S&P 500 heads for longest winning streak in eight years

NEW YORK (Reuters) - Stocks rose on Friday, with the S&P 500 on track to close above 1,500 for the first time in more than five years on bullish data from Europe and strong earnings reports.

The benchmark was on track to extend its winning streak to eight days, the longest since a nine-day run in late 2004.

Data showed sales of new U.S. single-family homes fell in December but rose in 2012 to the highest level since 2009, a sign the troubled U.S. housing market has turned a corner.

"Economic data in the U.S. has been trending higher, albeit modestly. Things are incrementally better," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"The market was able to move forward despite deterioration in Apple and that's also a positive."

Apple shares dropped 1.2 percent to $444.99, and the iPhone maker was swapping places as the most valuable U.S. company with ExxonMobil Corp through the afternoon.

Adding to the bullish tone, German business morale improved for a third consecutive month in January to its highest in more than six months. In addition, European banks said they will repay the European Central Bank much more than expected of the loans the bank gave them during the crisis.

"Good news in credit markets helps set the stage for (more investment in) riskier assets," Krosby said.

Procter & Gamble shares rose 3.6 percent to $72.99 after the world's top household products maker's quarterly profit soared past expectations. The company also raised its sales and earnings outlook for the fiscal year.

The Dow Jones industrial average <.dji> rose 58.8 points or 0.43 percent, to 13,884.13, the S&P 500 <.spx> gained 7.85 points or 0.53 percent, to 1,502.67 and the Nasdaq Composite <.ixic> added 23.19 points or 0.74 percent, to 3,153.58.

The benchmark S&P 500 index is up more than 5 percent so far in January. The equity market's strong start this year has been attributed to solid corporate results, an agreement in Washington to extend the government's borrowing power, encouraging signs from the global economy and seasonal inflows into stocks.

Helping to lift the Nasdaq Composite, Starbucks , rose 4.5 percent to $57.01 after the coffee retailer reported stronger-than-expected sales in the United States and Asia.

Thomson Reuters data through Friday showed that of the 147 S&P 500 companies that have reported earnings, 68 percent exceeded expectations. Since 1994, 62 percent of companies have topped expectations, while the average over the past four quarters stands at 65 percent.

Halliburton Co shares jumped 5 percent to $39.69 after the world's second-largest oilfield services company reported higher-than-expected earnings and sales for the fourth quarter.

(Reporting by Rodrigo Campos; Editing by Kenneth Barry)

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India Ink: India Rape Trial Starts With Renewed Ban on Media Coverage

The trial of five men accused in the gang rape of a 23-year-old woman in a moving bus in New Delhi is being watched closely as a symbol of India’s commitment to justice for women, but information about the ongoing court proceedings may be scarce.

As court proceedings began Thursday, the presiding judge said  there would be a blanket ban on reporting on the trial. The judge, Yogesh Khanna,  also warned defense lawyers, who have been openly speaking about the case, not to provide information about the proceedings to the press.

The five men accused in the Dec. 16 rape and murder of a physiotherapy student were ushered into the special fast-track court in South Delhi on Thursday at noon, flanked by policemen, with their faces were covered with gray woolen caps. During the two-hour court proceedings, the prosecution used the opening arguments to lay out charges against the men, which include gang rape, murder, robbery and destruction of evidence.

The police allege that the five accused men and a sixth teenager, who is being tried as a juvenile, committed a premeditated, vicious crime that included plans to kill their victim. The woman died nearly two weeks after the rape from injuries suffered during the attack, which included an assault with an iron rod. Her companion, a 29-year-old man, was also beaten, and is expected to testify  at the trial.

The court proceedings took place in room 305 of the Saket District Court complex, a small wood-paneled chamber. The next hearing will be on Monday, when the defendants’ lawyers will respond to the charges the prosecution has laid out.

Separately on Thursday, India’s Juvenile Justice Board rejected a plea that the juvenile, who according to school records is 17 years old, be tried as an adult. The petition, filed by Subramanian Swamy, president of the Janata Party, claimed that the extreme malice of the alleged actions of the juvenile showed that he was not of the “tender age and mind” of a juvenile.

