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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Anti-doping officials say Armstrong must say more


For anti-doping officials, Lance Armstrong's admission of cheating was only a start. Now they want him to give details — lots of them — to clean up his sport.


Armstrong's much-awaited confession to Oprah Winfrey made for riveting television, but if the disgraced cyclist wants to take things further, it will involve several long days in meetings with anti-doping officials who have very specific questions: Who ran the doping programs, how were they run and who looked the other way.


"He didn't name names," World Anti-Doping Agency President John Fahey told The Associated Press in Australia. "He didn't say who supplied him, what officials were involved."


In the 90-minute interview Thursday night with Winfrey — the first of two parts broadcast on her OWN network — Armstrong said he started doping in the mid-1990s, using the blood booster EPO, testosterone, cortisone and human growth hormone, as well as engaging in outlawed blood doping and transfusions. The doping regimen, he said, helped him in all seven of his Tour de France wins.


His openness about his own transgressions, however, did not extend to allegations about other people. "I don't want to accuse anybody," he said.


But he might have to name names if he wants to gain anything from his confession, at least from anti-doping authorities.


Armstrong has been stripped of all his Tour de France titles and banned for life. A reduction of the ban, perhaps to eight years, could allow him to compete in triathlons in 2020, when he's 49.


Almost to a person, those in cycling and anti-doping circles believe it will take nothing short of Armstrong turning over everything he knows to stand any chance of cutting a deal to reduce his ban.


"We're left wanting more. We have to know more about the system," Tour de France race director Christian Prudhomme told the AP. "He couldn't have done it alone. We have to know who in his entourage helped him to do this."


U.S. Anti-Doping Agency chief Travis Tygart, who will have the biggest say about whether Armstrong can return to competition, also called his confession a small step in the right direction.


"But if he is sincere in his desire to correct his past mistakes, he will testify under oath about the full extent of his doping activities," he said.


Pierre Bordry, the head of the French Anti-Doping Agency from 2005-10, said there was nothing to guarantee that Armstrong isn't still lying and protecting others.


"He's going in the right direction, but with really small steps," Bordry said. "He needs to bring his testimony about the environment and the people who helped him. He should do it before an independent commission or before USADA and that would no doubt help the future of cycling."


It's doubtful Armstrong could get the same kind of leniency today as he might have had he chosen to cooperate with USADA during its investigation. But in an attempt to rid cycling of the doping taint it has carried for decades, USADA, WADA and the sport's governing body aren't satisfied with simply stopping at its biggest star. They still seek information about doctors, team managers and high-ranking executives.


Tyler Hamilton, whose testimony helped lead to Armstrong's downfall, says if Armstrong is willing to provide information to clean up the sport, a reduction in the sanctions would be appropriate, even if it might be hard to stomach after watching USADA's years of relentless pursuit of the seven-time Tour de France winner.


"The public should accept that," Hamilton said. "I'm all for getting people to come clean and tell the truth. I'm all for doctors, general managers and everyone else coming forward and telling the truth. I'm all for anyone who crossed the line coming forward and telling the truth. No. 1, they'll feel better personally. The truth will set you free."


The International Cycling Union (UCI) has been accused of protecting Armstrong and covering up positive tests, something Armstrong denied to Winfrey.


"I am pleased that after years of accusations being made against me, the conspiracy theories have been shown to be nothing more than that," said Hein Verbruggen, the president of the UCI from 1991-2005. "I have no doubt that the peddlers of such accusations and conspiracies will be disappointed by this outcome."


But Verbruggen was among the few who felt some closure after the first part of Armstrong's interview with Winfrey. The second was set for Friday night.


Most of the comments either urged him to disclose more, or felt it was too little, too late.


"There's always a portion of lies in what he says, in my opinion," retired cyclist and longtime Armstrong critic Christophe Bassons said. "He stayed the way I thought he would: cold, hard. He didn't let any sentiment show, even when he spoke of regrets. Well, that's Lance Armstrong. He's not totally honest even in his so-called confession. I think he admits some of it to avoid saying the rest."


___


AP Sports Writers Jerome Pugmire in Paris, Dennis Passa, John Pye and Neil Frankland in Melbourne; Stephen Wilson in London; Steve McMorran in Wellington, New Zealand; Nesha Starcevic in Frankfurt, Germany; and Andrew Dampf in Cortina, Italy, contributed to this report.


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Great Weekend Weather for North Texas! Here’s your forecast.







BEST WEEKEND OF THE YEAR SO FAR…


That is not saying a whole lot as we haven’t had very many weekends this year, but this one will be the best we have seen.  Lots of sunshine and high temperatures in the mid 60s each day!  It will be a bit cool in the mornings starting near 40 degrees each day.






A cold front arrives early Monday (MLK Day) morning.  No rain with this front, but it will be cooler and a bit breezy on Monday.  High temperatures for Monday will be in the upper 40s.


