibility of how to reveal much of the hidden picture,” Matthias Alfeld from the University of Antwerp said in a statement. “Compared to other techniques, the X-ray investigation we tested is currently the best method to look underneath the original painting.”

Alfeld and an international team used macro X-ray fluorescence analysis to examine a mock-up of Rembrandt’s original, created by museum intern Andrea Sartorius, who used paints with the same chemical composition as those used by the Dutch master. Sartorius painted one portrait on the canvas and then an imitation of “Old Man in Military Costume” on top. [In Photos: Looking for a Hidden Painting]

When bombarded with these high-energy X-rays, light is absorbed and emitted from different pigments in different ways. The scientists targeted four elements of the paint to fluoresce, including calcium, iron, mercury and lead, and got much better impressions of the hidden painting in the mock-up than they were able to before.

“The successful completion of these preliminary investigations on the mock-up painting was an important first step,” Karen Trentelman, of the Getty Conservation Institute, said in a statement. “The results of these studies will enable us determine the best possible approach to employ in our planned upcoming study of the real Rembrandt painting.”

This isn’t the first time scientists have delved into Rembrandt’s paintings. Previous research revealed why his art possesses such calming beauty, finding the artist may have pioneered a technique that guides the viewer’s gaze around a portrait, creating a special narrative and “calmer” viewing experience.  Essentially, the researchers found Rembrandt painted more detail in and around the eyes of his subjects, tapping into an innate human attraction to the face.

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

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

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

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

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

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

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

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

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

MUTUAL FUND INVESTORS COME BACK

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

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

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

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

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

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

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

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

JOBS DATA MAY TEST THE RALLY

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

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

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

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

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

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

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

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

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

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

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Northeast Deep Freeze Causes Skyrocketing Natural Gas Prices

According to the U.S. Energy Information Administration , though the cold snap in the Northeastern United States is expected to ease over the weekend, the price of natural gas in New England and New York City is at its highest level all winter. In fact, the natural gas prices, well over $ 30/MMBtu in New England, are the highest they’ve been since January 2004. Here are the details.

* The EIA’s Friday report stated that natural gas pipelines from the west and south into New England are constrained, limiting supplies. Demand is high and “gas prices are now high enough that it may be economically attractive to use oil for power generation in some cases,” the EIA stated.

* Bloomberg reported that New England is now relying on power plants fueled by oil and coal in spite of shifting away from those resources in recent years.

* The grid operator, ISO New England, stated that oil units have been called up as a hedge in case of a disruption of natural gas as temperatures in the region plummeted well below average this week.

* The EIA reported a week ago that natural gas prices in the Northeast were the highest in the nation due to high international prices and declining production in eastern Canada.

* Shipments of liquid natural gas into the Boston area and New Brunswick, Canada, declined in 2012 because global market conditions directed those shipments elsewhere, the EIA stated.

* The EIA stated that recent forward market prices indicate that natural gas in New England may rival the sky-high prices of northwestern Europe.

* New England has historically depended on higher-priced imports of liquid natural gas due to a lack of local storage facilities, lack of locally produced natural gas, remoteness from the rest of the North American natural gas grid and high seasonal demand peaks.

* About a quarter of New England’s daily natural gas demand comes from liquid natural gas and in the winter, liquid natural gas accounts for 60 percent of New England’s total natural gas supply needs.

* According to Dow Jones Business News , gas prices have risen about 10 percent in January as investors braced for winter weather and rising demand. However, those prices dropped overall about 3 percent on Thursday with projections of warmer weather on its way.

* Still, Dow Jones reported, natural gas prices may continue to be higher until February — the last month of projected below-normal temperatures.

Energy News Headlines – Yahoo! News

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S&P rises for seventh day but 1,500 too steep a climb

NEW YORK (Reuters) - The smallest of gains gave the Standard & Poor's 500 its seventh straight winning day on Thursday, but the index failed to hold above the 1,500 line, restrained by Apple's worst day in more than four years.

Apple Inc slid 12.4 percent to $450.50 a day after it posted revenue that missed Wall Street's forecast as iPhone sales were poorer than expected.

The sharp drop wiped out nearly $60 billion in Apple's market capitalization to less than $423 billion, leaving the company vulnerable to losing its status as the most valuable U.S. company to second-place ExxonMobil , at $416.5 billion.

The S&P 500, however, managed to hit its longest winning streak since October 2006.

"The market has sent the message it is no longer driven by the whims of Apple," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York.

The S&P 500 briefly traded above 1,500 for the first time since December 12, 2007, but failed to hold above it, indicating that momentum is waning and a pullback is in the charts.

"If the market had a little bit more excitement to it, momentum players would have jumped after it broke through 1,500. Investors know the market is a little bit ahead of itself," Polcari said.

Economic data helped buoy equities as U.S. factory activity grew the most in nearly two years in January and new claims for jobless benefits dropped to a five-year low last week, giving surprisingly strong signals on the economy's pulse.

At the same time, Chinese manufacturing grew this month at the fastest pace in about two years, while data suggesting German growth picked up boosted hopes for a euro-zone recovery.

"PMI in Asia, Europe, and obviously, here in the United States, is moving in the right direction, and that's stuff people should be excited about," Polcari said.

The Dow Jones industrial average <.dji> rose 46 points or 0.33 percent, to 13,825.33 at the close. The S&P 500 <.spx> inched up just 0.01 of a point, or 0 percent, to finish at 1,494.82. The Nasdaq Composite <.ixic> dropped 23.29 points or 0.74 percent, to end at 3,130.38, with most of that loss on Apple's slide.

The broader Russell 2000 index <.rut> also hit a milestone as it closed above 900 points for the first time.

Video streaming service Netflix Inc surprised Wall Street with a quarterly profit after it added nearly 4 million customers in the United States and abroad. Netflix shares surged 42.2 percent to $146.86, its biggest percentage jump ever.

