Wall Street advances despite Apple decline

NEW YORK (Reuters) - The Dow and S&P 500 advanced on Thursday, with the benchmark S&P index moving through the 1,500 level as solid economic data enabled investors to shrug off a steep decline in Apple shares.

Apple Inc dropped 10.1 percent to $462.17 after the technology giant missed Wall Street's revenue forecast for a third straight quarter as iPhone sales were poorer than expected, fanning fears its dominance of consumer electronics is slipping.

The drop wiped out roughly $50 billion in Apple's market capitalization to $435 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 S&P is up, that is a very important inflection point that a stock such as Apple can take a hit and the market can stay strong - that is because the U.S. economy is broadly getting stronger across the board," said Mike Binger, portfolio manager at Gradient Investment in Shoreview, Minnesota.

"Apple has been topping the headlines for the last three to four years. That phase is obviously past us and people are starting to talk about different stocks and they are gravitating towards different stocks."

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.

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 1 percent to $22.16 and United Parcel Service gained 2 percent to $81.98. Of the 10 major S&P sectors, only technology, off 1.3 percent, was lower.

The Dow Jones industrial average gained 85.42 points, or 0.62 percent, to 13,864.75. The Standard & Poor's 500 Index gained 5.69 points, or 0.38 percent, to 1,500.50. The Nasdaq Composite Index dropped 5.84 points, or 0.19 percent, to 3,147.83.

The domestic data was in sync 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 36.9 percent to $141.36, 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 edged up 0.2 percent to $99.66.

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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IBM's outlook lifts Dow, Nasdaq amid tech rally

NEW YORK (Reuters) - Stocks edged higher on Wednesday as IBM and other tech companies continued a trend of results that beat Wall Street's expectations and propelled the market to a five-day advance.

Internet search company Google Inc added to the advance, rising 5.1 percent to $738.65 a day after Google reported its core business outpaced expectations. Revenue was also higher than expected.

International Business Machines Corp late Tuesday forecast better-than-anticipated 2013 results and also posted fourth-quarter earnings and revenue that beat expectations. The results helped to allay concerns about the tech sector after Intel Corp gave a weak outlook last week. IBM, the world's largest technology services company, rose 3.8 percent to $203.57.

"Tech companies are really shattering expectations, which is obviously helping markets. There doesn't seem to be an end to this rally," said Todd Schoenberger, managing partner at LandColt Capital in New York.

But gains were limited in the S&P 500 a day after it closed at a level not seen since December 2007. Many investors were also holding off to see earnings from Apple Inc , the most valuable U.S. company which was due to report after the market closes.

McDonald's edged higher 0.2 percent to $93.11 after reporting a rise in fourth-quarter earnings, lifted by an increase in same-store sales. United Tech's earnings fell from the prior year, hurt by large restructuring charges. Shares edged up at $87.91.

On the downside, Coach Inc slumped 15 percent to $51.40 as the S&P's biggest percentage loser after reporting sales that missed expectations.

After the market closes, investors will scour Apple's results for signs the tech giant can continue to grow at an accelerated pace. The stock has been pressured recently by questions raised about demand for Apple's prospects. The stock has fallen 5 percent since the start of the year, compared with gains of 4.6 percent in the S&P 500. It rose 0.4 percent to $507.04 on Wednesday.

"If Apple comes out with a blockbuster number, that would reinforce the argument that stocks are poised to do well in the first part of 2013," Schoenberger said.

The Dow Jones industrial average <.dji> was up 55.48 points, or 0.40 percent, at 13,767.69. The Standard & Poor's 500 Index <.spx> was up 0.06 points, or 0.00 percent, at 1,492.62. The Nasdaq Composite Index <.ixic> was up 10.89 points, or 0.35 percent, at 3,154.06.

Both the S&P 500 and Dow Jones industrial average hit five-year closing highs on Tuesday, with recent gains largely fueled by a strong start to the earning season.

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

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

Republican leaders in the U.S. House of Representatives aim on Wednesday to pass a bill to extend the U.S. debt limit by nearly four months, to May 19. The White House welcomed the move, saying it would remove uncertainty about the issue.

The debt limit issue has hung over the market for weeks, with many investors worried that if no deal is reached to raise the limit, it could have a negative impact on the economy.

(Editing by W Simon and Kenneth Barry)

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Wall Street flat near five-year highs, Travelers rallies

NEW YORK (Reuters) - U.S. stocks were little changed near five-year highs on Tuesday as investors held back from making large bets ahead of earnings from key tech companies.

Both the Dow and S&P 500 closed at their highest levels so far in this earnings season, with the gains largely coming on better-than-expected results. But despite bullish statements from major companies, many investors are worried economic uncertainty in the fourth quarter hurt earnings and revenues.

Weaker-than-expected economic data had little impact on stocks. Existing-home sales unexpectedly fell in December, dropping 1 percent, according to the National Association of Realtors. Analysts were looking for a rise of 1.2 percent.

Recently Apple Inc and Intel Corp gave weak outlooks, calling the tech sector' outlook into question. Three tech companies are due to report after the market's close: Google Inc, International Business Machines and Texas Instruments.

"Markets are quiet today with many investors taking a wait-and-see approach to tonight's tech earnings," said Douglas DePietro, managing director at Evercore Partners in New York. "There's still room for us to rise from here, but right now most of the action is in specific stocks."

Four Dow components reported early on Tuesday, and three rose on the results. Insurer Travelers Cos was the stand-out, climbing 3.4 percent to $78.90 as the S&P 500's biggest percentage gainer after it forecast higher premiums across its business.

DuPont, the largest U.S. chemical company by market capitalization, reported revenue that was ahead of Wall Street expectations, while Verizon Communications Inc also posted revenue that beat forecasts.