STATEWIDE FORECAST


SATURDAY


 Great Weekend Weather for North Texas! Here’s your forecast.


SUNDAY


 Great Weekend Weather for North Texas! Here’s your forecast.


MONDAY


 Great Weekend Weather for North Texas! Here’s your forecast.


ANOTHER FREEZE THIS MORNING…


This morning (Friday Jan. 18) we had another freeze at DFW.  The low temperature was 31 degrees.  This is the 20th freeze so far this winter.  All of last winter we only saw 14 freezes.


 Great Weekend Weather for North Texas! Here’s your forecast.


FORECAST:


TONIGHT:  Clear and cool.  Low of 39.  S 5-10 mph


TOMORROW:  Sunny and pleasant.  High of 66.  S 10-15 mph


TOMORROW NIGHT:  Mostly clear and cool.  Low of 40.  S 5-10 mph


SUNDAY:  Sunny and pleasant.  High of 65.  S 5-10 mph


MONDAY:  Mostly sunny and cooler.  Morning low of 38.  High of 47.  NE 5-15 mph


TUESDAY:  Mostly Sunny.  Morning low of 30.  High of 56.  S 5-15 mph


WEDNESDAY:  Partly sunny and warmer.  Morning low of 39.  High of 64.  S 10-20 mph




Weather News Headlines – Yahoo! News





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U.S. 'needs tougher child labor rules'




Cristina Traina says in his second term, Obama must address weaknesses in child farm labor standards




STORY HIGHLIGHTS


  • Cristina Traina: Obama should strengthen child farm labor standards

  • She says Labor Dept. rules allow kids to work long hours for little pay on commercial farms

  • She says Obama administration scrapped Labor Dept. chief's proposal for tightening rules

  • She says Labor Dept. must fix lax standards for kid labor on farmers; OSHA must enforce them




Editor's note: Cristina L.H. Traina is a Public Voices Op Ed fellow and professor at Northwestern University, where she is a scholar of social ethics.


(CNN) -- President Barack Obama should use the breathing space provided by the fiscal-cliff compromise to address some of the issues that he shelved during his last term. One of the most urgent is child farm labor. Perhaps the least protected, underpaid work force in American labor, children are often the go-to workers for farms looking to cut costs.


It's easy to see why. The Department of Labor permits farms to pay employees under 20 as little as $4.25 per hour. (By comparison, the federal minimum wage is $7.25.) And unlike their counterparts in retail and service, child farm laborers can legally work unlimited hours at any hour of day or night.


The numbers are hard to estimate, but between direct hiring, hiring through labor contractors, and off-the-books work beside parents or for cash, perhaps 400,000 children, some as young as 6, weed and harvest for commercial farms. A Human Rights Watch 2010 study shows that children laboring for hire on farms routinely work more than 10 hours per day.


As if this were not bad enough, few labor safety regulations apply. Children 14 and older can work long hours at all but the most dangerous farm jobs without their parents' consent, if they do not miss school. Children 12 and older can too, as long as their parents agree. Unlike teen retail and service workers, agricultural laborers 16 and older are permitted to operate hazardous machinery and to work even during school hours.


In addition, Human Rights Watch reports that child farm laborers are exposed to dangerous pesticides; have inadequate access to water and bathrooms; fall ill from heat stroke; suffer sexual harassment; experience repetitive-motion injuries; rarely receive protective equipment like gloves and boots; and usually earn less than the minimum wage. Sometimes they earn nothing.


Little is being done to guarantee their safety. In 2011 Secretary of Labor Hilda Solis proposed more stringent agricultural labor rules for children under 16, but Obama scrapped them just eight months later.


Adoption of the new rules would be no guarantee of enforcement, however. According to the 2010 Human Rights Watch report, the Department of Labor employees were spread so thin that, despite widespread reports of infractions they found only 36 child labor violations and two child hazardous order violations in agriculture nationwide.


This lack of oversight has dire, sometimes fatal, consequences. Last July, for instance, 15-year-old Curvin Kropf, an employee at a small family farm near Deer Grove, Illinois, died when he fell off the piece of heavy farm equipment he was operating, and it crushed him. According to the Bureau County Republican, he was the fifth child in fewer than two years to die at work on Sauk Valley farms.


If this year follows trends, Curvin will be only one of at least 100 children below the age of 18 killed on American farms, not to mention the 23,000 who will be injured badly enough to require hospital admission. According to Center for Disease Control and Prevention statistics, agriculture is one of the most dangerous industries. It is the most dangerous for children, accounting for about half of child worker deaths annually.


The United States has a long tradition of training children in the craft of farming on family farms. At least 500,000 children help to work their families' farms today.