Earnings have helped drive the stock market's recent rally. Thomson Reuters data through early Thursday showed that of the 133 S&P 500 companies that have reported earnings so far, 66.9 percent have exceeded expectations - above the 65 percent average over the past four quarters.

About 6.8 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the daily average during January 2012 of about 6.93 billion shares.

Roughly five issues rose for every four that fell on both the NYSE and Nasdaq.

(Editing by Jan Paschal)

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S&P up for sixth day, Apple slip could halt rally

NEW YORK (Reuters) - The S&P 500 rose for a sixth day on Wednesday after stronger-than-expected profits from IBM and Google but the rally could be halted as Apple's after-hours miss sent its shares lower.

The S&P was just 4.7 percent from its all-time closing high as IBM's and Google's earnings, released after Tuesday's close, followed on the heels of stronger U.S. economic data.

"People were kind of nervous about earnings coming into this quarter but numbers have shown so far strength in earnings," said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco.

But Apple , still the largest U.S. publicly traded company, fell 8 percent in extended trading after sales of its flagship iPhone came in below analyst targets and quarterly revenue slightly missed Wall Street expectations.

"One thing that stands out is the company's ballooning balance sheet, where they now have $137 billion dollars in cash and investments," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut. "You've got to wonder when they're going to put some more of that to work."

Declining issues beat advancers in both the NYSE and Nasdaq during regular market hours, in a sign the market's rally may be overstretched. The broad Russell 2000 index <.rut> closed the day down 0.3 percent after earlier hitting and intraday historic high just below 900 points.

Shares in IBM Corp , the world's largest technology services company, climbed 4.4 percent during regular market hours to $204.72, providing just about all of the Dow's 67-point gain.

Also helping the tech sector was a 5.5 percent jump in Google Inc to $741.50. The Internet search company reported its core business outpaced expectations and revenue was higher than expected.

The S&P technology sector <.splrct> rose 1.2 percent.

The Dow Jones industrial average <.dji> rose 67.12 points or 0.49 percent, to 13,779.33, the S&P 500 <.spx> gained 2.25 points or 0.15 percent, to 1,494.81, and the Nasdaq Composite <.ixic> added 10.49 points or 0.33 percent, to 3,153.67.

The benchmark S&P 500 is a mere 0.35 percent away from hitting 1,500, a level not seen since December 12, 2007.

S&P 500 futures fell 4.1 points, or 0.3 percent, while Nasdaq 100 futures fell 20 points or 0.7 percent.

Netflix shares soared 32 percent, above $136, after the video subscription service said it added subscribers in the United States and abroad and posted a quarterly profit.

LED maker Cree Inc jumped 22 percent to $40.85 after it forecast a higher-than-expected third-quarter profit, and reported results above analysts' estimates.

Upscale leather goods maker Coach Inc plunged 16.4 percent to $50.75 after reporting sales that missed expectations.

Clearing a market hurdle, the U.S. House of Representatives passed a Republican-led plan to extend the country's borrowing authority until mid May. This delays a confrontation in Congress similar to one in 2011, which generated a stalemate that triggered the first-ever U.S. debt rating downgrade.

Thomson Reuters data through Wednesday showed that of the 99 S&P 500 companies that have reported earnings so far, 67.7 percent have topped expectations, above the 65 percent average beat over the past four quarters.

Overall, S&P 500 fourth-quarter earnings rose 2.8 percent, according to Thomson Reuters data. That estimate is above the 1.9 percent forecast at the start of earnings season.

Top U.S. manufacturers sounded a confident note about their expectations for 2013 on Wednesday as fears of the year-end "fiscal cliff" faded into memory.

In the regular session, about 6.1 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below the 2012 daily average of about 6.45 billion.

On the NYSE, roughly 15 issues fell for every 14 that rose and on Nasdaq seven declined for every five gainers.

(Reporting by Rodrigo Campos, additional reporting by Caroline Valetkevitch; Editing by Nick Zieminski and Diane Craft)

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53 senators urge approval of Keystone XL pipeline

WASHINGTON (AP) — More than half the Senate on Wednesday urged quick approval of the Keystone XL oil pipeline, ramping up pressure on President Barack Obama to move ahead with the project just days after he promised in his inaugural address to respond vigorously to the threat of climate change.

A letter signed by 53 senators said Nebraska Gov. Dave Heineman’s approval of a revised route through his state puts the long-delayed project squarely in the president’s hands.

“We urge you to choose jobs, economic development and American energy security,” the letter said, adding that the pipeline “has gone through the most exhaustive environmental scrutiny of any pipeline” in U.S. history. The $ 7 billion project would carry oil from Canada to refineries along the Texas Gulf Coast.

“There is no reason to deny or further delay this long-studied project,” said the letter, which was initiated by Sens. John Hoeven, R-N.D., and Max Baucus, D-Mont., and signed by 44 Republicans and nine Democrats. Another Democrat, Jon Tester of Montana, supports the pipeline but did not sign the letter.

At a news conference Wednesday, senators said the pipeline should be a key part of Obama’s “all of the above” energy policy, in which he has expressed support for a range of energy sources from oil and natural gas to wind, solar and coal.

The Obama administration has twice thwarted the 1,700-mile pipeline, which Calgary-based TransCanada first proposed in late 2008. The State Department delayed the project in late 2011 after environmental groups and others raised concerns about a proposed route through environmentally sensitive land in Nebraska.

Under pressure from congressional Republicans to make a decision on the pipeline, President Barack Obama blocked it in January 2012, saying his concerns about the Nebraska route had not been resolved. TransCanada submitted a new application last spring.

The State Department said Tuesday it does not expect to complete a review of the project before the end of March. The State Department has jurisdiction over the pipeline because it crosses a U.S. border.