Shares of DuPont were up 0.6 percent at $47.24 while Verizon rose 0.3 percent to $42.67.

On the downside, Johnson & Johnson, the diversified health company, fell 0.5 percent to $72.87 after forecasting 2013 earnings below expectations.

The Dow Jones industrial average was down 6.07 points, or 0.04 percent, at 13,643.63. The Standard & Poor's 500 Index was down 1.56 points, or 0.10 percent, at 1,484.42. The Nasdaq Composite Index was down 2.52 points, or 0.08 percent, at 3,132.19.

Monday was a market holiday for Martin Luther King Jr. Day in the United States. President Barack Obama at his inauguration for a second term on Monday called for aggressive action on climate change, economic equality and the federal budget.

Markets have recently been pressured by uncertainty stemming from Washington about the federal debt limit and spending cuts that could hamper U.S. growth.

Republican leaders in the House of Representatives said they aim to pass on Wednesday a nearly four-month extension of the U.S. debt limit, allowing the government to borrow enough to meet its obligations during that period.

Overall, S&P 500 fourth-quarter earnings rose 2.5 percent, according to Thomson Reuters data.

U.S. shares of Research in Motion jumped 8.2 percent to $17.13 a day after its chief executive said the company may consider strategic alliances with other companies after the launch of devices powered by RIM's new BlackBerry 10 operating system.

(Editing by Chizu Nomiyama and Kenneth Barry)

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Obama wins praise abroad for climate change goals

OSLO (Reuters) – President Barack Obama won praise abroad on Tuesday for his pledge to lead the fight against climate change, which has faltered as nations argue over who should foot the bill to lower carbon emissions.

Two decades of summits and resolutions have not stopped mankind pumping growing quantities of greenhouse gases into the atmosphere, despite a wealth of evidence that it is causing more frequent and devastating droughts, storms and floods.

Obama devoted a surprisingly long section of Monday’s inauguration speech to climate change — more than a minute out of about 20. He said failure to respond to the threat “would betray our children and future generations.”

“The path towards sustainable energy sources will be long and sometimes difficult. But America cannot resist this transition; we must lead it,” he said.

“Great strong words on climate… The U.S. President could not commit stronger to delivering now,” Connie Hedegaard, the European Union’s climate commissioner, wrote on Twitter.

“We have got work to do on climate change and President Obama was very forthright about the need to tackle climate change,” Australian Prime Minister Julia Gillard told reporters.

A succession of recent natural disasters has put a sharper focus on climate change.

Superstorm Sandy struck the United States in October, a typhoon left more than 1,000 people dead or missing in the Philippines in December and this month a searing heatwave caused hundreds of wildfires in Australia.

The United States has declared a natural disaster in its central and southern Wheat Belt because of a severe and persistent drought.

The global economic slowdown has made the governments of richer nations more reluctant to invest in technology to mitigate climate change, led by a shift from fossil fuels towards clean energies such as wind or solar power.

Developing countries whose carbon emissions are rising fastest say they cannot afford the entire cost of shifting to greener technology and that developed nations should help more.

In the latest failure of environmental diplomacy, U.N. climate negotiations in Qatar in December ended without a single new pledge to cut pollution from a major emitter.

Instead, governments agreed to try again for a binding United Nations pact to limit climate change that would enter into force from 2020, replacing the Kyoto protocol adopted in 1997 that the United States never ratified.

Environmental campaigners were dismayed at the decision to wait years before taking concerted action.

SIDE-STEP CONGRESS

Obama’s renewed promises could help.

“It really changes the nature, style and substance of the U.S. engagement with the international climate negotiations,” said Bill Hare, a scientist who heads Berlin-based Climate Analytics.

He said that Washington, even in Obama’s first term, had low ambitions for confronting climate change and that had dimmed efforts by other major emitters. China, the United States, India and Russia are the top greenhouse gas emitters.

Unlike all of Washington’s major allies in developed nations, the U.S. Congress has not legislated caps on domestic greenhouse gas emissions.

But Obama can still take the lead with actions that side-step the divided Congress.

The administration could impose tougher rules for coal-fired power plants or introduce measures to promote renewables. It also faces a decision on whether to approve TransCanada Corp’s planned $ 5.3 billion Canada-to-Nebraska Keystone XL oil pipeline.

“Words in an inauguration speech are one thing… Many are waiting to see what specific actions the president will take,” said Samantha Smith, head of the WWF conservation group’s climate and energy initiative.

She still praised Obama for starting a new U.S. debate about climate change with the speech. She said one measure Obama could take included a phase-out of fossil fuel subsidies.

When Obama first came to office he promised to act on climate change in a shift from ex-President George W. Bush who decided against trying to ratify the U.N.’s Kyoto Protocol for limiting emissions by industrialized nations.

In 2009, Obama promised to cut U.S. greenhouse gas emissions by 17 percent below 2005 levels by 2020. But the U.S. Senate did not ratify the plan.

Kyoto, originally backed by all other major developed nations, has been hit by defections by Russia, Canada and Japan from January 1 this year, leaving only a core group led by the European Union and Canada targeting deeper cuts by 2020.

Bush and the U.S. Senate reckoned that Kyoto unfairly omitted targets for emerging nations such as China and India and would mean U.S. jobs moved abroad. On the other hand, Washington risks losing a race to develop clean technologies.

A study by the Pew Charitable Trusts last week indicated that worldwide revenue from installing clean energy facilities could total $ 1.9 trillion from 2012 to 2018.

With the right policies, it said the United States could get 14.5 percent of the total.