Farm parents, their children, and the American Farm Bureau objected strenuously to the proposed new rules. Although children working on their parents' farms would specifically have been exempted from them, it was partly in response to worries about government interference in families and loss of opportunities for children to learn agricultural skills that the Obama administration shelved them.






Whatever you think of family farms, however, many child agricultural workers don't work for their parents or acquaintances. Despite exposure to all the hazards, these children never learn the craft of farming, nor do most of them have the legal right to the minimum wage. And until the economy stabilizes, the savings farms realize by hiring children makes it likely that even more of them will be subject to the dangers of farm work.


We have a responsibility for their safety. As one of the first acts of his new term, Obama should reopen the child agricultural labor proposal he shelved in spring of 2012. Surely, farm labor standards for children can be strengthened without killing off 4-H or Future Farmers of America.


Second, the Department of Labor must institute age, wage, hour and safety regulations that meet the standards set by retail and service industry rules. Children in agriculture should not be exposed to more risks, longer hours, and lower wages at younger ages than children in other jobs.


Finally, the Department of Labor and the Occupational Safety and Health Administration must allocate the funds necessary for meaningful enforcement of child labor violations. Unenforced rules won't protect the nearly million other children who work on farms.


Agriculture is a great American tradition. Let's make sure it's not one our children have to die for.


Follow us on Twitter @CNNOpinion.


Join us on Facebook/CNNOpinion.



The opinions expressed in this commentary are solely those of Cristina Traina.






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Autopsy today for lottery winner poisoned by cyanide

The body of poisoned lottery winner, Urooj Khan, is exhumed at Rosehill Cemetery in Chicago on Friday, Jan. 18, 2013. (John J. Kim, Chicago Tribune)









Chief Cook County Medical Examiner Stephen J. Cina said this afternoon that the body of lottery winner Urooj Khan, exhumed as part of a homicide investigation, was in an advanced state of decomposition but pathologists were able to take samples for toxicological analysis during an autopsy.

It could take several weeks before the test results are available, Cina said.

"I can't really predict how the results are going to turn out. Cyanide over the postmortem period actually can essentially evaporate and leave the tissue," Cina told reporters in the lobby of the medical examiner's office on the Near West Side. "It is possible that cyanide that was in the tissues is no longer in the tissues after several months. We'll just have to see how the results play out."

Cina said it took a few hours to complete the autopsy following the exhumation of Khan’s body from Rosehill Cemetery this morning.

The medical examiner’s office initially ruled that Khan’s July 20 death was from natural causes, but after a relative raised questions, comprehensive toxicological tests of blood showed that he died of cyanide poisoning. He had won a million-dollar lottery prize a few weeks before his death but had not collected the winnings – a lump-sum payment of about $425,000 after taxes.


Earlier today, a hearse was opened in front of a green tent set up at the grave site just north of Peterson Avenue and Khan's body was loaded into it. An evidence technician snapped a photo of it before the hearse's rear doors were closed up and the vehicle was driven away across the grass on the cemetery, escorted by a Chicago police evidence technician squad car and several other marked and unmarked police vehicles. They exited west onto Peterson Avenue.


The whole exhumation process lasted about two hours.








Khan's body was not frozen, officials said. A medical examiner's office spokeswoman, Mary Paleologos, said Khan's body will be buried again on Monday.


Dr. Marta Helenowski, the forensic pathologist who originally handled Khan's case, was to take samples of Khan's lungs, liver and spleen for further testing, along with taking a look at the contents of Khan's stomach and intestines and taking bone, nail and hair samples, all for further examination, according Paleologos.


"Depending on the condition of the body and the quality of the samples, (the medical examiner's office) will hopefully be able to determine how the cyanide entered his body," Paleologos said.


It'll be two or three weeks before the medical examiner's office knows how the cyanide got into Khan's system. The office will also have to wait for independent lab test results.


Helenowski and a few medical examiner's office personnel were on hand for the exhumation. An imam also was present to say prayers at the grave site as the exhumation went on.


Several helicopters hovered over Rosehill Cemetery and a backhoe and three or four pickup trucks were stationed at the grave site in the middle of the cemetery's northern section, where a beam of light could be seen shining over Khan's headstone. The backhoe soon began its work digging into the ground at the grave site. In addition to the backhoe, one or two workers were seen helping dig up the body with shovels.


A large tent was set up at the site where some two dozen police officers were gathered. Among the officers are two Chicago police evidence technicians, Paleologos said. One was taking still photos of the exhumation, while the other was shooting video.


An unmarked police car and two blue barricades blocked off the Peterson Avenue gate to Rosehill, the only entrance and exit in the northern section of the cemetery.


Four TV trucks sat parked along the fence about 100 yards west of the grave site along Oakley Avenue, the designated staging area for the media. A group of about a dozen photographers, a videographer and TV reporters stood along the Peterson Avenue fence, next to where traffic moved along the busy thoroughfare like any normal morning rush hour.