The renewed focus on the pipeline comes as Obama pledged during his inaugural address to respond to the threat of global warming. Environmental groups and some Democratic lawmakers argue that approving the pipeline would directly contradict that promise.

“If we are going to get serious about climate change, opening the spigot to a pipeline that will export up to 830,000 barrels of the dirtiest oil on the planet to foreign markets stands as a bad idea,” said Anthony Swift of the Natural Resources Defense Council.

The pipeline would carry heavy oil derived from tar sands in western Canada. The heat-intensive process uses more energy than traditional oil, producing more heat-trapping gases that contribute to global warming.

Environmental groups have been pressuring Obama to reject the pipeline, citing the oil’s high “carbon footprint.” They also worry about a possible spill.

At a news conference Wednesday, senators from both parties said the Nebraska decision leaves Obama with no other choice but to approve the pipeline, which would carry up to 800,000 barrels of oil a day from tar sands in western Canada to refineries in Houston and other Texas ports. The pipeline also would travel though Montana, South Dakota, Nebraska, Kansas and Oklahoma.

“No more excuses. It’s time to put people to work,” Baucus said.

“Back home, we call this a no-brainer,” added Sen. Joe Manchin, D-W.Va.

Hoeven, of North Dakota, said the tar sands oil will be produced whether or not the U.S. approves the project. “Our choice is, the oil comes to us or it’s going to China,” he said.

Nebraska’s approval of the pipeline means all six states along the proposed route now support the project, said House Speaker John Boehner, R-Ohio. Majorities in the House and Senate also have endorsed the pipeline. National polls repeatedly show a majority of Americans back the project.

Boehner said he recognizes the political pressure Obama faces from environmental groups and other opponents, but said “with our energy security at stake and many jobs in limbo, he should find a way to say yes.”

White House spokesman Jay Carney said Tuesday that the State Department was reviewing the project and he did not want to “get ahead of that process.”

Once that review is completed, “we’ll obviously address that issue,” Carney said.

Meanwhile, Secretary of State nominee John Kerry said he plans to divest holdings in dozens of companies in his family’s vast financial portfolio to avoid conflicts of interest if he is confirmed by the Senate.

Kerry, a Massachusetts Democrat, said he would not take part in any decisions that could affect the companies he has holdings in until those investments are sold off. Among the investments are holdings in two Canadian companies, Suncor and Cenovus Energy Inc., both of which have publicly supported the Keystone XL pipeline. Kerry’s investments are in family trusts.

___

Associated Press writer Stephen Braun contributed to this report.

Follow Matthew Daly on Twitter: https://twitter.com/MatthewDalyWDC

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Banks, commodity stocks lift S&P 500 to five-year high

NEW YORK (Reuters) - Bank and commodity shares led the benchmark Standard & Poor's 500 Index to a fresh five-year closing high on Tuesday on hopes that the global economy continues to mend.

Travelers' shares climbed after the insurer's results and lifted the Dow Jones industrial average to a new five-year closing high.

On Friday, both the Dow and the S&P 500 ended at five-year highs after the quarterly earnings season got off to a solid start. On Monday, the U.S. stock market was closed in observance of the Martin Luther King, Jr., holiday.

In Tuesday's session, the market also gained on signals that Republican leaders in the U.S. House of Representatives aim on Wednesday to pass a bill to extend the U.S. debt limit by nearly four months to May 19. The White House welcomed the move, saying it would remove uncertainty about the issue.

Investors, however, were cautious ahead of an increase in earnings reports and as the S&P 500 rose for a fifth straight session.

Jack de Gan, chief investment officer of Harbor Advisory Corp, in Portsmouth, New Hampshire, said better economic numbers in the United States and China, as well as more stabilization in Europe, were driving buyers into sectors associated with economic growth.

"Any (bearish) news could turn us down for a day or so," he said, referring to the recent string of gains.

Freeport-McMoRan Copper & Gold led gains in the materials sector after it reported a 16 percent rise in fourth-quarter profit on higher production. Shares gained 4.6 percent to $35.19.

The Dow Jones industrial average <.dji> rose 62.51 points, or 0.46 percent, to 13,712.21 at the close. The S&P 500 <.spx> gained 6.58 points, or 0.44 percent, to 1,492.56. The Nasdaq Composite <.ixic> added 8.47 points or 0.27 percent, to 3,143.18.

Tuesday's session marked the highest closes for both the Dow and the S&P 500 since December 2007.

Technology shares underperformed as concerns about Apple's ability to continue to grow at hyper speed and a weak outlook from Intel Corp diminished optimism about the sector's prospects. The S&P technology index <.splrct> added 0.16 percent for the day. In comparison, the S&P energy sector index <.spny>, the S&P financials index <.spsy> and the S&P basic materials index <.splrcm> each gained 0.9 percent.

But Google shares rose 4.8 percent to above $736 in extended-hours trading after the world's No. 1 search engine reported a jump in fourth-quarter revenue. Shares of IBM added more than 4 percent to trade above $204 after the world's largest technology services company reported earnings and revenue that beat estimates.

"We expected Q4 for many tech vendors would be weak because we were expecting a lot of companies sitting on their wallets until it became clear what was going to become of the fiscal cliff," Forrester analyst Andrew Bartels said about IBM.

"Given the fact it's Q4 and the cloud of fiscal cliff within it, it's a positive indication that especially tech software will be doing better in the next couple of months."

During the regular session, shares of blue chips Travelers, DuPont

, and Verizon Communications rose following earnings.

Travelers rose 2.2 percent to $77.95, a closing high. DuPont's shares gained 1.8 percent to $47.82. Verizon's stock rose 0.9 percent to $42.94.

Thomson Reuters data through Tuesday morning showed that of the 74 S&P 500 companies that have reported earnings so far, 62.2 percent have topped expectations, roughly even with the 62 percent average since 1994, but below the 65 percent average over the past four quarters.