(Additional reporting by Nina Chestney in London; Editing by Tom Pfeiffer)

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European shares test two-year highs, yen volatile before BOJ

LONDON (Reuters) - European shares inched towards two-year highs on Monday, as a political attempt to break a budget impasse in the United States and expectations of aggressive Japanese stimulus bolstered the appetite for shares.

U.S. House Republican leaders said on Friday they would seek to pass a three-month extension of federal borrowing authority in the coming days to buy time for the Democrat-controlled Senate to pass a plan to shrink budget deficits.

European shares <.fteu3> were supported by the news <.eu>, but with no clear response from the Democrats and a thin session expected due to a market holiday in the United States, the impact on assets such as bonds and commodities was limited.

By 1500 GMT London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were up 0.4 to 0.6 percent, leaving the pan-European FTSEurofirst 300 within touching distance of a two-year high and MSCI's world index <.miwd00000pus> steady at a 20-month high. <.l><.eu/>

Expectations that the Bank of Japan will deliver a bold monetary easing plan at the end of its two-day meeting on Tuesday also supported shares and created choppy conditions in the currency market.

According to sources familiar with the BoJ's thinking, the government of new Prime Minister Shinzo Abe and the central bank have agreed to set 2 percent inflation as a new target, supplanting a softer 1 percent 'goal'.

The yen, which has fallen 13 percent against the dollar over the last two months as the shift in Japanese policy has taken shape, touched a new 2-1/2 year low in early trading but then firmed as traders cut short positions given the BOJ has often fallen short of market expectations.

"Investors are being mindful that the moves we have seen over the course of the last month or two are just worth locking in at least until we understand how the BOJ are really going to play in the future," said Jeremy Stretch, head of currency strategy at CIBC World Markets.

CURRENCY WARS

Japanese equities have surged in recent weeks in anticipation of a more aggressive monetary policy stance, but not everyone is happy.

The slump in the yen has prompted Russia's deputy central bank governor to warn of a new round of 'currency wars' and the medium-term risk of running ultra-loose monetary policies is likely to be a theme of the World Economic Forum in Davos, which opens on Wednesday.

With little in the way of economic data or debt issuance and U.S. markets shut for the Martin Luther King public holiday, the rest of the day was expected to be a fairly quiet for investors.

As the first European finance ministers' meeting of the year got under way, most euro zone government bonds were trading virtually flat and the euro was steady at $1.3316.

Market pressure on Europe is now less intense thanks to the European Central Bank's promise to prevent a collapse of the euro. Policymakers are set to discuss Cyprus's plight and plans for the euro zone's bailout fund to directly recapitalize banks.

French Finance Minister Pierre Moscovici said as he arrived at the Brussels meeting that a proper recapitalization strategy was very important.

"Negotiations will be complex, and a final decision is unlikely to emerge soon. Risks for sovereign spreads in the periphery should be limited, but we have some concerns that the long-term solution may fall short of what a real banking union needs," said UniCredit economist Marco Valli.

POLITICAL GAME

The efforts by Republican lawmakers to give the U.S. government leeway to pay its bills for another three months dented demand for safe haven assets and pushed German government bond yields near the top of this year's range.

The U.S. Treasury needs congressional authorization to raise the current $16.4 trillion limit on U.S. debt sometime between mid-February and early March. A failure to achieve that could lead to a debt default.

"This is part of the political game, it remains to be seen whether the Democrats will accept it," KBC strategist Piet Lammens said, adding that investors' working scenario was that a solution to raise the ceiling would be eventually found anyway.

One of the key factors that drove 2-year German yields higher last week was also the prospect of sizeable early repayments of the 1 trillion euros euro zone banks took from the ECB roughly a year ago.

The central bank will publish on Friday how much banks plan to return at the optional first repayment date on January 30. A Reuters poll on Monday showed around 100 billion euros are expected to be repaid although some predict it could be as high as 250 billion.

OIL OVERSUPPLY

German markets showed no reaction after the country's center-left opposition party edged Chancellor Angela Merkel's conservatives from power in a regional election on Sunday, reviving its flagging hopes for September's national election.

The Bundesbank's latest report delivered an upbeat message on the country's economy, saying a recent slump should be short-lived and may have already bottomed out.

Oil prices took their cues from a report in the United States at the end of last week that showed consumer sentiment at its weakest in a year as a result of the uncertainty surrounding the country's debt crisis.

Concerns about demand overshadowed supply disruption fears reinforced by the Islamist militant attack and hostage-taking at a gas plant in Algeria, a member of the Organization of Petroleum Exporting Countries.

Brent futures were down by 40 cents to $111.47 per barrel by mid-afternoon. U.S. crude shed 43 cents to $95.13 per barrel after touching a four-month high last week.

"The over-riding fundamental feeling in the market is that crude oil is over-supplied in 2013," said Tony Nunan, an oil risk manager at Mitsubishi.

Last week's data showing a pick-up in the Chinese economy helped keep growth-sensitive copper prices steady at roughly $8,056 an ounce. Gold, meanwhile, reversed Friday's losses to stand at $1,688 an ounce.

(Additional reporting by Sudip Kar-Gupta, Marious Zaharia and Anooja Debnath; Editing by Peter Graff)

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Astronauts See Obama Inauguration Site from Space

Even astronauts in space are turning their attention to President Barack Obama’s inauguration today (Jan. 21), snapping photos of the U.S. capital from high above Earth.

New photos snapped by astronauts on the International Space Station over the weekend show key areas of Washington, D.C., as it appears from 240 miles (386 kilometers) up. Two Americans, Kevin Ford and Tom Marshburn, are living on the station, which Ford is commanding.