A few passersby gazed at the police activity at the grave site from Oakley Avenue. One, curious about large presence inside the cemetery, was surprised to learned from a Tribune reporter that it was Khan's body being dug up. Another thought someone was having a funeral.


The exhumation of Khan's remains came about six months after the West Rogers Park man was buried at Rosehill. In court papers last week, Cina said it was important to exhume the remains "as expeditiously as possible" since Khan's body was not embalmed.

In court papers, Cina said it was necessary to perform a full autopsy to "further confirm the results of the blood analysis as well as to rule out any other natural causes that might have contributed to or caused Mr. Khan's death."


The exhumation comes after the Tribune broke the story on Jan. 7 about Khan's mysterious death, sparking international media interest in the case.


The medical examiner's office initially ruled Khan's July 20 death was from hardening of the arteries when there were no signs of trauma on the body and a preliminary blood test didn't raise any questions. But the investigation was reopened about a week later after a relative suggested to authorities that Khan's death "may have been the result of poisoning," prosecutors said in a court filing seeking the exhumation.


The medical examiner's office contacted Chicago police Sept. 11 after tests showed cyanide in Khan's blood. By late November, more comprehensive toxicological tests showed lethal levels of the toxic chemical and the medical examiner's office declared his death a homicide.


Khan's widow, Shabana Ansari, who has hired a criminal-defense lawyer, told the Tribune last week that she had been questioned for more than four hours by detectives and had fully cooperated.  She said the detectives had asked her about ingredients she used to prepare his last meal of lamb curry, shared by Ansari, her father-in-law Fareedun Ansari and Khan's daughter from a previous marriage, Jasmeen, 17.


While a motive has not been determined, police have not ruled out that Khan was killed because of his lottery win, a law enforcement source has told the Tribune.


According to court records obtained by the Tribune, Khan's brother has squabbled with Shabana Ansari over the lottery winnings in probate court. The brother, ImTiaz Khan, raised concern that since Khan left no will, Jasmeen Khan would not get "her fair share" of her father's estate.


Khan and Ansari did not have children together. Since her father's death, Jasmeen Khan has been living with Khan's siblings.


An attorney for Ansari in the probate case said the money was all accounted for and the estate was in the process of being divided up by the court. Under state law, the estate typically would be split evenly between the spouse and Khan's only child, he said.


In addition, almost two years ago, the Internal Revenue Service placed liens on Khan's residence on West Pratt Boulevard in an effort to collect more than $120,000 in back taxes from his father-in-law,  Fareedun Ansari, who still lives at the home with his daughter.


Fareedun and Shabana Ansari have denied involvement in Khan's death.


jgorner@tribune.com

Twitter: @ChicagoBreaking





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Foreigners still trapped in Sahara hostage crisis


ALGIERS/IN AMENAS, Algeria (Reuters) - More than 20 foreigners were captive or missing inside a desert gas plant on Saturday, nearly two days after the Algerian army launched an assault to free them that saw many hostages killed.


The standoff between the Algerian army and al Qaeda-linked gunmen - one of the biggest international hostage crises in decades - entered its fourth day, having thrust Saharan militancy to the top of the global agenda.


The number and fate of victims has yet to be confirmed, with the Algerian government keeping officials from Western countries far from the site where their countrymen were in peril.


Reports put the number of hostages killed at between 12 to 30, with possibly dozens of foreigners still unaccounted for - among them Norwegians, Japanese, Britons, Americans and others.


By nightfall on Friday, the Algerian military was holding the vast residential barracks at the In Amenas gas processing plant, while gunmen were holed up in the industrial plant itself with an undisclosed number of hostages.


Scores of Westerners and hundreds of Algerian workers were inside the heavily fortified compound when it was seized before dawn on Wednesday by Islamist fighters who said they wanted a halt to a French military operation in neighboring Mali.


Hundreds escaped on Thursday when the army launched an operation, but many hostages were killed in the assault. Algerian forces destroyed four trucks holding hostages, according to the family of a Northern Irish engineer who escaped from a fifth truck and survived.


Leaders of Britain, Japan and other countries have expressed frustration that the assault was ordered without consultation and officials have grumbled at the lack of information. Many countries also withheld details about their missing citizens to avoid releasing information that might aid the captors.


An Algerian security source said 30 hostages, including at least seven Westerners, had been killed during Thursday's assault, along with at least 18 of their captors. Eight of the dead hostages were Algerian, with the nationalities of the rest of the dead still unclear, he said.


Algeria's state news agency APS put the total number of dead hostages at 12, including both foreigners and locals.


The base was home to foreign workers from Britain's BP, Norway's Statoil and Japanese engineering firm JGC Corp and others.


