S&P 500 eases, ends longest winning run in eight years

NEW YORK (Reuters) - The S&P 500 eased slightly on Monday after an eight-day run of gains, while the Nasdaq edged higher as Apple shares rebounded.

The index remained above 1,500, however, after closing above that level on Friday for the first time in more than five years. The S&P 500's eight sessions of gains was its longest winning streak in eight years.

Caterpillar shares helped limit losses on 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 2 percent Monday to $97.45.

"I think this multi-year high is really something that's in play both for shorter-term traders and with folks with money on the sidelines," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

Bargain hunters lifted Apple after the tech giant's stock dropped 14.4 percent in the previous two sessions. With Apple's stock up 2.3 percent at $449.83, the iPad and iPhone maker regained the title as the largest U.S. company by market capitalization as Exxon Mobil fell 0.7 percent to $91.11 and slipped back to second place.

On the down side, Boeing fell 1.4 percent to $74 on worries about the potential hit from delays in its 787 Dreamliner program.

The Dow Jones industrial average <.dji> was down 14.05 points, or 0.10 percent, at 13,881.93. The Standard & Poor's 500 Index <.spx> was down 2.78 points, or 0.18 percent, at 1,500.18. The Nasdaq Composite Index <.ixic> was up 4.59 points, or 0.15 percent, at 3,154.30.

Investors poured $55 billion in new cash into stock mutual funds and exchange-traded funds in January, the biggest monthly inflow on record, research provider TrimTabs Investment Research said.

"What we have seen this year is, it appears the individual investor is allocating some 401(k) money to equities. Hopefully that's a decision that will be with us for a while," Hellwig said.

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

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, however, unexpectedly dropped 4.3 percent. Analysts were looking for an increase of 0.3 percent.

Corporate earnings so far have mostly been stronger than expected. 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.

After the bell, shares of Yahoo rose 4.4 percent to $21.21 following the release of its results.

During the regular session, Hess Corp shares shot up 6.1 percent to $62.48 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.

Stocks 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.

Volume was roughly 6.1 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.

Decliners outpaced advancers on the NYSE by nearly 4 to 3, while advancers beat decliners on the Nasdaq by about 7 to 5.

(Additional reporting by Rodrigo Campos; Editing by Jan Paschal and Nick Zieminski)

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Woods wins at Torrey Pines for 8th time

SAN DIEGO (AP) — Tiger Woods is a winner again at Torrey Pines, and the only question Monday was how long it would take him to finish.

Woods stretched his lead to eight shots in the Farmers Insurance Open before losing his focus and his patience during a painfully slow finish by the group ahead.

Despite dropping four shots over the last five holes, he still managed an even-par 72 for a four-shot victory on the course where he has won more than any other in his pro career.

He won the tournament for the seventh time, one behind the record held by Sam Snead, who won the Greater Greensboro Open eight times. It was the eighth time Woods won at Torrey Pines, which includes his playoff win in the 2008 U.S Open.

This one was never close.

Woods built a six-shot lead with 11 holes to play when the final round of the fog-delayed tournament was suspended Sunday by darkness. He returned Monday — a late morning restart because CBS Sports wanted to show it in the afternoon on the East Coast — and looked stronger than ever until the tournament dragged to a conclusion.

Having to wait on every tee and from every fairway — or the rough, in his case — Woods made bogey from the bunker on the 14th, hooked a tee shot on the 15th that went off the trees and into a patch of ice plant and led to double bogey, and then popped up his tee shot on the 17th on his way to another bogey.

All that affected was the score. It kept him from another big margin of victory, though the message was clear about his game long before that.

One week after he missed the cut in Abu Dhabi, he ruled at Torrey Pines.

It was his 75th career win, seven short of the Snead's all-time tour record.

"It got a little ugly toward the end," Woods said. "I started losing patience a little bit with the slow play. I lost my concentration a little bit."

He rallied with a two-putt par on the 18th hole to win by four shots over defending champion Brandt Snedeker and Josh Teater, who had the best finish of his career.

Like so many of his big wins, the only drama was for second place.