“This detailed view shows the Potomac River and its bridges at left, with National Mall at the center, stretching eastward from the Lincoln Memorial to the Washington Monument toward the Capitol building, where the inaugural ceremony will be held,” NASA officials said in a statement.

NASA had a few different events planned for inaugural weekend. A group of the agency’s astronauts and scientists—including “Mohawk Guy” Bobak Ferdowsi—will march in the inaugural parade today alongside full-sized models of the Mars Curiosity Rover and the Orion Space Capsule.

The space station is currently home to six astronauts representing the United States, Russia and Canada. In addition to Marshburn and Ford, the crew includes three Russian cosmonauts and Canadian astronaut Chris Hadfield.

Hadfield even got in on the inaugural celebrations with a photo of Washington D.C. on Saturday (Jan. 19).

“You can even follow the parade route,” Hadfield wrote in a post on Twitter, where he chronicles his flight as @Cmdr_Hadfield.

Read NASA’s full schedule from President Obama’s inaugural weekend here.

Follow Miriam Kramer on Twitter @mirikramer 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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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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Happy Birthday, Buzz Aldrin! Apollo 11 Moonwalker Is 83 Today

Famed space man Buzz Aldrin, the second person ever to walk on the moon, is celebrating his 83rd birthday today (Jan. 20) in cosmic style.

Aldrin, who along with Apollo 11 astronaut Neil Armstrong boldly walked where no one had before in 1969, is marking his birthday on the road with a trip to England.

“I’m heading home today if the UK weather allows,” Aldrin wrote in a post on Twitter today, where he writes as @TheRealBuzz.

This month, Aldrin helped launch the AXE Space Academy, a private spaceflight competition that aims to launch 22 people on suborbital spaceflights as part a deal with the space tourism company Space Expedition Curacao and XCOR Aerospace, which is building the Lynx space plane  to be used on the flights.

“Space travel for everyone is the next frontier in the human experience,” Aldrin said during the project’s launch this month.

But Buzz Aldrin is likely most well-known for his role on NASA’s Apollo 11 mission, which made the first manned moon landing on July 20, 1969, when and Armstrong landed on the moon and performed the first moonwalk. Aldrin served as lunar module pilot for the Apollo 11 mission, with Armstrong commanded the mission. Astronaut Michael Collins, meanwhile, served as command module pilot and remained in orbit around the moon during the landing. Armstrong died at age 82 last year.

Aldrin is a retired colonel in the U.S. Air Force and flew combat missions in Korea before joining NASA’s astronaut corps in 1963 as one of the space agency’s third group of astronauts. He was born Edwin Aldrin (“Buzz” was originally a nickname) in Montclair, N.J., and earned a Ph.D. in astronautics from the Massachusetts Institute of Technology. [Photos of Buzz Aldrin at NASA]

Aldrin’s fist space mission, Gemini 12, launched on Nov. 11, 1966, sending him and astronaut James Lovell on a four-day mission to test spacewalk methods, among other goals. It was the final mission of NASA’s Gemini program, allowing the space agency to proceed with the Apollo missions that ultimately sent Aldrin to the moon.

Aldrin, Armstrong and Collins launched their Apollo 11 mission on July 16, 1969. Aldrin and Armstrong spent two hours and 15 minutes walking on the lunar surface during their time on the moon. The Apollo 11 crew returned to Earth on July 24, 1969. Five more successful moon landing missions would follow.

Aldrin left NASA in 1971 and retired from the Air Force a year later. Altogether, he logged 289 hours and 53 minutes in space.

Since then, Aldrin has used his moonwalker fame to lobby for continued space exploration, specifically a return to the moon and missions to Mars. He has written several books, including two autobiographies, and made several notable television appearances, with stints on “Dancing with the Stars,” “Top Chef,” “The Colbert Report” and “Big Bang Theory.”

Earlier this year, Aldrin settled his divorce from his wife Lois Driggs Cannon after 23 years of marriage, citing “irreconcilable differences.”

You can follow SPACE.com Managing Editor Tariq Malik on Twitter @tariqjmalik. Follow SPACE.com for the latest in space science and exploration news on Twitter @Spacedotcom and on Facebook.

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Wall Street Week Ahead: Earnings, money flows to push stocks higher

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

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

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

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

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

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

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

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

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

CASH POURING IN, HOUSING DATA COULD HELP

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

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

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

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

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

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

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

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

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

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

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

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

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

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Amazing NASA Sun Photos Outshine Ultra HDTVs

A NASA spacecraft that constantly stares at the sun for signs of solar storms snaps images and videos so detailed that even the latest ultra-high-definition televisions can’t keep up.

The spacecraft, called the Solar Dynamics Observatory, is responsible for some of the most amazing photos of solar flares and other sun weather events. Its instruments record images at a whopping resolution of 4,096 by 4,096 pixels, more than four times the resolution an average HD television.

SDO sun images are even recorded in higher definition than the newly released “Ultra-HD TV” machines unveiled at the 2013 Consumer Electronics Showcase earlier this month. While Ultra-HD TVs have about four times the resolution of an average HD TV, the SDO photos are still twice as large as an Ultra-HD screen, NASA officials said in a statement.

“Such detailed pictures show features on the sun that are as small as 200 miles across, helping researchers observe such things as what causes giant eruptions on the sun known as coronal mass ejections (CME) that can travel toward Earth and interfere with our satellites,” they explained.

While features 200 miles (322 kilometers) across sound large, the sun itself is 864,938 miles (1.3 million km) in diameter.

NASA’s SDO mission launched in February 2010 to record unprecedented views of the sun, solar flares and other space weather events. As of December 2012, the spacecraft had captured more than 100 million images of the sun, about the equivalent of eight hours of TV programming a day for four months, mission managers said.