Indian law requires that rape cases be held “in-camera,” allowing only those directly connected with the case to be present in the courtroom, to protect the victim’s identity, and bans publishing of information about the proceedings. The victim has not been named by the media, but her family has spoken openly to the press about her life and their willingness to let her name be used if it were for something that benefitted the public, like new legislation to protect women.

Some are agitating for the proceedings of this trial to be made public, because of the high profile nature of the case. “In this case, what is on trial is the criminal justice system — investigating agencies, the administration and the judiciary,” said Meenakshi Lekhi, a Delhi-based lawyer who has filed a petition in the Delhi High Court challenging the media ban.  The case has “brought women’s rights to the center stage of public discourse,” she said. “This would not have been possible without the media,” she said.

The High Court will hear the petition on February 13.

The new fast-track court will try only cases related to crimes against women, and once trials have started, they will not adjourn for weeks or months, as is common in other courts. Several fast-track courts have already  been set up in Delhi to hear crimes against women in the wake of the Delhi gang rape, which brought thousands of protesters to the streets demanding justice for the victim and other victims of sexual assault.

Judge Khanna ordered  Monday that all court proceedings in ths current case would take place “in camera,” allowing only those directly connected with the case to be present in the courtroom, reiterating an earlier magistrate’s order on the case. He also renewed a blanket ban Monday on the printing or publishing of any information relating to the case’s proceedings.

Defense lawyers were instructed by the court during the proceedings to “honor the spirit” of the gag order, they said, after the special public prosecutor Dayan Krishnan said he would file a petition of contempt of court if lawyers for the defendants continued to brief the media on developments.

V. K. Anand, the lawyer for Ram Singh, one of the accused, confirmed Thursday that he would now also represent Mr. Singh’s brother Mukesh. Mr. Anand and Vivek Sharma, a second lawyer for accused, told the media after Thursday’s court proceedings that they could not answer any further questions.

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Women in Combat Stoke Twitter Debate

The Pentagon’s decision to allow women in combat has elicited some strong and controversial words from opponents of the move.

First, Tucker Carlson. Last night, the Daily Caller publisher tweeted: “Feminism’s latest victory: the right to get your limbs blown off in war. Congratulations.”

This drew some swift criticism on Twitter, and a counterpoint from The Week’s Marc Ambinder, who noted that one woman who lost limbs in combat, Tammy Duckworth, is now serving as a Democrat in the House of Representatives.

Then, Politico reported that Allen West, the former GOP congressman and Army lieutenant colonel, tweeted this morning: “Women in combat billets? Another misconceived lib vision of fairness and equality.”

West is already getting trashed on Twitter by users who took offense. After the controversial remarks made by Newt Gingrich in the mid-1990s and Rick Santorum last year, it’s no surprise that the Pentagon’s decision is stirring debate.

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Puppy Bowl's Starting Lineup Revealed

People Pets

By Amy Jamieson

01/24/2013 at 03:45 PM EST

It's time to set your DVRs, people. Animal Planet has revealed Puppy Bowl IX's starting lineup, and it would be a crime to miss this much cuteness.

Thirty-five doe-eyed doggies are primed to strut their adorable assets on Feb. 3 at 3 p.m. ET/PT – and each is available for adoption. (Read: These cuties could cuddle next to you on the couch after the show is over.)

Not to be missed on this year's roster are Chestnut, a squeeze-worthy 9-week-old Labrador retriever/Australian shepherd mix available at the Bonnie Blue Rescue of Virginia, and – move over, Harry Styles – 12-week-old dachshund Harry from Rhode Island's Furever Dachshund Rescue is definitely breaking more hearts than you.

In a Puppy Bowl first, a lineup of hedgehogs will cheer on these pigskin-loving pups from the sidelines, and annual favorites like the water bowl cam, kiss cam and a stadium-hovering blimp piloted by hamsters are all returning. Also hitting the field for his sophomore season is The Ref, a.k.a. Dan Schachner, who is charged with keeping all these players in line.

Could Schachner's all-time career highlight be topped this year by this new team? "Receiving the honorary ref whistle and gold-plated pooper-scooper in a moving pre-game ceremony was uh-mazing last year," he tells Animal Planet. "I would be lying if I said my emotions didn't run high that day."

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US hit by new stomach bug spreading around globe

NEW YORK (AP) — A new strain of stomach bug sweeping the globe is taking over in the U.S., health officials say.