Brad Fritsch, the rookie from Canada, birdied his last two holes for a 75. That put him into a tie for ninth, however, making him eligible for the Phoenix Open next week.

Fritsch had been entered in the Monday qualifier that he had to abandon when the Farmers Insurance Open lost Saturday to a fog delay.

Woods effectively won this tournament in the final two hours Sunday, when he stretched his lead to six shots with only 11 holes to play. Nick Watney made a 10-foot birdie putt on the par-5 ninth when play resumed to get within five shots, only to drop three shots on the next five holes.

Everyone else started too far behind, and Woods wasn't about to come back to them.

Even so, the red shirt seemed to put him on edge. It didn't help that as he settled over his tee shot on the par-5 ninth, he backed off when he heard a man behind the ropes take his picture.

Woods rarely hits the fairway after an encounter with a camera shutter, and this was no different — it went so far right that it landed on the other side of a fence enclosing a corporate hospitality area.

Woods took his free drop, punched out below the trees into the fairway and then showed more irritation when his wedge nicked the flag after one hop and spun down the slope 30 feet away instead of stopping next to the hole.

He didn't show much reaction on perhaps his most memorable shot of the day — with his legs near the edge of a bunker some 75 feet to the left of the 11th green, he blasted out to the top shelf and watched the ball take dead aim until it stopped a foot short.

He failed to save par from a bunker on the 14th, and he hooked his tee shot so badly on the 15th hole that it traveled only about 225 yards before it was gobbled up by the ice plant. He had to take a penalty drop and wound up making double bogey.

More than his 75th career win, it was a strong opening statement for what could be a fascinating 2013.

Before anyone projects a monster year for Woods based on one week — especially when that week is at Torrey Pines — remember that he just missed the cut last week in Abu Dhabi.

Woods said he wasn't playing much differently, and would have liked two more rounds in the Middle East. Instead, a two-shot penalty for a bad drop sent him home.

Still, in healthier and happier times he usually was sharp coming after a long layoff. Throw out the trip to the Arabian Gulf, and he is.

Was this a statement?

Woods was eight shots ahead with five holes to play when he stumbled his way to the finish line, perhaps from having to kill time waiting on the group ahead. Erik Compton, Steve Marino and Fritsch had an entire par 5 open ahead of them at the end of the round.

Still, Woods played a different game than everyone else at Torrey Pines.

"I think he wanted to send a message," said Hunter Mahan, who shares a swing coach with Woods. "I think deep down he did. You play some games to try to motivate yourself. There's been so much talk about Rory (McIlroy). Rory is now with Nike. That would be my guess."

Mahan got a good look at Woods this week, playing in the group behind him on the front nine because Mahan was first off on the two-tee start.

"He looked strong," Mahan said. "He had great control of his swing. He was hitting some strong shots, different from any other player I saw out here."

Woods is not likely to return to golf until the Match Play Championship next month.

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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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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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Chicago aldermen target bedbugs, landlords of infested units

A trio of Chicago alderman is taking on the scourge of bedbugs in the city, suggesting fines for landlords who fail to eradicate the pests.

A proposed ordinance declaring bedbugs "a public nuisance" is set for a hearing Tuesday at a joint meeting of the City Council Health and Housing committees. The measure would make landlords responsible for hiring licensed professionals to get rid of any bedbug infestations. Those who fail to comply would face fines of up to $1,000 a day.

Condominium and co-op boards also would have to prepare pest management plans under the measure proposed by Ald. Ray Suarez, 31st; Harry Osterman, 48th; and Debra Silverstein, 50th.

Landlords, however, are expected to argue that condo and co-op boards also should be held equally responsible for hiring pest-control professionals, an industry representative said. Landlords also want guarantees that they will have enough authority to get into tenants' units to deal with the problem.

Ald. George Cardenas, 12th, said tweaks will have to be made. But even if a vote is delayed Tuesday, the ordinance will get enacted in some form, said Cardenas, the Health Committee chairman.

Osterman said aldermen and Mayor Rahm Emanuel's administration have been working on the issue for months because bedbugs are a growing problem in Chicago. That point was highlighted weeks ago when the Orkin pest control company announced it did more treatments for bedbug infestations in Chicago than in any other major city last year.