The SDO spacecraft is one of several space observatories keeping a constant watch on the sun. NASA’s twin Stereo spacecraft and the NASA/ESA SOHO spacecraft also provide daily views of the Earth’s closest star.

Follow Miriam Kramer on Twitter @mirikramer 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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Wall Street edges lower after disappointing Intel results

NEW YORK (Reuters) - U.S. stocks edged lower on Friday from a five-year high for the S&P 500 as a weak outlook from tech heavyweight Intel offset a better-than-expected quarterly profit at Morgan Stanley.

Shares of Intel Corp slumped 6.3 percent to $21.25 a day after it forecast quarterly revenue below analysts' estimates and announced plans for increased capital spending amid slow demand for personal computers.

"Intel earnings weren't that bad, although their revenue was weak. It sparks fears about not only the company but about the whole PC sector, and that's pressuring the market today," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.

The Intel results were offset somewhat by a gain of more than 7 percent in shares of Morgan Stanley , which reported a fourth-quarter profit after a year-earlier loss, helped by higher revenue at the bank's institutional securities business. Its stock jumped 7.4 percent to $22.29.

Overall, S&P 500 fourth-quarter earnings rose an estimated 2.5 percent, according to Thomson Reuters data. Expectations for the quarter have dropped considerably since October, when a 9.9 percent gain was estimated.

The Dow Jones industrial average <.dji> was down 19.89 points, or 0.15 percent, at 13,576.13. The Standard & Poor's 500 Index <.spx> was down 4.58 points, or 0.31 percent, at 1,476.36. The Nasdaq Composite Index <.ixic> was down 15.90 points, or 0.51 percent, at 3,120.10.

On Thursday, the S&P 500 rose to its highest since late 2007, and that could prompt investors to lock in recent gains, analysts said.

But despite the day's decline, market sentiment was still positive on speculation that chances were better of avoiding a debt ceiling fight in Washington. House Republicans signaled on Thursday they might support a short-term extension of U.S. borrowing authority next month.

"The debt ceiling issue is sort of out of the news. The market has definitely become complacent. And we all know that the issue will be dealt with, we just need to find out when. If December is any guide, they are going to leave it up to the last minute so the market is definitely more complacent than it should be for now," Ghriskey said.

Economic data from China provided some support to the market, though the focus remained on U.S. corporate earnings. The country's economy grew at a modestly faster-than-expected 7.9 percent in the fourth quarter, the latest sign the world's second-biggest economy was pulling out of a post-global financial crisis slowdown which saw it grow in 2012 at its weakest pace since 1999.

General Electric reported a better-than-expected rise in earnings, spurred by robust demand in China and oil-producing countries. Shares were up 2.9 percent to $21.91.

Despite the gains by Morgan Stanley, financial stocks sagged as Capital One Financial reported disappointing profit. Capital One slumped 8.1 percent to $56.60, while the KBW bank index <.bkx> slipped 0.8 percent.

Research In Motion climbed 5.6 percent to $15.74 after Jefferies Group boosted the BlackBerry maker's rating and price target.

(Editing by Bernadette Baum and Kenneth Barry)

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Wall Street climbs, boosted by eBay results, rosy data

NEW YORK (Reuters) - Wall Street rose on Thursday, with the S&P 500 hitting a five-year intraday high, on improved housing and jobs data as well as better-than-expected results from online marketplace eBay .

The data showed the number of Americans filing new claims for unemployment benefits fell to a five-year low last week, while groundbreaking for homes rose to the fastest pace in four years last month.

Strength in the housing and labor markets is key to sustained growth and higher corporate profits. Job market improvement helps boost consumer spending while a recovery in housing means more purchases of appliances, furniture and other household goods as well as a source of employment.

"The unemployment claims were nice, the housing starts were nice, so that is positive for us. There are some good positive vibes out there," said Harry Clark, chief executive of Clark Capital Management Group in Philadelphia.

The Dow Jones industrial average <.dji> gained 69.83 points, or 0.52 percent, to 13,581.06. The Standard & Poor's 500 Index <.spx> added 7.31 points, or 0.50 percent, to 1,479.94. The Nasdaq Composite Index <.ixic> rose 17.74 points, or 0.57 percent, to 3,135.29.

PulteGroup Inc shares gained 2.4 percent to $19.81 and Toll Brothers Inc advanced 1.9 percent to $35.56. The PHLX housing sector index <.hgx> climbed 1.5 percent.

EBay's shares rose 3 percent to $54.51 a day after it reported holiday quarter results that just beat Wall Street expectations. It gave a 2013 forecast that was within analysts' estimates.

The S&P is on track for its third consecutive advance, which pushed the index above an intraday peak set in September to its highest since December 2007.

But gains were tempered by weakness in the financial sector, with Bank of America down 3.4 percent to $11.38 and Citigroup off 2.8 percent to $41.29 after they posted their results.

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, while its new chief executive cautioned the bank needed more time to deal with its problems.

The S&P financial sector index <.spsy> slipped 0.06 percent as the only one of the 10 major S&P sectors to decline.

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

With investors anticipating the current earnings season to be lackluster, their focus will be on the corporate earnings outlook for the months ahead, analysts said.

Shares of Boeing extended recent declines after the United States and other countries grounded the company's new 787 Dreamliner after a second incident involving battery failure. Boeing slipped 0.8 percent to $73.77 and is down 1.7 percent for the week so far.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Light Snow, Ice Could Hit Northern Georgia Thursday

The Atlanta area and areas north of the city are facing a few different weather threats this afternoon and through the night. The National Weather Service in Peachtree Service has issued both a winter weather advisory and a flood watch for metro Atlanta and about 20 counties across the state.