Overall, S&P 500 fourth-quarter earnings are forecast to have risen 2.6 percent. That estimate is above the 1.9 percent forecast from the start of earnings season, but well below the 9.9 percent fourth-quarter earnings forecast from October 1, the data showed.

U.S.-listed shares of Research in Motion rallied 13 percent to $17.90 a day after its chief executive said the Canadian company may consider strategic alliances with other companies after the launch of devices powered by RIM's new BlackBerry 10 operating system.

About 6.2 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, below last year's daily average of about 6.45 billion shares.

On the NYSE, advancers outnumbered decliners by a ratio of roughly 9 to 4. On the Nasdaq, five stocks rose for every three that fell.

Signs of improved sentiment toward world growth were also seen in European bond markets. The yield on Portugal's benchmark 10-year note fell below 6 percent for the first time since late 2010 on news that the country was set to tap the bond market this week for the first time since it was bailed out in 2011.

(Reporting by Rodrigo Campos; Additional reporting by Jennifer Saba; Editing by Jan Paschal)

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DuPont reports 4Q earnings dropped

DOVER, Del. (AP) — Soft demand for a key industrial pigment and solar energy products, coupled with increased spending on growth initiatives, led to a sharp drop in the DuPont Co.‘s fourth-quarter income.

But the results reported Tuesday still beat the consensus estimate of Wall Street analysts of 7 cents per share on revenue of $ 7.2 billion, according to FactSet. And the company forecast higher operating earnings for 2013.

DuPont’s shares rose 83 cents, or 1.8 percent, to close at $ 47.82 Tuesday. They are still down 11 percent from their high for the past year of $ 53.98 set last May.

DuPont chairwoman and CEO Ellen Kullman said the company is stronger than it was a year ago, having recorded nearly 2,300 new product introductions in 2012, an increase of 30 percent.

“However, weakness in markets served by performance chemicals and electronics and communications provided significant challenges in 2012,” she said. “We’ve adjusted our plans to meet the changing market environment and grow our businesses in a slow-growth world economy.”

The Wilmington, Del.-based chemical and biosciences company reported Tuesday that its net income fell to $ 111 million, or 12 cents per share, for the last three months of 2012. That is down 70 percent from $ 373 million, or 40 cents per share, for the fourth quarter of 2011.

Revenue for the quarter was flat at $ 7.3 billion, with currency effects and portfolio changes offsetting a 3 percent increase in global volumes. Sales in Latin America grew 10 percent, with an 8 percent volume gain and a 7 percent increase in local prices. A 6 percent increase in volume in the Asia-Pacific region, was offset by negative currency and pricing effects.

For the full year, DuPont earned almost $ 2.8 billion, or $ 2.95 per share, on revenue of $ 34.8 billion. That’s down from last year’s net income of almost $ 3.5 billion, or $ 3.68 per share, on revenue of $ 33.7 billion. Sales volumes fell 2 percent.

DuPont said it expects operating earnings excluding significant items will range from $ 3.85 to $ 4.05 per share in 2013, up from $ 3.77 per share last year.

One-time items affecting fourth-quarter results included $ 135 million to resolve legal claims stemming from the use of DuPont’s Imprelis weedkiller, bringing the total amount spent on Imprelis claims to $ 750 million.

DuPont chief financial officer Nick Fanandakis said the company was working to validate and resolve claims regarding damage to trees, particularly evergreens such as Norway spruce and white pine, linked to the weed killer.

“We want to bring closure to this as soon as possible,” he said.

DuPont also recorded asset impairment and restructuring charges totaling $ 99 million, and a pretax gain of $ 117 million associated with the sale of a business within its agricultural unit.

The company’s fourth-quarter performance was led by the agricultural unit, which saw sales increase 18 percent to $ 1.5 billion on 11 percent higher volumes and 7 percent higher prices. Full-year sales for the agricultural unit were up 14 percent to $ 10.4 billion on 8 percent higher volume and 6 percent higher prices. DuPont said sales of its Pioneer seeds benefited from higher global volume and pricing gains in corn and soybeans, while strong demand for insecticides and herbicides resulted in increased sales of crop protection products.

Agriculture remains a key focus in DuPont’s growth initiatives. Fanandakis noted that of the 12-cent per share impact from fixed costs in the quarter, more than half was related to growth projects, specifically agricultural research and development and selling expenses.

Matt Arnold, an analyst with Edward Jones, said agricultural product characteristics such as drought-resistance and pest resistance require intensive research and development, even if it takes years to see the payback.

“We think it’s probably one of the best places to be active in terms of R & D,” he said.

Meanwhile, cyclical pressure in the market for titanium dioxide, a whitening pigment with a broad range of industrial applications, contributed to a 15 percent drop in sales for DuPont’s performance chemicals unit, which saw pretax operating income plunge 54 percent.

While acknowledging the cyclical nature of the TiO2 market, DuPont officials said they expect demand will rebound later this year with improvements in the U.S. housing market and China’s economy.

“This is a very strong business,” Kullman noted. “It’s a very strong cash generator.”

DuPont said weak demand for photovoltaic products used in solar panels partly offset increased demand for materials used in smart phones and tablet computers in the most recent quarter. For the year, the company’s electronics and communications segment saw pretax operating income, excluding one-time items, drop 52 percent, to $ 172 million.

DuPont officials said the photovoltaics market has shown signs of stabilizing but remains volatile because of overcapacity.

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Yen, Asian shares mark time before BOJ decision

TOKYO (Reuters) - The yen and Asian shares marked time on Tuesday as investors awaited the outcome of the Bank of Japan's policy meeting, with expectations running high for bold monetary easing measures aimed at reflating the world's third-largest economy.

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> was up 0.1 percent. The index was pulled down on Monday after briefly touching 17-1/2-month highs as Malaysian stocks suffered their biggest drop in 16 months on election risks.