Norway says eight Norwegians are still missing. JGC said it was missing 10 staff. Britain and the United States have said they have citizens unaccounted for but have not said how many.


The Algerian security source said 100 foreigners had been freed but 32 were still unaccounted for.


"We must be prepared for bad news this weekend but we still have hope," Norwegian Prime Minister Jens Stoltenberg said.


The attack has plunged international capitals into crisis mode and is a serious escalation of unrest in northwestern Africa, where French forces have been in Mali since last week fighting an Islamist takeover of Timbuktu and other towns.


"We are still dealing with a fluid and dangerous situation where a part of the terrorist threat has been eliminated in one part of the site, but there still remains a threat in another part," British Prime Minister David Cameron told his parliament.


Two Japanese, two Britons and a French national were among the seven foreigners confirmed dead in the army's storming, the Algerian security source told Reuters. One British citizen was killed when the gunmen seized the hostages on Wednesday.


"(The army) is still trying to achieve a ‘peaceful outcome' before neutralizing the terrorist group that is holed up in the (facility) and freeing a group of hostages that is still being held," Algeria's state news agency said on Friday, quoting a security source.


MULTINATIONAL INSURGENCY


Algerian commanders said they moved in on Thursday about 30 hours after the siege began, because the gunmen had demanded to be allowed to take their captives abroad.


A French hostage employed by a French catering company said he had hidden in his room for 40 hours under the bed before he was rescued by Algerian troops, relying on Algerian employees to smuggle him food with a password.


"I put boards up pretty much all round," Alexandre Berceaux told Europe 1 radio. "I didn't know how long I was going to stay there ... I was afraid. I could see myself already ending up in a pine box."


The captors said their attack was a response to the French military offensive in neighboring Mali. However, some U.S. and European officials say the elaborate raid probably required too much planning to have been organized from scratch in the single week since France first launched its strikes.


Paris says the incident proves its decision to fight Islamists in neighboring Mali was necessary.


Security in the half-dozen countries around the Sahara desert has long been a preoccupation of the West. Smugglers and militants have earned millions in ransom from kidnappings.


The most powerful Islamist groups operating in the Sahara were severely weakened by Algeria's secularist military in a civil war in the 1990s. But in the past two years the regional wing of Al Qaeda gained fighters and arms as a result of the civil war in Libya, when arsenals were looted from Muammar Gaddafi's army.


Al Qaeda-linked fighters, many with roots in Algeria and Libya, took control of northern Mali last year, prompting the French intervention in that poor African former colony.


The apparent ease with which the fighters swooped in from the dunes to take control of an important energy facility, which produces some 10 percent of the natural gas on which Algeria depends for its export income, has raised questions over the value of outwardly tough Algerian security measures.


Algerian officials said the attackers may have had inside help from among the hundreds of Algerians employed at the site.


U.S. Defense Secretary Leon Panetta said those responsible would be hunted down: "Terrorists should be on notice that they will find no sanctuary, no refuge, not in Algeria, not in North Africa, not anywhere... Those who would wantonly attack our country and our people will have no place to hide."


(Additional reporting by Ali Abdelatti in Cairo, Eamonn Mallie in Belfast, Gwladys Fouche in Oslo, Mohammed Abbas in London and Padraic Halpin and Conor Humphries in Dublin; Writing by Philippa Fletcher and Peter Graff; Editing by Andrew Roche and Tom Pfeiffer)



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Housing, job data push S&P to five-year high; Intel down late

NEW YORK (Reuters) - Stronger-than-expected data on housing starts and jobless claims lit a fire under stocks on Thursday, pushing the S&P 500 to a five-year high and its third day of gains.


A pair of economic reports lifted investors' sentiment. The number of Americans filing new claims for unemployment benefits fell to a five-year low last week and housing starts jumped last month to the highest since June 2008.


Strength in the housing and labor markets is key to sustained growth and higher corporate profits, helping to bring out buyers even on a day when earnings reports were mixed.


Gains were tempered by weakness in the financial sector, with Bank of America down 4.2 percent to $11.28 and Citigroup off 2.9 percent to $41.24 after their results.


In other negative earnings news, shares of chipmaker Intel fell 5.2 percent to $21.49 in extended-hours trading after the company forecast quarterly revenue that fell short of analysts' expectations. Intel had ended the regular session up 2.6 percent at $22.68.


The S&P 500 ended at its highest since December 2007 and now sits just 5.6 percent from its all-time closing high of 1,565.15.


"Having consolidated really for the last two weeks, the fact that we broke out, I think that that is sucking in quite a bit of money," said James Dailey, portfolio manager of TEAM Asset Strategy Fund in Harrisburg, Pennsylvania.


The Dow Jones industrial average <.dji> was up 84.79 points, or 0.63 percent, at 13,596.02. The Standard & Poor's 500 Index <.spx> was up 8.31 points, or 0.56 percent, at 1,480.94. The Nasdaq Composite Index <.ixic> was up 18.46 points, or 0.59 percent, at 3,136.00.