Since September, more than 140 outbreaks in the U.S. have been caused by the new Sydney strain of norovirus. It may not be unusually dangerous; some scientists don't think it is. But it is different, and many people might not be able to fight off its gut-wrenching effects.

Clearly, it's having an impact. The new strain is making people sick in Japan, Western Europe, and other parts of the world. It was first identified last year in Australia and called the Sydney strain.

In the U.S., it is now accounting for about 60 percent of norovirus outbreaks, according to report released Thursday by the Centers for Disease Control and Prevention.

Norovirus — once known as Norwalk virus — is highly contagious and often spreads in places like schools, cruise ships and nursing homes, especially during the winter. Last month, 220 people on the Queen Mary II were stricken during a Caribbean cruise.

Sometimes mistakenly called stomach flu, the virus causes bouts of vomiting and diarrhea for a few days.

Every two or three years, a new strain evolves — the last was in 2009. The Sydney strain's appearance has coincided with a spike in influenza, perhaps contributing to the perception that this is a particularly bad flu season in the U.S.

Ian Goodfellow, a prominent researcher at England's University of Cambridge, calls norovirus 'the Ferrari of viruses' for the speed at which it passes through a large group of people.

"It can sweep through an environment very, very quickly. You can be feeling quite fine one minute and within several hours suffer continuous vomiting and diarrhea," he said.

Health officials have grown better at detecting new strains and figuring out which one is the culprit. They now know that norovirus is also the most common cause of food poisoning in the U.S.

It's spread by infected food handlers who don't do a good job washing their hands after using the bathroom. But unlike salmonella and other foodborne illnesses, norovirus can also spread in the air, through droplets that fly when a sick person vomits.

"It's a headache" to try to control, said Dr. John Crane, a University of Buffalo infectious disease specialist who had to deal with a norovirus outbreak in a hospital ward a couple of years ago.

Each year, noroviruses cause an estimated 21 million illnesses and 800 deaths, the CDC says.

For those infected, there's really no medicine. They just have to ride it out for the day or two of severe symptoms, and guard against dehydration, experts said.

The illness even got the attention of comedian Stephen Colbert, who this week tweeted: "Remember, if you're in public and have the winter vomiting bug, be polite and vomit into your elbow."

____

Online:

CDC report: http://www.cdc.gov/mmwr

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Wall Street edges up in face of Apple decline

NEW YORK (Reuters) - The Dow and S&P 500 advanced on Thursday, with the benchmark S&P index on track for its first seven-day streak of gains in over six years as solid economic data managed to outweigh a steep decline in Apple shares.

Apple Inc dropped 10.4 percent to $460.69 after the technology giant missed Wall Street's revenue forecast for a third straight quarter as iPhone sales were poorer than expected, lending credence to recent concerns its days as the dominant player in consumer electronics may be on the wane.

The drop wiped out roughly $50 billion in Apple's market capitalization to $432 billion, leaving the company vulnerable to losing its status as the most valuable U.S. company to second place ExxonMobil Corp , at $417 billion.

A trio of economic reports helped buoy the market, with data showing a decline in weekly jobless claims and an increase in manufacturing, while a gauge of future economic activity climbed.

"The claims numbers are clearly a big surprise and were very good numbers - they imply we may have a good employment number for the month of January," said Hugh Johnson, chief investment officer of Hugh Johnson Advisors LLC in Albany, New York.

"You have Apple and technology on the one side and the rest of the market on the other side."

The gains marked the first time the S&P 500 had risen above 1,500 since December 12, 2007 and put the index on pace for its seventh straight advance, its longest streak since October 2006.

The advance for the S&P, and muted declines in the Nasdaq in spite of the decline in Apple, were viewed as a positive sign, as investors take encouragement from an improving global economy and move into stocks more closely tied to economic fortunes, such as industrials.

General Electric rose 0.5 percent to $22.06 and United Parcel Service gained 2.4 percent to $82.30. Of the 10 major S&P sectors, only technology <.splrct>, off 1.5 percent, was lower.

The Dow Jones industrial average <.dji> gained 58.82 points, or 0.43 percent, to 13,838.15. The Standard & Poor's 500 Index <.spx> added 1.78 points, or 0.12 percent, to 1,496.59. The Nasdaq Composite Index <.ixic> dropped 14.25 points, or 0.45 percent, to 3,139.42.