European shares rose on Monday near two-year highs, with investors betting on an improving economy in Europe. Wall Street was closed for Martin Luther King Jr. Day.

Australian shares <.axjo> were up 0.5 percent to a fresh 20-month high early on Tuesday while South Korean shares <.ks11> opened almost flat.

Japan's benchmark Nikkei average <.n225> opened up 0.2 percent. The Nikkei has faced choppy trading over the past two sessions as the yen became more volatile ahead of the BOJ meeting. Tokyo shares have been rising in tandem with the yen's slide against major currencies. The Nikkei tumbled 1.5 percent on Monday after investors booked profits from the index's 2.9 percent rally on Friday. <.t/>

Early on Tuesday, the dollar inched down 0.1 percent against the yen at 89.51 yen, after touching a fresh 2-1/2-year high of 90.25 yen on Monday. The euro fell 0.3 percent to 119.11 yen, off its peak since May 2011 of 120.73 hit on Friday.

Markets have priced in the BOJ boosting its asset-buying and lending program by another 10 trillion yen and doubling its inflation target to 2 percent. The BOJ will announce its decision after it ends its two-day meeting later on Tuesday.

Sean Callow, senior currency strategist at Westpac bank in Sydney, noted a bit more uncertainty over the policy decision, given speculation about open-ended easing and removing the 0.1 percent floor on short term interest rates.

"The biggest risk for USD/JPY is a cautious 10 trillion yen increase in asset purchases and not much else new aside from the 2 percent target. The best case for USD/JPY bulls is an open-ended commitment to increase quantitative easing until the inflation target is met," Callow said in a note.

There's a perception in markets that even if investors cut their yen short positions in disappointment over the BOJ result, the yen's rebound was likely to be limited relative to its 13 percent decline against the dollar and a 20 percent drop versus the euro over the past two months, mainly due to expectations for more aggressive BOJ easing to drive Japan out of years of deflation and support the economy.

Overall market sentiment was likely to be supported by signs of a compromise to avert a U.S. fiscal crisis.

Republican leaders in the U.S. House of Representatives have scheduled a vote on Wednesday on a nearly four-month extension of U.S. borrowing capacity, aimed at avoiding a fight over the looming federal debt ceiling and shifting their negotiating leverage for spending cuts to other fiscal deadlines.

The Bundesbank said on Monday Germany's economic slump should be short-lived, adding that the euro zone's largest economy could have already bottomed out.

U.S. crude futures were down 0.2 percent to $95.35 a barrel.

Gold was steady around $1,689.81 an ounce.

(Editing by editing by Shri Navaratnam)

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Time to act, Obama declares, taking oath 2nd time

WASHINGTON (AP) — Turning the page on years of war and recession, President Barack Obama summoned a divided nation Monday to act with “passion and dedication” to broaden equality and prosperity at home, nurture democracy around the world and combat global warming as he embarked on a second term before a vast and cheering crowd that spilled down the historic National Mall.

“America’s possibilities are limitless, for we possess all the qualities that this world without boundaries demands,” the 44th president declared in a second inaugural address that broke new ground by assigning gay rights a prominent place in the wider struggle for equality for all.

In a unity plea to politicians and the nation at large, he called for “collective action” to confront challenges and said, “Progress does not compel us to settle centuries-long debates about the role of government for all time — but it does require us to act in our time.”

Elected four years ago as America’s first black president, Obama spoke from specially constructed flag-bedecked stands outside the Capitol after reciting oath of office that all presidents have uttered since the nation’s founding.

The events highlighted a day replete with all the fanfare that a security-minded capital could muster — from white-gloved Marine trumpeters who heralded the arrival of dignitaries on the inaugural stands to the mid-winter orange flowers that graced the tables at a traditional lunch with lawmakers inside the Capitol.

The weather was relatively warm, in the mid-40s, and while the crowd was not as large as on Inauguration Day four years ago, it was estimated at up to 1 million.

Big enough that he turned around as he was leaving the inaugural stands to savor the view one final time.

“I’m not going to see this again,” said the man whose political career has been meteoric — from the Illinois Legislature to the U.S. Senate and the White House before marking his 48th birthday.

On a day of renewal for democracy, everyone seemed to have an opinion, and many seemed eager to share it.

“I’m just thankful that we’ve got another four years of democracy that everyone can grow in,” said Wilbur Cole, 52, a postman from suburban Memphis, Tenn., who spent part of the day visiting the civil rights museum there at the site where the Rev. Martin Luther King Jr. was assassinated in 1968.

The inauguration this year shared the day with King’s birthday holiday, and the president used a Bible that had belonged to the civil rights leader for the swearing-in, along with a second one that been Abraham Lincoln’s. The president also paused inside the Capitol Rotunda to gaze at a dark bronze statue of King.

Others watching at a distance were less upbeat than Cole. Frank Pinto, 62, and an unemployed construction contractor, took in the inaugural events on television at a bar in Hartford, Conn. He said because of the president’s policies, “My grandkids will be in debt and their kids will be in debt.”

The tone was less overtly political in the nation’s capital, where bipartisanship was on the menu in the speechmaking and at the congressional lunch.

“Congratulations and Godspeed,” House Speaker John Boehner, a Republican, said to Obama and Vice President Joe Biden as he presented them with flags that had flown atop the Capitol.

Outside, the Inaugural Parade took shape, a reflection of American musicality and diversity that featured military units, bands, floats, the Chinese American Community Center Folk Dance Troupe from Hockessin, Del., and the Isiserettes Drill & Drum Corps from Des Moines, Iowa.

The crowds were several rows deep along parts of the route, and security was intense. More than a dozen vehicles flanked the president’s limousine as it rolled down Pennsylvania Avenue, and several agents walked alongside on foot.