The winter weather advisory warns of the potential for light snow and black ice from the early afternoon Thursday to early evening along the I-20 and I-85 corridor and north. Accumulation is expected to be light (less than 1 inch), but the advisory cautions that the snowfall and overnight ice could impact drivers. The advisory affects Atlanta and north. Clayton and Henry counties are not included, for example.

According to the most recent advisory, “Rain will mix with and begin changing to snow in northwest Georgia by early afternoon, spreading across the rest of north Georgia through the early evening hours.”

A National Weather Service winter weather advisory for snow means that “periods of snow may cause travel difficulties. Use caution while driving.”

The flood watch was issued at 5 a.m. and continues through 7 p.m. this evening. It affects essentially the same area. According to the Weather Service, a flood watch means there is potential for flooding based on current conditions and forecasts.

It’s been since 2011 that snow of any accumulation has hit the Atlanta area, according to the Weather Service, based in Peachtree City. Last winter was extremely mild, and the whole 2012 year saw a record low in days that registered less than 32 degrees.

While it’s been a couple years since a snowstorm, the Atlanta area isn’t far removed from major storms in both the snow and flood categories. The January 2011 ice storm crippled the city for nearly a week and called into question the mayor’s light fleet of snow plows. A 2009 “100 years” flood was historic by even U.S. Geological Survey records.

Mike Benzie has been a reporter and editor for several major news organizations in the Southeast, including the Atlanta Journal-Constitution, the Greenville News, and the Asheville Citizen-Times.

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Wall Street flat as Apple gains, Boeing weighs

NEW YORK (Reuters) - U.S. stocks were little changed on Wednesday as concerns about global economic growth and a drop in Boeing shares offset strong bank results and gains in technology stocks.

Goldman Sachs shares hit their highest level since June 2011 as earnings nearly tripled on increased revenue from dealmaking and lower compensation expenses, while JPMorgan Chase said fourth-quarter net income jumped 53 percent and earnings for 2012 set a record.

JPMorgan shares edged up 0.2 percent at $46.43 and Goldman was up 2.5 percent to $139.01. The KBW bank index <.bkx> gained 0.3 percent.

But with only 37 companies in the S&P 500 having reported earnings so far this season, investors are exercising caution until signs of growth can emerge.

A slow economic recovery in developed nations is holding back the global economy, the World Bank said on Tuesday, as it sharply scaled back its forecast for world growth in 2013 to 2.4 percent from an earlier forecast of 3.0 percent.

"Domestically, we are pretty well positioned," said Marc Helman, Vice President, Institutional Services at HFP Capital Markets in New York.

"But globally it's more of a mixed bag and that is where we have some of our concerns, so you are going to continue to see people wait on the sidelines until they get a little more clarity through the earnings season."

Shares of Dow component Boeing fell 3.1 percent to $74.59, the biggest drag on the Dow, on safety concerns for its new Dreamliner passenger jets. Japan's two leading airlines grounded their fleets of 787s after an emergency landing, adding to safety concerns triggered by a series of recent incidents.

The Dow Jones industrial average <.dji> shed 19.70 points, or 0.15 percent, to 13,515.19. The Standard & Poor's 500 Index <.spx> edged up 0.32 points, or 0.02 percent, to 1,472.66. The Nasdaq Composite Index <.ixic> gained 7.26 points, or 0.23 percent, to 3,118.04.

The Nasdaq moved higher on gains in Apple shares, which were up 3.2 percent at $501.66 after losses in three straight sessions. Morgan Stanley stamped the tech giant as a "best idea," citing overblown concerns about iPhone shipments.

Talks to take Dell Inc private were at an advanced stage, with at least four major banks lined up to provide financing, two sources with knowledge of the matter told Reuters. Shares fell 4 percent to $12.65 after jumping more than 21 percent over the past two sessions.

U.S. consumer prices were flat in December, pointing to muted inflation pressures that should give the Federal Reserve room to prop up the economy by staying on its ultra-easy monetary policy path.

(Reporting by Chuck Mikolajczak; Editing by Nick Zieminski)

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Smoke-Black Space Cloud Hides Baby Stars in Amazing Photo

A jaw-dropping new photo from a telescope in South America has revealed a smoke-black cloud in deep space hiding a bustling nursery of baby stars.

The new image, captured by a telescope at the European Southern Observatory in Chile, is the best view ever of the dark space cloud Lupus 3. The cosmic cloud is about 600 light-years from Earth in the constellation Scorpious (The Scorpion).

The observatory released a wide-view and video tour of the Lupus 3 space cloud and a dazzling bright star cluster in addition to the close-up photo.

“At first glance, these two features could not be more different, but they are in fact closely linked,” ESO officials said in an image description today (Jan. 16).  

As the denser regions of the cloud contract under their own gravity and heat up, they blaze up into newborn stars whose light is initially blocked by the surrounding gas. But as stars grow hotter over time, their stellar winds sweep away the obstructing gas so that they emerge as bright beacons similar to those in the star cluster near Lupus 3, ESO officials explained.

“The bright stars right of the center of this new picture form a perfect example of a small group of such hot young stars,” they added. “Some of their brilliant blue light is being scattered off the remaining dust around them.”

Two of the brightest stars in the cluster can be seen easily with a small telescope, and are likely less than 1 million years old, according to an image description.

The new photo of Lupus 3 and its neighboring star cluster was snapped by the MPG/ESO 2.2-meter telescope at ESO’s La Silla Observatory high up in Chile’s Atacama Desert. It covers a visible field about 5 light-years across.