The domestic data meshed with those overseas showing growth in Chinese manufacturing accelerated to a two-year high this month and a buoyant Germany took the euro zone economy a step closer to recovery.

Apple's disappointing results drew a round of price-target cuts from brokerages. At least 14 brokerages, including Barclays Capital, Credit Suisse and Deutsche Bank, cut their price target on the stock by $142 on average. Morgan Stanley removed the stock from its 'best ideas' list.

In contrast to Apple, Netflix Inc surprised Wall Street Wednesday with a quarterly profit after the video subscription service added nearly 4 million customers in the U.S. and abroad. Shares surged 37.6 percent to $142.10, its biggest percentage jump ever.

Diversified U.S. manufacturer 3M Co reported a 3.9 percent rise in profit, meeting expectations, on solid growth in sales of its wide array of products, which range from Post-It notes to films used in television screens. The shares slipped 0.2 percent to $99.28.

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

(Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)

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The Lede Blog: Clinton Testifies on Benghazi Attacks

Visit NBCNews.com for breaking news, world news, and news about the economy

The Lede is following Secretary of State Hillary Rodham Clinton’s testimony Wednesday before the House Foreign Affairs Committee about the Sept. 11, 2012, attacks on the American Consulate in the eastern city of Benghazi, Libya, that killed Ambassador Chris Stevens and three other Americans. Earlier today, she testified before the Senate Foreign Relations Committee .

At a House Committee hearing last October investigating the attack, as reported on The Lede, State Department officials and security experts who served on the ground offered conflicting assessments about what resources were requested and made available to deal with growing security concerns in Tripoli and Benghazi.

Mrs. Clinton had been scheduled to testify before Congress last month, but an illness, a concussion and a blood clot near her brain forced her to postpone her appearance.

As our colleagues Michael R. Gordon and Eric Schmitt reported, four State Department officials were removed from their posts on last month after an independent panel criticized the “grossly inadequate” security at a diplomatic compound in Benghazi.

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Why the Future of TV Still Isn’t Here Yet

As content providers continue to intimidate tech companies with a seemingly endless couch-potato conundrum, the latest innovation in the war to win your living room isn’t some new gadget from Apple or Netflix, or even that exciting à la carte content delivery system from Intel — it’s a protocol that helps our screens better communicate with one another. YouTube and Netflix have teamed up to create something called DIAL, a competitor of sorts to Apple’s AirPlay, which, as GigaOm’s Janko Roettgers describes it, ”helps developers of second-screen apps to discover and launch applications on smart TVs and connected devices.” Basically, it turns your phone into a kind of wireless super-remote for your TV, as Roettgers explains: 

With DIAL, the Netflix app on your phone will automatically discover that there is a device with a Netflix app connected to your TV. It will fire up that app, and then the two apps are free to do whatever they want — which presumably involves some healthy binge-viewing.

This solves a “big problem” because it makes using those apps on your smart television a lot easier.  As of right now, controlling the Netflix app on a PlayStation still requires the console remote to open up the app on your television before controlling it from a phone or tablet. This eliminates a step — and that, ladies and gents, is the biggest thing actually happening in TV tech right now. Instead of letting us pay just for the content we want, the cable industry’s aging model is still forcing tech companies to help us sift through all the extras were forced to buy. Because with the big media companies refusing to budge on innovative content deals so far this year, “content discovery” tools like GIAL and AirPlay remain one of the only ways everyone can get along. 

RELATED: Netflix Is Winning the Internet

It wasn’t supposed to be this way, of course. Many expected hardware like a supped-up Apple TV or the Roku streaming stick to “fix” television — instead of some protocol that makes finding stuff on our TVs easier. But, as Netflix discovered when it tried to get in the hardware business, the total package can alienate the other key players. Back in 2007, the streaming company had a set-top box in the works that would transform Netflix into a cable competitor, reports Fast Company’s Austin Carr. But CEO Reid Hastings scrapped the idea because it was too competitive. “We could not be competing against Sony, LG, and Samsung,” says Steve Swasey, then the company’s VP of communications. On top of the potential loss of support from hardware makers, this separate Netflix box scared away the content owners, with which Netflix has worked so hard to get streaming TV deals. 