"The city has a significant problem that needs to be addressed at a comprehensive level," Osterman said.

The ordinance also would prohibit the renting of units with bedbug infestations. And it would require tenants to notify landlords of suspected infestations of the pests made infamous in a childhood bedtime rhyme.

Furniture, bedding and clothing with bedbugs would have to be enclosed in a plastic bag and labeled as infected before it is placed in a refuse container. And the Health Department would have to post online information about bedbugs and their eradication.

hdardick@tribune.com

Twitter @ReporterHal

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Egyptian protesters defy curfew, attack police stations

CAIRO/ISMAILIA, Egypt (Reuters) - Egyptian protesters defied a nighttime curfew in restive towns along the Suez Canal, attacking police stations and ignoring emergency rule imposed by Islamist President Mohamed Mursi to end days of clashes that have killed at least 52 people.

At least two men died in overnight fighting in the canal city of Port Said in the latest outbreak of violence unleashed last week on the eve of the anniversary of the 2011 revolt that brought down autocrat Hosni Mubarak.

Political opponents spurned a call by Mursi for talks on Monday to try to end the violence.

Instead, huge crowds of protesters took to the streets in Cairo, Alexandria and in the three Suez Canal cities - Port Said, Ismailia and Suez - where Mursi imposed emergency rule and a curfew on Sunday.

"Down, down with Mohamed Mursi! Down, down with the state of emergency!" crowds shouted in Ismailia. In Cairo, flames lit up the night sky as protesters set police vehicles ablaze.

In Port Said, men attacked police stations after dark. A security source said some police and troops were injured. A medical source said two men were killed and 12 injured in the clashes, including 10 with gunshot wounds.

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

The demonstrators accuse Mubarak's successor Mursi of betraying the two-year-old revolution. Mursi and his supporters accuse the protesters of seeking to overthrow Egypt's first ever democratically elected leader through undemocratic means.

Since Mubarak was toppled, Islamists have won two referendums, two parliamentary elections and a presidential vote. But that legitimacy has been challenged by an opposition that accuses Mursi of imposing a new form of authoritarianism, and punctuated by repeated waves of unrest that have prevented a return to stability in the most populous Arab state.

WEST UNNERVED

The army has already been deployed in Port Said and Suez and the government agreed a measure to let soldiers arrest civilians as part of the state of emergency.

The instability unnerves Western capitals, where officials worry about the direction of powerful regional player that has a peace deal with Israel. The United States condemned the bloodshed and called on Egyptian leaders to make clear violence is not acceptable. ID:nW1E8MD01C].

In Cairo on Monday, police fired volleys of teargas at stone-throwing protesters near Tahrir Square, cauldron of the anti-Mubarak uprising. Demonstrators stormed into the downtown Semiramis Intercontinental hotel and burned two police vehicles.

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 in the Suez Canal cities 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.

Mursi's invitation to opponents to hold a national dialogue with Islamists on Monday was spurned by the main opposition National Salvation Front coalition, which rejected the offer as "cosmetic and not substantive".

The only liberal politician who attended, Ayman Nour, told Egypt's al-Hayat channel after the meeting ended late on Monday that attendees agreed to meet again in a week.

He said Mursi had promised to look at changes to the constitution requested by the opposition but did not consider the opposition's request for a government of national unity.

The president announced the emergency 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.

His demeanor in the address infuriated his opponents, not least when he wagged a finger at the camera.

Some 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."

(Additional reporting by Edmund Blair and Yasmine Saleh in Cairo and Abdelrahman Youssef in Alexandria; Writing by Edmund Blair, Yasmine Saleh and Peter Graff)

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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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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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Women in infantry: Tough challenge?

Hospital Corpsman Shannon Crowley packs for a mission as Lance Cpl.. Kristi Baker sits on her bed in 2010 in Afghanistan.