Better-than-expected earnings and revenue reported by online marketplace eBay late Wednesday helped the stock gain 2.7 percent to $54.33.


In the housing sector, PulteGroup Inc shares gained 4.9 percent to $20.29 and Toll Brothers Inc advanced 3.1 percent to $35.99. The PHLX housing sector index <.hgx> climbed 2.4 percent, reaching its highest close since August 2007.


Semiconductor shares <.sox> rose 2 percent to the highest close in eight months.


Financials were the only S&P 500 sector to register a slight decline for the day.


Bank of America's fourth-quarter profit fell as it took more charges to clean up mortgage-related problems. Citigroup posted $2.32 billion of charges for layoffs and lawsuits.


Energy shares led gains on the Dow as U.S. crude oil prices jumped more than 1 percent. Shares of Exxon Mobil were up 0.8 percent at $90.20 while shares of Chevron were up 0.7 percent at $114.75.


S&P 500 earnings are expected to have risen 2.3 percent in the fourth quarter, Thomson Reuters data showed. Expectations for the quarter have fallen considerably since October when a 9.9 percent gain was estimated.


Volume was roughly 6.5 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.


Advancers outpaced decliners on the NYSE by about 22 to 7 and on the Nasdaq by about 2 to 1.


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



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Te'o mentioned 'girlfriend' twice recently


SOUTH BEND, Ind. (AP) — Not once but twice after he supposedly discovered his online girlfriend of three years never even existed, Notre Dame All-American linebacker Manti Te'o perpetuated the heartbreaking story about her death.


An Associated Press review of news coverage found that the Heisman Trophy runner-up talked about his doomed love in a Web interview on Dec. 8 and again in a newspaper interview published Dec. 11. He and the university said Wednesday that he learned on Dec. 6 that it was all a hoax, that not only wasn't she dead, she wasn't real.


On Thursday, a day after Te'o's inspiring, playing-through-heartache story was exposed as a bizarre lie, Te'o and Notre Dame faced questions from sports writers and fans about whether he really was duped, as he claimed, or whether he and the university were complicit in the hoax and misled the public, perhaps to improve his chances of winning the Heisman.


Yahoo sports columnist Dan Wetzel said the case has "left everyone wondering whether this was really the case of a naïve football player done wrong by friends or a fabrication that has yet to play to its conclusion."


Gregg Doyel, national columnist for CBSSports.com, was more direct.


"Nothing about this story has been comprehensible, or logical, and that extends to what happens next," he wrote. "I cannot comprehend Manti Te'o saying anything that could make me believe he was a victim."


On Wednesday, Te'o and Notre Dame athletic director Jack Swarbrick said the player was drawn into a virtual romance with a woman who used the phony name Lennay Kekua, and was fooled into believing she died of leukemia in September. They said his only contact with the woman was via the Internet and telephone.


Te'o also lost his grandmother — for real — the same day his girlfriend supposedly died, and his role in leading Notre Dame to its best season in decades endeared him to fans and put him at the center of college football's biggest feel-good story of the year.


Relying on information provided by Te'o's family members, the South Bend Tribune reported in October that Te'o and Kekua first met, in person, in 2009, and that the two had also gotten together in Hawaii, where Te'o grew up.


Sports Illustrated posted a previously unpublished transcript of a one-on-one interview with Te'o from Sept. 23. In it, he goes into great detail about his relationship with Kekua and her physical ailments. He also mentioned meeting her for the first time after a game in California.


"We met just, ummmm, just she knew my cousin. And kind of saw me there so. Just kind of regular," he told SI.


Among the outstanding questions Thursday: Why didn't Te'o ever clarify the nature of his relationship as the story took on a life of its own?


Te'o's agent, Tom Condon, said the athlete had no plans to make any public statements Thursday in Bradenton, Fla., where he has been training with other NFL hopefuls at the IMG Academy.


Notre Dame said Te'o found out that Kekua was not a real person through a phone call he received at an awards ceremony in Orlando, Fla., on Dec. 6. He told Notre Dame coaches about the situation on Dec. 26.


The AP's media review turned up two instances during that gap when the football star mentioned Kekua in public.


Te'o was in New York for the Heisman presentation on Dec. 8 and, during an interview before the ceremony that ran on the WSBT.com, the website for a South Bend TV station, Te'o said: "I mean, I don't like cancer at all. I lost both my grandparents and my girlfriend to cancer. So I've really tried to go to children's hospitals and see, you know, children."


In a column that first ran in The Los Angeles Times, on Dec. 10, Te'o recounted why he played a few days after he found out Kekua died in September, and the day she was supposedly buried.