ESO officials said the Lupus 3 space cloud is likely similar to the star nursery that gave birth to Earth’s sun more than 4 billion years ago.

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

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Apple stock's continuing decline drags Wall Street lower

NEW YORK (Reuters) - Stocks fell on Tuesday on continued selling of tech heavyweight Apple and concerns over the brewing fight in Washington over raising the U.S. debt ceiling.

Apple fell for the third day in a row as the biggest drag on both the S&P 500 and Nasdaq 100 <.ndx> after reports on Monday of cuts to orders for iPhone parts. Apple was down nearly 3 percent at $487.50 after hitting a session low of $485.60, its lowest level since February.

A government report that retail sales rose more than expected in December was seen as a favorable sign for fourth-quarter growth and helped to limit losses. However, a separate report showed manufacturing activity in New York state contracted for the sixth month in a row in January.

Stocks' decline is "in part the result of the weight that Apple has on the market overall, particularly the indexes. It also has a large impact on investor psychology because it has been such a darling and such an overperformer," said Peter Kenny, Managing Director at Knight Capital in Jersey City, New Jersey.

"But the market is shifting some of their focus towards the data release regarding U.S. retail sales where we got a lot more clarity on today."

On Monday, President Barack Obama rejected any negotiations with Republicans over raising the U.S. debt ceiling. The United States could default on its debt if Congress does not increase the borrowing limit.

Resolving the debt ceiling debate is more a question of how than if. Investors don't expect a U.S. default, but they are also wary of another eleventh-hour agreement like the one in August 2011.

"If you were to look at a hurdle, the easiest one to look at is the debt ceiling because it's really going to underscore and underline with bold ink this protracted, institutionalized political battle in Washington," Kenny said.

The Dow Jones industrial average <.dji> dipped 14.45 points, or 0.11 percent, to 13,492.87. The Standard & Poor's 500 Index <.spx> shed 2.47 points, or 0.17 percent, to 1,468.21. The Nasdaq Composite Index <.ixic> lost 14.25 points, or 0.46 percent, to 3,103.25.

An expected lackluster earnings season also kept investors from taking aggressive bets. Analyst estimates for the quarter have fallen sharply since October. S&P 500 earnings growth is now seen up just 1.8 percent from a year ago, Thomson Reuters data showed.

Homebuilder Lennar reported a sharp rise in quarterly profit, but the stock fell 1.8 percent to $40.30 on worries that growth in orders was slowing. The PHLX housing sector index edged down 0.09 percent.

Express Inc surged 20.8 percent to $16.99 as the biggest percentage gainer on the New York Stock Exchange after the apparel retailer raised its fourth-quarter and full year 2012 outlook.

Shares of Dell rose 1.3 percent to $12.45 the day after sources said the company is in talks with private equity firms on a potential buyout.

Facebook added 0.8 percent to $31.18 ahead of a major news event at its headquarters. The secretive nature of the event has triggered a guessing game about what the company could unveil.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Chevron set to win Lithuanian shale gas license

VILNIUS, Lithuania (AP) — U.S. energy giant Chevron is poised to win a license for shale gas exploration in Lithuania, officials in the Baltic state announced Tuesday.

The license is for a field in western Lithuania, an area near the Baltic Sea where several small firms extract a tiny amount of crude oil. Last year Chevron bought a 50 percent stake in one of these firms, LL Investicijos, which owns a license to a neighboring field. Chevron officials have said they hoped to begin exploration work this year.

For Lithuania, shale gas — a form of natural gas trapped underground in porous rock and difficult to extract — represents a rare opportunity to decrease its energy dependency on Russia, which currently supplies all of the Baltic state’s gas.

Estimates vary, but Juozas Mockevicius, head of the Lithuanian Geological Service, has said that Lithuania could have between 50 billion and 60 billion cubic meters of shale gas reserves, or about 20 years’ worth of gas at the country’s current consumption rates.

“I am sure that foreign companies should be encouraged to come and do the research for shale gas,” Prime Minister Algirdas Butkevicius has told Lithuanian radio.

For Chevron, the Lithuanian tender represents the latest in a string of acquisitions as the company — the second-largest investor-owned oil and gas company in the world — aggressively boosts its international exploration business. In Eastern Europe, Chevron is also exploring for shale gas in Poland and Romania.

Mockevicius said that the winner, which will be officially announced next month, will have to invest 80 million litas ($ 30 million) in the new field.

Local Lithuanian residents and environmentalists are skeptical about the shale gas extraction, which is water-intensive and involves a complicated horizontal drilling procedure known as “fracking.”

“We do not want somebody drilling and spoiling our land when the gas starts to flow,” Jonas Nairanauskas, a resident in the western district of Taurage, told the Lietuvos Rytas daily.

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S&P, Nasdaq dip as Apple weighs

NEW YORK (Reuters) - Wall Street slipped on Monday, weighed down by shares of Apple in the face of demand concerns, while investors faced a busy week for earnings in what is expected to be a lackluster quarter.

Apple lost 2.8 percent to $505.84 as the biggest drag on both the S&P 500 and Nasdaq 100 <.ndx> indexes after reports that the tech company has cut orders for LCD screens and other parts for the iPhone 5 this quarter due to weak demand. The stock earlier hit a session low of $498.51, the first dip below $500 since February 16.

"There is this speculation building 'Is this the end of Apple?'" said Carol Pepper, chief executive of Pepper International in New York.

But Pepper said Apple also "doesn't have to grow at the rate it was to do extremely well. It's still going to be one of the marquee companies of the U.S. and the world."

Apple suppliers also lost ground, with Cirrus Logic off 6.8 percent to $29.43 and Qualcomm down 1.2 percent to $64.13. The S&P tech sector <.gspt> gave up 0.9 percent as the worst perfumer of the 10 major S&P sectors.

