Stocks end higher for sixth straight week, tech leads

NEW YORK (Reuters) - The Nasdaq composite stock index closed at a 12-year high and the S&P 500 index at a five-year high, boosted by gains in technology shares and stronger overseas trade figures.

The S&P 500 also posted a sixth straight week of gains for the first time since August.

The technology sector led the day's gains, with the S&P 500 technology index <.splrct> up 1.0 percent. Gains in professional network platform LinkedIn Corp and AOL Inc after they reported quarterly results helped the sector.

Shares of LinkedIn jumped 21.3 percent to $150.48 after the social networking site announced strong quarterly profits and gave a bullish forecast for the year.

AOL Inc shares rose 7.4 percent to $33.72 after the online company reported higher quarterly profit, boosted by a 13 percent rise in advertising sales.

Data showed Chinese exports grew more than expected, a positive sign for the global economy. The U.S. trade deficit narrowed in December, suggesting the U.S. economy likely grew in the fourth quarter instead of contracting slightly as originally reported by the U.S. government.

"That may have sent a ray of optimism," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon.

Trading volume on Friday was below average for the week as a blizzard swept into the northeastern United States.

The U.S. stock market has posted strong gains since the start of the year, with the S&P 500 up 6.4 percent since December 31. The advance has slowed in recent days, with fourth-quarter earnings winding down and few incentives to continue the rally on the horizon.

"I think we're in the middle of a trading range and I'd put plus or minus 5.0 percent around it. Fundamental factors are best described as neutral," Dickson said.

The Dow Jones industrial average <.dji> ended up 48.92 points, or 0.35 percent, at 13,992.97. The Standard & Poor's 500 Index <.spx> was up 8.54 points, or 0.57 percent, at 1,517.93. The Nasdaq Composite Index <.ixic> was up 28.74 points, or 0.91 percent, at 3,193.87, its highest closing level since November 2000.

For the week, the Dow was down 0.1 percent, the S&P 500 was up 0.3 percent and the Nasdaq up 0.5 percent.

Shares of Dell closed at $13.63, up 0.7 percent, after briefly trading above a buyout offering price of $13.65 during the session.

Dell's largest independent shareholder, Southeastern Asset Management, said it plans to oppose the buyout of the personal computer maker, setting up a battle for founder Michael Dell.

Signs of economic strength overseas buoyed sentiment on Wall Street. Chinese exports grew more than expected in January, while imports climbed 28.8 percent, highlighting robust domestic demand. German data showed a 2012 surplus that was the nation's second highest in more than 60 years, an indication of the underlying strength of Europe's biggest economy.

Separately, U.S. economic data showed the trade deficit shrank in December to $38.5 billion, its narrowest in nearly three years, indicating the economy did much better in the fourth quarter than initially estimated.

Earnings have mostly come in stronger than expected since the start of the reporting period. Fourth-quarter earnings for S&P 500 companies now are estimated up 5.2 percent versus a year ago, according to Thomson Reuters data. That contrasts with a 1.9 percent growth forecast at the start of the earnings season.

Molina Healthcare Inc surged 10.4 percent to $31.88 as the biggest boost to the index after posting fourth-quarter earnings.

The CBOE Volatility index <.vix>, Wall Street's so-called fear gauge, was down 3.6 percent at 13.02. The gauge, a key measure of market expectations of short-term volatility, generally moves inversely to the S&P 500.

"I'm watching the 14 level closely" on the CBOE Volatility index, said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research. "The break below it at the beginning of the year signaled the sharp rally in January, and a rally back above it could be a sign to exercise some caution."

Volume was roughly 5.6 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 nearly 2 to 1 and on the Nasdaq by almost 5 to 3.

(Additional reporting by Angela Moon; Editing by Bernadette Baum, Nick Zieminski, Kenneth Barry and Andrew Hay)

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Northeast storm disrupts travel for sports teams

Several professional and college sports teams were forced to rearrange their travel plans as a massive storm swept through the Northeast, dumping a few feet of snow in some areas.

The NBA's New York Knicks were stuck in Minnesota after playing the Timberwolves on Friday night, hoping to try to fly home sometime Saturday. The San Antonio Spurs were also staying overnight in Detroit after seeing their 11-game winning streak fall to the Pistons, awaiting word on when they might be able to fly to New York for their game Sunday night at Brooklyn.

"We can't get there tonight — we know that," Spurs coach Gregg Popovich said. "So we're going to stay here tonight and try to get there (Saturday). Hopefully, we will be able to get there, but at this point, we don't know."

Airlines canceled more than 5,300 flights through Saturday, and New York City's three major airports and Boston's Logan Airport closed.

The Brooklyn Nets planned to take a train home instead of flying from Washington D.C. after losing to the Wizards on Friday night.

Knicks coach Mike Woodson said before a 100-94 victory that his team initially planned to fly home after the game, but the flight had already been postponed. New York is scheduled to play the Los Angeles Clippers at Madison Square Garden on Sunday.

The NHL's Boston Bruins pushed back the start of Saturday's game against the Tampa Bay Lightning by six hours because of the blizzard. The game originally slated for 1 p.m. was rescheduled for 7 p.m., but Boston was expected to be one of the cities hit hardest by the storm.

The storm had dumped more than 2 feet of snow on New England by early Saturday and knocked out power to 650,000 customers. The National Weather Service said up to 3 feet of snow is expected in Boston, threatening the city's 2003 record of 27.6 inches.