"She made me promise, when it happened, that I would stay and play," he said on Dec. 9 while attending a ceremony in Newport Beach, Calif., for the Lott Impact Awards.


On Wednesday, when Deadspin.com broke the story, Swarbrick said Notre Dame did not go public with its findings sooner because it expected the Te'o family to come forward first.


Asked if the NCAA was monitoring the Te'o story for possible rules violations, NCAA President Mark Emmert said:


"We don't know anything more than you do," he told reporters at the organization's convention in Dallas. "We're learning about this through the stories just the same as you are. But we have to wait and see what really transpired there. It's obviously (a) very disturbing story and it's hard to tell where the facts lie at this point.


"But Notre Dame is obviously looking into it and there will be a lot more to come forward. Right now, it just looks ... well, we don't know what the facts are, so I shouldn't comment beyond that."


Reporters were turned away at the main gate of IMG's sprawling, secure complex. Te'o remained on the grounds, said a person familiar with situation who spoke on condition of anonymity because neither Te'o nor IMG authorized the release of the information.


"This whole thing is so nutsy that I believe it only could have happened at Notre Dame, where mythology trumps common sense on a daily basis. ... Given the choice between reality and fiction, Notre Dame always will choose fiction," sports writer Rick Telander said in the Chicago Sun-Times.


"Which brings me to what I believe is the real reason Te'o and apparently his father, at least went along with this scheme: the Heisman Trophy.


Chicago Tribune columnist John Kass blasted both Te'o and Notre Dame.


"When your girlfriend dying of leukemia after suffering a car crash tells you she loves you, even if it might help you win the Heisman Trophy, you check it out," he said.


He said the university's failure to call a news conference and go public sooner means "Notre Dame is complicit in the lie."


"The school fell in love with the Te'o girlfriend myth," he wrote.


___


AP Sports Writers Ralph Russo and Tim Reynolds contributed to this report.


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Next Space Station Crew Faces Out-of-This-World Final Exams






An American astronaut and two Russian cosmonauts are preparing to join the crew of the International Space Station in March, but before they blast off, they’ll have to face the thing all students dread: final exams.


NASA astronaut Chris Cassidy, along with Alexander Misurkin and Pavel Vinogradov of Russia, are due to launch toward the space station aboard a Russian Soyuz spacecraft on March 28. They will lift off from the Baikonur Cosmodrome in Kazakhstan and join the station’s Expedition 35 crew a few days later. The spaceflyers plan to spend about six months in space performing experiments and keeping the $ 100 billion space laboratory in tip-top shape.






But for now, the crew is spending its final weeks before launch cramming for a critical two-day exam that will take place in the Russian town of Star City. The test is one all space station crews must pass before they are cleared to launch.


“We’re honing in on the end of a two-and-a-half-year process, which is culminating with some intense training here in Houston,” Cassidy said in a NASA briefing today (Jan. 17). “We’ll soon be in Star City where we’ll have our final exams.”


The three men will spend their first exam day inside a life-size simulator of the Russian segment of the space station, carrying out typical tasks and responding to simulated malfunctions that test their abilities to cope in a crisis. [Space Jet Lag: How Astronauts Cope (Video)]


On the second day, they’ll tackle the same challenges inside a Soyuz simulator, carrying out mock launch, rendezvous and undocking sequences while clad in their Russian Sokol spacesuits. All this will be observed by a Russian state commission that includes veteran cosmonauts and officials.


“It sounds scary and it is intimidating the first time you do it,” Cassidy told SPACE.com. “When you’re sitting in a big gigantic room with a lot of experienced Soyuz commanders, and they’re asking questions about why you put your hand in a certain place, it can be intimidating. But in my opinion it is a good process. It can really make you step up your game.”


Crews must pass the exams before they are allowed to launch to space, but if at first they don’t succeed, they do get a second chance to try again.


“Recently there have been some crews that have made a critical mistake,” Cassidy said. “And what they’ll do is make you redo that section and just fine-tune it.”


Cassidy, Vinogradov and Misurkin will be taking their test March 6 and 7. The first two spaceflyers have some experience under their belt, as both have flown to space before: Cassidy flew on NASA’s STS-127 mission of the space shuttle Endeavour in 2009, while Vinogradov is a veteran of two previous spaceflights, including a trip to Russia’s space station Mir in 1997 and the International Space Station’s Expedition 13 mission in 2004. 


“We’re approaching the finishing line,” Vinogradov said today at the NASA briefing. “We only have a few weeks left of training, including the training in Moscow. We have an excellent team.”


Misurkin, meanwhile, is a rookie spaceflyer who joined the cosmonaut ranks in 2006. This upcoming space mission will be his first.


“I’m just really excited and looking forward to this flight,” Misurkin said. “I think it [will] be a great experience for me and the biggest thing in my whole life.”