The pace of earnings season picks up this week with 38 S&P 500 companies set to report, including Goldman Sachs , Bank of America , Intel and General Electric .

Overall earnings are expected to grow by just 1.9 percent in this reporting period, according to Thomson Reuters data.

President Barack Obama is expected to hold a news conference, which will cover looming budget and debt ceiling due dates on Monday, White House officials said.

"We could have some more noise because they are trying to get people to focus on their issues, but I don't think they are going" to allow the government to default, said Pepper.

Separately, Federal Reserve Chairman Ben Bernanke will be speaking on monetary policy, recovery from the global financial crisis and long-term challenges facing the American economy at 4 p.m. (2100 GMT).

The Dow Jones industrial average <.dji> added 6.79 points, or 0.05 percent, to 13,495.22. The Standard & Poor's 500 Index <.spx> shed 3.37 points, or 0.23 percent, to 1,468.68. The Nasdaq Composite Index <.ixic> lost 14.16 points, or 0.45 percent, to 3,111.48.

Appliance and electronics retailer Hhgregg Inc slumped 9.6 percent to $7.13 after the electronics and appliance retailer cut its same-store sales forecast for the full year.

Transocean Ltd has disclosed that billionaire activist investor Carl Icahn has acquired a 1.56 percent stake in the offshore rig contractor and is looking to increase that holding. Its shares rose 2.5 percent to $55.43.

The Dow, which does not list Apple as one of its components, fared better than the other two indexes as Hewlett-Packard rose 3.8 percent to $16.78 after JPMorgan upgraded its rating on the stock and raised its price target to $21 from $15.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Mass. gas prices down 2 cents per gallon

BOSTON (AP) — After jumping four cents last week, Massachusetts gas prices are down two cents per gallon this week.

AAA Southern New England reports Monday that self-serve, regular dropped to an average of $ 3.43 per gallon in the past week.

Massachusetts prices are now down 11 cents per gallon over the past month, yet remain three cents higher than at the same time last year and 13 cents above the national average.

AAA found self-serve, regular selling for as low as $ 3.25 per gallon and as high as $ 3.85.

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Wall Street Week Ahead: Attention turns to financial earnings

NEW YORK (Reuters) - After over a month of watching Capitol Hill and Pennsylvania Avenue, Wall Street can get back to what it knows best: Wall Street.

The first full week of earnings season is dominated by the financial sector - big investment banks and commercial banks - just as retail investors, free from the "fiscal cliff" worries, have started to get back into the markets.

Equities have risen in the new year, rallying after the initial resolution of the fiscal cliff in Washington on January 2. The S&P 500 on Friday closed its second straight week of gains, leaving it just fractionally off a five-year closing high hit on Thursday.

An array of financial companies - including Goldman Sachs and JPMorgan Chase - will report on Wednesday. Bank of America and Citigroup will join on Thursday.

"The banks have a read on the economy, on the health of consumers, on the health of demand," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.

"What we're looking for is demand. Demand from small business owners, from consumers."

EARNINGS AND ECONOMIC EXPECTATIONS

Investors were greeted with a slightly better-than-anticipated first week of earnings, but expectations were low and just a few companies reported results.

Fourth quarter earnings and revenues for S&P 500 companies are both expected to have grown by 1.9 percent in the past quarter, according to Thomson Reuters I/B/E/S.

Few large corporations have reported, with Wells Fargo the first bank out of the gate on Friday, posting a record profit. The bank, however, made fewer mortgage loans than in the third quarter and its shares were down 0.8 percent for the day.

The KBW bank index <.bkx>, a gauge of U.S. bank stocks, is up about 30 percent from a low hit in June, rising in six of the last eight months, including January.

Investors will continue to watch earnings on Friday, as General Electric will round out the week after Intel's report on Thursday.

HOUSING, INDUSTRIAL DATA ON TAP

Next week will also feature the release of a wide range of economic data.

Tuesday will see the release of retail sales numbers and the Empire State manufacturing index, followed by CPI data on Wednesday.

Investors and analysts will also focus on the housing starts numbers and the Philadelphia Federal Reserve factory activity index on Thursday. The Thomson Reuters/University of Michigan consumer sentiment numbers are due on Friday.

Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis, said he expected to see housing numbers continue to climb.

"They won't be that surprising if they're good, they'll be rather eye-catching if they're not good," he said. "The underlying drive of the markets, I think, is economic data. That's been the catalyst."

POLITICAL ANXIETY

Worries about the protracted fiscal cliff negotiations drove the markets in the weeks before the ultimate January 2 resolution, but fear of the debt ceiling fight has yet to command investors' attention to the same extent.

The agreement was likely part of the reason for a rebound in flows to stocks. U.S.-based stock mutual funds gained $7.53 billion after the cliff resolution in the week ending January 9, the most in a week since May 2001, according to Thomson Reuters' Lipper.

Markets are unlikely to move on debt ceiling news unless prominent lawmakers signal that they are taking a surprising position in the debate.

The deal in Washington to avert the cliff set up another debt battle, which will play out in coming months alongside spending debates. But this alarm has been sounded before.

"The market will turn the corner on it when the debate heats up," Prudential Financial's Krosby said.

The CBOE Volatility index <.vix> a gauge of traders' anxiety, is off more than 25 percent so far this month and it recently hit its lowest since June 2007, before the recession began.

"The market doesn't react to the same news twice. It will have to be more brutal than the fiscal cliff," Krosby said. "The market has been conditioned that, at the end, they come up with an agreement."

(Reporting by Gabriel Debenedetti; editing by Rodrigo Campos)

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