As recent predecessors have, the president emerged from his car and walked several blocks on foot. His wife, Michelle, was with him, and the two held hands while acknowledging the cheers from well-wishers during two separate strolls along the route.

A short time later, accompanied by their children and the vice president and his family, the first couple settled in to view the parade from a reviewing stand built in front of the White House.

A pair of nighttime inaugural balls completed the official proceedings, with a guest line running into the tens of thousands.

In his brief, 18-minute speech, Obama did not dwell on the most pressing challenges of the past four years. He barely mentioned the struggle to reduce the federal deficit, a fight that has occupied much of his and Congress’ time and promises the same in months to come.

He spoke up for the poor — “Our country cannot succeed when a shrinking few do very well and a growing many barely make it” — and for those on the next-higher rung — “We believe that America’s prosperity must rest upon the broad shoulders of a rising middle class.” The second reference echoed his calls from the presidential campaign that catapulted him to re-election

“A decade of war is now ending. An economic recovery has begun,” said the president who presided over the end to the U.S. combat role in Iraq, set a timetable for doing the same in Afghanistan and took office when the worst recession in decades was still deepening.

“We will support democracy from Asia to Africa, from the Americas to the Middle East, because our interests and our conscience compel us to act on behalf of those who long for freedom,” he said in a relatively brief reference to foreign policy.

The former community organizer made it clear he views government as an engine of progress. While that was far from surprising for a Democrat, his emphasis on the need to combat global climate change was unexpected, as was his firm new declaration of support for full gay rights.

In a jab at climate-change doubters, he said, “Some may still deny the overwhelming judgment of science, but none can avoid the devastating impact of raging fires and crippling drought and more powerful storms.” He said America must lead in the transition to sustainable energy resources.

He likened the struggle for gay rights to earlier crusades for women’s suffrage and racial equality.

“Our journey is not complete until our gay brothers and sisters are treated like anyone else under the law — for if we are truly created equal, then surely the love we commit to one another must be equal as well,” said the president, who waited until his campaign for re-election last year to announce his support for gay marriage.

His speech hinted only barely at issues likely to spark opposition from Republicans who hold power in the House.

He defended Medicare, Medicaid and Social Security as programs that “do not make us a nation of takers; they free is to take the risks that made this country great.”

He referred briefly to making “the hard choices to reduce the cost of health care and the size of our deficit,” a rhetorical bow to a looming debate in which Republicans are seeking spending cuts in health care programs to slow the rise in a $ 16.4 trillion national debt.

He also cited a need for legislation to ease access to voting, an issue of particular concern to minority groups, and to immigration reform and gun-control legislation that he is expected to go into at length in his State of the Union speech on Feb. 12.

But his speech was less a list of legislative proposals than a plea for tackling challenges.

“We must act, knowing that our work will be imperfect,” he said, and today’s “victories will only be partial.”

There was some official business conducted during the day.

Moments after being sworn in, the president signed nomination papers for four new appointees to his Cabinet, Sen. John Kerry for secretary of state, White House chief of staff Jacob Lew to be treasury secretary, former Nebraska Sen. Chuck Hagel for defense secretary and White House adviser John Brennan to head the CIA.

___

Associated Press writers Larry Margasak, Darlene Superville, Donna Cassata, Alan Fram, Andrew Taylor, Stephen Ohlemacher, Jim Kuhnhenn, Julie Pace, Tom Ritchie and Tracy Brown, in Washington; Adrian Santz in Memphis, Tenn., and Stephen Singer in Hartford, Conn., contributed to this story.

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Asian shares edge down, yen eases as BoJ meeting eyed

TOKYO (Reuters) - Asian shares edged lower on Monday, taking a breather after hitting multimonth highs, while the yen touched a new low ahead of the outcome of the Bank of Japan policy meeting this week amid expectations for bold monetary easing measures.

The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> was down 0.1 percent after closing at a 17-1/2-month high on Friday.

Australian shares <.axjo> inched up 0.1 percent while South Korean shares <.ks11> slipped 0.6 percent after opening nearly flat.

The focus in Japan was on the BoJ's policy meeting, with Tokyo's benchmark Nikkei average <.n225> sliding 1.1 percent after opening up 0.3 percent. The Nikkei surged 2.9 percent for its biggest daily gain in 22 months on Friday after the yen resumed its weakening track, posting a 10th straight week of gains, its longest since 1987. <.t/>

Early on Monday, the dollar touched a fresh 2-1/2-year high of 90.25 yen, and the euro rose to a high of 120.27 yen, near its peak since May 2011 of 120.73 hit on Friday.

The Bank of Japan starts its two-day policy meeting on Monday under growing political pressure to pursue bolder measures to beat deflation, with speculation ranging from an open-ended commitment to buy assets until a 2 percent inflation target is achieved to simply boosting its asset buying schemes.

Friday's data showed while currency speculators slightly cut their bets against the yen in the week to Jan 15, they remained overwhelmingly negative on the currency.

"We expect the door for further easing will likely be left open irrespective of the outcome of BoJ policy meeting, either explicitly by the BoJ or implicitly through government's plan to nominate doves to replace the governor and deputy governors," Barclays Capital said in a note to clients.

The steady showing in Asia equities followed a rise in global equities late last week when positive U.S. and Chinese data and signs Washington may avert a fiscal crisis lifted sentiment.

Republicans said the House will consider a bill to raise the U.S. debt ceiling enough to allow the country to pay its bills for another three months. The strategy would buy time for the Democratic-controlled Senate to pass a budget plan that shrinks the federal deficit.

"Another sharp decline in market uncertainty with respect to the US fiscal negotiations provided support to risky assets at the end of last week," said Barclays Capital in a separate research note.

The Dow Jones industrial average <.dji> and the Standard & Poor's 500 Index <.spx> ended Friday at five-year highs on a solid start to the quarterly earnings season. U.S. markets are closed on Monday for the Martin Luther King Jr. holiday.