STORY HIGHLIGHTS

• Maren Leed: Ban on women in combat has hurt operations, women's promotion


• Leed: Integrating women into the physically demanding infantry presents challenges


• Women are already in combat; she says, the "front line" and "rear line" no longer exist


• Leed: Research into women in infantry might show that some limits might be appropriate

Editor's note: Maren Leed is senior adviser, Harold Brown Chair in defense policy studies at the Center for Strategic and International Studies. From 2011 to 2012, she served as senior adviser to the chief of staff of the U.S. Army. Follow the Center for Strategic and International Studies on Twitter.

(CNN) -- In the coming years, lifting the ban on women in combat, announced Thursday by Defense Secretary Leon Panetta, might prove particularly challenging in the most iconic of military occupations -- the infantry, among the most physically demanding and tradition-bound branches of the Marines and the Army.

Determining the best path forward to integrate women into this elite group will require hard-nosed honesty, careful management and compelling leadership.

For the 65 years that women have enjoyed a permanent place in the United States military, they have been subject to restrictions. One rationale is the notion embedded in our culture that women should be shielded from great physical risks. Another is a recognition of the physical superiority of the average male over the average female. A third is the fear that unit cohesion, critical to military performance, would suffer with the introduction of women.

Maren Leed

These three concerns apply to varying degrees in the infantry. But the last 11 years of war have clearly demonstrated that warfare is no longer waged in a linear fashion, and that the concept of "front line" no longer applies.

Opinion: A more equal military? Bring back draft

Historically, logistics operations were conducted "in the rear," where risks were comparatively low. This has changed: In 2006 in Iraq, for example, one in every five truck convoys was attacked. Although infantry clearly remains one of the most dangerous military occupations, the proliferation of homemade bombs and other low-cost, lethal weaponry and tactics have heightened the risk of almost every occupation. War is more uniformly dangerous.

That said, physical differences between the sexes remains a thorny issue. Determining gender-neutral physical standards for an integrated infantry will be one of the most difficult tasks ahead.

Infantry soldiers and Marines are the primary forces for operations on foot. They not only travel long distances, but also frequently carry loads in excess of 50 pounds. Both the short- and long-term health effects of such demands can be significant.

Single mom fought alongside combat troops in Afghanistan

The Defense Department has consistently pursued solutions to lighten the load, from exoskeletons to unmanned vehicles that would serve as "pack mules," to the elusive quest for higher power, lower weight batteries.

The success of these efforts will benefit both men and women. But until that happens, research into the effects these physical demands have on women is necessary before determining the degree to which they can, and should, be part of the full range of infantry.

Whether men serving in the infantry will accept women as peers is another open question.

Those who oppose women in the infantry argue that they would change group dynamics, disrupt bonding and ultimately harm unit cohesion. In the past, these fears have been brought up regarding the participation of minorities and homosexuals, too. But data show these negative predictions don't come true. Instead, successful integration has happened with strong leadership, and, critically, a process that is broadly perceived to be fair.

Opinion: Women in combat a dangerous experiment

Even if the arguments underpinning the ban on women in combat have weakened, is there sufficient justification for change? The Joint Chiefs apparently believe so, as they have unanimously recommended the ban be lifted.

Each of the services already has been taking steps along these lines. This is in part driven by the evolution of the battlefield. When today's senior leaders were serving time in Iraq and Afghanistan, they realized that the restrictions on women sometimes also restricted their missions.

They implemented work-arounds and sought exceptions to policy. But they came home with firsthand experience of the mismatch between modern warfare and the policies limiting women's role. Women are in combat, and senior military leaders believe that future success demands they must remain available to be so, in even greater numbers.

From the institutional viewpoint, there are also concerns that the traditional limitations fail to make the best use of women in the service. Combat experience weighs heavily in promotion decisions, and restrictions have precluded women from gaining experiences equal to those of male counterparts.

Women are also excluded from many of the occupations disproportionately represented in senior leadership, and that automatically limits the number of women who can advance to the highest levels. At the same time, the pool of Americans eligible for military service is shrinking, and competition for high-quality recruits is intensifying. So it's imperative that the military fully leverage the talent of the men and women it has and that it seeks to attract.