RELATED: The Future of Streaming Video Looks Like TV Reruns

The old-school media industry’s fear of tech-world competition has driven the future of television in a spiraling direction. When one of the too-many entities gets offended, the future falls apart, as we saw with Google TV in an experiment that ultimately scared off content providers as well. A protocol like DIAL is the politically correct solution: It doesn’t change how we pay for content — but it sure does work within the comfortable way we’re used to sitting down and watching TV!

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Angelina Jolie: My Kids Keep Me Grounded

By Helen I. Hwang

01/23/2013 at 03:40 PM EST

Angelina Jolie and children

WENN

There's nothing like taking your kids for a "number 2" to bring you back to earth, says Angelina Jolie in an interview in the March edition of Total Film, a British movie magazine.

"The great thing about having a bunch of kids is that they just remind you that you're the person who takes them to go poop," Jolie, who's mom to Maddox, 12, Pax, 9, Zahara, 8, Shiloh, 6, Knox and Vivienne, both 4, said. "That's who you are!"

"We have a very normal, very grounded home," she continues, adding that they maintain a happy home life through humor and "[having] a laugh with our kids."

As for her engagement to partner Brad Pitt, the actress compared the union to adopting her kids.

"I'm not somebody that thinks about destiny and fate, but I don't walk away from it when something unfolds," she says. "It's like my children. Especially when you adopt in some countries. All my other children were just, 'This is the child that's been chosen for you.'"

She explains: "I suppose it's like a child you give birth to, as you can't have a say in it. I see that when I look at my kids. It just seems to be right. It's hard to understand how it could unfold so beautifully."

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Scientists to resume work with lab-bred bird flu

WASHINGTON (AP) — International scientists who last year halted controversial research with the deadly bird flu say they are resuming their work as countries adopt new rules to ensure safety.

The outcry erupted when two labs — in the Netherlands and the U.S. — reported they had created easier-to-spread versions of bird flu. Amid fierce debate about the oversight of such research and whether it might aid terrorists, those scientists voluntarily halted further work last January — and more than three dozen of the world's leading flu researchers signed on as well.

On Wednesday, those scientists announced they were ending their moratorium because their pause in study worked: It gave the U.S. government and other world health authorities time to determine how they would oversee high-stakes research involving dangerous germs.

A number of countries already have issued new rules. The U.S. is finalizing its own research guidelines, a process that Dr. Anthony Fauci of the National Institutes of Health said should be completed within several weeks.

In letters published in the journals Science and Nature this week, scientists wrote that those who meet their country's requirements have a responsibility to resume studying how the deadly bird flu might mutate to become a bigger threat to people — maybe even the next pandemic. So far, the so-called H5N1 virus mostly spreads among poultry and other birds and rarely infects people.

"The risk exists in nature already. Not doing the research is really putting us in danger," said Yoshihiro Kawaoka of the University of Wisconsin-Madison. He and Ron Fouchier of Erasmus University in the Netherlands separately created the new virus strains that could spread through the air.

The controversy flared just over a year ago, when U.S. officials, prompted by the concerns of a biosecurity advisory panel, asked the two labs not to publish the results. They worried that terrorists might use the information to create a bioweapon. More broadly, scientists debated whether creating new strains of disease is a good idea, and if so, how to safeguard against laboratory accidents.

Ultimately, the flu researchers prevailed: The government decided the data didn't pose any immediate terrorism threat after all, and the two labs' work was published last summer.

Fouchier said that within weeks, he will begin new research in the Netherlands, with European funding, to explore exactly which mutations are the biggest threat. He said the work could enable scientists today to be on the lookout as bird flu continually evolves in the wild.

U.S.-funded scientists cannot resume their studies until the government's policy is finalized.

But the NIH had paid for the original research — and it would have been approved under the soon-to-come expanded policy as well, Fauci told The Associated Press. That policy will add an extra layer of review to higher-risk research, to ensure that it is scientifically worth doing and that safety and bioterrorism concerns are fully addressed up-front, he said.

Had that policy been in place over a year ago, it could have averted the bird flu debate, Fauci said: "Our answer simply would have been, yes, we vetted it very carefully and the benefit is worth any risk. Period, case closed."

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