RISK APPETITE RETURNING

EPFR Global said on Friday EPFR Global-tracked Emerging Markets Bond Funds hit a 50-week high in the second week of January as investors saw some value in the riskier fixed income asset classes. Its Emerging Markets Equity Funds outdid Developed Markets Equity Funds for the sixth time in the past seven weeks, with diversified Global Emerging Markets Equity Funds and funds linked to China favored.

Last year, when several Asian stock markets rallied, many bigger hedge funds failed to beat benchmark returns but nimbler, small to medium-sized funds fared better.

Oil prices rose on Friday on supply disruption fears reinforced by the Islamist militant attack and hostage-taking at a gas plant in Algeria, a member of the Organization of Petroleum Exporting Countries.

U.S. crude futures eased 0.2 percent to $95.36 a barrel early on Monday.

(Additional reporting by Ian Chua in Sydney; Editing by Shri Navaratnam)

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Giant Mars Crater Shows Evidence of Ancient Lake

New photos of a huge crater on Mars suggest water may lurk in crevices under the planet’s surface, hinting that life might have once lived there, and raising the possibility that it may live there still, researchers say.

Future research looking into the chances of life on Mars could shed light on the origins of life on Earth, scientists added.

The discovery came from a study of images by NASA’s powerful Mars Reconnaissance Orbiter that revealed new evidence of a wet underground environment on the Red Planet. The images focused on the giant McLaughlin Crater, which is about 57 miles (92 kilometers) wide and so deep that underground water appears to have flowed into the crater at some point in the distant past.

Today, the crater is bone-dry but harbors clay minerals and other evidence that liquid water filled the area in the ancient past.

“Taken together, the observations in McLaughlin Crater provide the best evidence for carbonate forming within a lake environment instead of being washed into a crater from outside,” study lead author Joseph Michalski, of the Planetary Science Institute in Tucson, Ariz., and London’s Natural History Museum, said in a statement. [Search for Water on Mars (Photos)]

A wet Mars underground

Space agencies have deployed many missions to Mars over the decades to explore how habitable its surface may have been or is today. However, the Martian surface has been extremely cold, arid and chemically hostile to life as we know it for most of the history of Mars.

Instead of scanning the surface of Mars for life, scientists have suggested the most viable habitat for ancient simple life may have been in Martian water hidden underground.

On Earth, microbes up to 3 miles (5 km) or more underground make up perhaps half of all of the planet’s living matter. Most of these organisms represent some of the most primitive kinds of microbes known, hinting that life may actually have started underground, or at least survived there during a series of devastating cosmic impacts known as the Late Heavy Bombardment that Earth and the rest of the inner solar system endured about 4.1 billion to 3.8 billion years ago.

Since Mars has less gravity — a surface gravity of a little more than one-third Earth’s — its crust is less dense and more porous than that of our planet, which means that more water can leak underground, researchers said. Wherever there is liquid water on Earth, there is virtually always life, and microbes underground on Mars could be sustained by energy sources and chemical reactions similar to those that support deep-dwelling organisms on Earth.

“The deep crust has always been the most habitable place on Mars, and would be a wise place to search for evidence for organic processes in the future,” Michalski told SPACE.com. [Search for Life on Mars: A Timeline (Gallery)]

Subterranean Mars

While researchers currently have no way to drill deep underground on the Red Planet, they can nevertheless spot hints of what subterranean Mars is like by analyzing deep rocks exhumed by erosion, asteroid impacts or materials generated by underground fluids that have welled up to the surface.

Such upwelling would first occur in deep basins like McLaughlin Crater — as the lowest points on the surface, they would be where underground water reserves would most likely get exposed.

Scientists focused on McLaughlin Crater because it is one of the deepest craters on Mars. McLaughlin is about 1.3 miles (2.2 km) deep and is located in Mars’ northern hemisphere.

The mineral composition of the floor of McLaughlin Crater suggests there was a lake made of upwelled groundwater there. Channels seen on the crater’s eastern wall about 1,650 feet (500 meters) above its floor also hint at the former presence of a lake surface.

Michalski was actually originally trying to disprove the idea that groundwater breached the surface in many locations on Mars.

“Lo and behold, there was strong evidence for that process in this crater,” he said. “Science is special because we are allowed to change our minds.”

An ancient groundwater lake

The researchers estimate that a lake existed at McLaughlin Crater for an unknown duration between 3.7 billion and 4 billion years ago. “That makes the deposits as old as or older than the oldest rocks known to exist on Earth,” Michalski said.

Mounds seen on the crater floor may have come from landslides or subsequent meteor impacts. These are important because they may have rapidly buried crater floor sediments.

“That is really cool because rapid burial is the scenario that is most advantageous for preservation of organic material, if any was present at that time,” Michalski said.

Since life on Earth may have begun underground, learning more about any underground life that might have lived — or may still live — on Mars could shed light on the origins of life on Earth, researchers said.

“We should give serious consideration to exploring rocks representing subsurface environments in future missions,” Michalski said. “That doesn’t mean drilling, but instead exploring rocks formed from upwelling groundwater, or rocks naturally exhumed from the subsurface by meteor impact.”

Michalski noted that some people may ask, “‘Why do I hear about the detection of water or possibility of life on Mars all the time?’ The answer is because Mars is habitable in more ways than we ever realized for many years, and we are finding water in many forms and environments on Mars — many more than we predicted for a long time.”

The ingredients for life the researchers describe, “including energy sources, would have been more available early in Mars’ history, but it doesn’t take too much imagination to picture a scenario in which the subsurface is habitable today,” Michalski said. He cautioned, however, “that is much different from saying that life is there today.”

The scientists detailed their findings online Jan. 20 in the journal Nature Geoscience.