Follow Clara Moskowitz on Twitter @ClaraMoskowitz or SPACE.com @Spacedotcom. We’re also on Facebook & Google+


Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Why U.S. needs tougher child labor rules




Cristina Traina says in his second term, Obama must address weaknesses in child farm labor standards




STORY HIGHLIGHTS


  • Cristina Traina: Obama should strengthen child farm labor standards

  • She says Labor Dept. rules allow kids to work long hours for little pay on commercial farms

  • She says Obama administration scrapped Labor Dept. chief's proposal for tightening rules

  • She says Labor Dept. must fix lax standards for kid labor on farmers; OSHA must enforce them




Editor's note: Cristina L.H. Traina is a Public Voices Op Ed fellow and professor at Northwestern University, where she is a scholar of social ethics.


(CNN) -- President Barack Obama should use the breathing space provided by the fiscal-cliff compromise to address some of the issues that he shelved during his last term. One of the most urgent is child farm labor. Perhaps the least protected, underpaid work force in American labor, children are often the go-to workers for farms looking to cut costs.


It's easy to see why. The Department of Labor permits farms to pay employees under 20 as little as $4.25 per hour. (By comparison, the federal minimum wage is $7.25.) And unlike their counterparts in retail and service, child farm laborers can legally work unlimited hours at any hour of day or night.


The numbers are hard to estimate, but between direct hiring, hiring through labor contractors, and off-the-books work beside parents or for cash, perhaps 400,000 children, some as young as 6, weed and harvest for commercial farms. A Human Rights Watch 2010 study shows that children laboring for hire on farms routinely work more than 10 hours per day.


As if this were not bad enough, few labor safety regulations apply. Children 14 and older can work long hours at all but the most dangerous farm jobs without their parents' consent, if they do not miss school. Children 12 and older can too, as long as their parents agree. Unlike teen retail and service workers, agricultural laborers 16 and older are permitted to operate hazardous machinery and to work even during school hours.


In addition, Human Rights Watch reports that child farm laborers are exposed to dangerous pesticides; have inadequate access to water and bathrooms; fall ill from heat stroke; suffer sexual harassment; experience repetitive-motion injuries; rarely receive protective equipment like gloves and boots; and usually earn less than the minimum wage. Sometimes they earn nothing.


Little is being done to guarantee their safety. In 2011 Secretary of Labor Hilda Solis proposed more stringent agricultural labor rules for children under 16, but Obama scrapped them just eight months later.


Adoption of the new rules would be no guarantee of enforcement, however. According to the 2010 Human Rights Watch report, the Department of Labor employees were spread so thin that, despite widespread reports of infractions they found only 36 child labor violations and two child hazardous order violations in agriculture nationwide.


This lack of oversight has dire, sometimes fatal, consequences. Last July, for instance, 15-year-old Curvin Kropf, an employee at a small family farm near Deer Grove, Illinois, died when he fell off the piece of heavy farm equipment he was operating, and it crushed him. According to the Bureau County Republican, he was the fifth child in fewer than two years to die at work on Sauk Valley farms.


If this year follows trends, Curvin will be only one of at least 100 children below the age of 18 killed on American farms, not to mention the 23,000 who will be injured badly enough to require hospital admission. According to Center for Disease Control and Prevention statistics, agriculture is one of the most dangerous industries. It is the most dangerous for children, accounting for about half of child worker deaths annually.


The United States has a long tradition of training children in the craft of farming on family farms. At least 500,000 children help to work their families' farms today.


Farm parents, their children, and the American Farm Bureau objected strenuously to the proposed new rules. Although children working on their parents' farms would specifically have been exempted from them, it was partly in response to worries about government interference in families and loss of opportunities for children to learn agricultural skills that the Obama administration shelved them.






Whatever you think of family farms, however, many child agricultural workers don't work for their parents or acquaintances. Despite exposure to all the hazards, these children never learn the craft of farming, nor do most of them have the legal right to the minimum wage. And until the economy stabilizes, the savings farms realize by hiring children makes it likely that even more of them will be subject to the dangers of farm work.


We have a responsibility for their safety. As one of the first acts of his new term, Obama should reopen the child agricultural labor proposal he shelved in spring of 2012. Surely, farm labor standards for children can be strengthened without killing off 4-H or Future Farmers of America.


Second, the Department of Labor must institute age, wage, hour and safety regulations that meet the standards set by retail and service industry rules. Children in agriculture should not be exposed to more risks, longer hours, and lower wages at younger ages than children in other jobs.


Finally, the Department of Labor and the Occupational Safety and Health Administration must allocate the funds necessary for meaningful enforcement of child labor violations. Unenforced rules won't protect the nearly million other children who work on farms.


Agriculture is a great American tradition. Let's make sure it's not one our children have to die for.


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The opinions expressed in this commentary are solely those of Cristina Traina.






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