By the numbers: Women in the U.S. military

The arguments in favor of lifting the ban on women in combat outweigh those against it. Despite Defense Secretary Leon Panetta's announcement on Thursday, the military services maintain the prerogative to preclude women from serving in certain positions or occupations.

Infantry, or at least some specialties within that branch, could well be a case in which restrictions are warranted. But military leaders have time to evaluate this proposition, and to set the conditions to make any change stick. The path ahead may not be smooth, but it is necessary.

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The opinions expressed in this commentary are solely those of Maren Leed.

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4 protesters arrested at U. of C.'s new medical center

Protesters who want a trauma center on the South Side of Chicago marched into the University of Chicago¿s new $700 million medical center Sunday afternoon unannounced. Several were assaulted by CPD officers and then arrested.

Protesters marched into the University of Chicago’s new $700-million hospital unannounced on Sunday, shouting and holding handmade signs demanding an adult trauma care center for the city’s South Side.

Ultimately, four people were arrested at the scene, including a 17-year-old student at King College Prep High School.

The protesters staged the sit-in to call attention to the fact that the South Side has no trauma care centers that can treat adults for injuries sustained in shootings, stabbings, car accidents and other traumatic incidents. The U of C’s medical center only admits trauma victims up to age 16.

The movement for an adult trauma care center started shortly after Damian Turner was killed by gunfire in 2010, the unintended victim of a stray bullet three-and-a-half blocks from the University of Chicago Medical Center. He was transported about 10 miles away to Northwestern Memorial Hospital, which has a trauma care center that treats adults.

Most recently, two groups -- Fearless Leading by the Youth and its parent group Southside Together Organizing for Power -- have asked that the age limit for trauma victims at the U of C medical center be raised to 21.

Trauma centers are a significant drain on hospitals’ finances. The U. of C. Medical Center closed its trauma center for adults in 1988. U. of C. Medical Center officials have said establishing trauma center would come at the expense of other vital hospital programs.

Matt Ginsberg-Jaeckle, one of the organizers, said Sunday afternoon’s event protest the most violent since the campaign began in 2010.

About 2 p.m., an estimated 50 protesters entered the hospital, one man announcing their intent to protest over a megaphone. Five protesters had planned to stay in the lobby and likely be arrested when most of the group would inevitably be kicked off the private property.

Before the majority of the group had a chance to leave on their own, however, University of Chicago police took out their batons and started shoving protesters toward the door, several people tripping and falling onto the floor in the middle of the crowd.

Veronica Morris-Moore, 20, had planned on staying until she was arrested. She was pushed to the ground in the doorway, where she screamed: “Let me go! Let me go!”

Nastasia Tangherlini, 21, a University of Chicago student, also ended up on the ground. After a struggle with officers, both women were released.

Turner’s mother said she was shoved onto her face by a university police officer during the protests. Although not seriously injured, she was visibly upset, with tears streaming down her cheeks after she got onto her feet.

“I was just standing there,” Sheila Rush, Turner’s mom, said.

Besides the 17-year-old high school student, the other three arrested were Toussaint Losier, who’s active in University of Chicago student government; Jacob Klippenstein, the group’s cameraman; and Alex Goldenberg, a Fearless Leading by the Youth member.

Klippenstein said he had been filming the events when a university police officer hit his camera, knocking off his headphones in the process before he was handcuffed on the ground.

Chicago police officers showed up at the scene minutes after university police started pushing the protesters out the door.

A Chicago police officer on the scene said university police aren’t as experienced in dealing with protestors. No major injuries were reported from the confrontation.

University of Chicago police could not be reached Sunday for comment.

Marcia Rothenberg, 79, was at the protest with her husband. A few years ago, they both were in a car accident five blocks from the hospital, but had to be taken in separate ambulances to Northwestern Memorial Hospital, about 10 miles away, she said.

“It’s not just poor, black kids who are shot who need this,” said Rothenberg, who is white. “It’s people like us, too.”

Morris-Moore, who wasn’t arrested but had planned to be, said she doesn’t regret coming to protest, even though she was apprehended temporarily by officers.

“It was intense,” Morris-Moore said. “But that’s what we need people to see.”

ehirst@tribune.com

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