Follow SPACE.com on Twitter @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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Wall Street Week Ahead: Earnings, money flows to push stocks higher

NEW YORK (Reuters) - With earnings momentum on the rise, the S&P 500 seems to have few hurdles ahead as it continues to power higher, its all-time high a not-so-distant goal.

The U.S. equity benchmark closed the week at a fresh five-year high on strong housing and labor market data and a string of earnings that beat lowered expectations.

Sector indexes in transportation <.djt>, banks <.bkx> and housing <.hgx> this week hit historic or multiyear highs as well.

Michael Yoshikami, chief executive at Destination Wealth Management in Walnut Creek, California, said the key earnings to watch for next week will come from cyclical companies. United Technologies reports on Wednesday while Honeywell is due to report Friday.

"Those kind of numbers will tell you the trajectory the economy is taking," Yoshikami said.

Major technology companies also report next week, but the bar for the sector has been lowered even further.

Chipmakers like Advanced Micro Devices , which is due Tuesday, are expected to underperform as PC sales shrink. AMD shares fell more than 10 percent Friday after disappointing results from its larger competitor, Intel . Still, a chipmaker sector index <.sox> posted its highest weekly close since last April.

Following a recent underperformance, an upside surprise from Apple on Wednesday could trigger a return to the stock from many investors who had abandoned ship.

Other major companies reporting next week include Google , IBM , Johnson & Johnson and DuPont on Tuesday, Microsoft and 3M on Thursday and Procter & Gamble on Friday.

CASH POURING IN, HOUSING DATA COULD HELP

Perhaps the strongest support for equities will come from the flow of cash from fixed income funds to stocks.

The recent piling into stock funds -- $11.3 billion in the past two weeks, the most since 2000 -- indicates a riskier approach to investing from retail investors looking for yield.

"From a yield perspective, a lot of stocks still yield a great deal of money and so it is very easy to see why money is pouring into the stock market," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.

"You are just not going to see people put a lot of money to work in a 10-year Treasury that yields 1.8 percent."

Housing stocks <.hgx>, already at a 5-1/2 year high, could get a further bump next week as investors eye data expected to support the market's perception that housing is the sluggish U.S. economy's bright spot.

Home resales are expected to have risen 0.6 percent in December, data is expected to show on Tuesday. Pending home sales contracts, which lead actual sales by a month or two, hit a 2-1/2 year high in November.

The new home sales report on Friday is expected to show a 2.1 percent increase.

The federal debt ceiling negotiations, a nagging worry for investors, seemed to be stuck on the back burner after House Republicans signaled they might support a short-term extension.

Equity markets, which tumbled in 2011 after the last round of talks pushed the United States close to a default, seem not to care much this time around.

The CBOE volatility index <.vix>, a gauge of market anxiety, closed Friday at its lowest since April 2007.

"I think the market is getting somewhat desensitized from political drama given, this seems to be happening over and over," said Destination Wealth Management's Yoshikami.

"It's something to keep in mind, but I don't think it's what you want to base your investing decisions on."

(Reporting by Rodrigo Campos, additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Kenneth Barry)

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Latest Inaugural Forecast: Bit Warmer Than in 2009

Consider it the first fact check of a Barack Obama campaign pledge for his second term: Will he, or Mother Nature, deliver on promised warmer Inauguration Day weather?

It’s shaping up as a close call.

In September, while campaigning in Colorado, Obama was talking to a potential voter who mentioned he had been one of the hundreds of thousands of people outdoors at Obama‘s bone-chilling first inaugural in 2009, when the noontime temperature was 28 degrees. Obama promised: “This one is going to be warmer.”

Scientifically, the president doesn’t have control of day-to-day weather. While his policies can lessen or worsen future projected global warming on a large scale, they cannot do anything about Washington‘s daily temperature on Jan. 21.

Still, it’s a promise that for a long time looked close to a sure thing. The history of local weather was on Obama’s side.

On average, the normal high is 43 degrees and the normal low is 28, but that’s just around dawn. There have been 19 traditional January inaugurations and only two were colder. Ronald Reagan‘s second in 1985 was a frigid 7 with subzero wind chills and John F. Kennedy‘s in 1961 was a snow-covered 22. Jimmy Carter’s 1977 inauguration also was 28.

Then there was the general warming trend Washington had been stuck in. The last time the nation’s capital stayed below freezing all day was Jan. 22, 2011. The city has gone a record 700-plus days since it had 2 inches or more of snow.

An Arctic cold front looks to be racing toward the mid-Atlantic, so it will be cooler than normal on Monday, but probably not cooler than 2009, said Nikole Listemaa, a senior forecaster at the National Weather Service office in Sterling, Va., that oversees forecasts for the capital area.

Look for highs around 40 degrees with noon temperatures in the mid- to upper 30s, Listemaa said Saturday. That would keep Obama’s pledge.

There’s also a 30 percent chance of light snow showers for Monday. But the Arctic cold front won’t arrive until Monday night into Tuesday, Listemaa added.

Extreme cold on Inauguration Day, folklore says, can be a killer.

In 1841, newly elected president William Henry Harrison stood outside without a coat or hat as he spoke for an hour and 40 minutes. He caught a cold that day and it became pneumonia and he died one month after being sworn in.

Twelve years later, outgoing first lady Abigail Fillmore got sick from sitting outside on a cold wet platform as Franklin Pierce was inaugurated and she died of pneumonia at the end of the month. Doctors now know that pneumonia is caused by germs, but prolonged exposure to extreme cold weather may hurt the airways and make someone more susceptible to getting sick.

There’s one thing Washington‘s history shows. Bad weather generally creates bad traffic jams.

Kennedy found that out in his 1961 inauguration when 8 inches of snow fell overnight and crippled the city for what at that time was Washington‘s worst traffic jam. Thousands of cars were abandoned in the snow.

———

Seth Borenstein can be followed at http://twitter.com/borenbears

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