The Bruins and Lightning each already had road games scheduled for Sunday night.

The New Jersey Devils were still scheduled to host the Pittsburgh Penguins at 1 p.m., while the New York Islanders were slated to play at home against the Buffalo Sabres at 7 p.m.

Two Ivy League men's college basketball games that were scheduled for Saturday night were moved back to Sunday because of treacherous travel conditions.

Dartmouth will play at Cornell at noon on Sunday in Ithaca, N.Y., and Harvard will visit Columbia at 2 p.m. Sunday in New York. Dartmouth played at Columbia on Friday night, and Harvard played at Cornell. Two other Ivy League games were still scheduled to be played Saturday night, with Yale visiting Princeton and Brown playing at Pennsylvania.

Aqueduct also called off Saturday's card because of the storm. The track and Belmont Park were expected to remain open for wagering on out-of-town races, with racing scheduled to resume Sunday.

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First Person: Blizzard of ’13 Lives Up to the Hype

Yahoo! News is gathering brief first-person accounts, photos and video from the severe winter weather in the northeastern United States. Here’s one resident’s story.

FIRST PERSON | It looks like all the warnings about Winter Storm Nemo have paid off. The blizzard plowed through Connecticut last night, delivering high winds and dumping more than two feet of snow.

This morning we are still experiencing heavy snowfall, though forecasters expect that to taper off around 10 a.m. Norwich has about 23 inches of snow at the moment. Snow banks in our front yard have easily reached waist-high. We had to shovel the snow outside our front door twice in the middle of the night just to prevent us from becoming trapped inside.

A blanket of about three inches of snow covers all the roads to our neighborhood; it’s clear that the plows have not come through for some time. The storm became so bad last night that state and city plow trucks were pulled off the roads; they are now back in action. Not only is traveling impractical, but it’s also impossible. Even so, Gov. Dan Malloy ordered that all roads be closed until further notice to prevent optimistic drivers from getting stuck in the snow.

Though Connecticut Light & Power reports about 36,000 of its customers without power, here in Norwich, the Norwich Public Utilities is only reporting sporadic outages, with about 160 customers out of power. We thankfully experienced no power outages during the storm.

It looks as though this weekend will be spent digging ourselves out of the massive amount of snow we have and drinking lots and lots of hot chocolate to stay warm.

Weather News Headlines – Yahoo! News

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How Obama can end Congo conflict

Conflict in Congo

Conflict in Congo

Conflict in Congo

Conflict in Congo

Conflict in Congo

STORY HIGHLIGHTS

• President Obama can help end the Congo conflict for good, says Vava Tampa


• Obama has asked Rwanda to end all support to armed groups in the Congo


• FDLR militia gang is a threat to stability and must leave Congo


• Obama must push for change in Congolese government, argues Tampa

Editor's note: Vava Tampa is the founder of Save the Congo, a London-based campaign to tackle "the impunity, insecurity, institutional failure and the international trade of minerals funding the wars in Democratic Republic of the Congo." Follow Vava Tampa on twitter: @VavaTampa

(CNN) -- Now that President Obama has taken a public stand on the warlords and militia gangs tyrannizing DR Congo, there is a sense that the next chapter in the human tragedy that has been raging there over the past decade and half is about to be written -- or so we can hope.

In the DRC -- Africa's largest sub-Saharan country -- invasions, proxy wars and humanitarian crises have senselessly shut down millions of lives, displaced millions more from their homes and left countless women and young girls brutally raped with the world barely raising an eyebrow.

The latest murderous attempt by the M23 militia gang to besiege Goma, the strategic regional capital of Congo's eastern province of North Kivu, seems to have backfired.

Vava Tampa

The United Nations says Rwanda has helped to create and militarily supported M23. Although Rwandan President Paul Kagame denies backing M23, the accusation has taken off some of the international gloss he had long enjoyed in the West, and precipitated cuts and suspension of aid money that goes directly to the Kagame regime by the Netherlands, Sweden, Germany, Britain and the European Union.

The United States, which gives no money directly to the Rwandan government, suspended its military aid. In a baffling expression of a refinement of the U.S. position, President Obama made a rare telephone call to Kagame to emphasize "the importance of permanently ending all support to armed groups in the DRC." That set a firm red line on the situation in that region, the first one by President Obama since becoming president in 2008.

Watch video: Kagame on Congo

This was certainly right and good. Kagame is no fool; the diplomatic but emphatic content of that telephone call, monitored by White House's National Security staff and published thereafter for public consumption, speaks volumes. He clearly understood the implicit threat. But it was not good enough.

Left unsaid is that withholding aid money that goes directly to the Kagame regime has not changed many realities on the ground -- a painful reminder of the limits of what previous half-hearted, ambivalent international attempts to halt the crisis in that country had achieved.

However, the situation is not hopeless. President Obama can help to halt the wars engulfing the Congo. It is both economically and politically affordable.

Here is my suggestion -- a three-point road map, if you like, for President Obama, should he choose to put the weight of the United States squarely on the side of the Congolese and engage much more robustly to help end the world's bloodiest war and human tragedy.

Read more: Why the world is ignoring Congo war

1. Changes in Kinshasa

If we are to be blunt with ourselves, Congo's major problem today -- the chief reason that country remains on its knees -- is its president Joseph Kabila. Paul Kagame is just a symptom, at least in theory.

The crisis of leadership in the capital Kinshasa, the disastrous blend of lack of political legitimacy and moral authority, mixed with poor governance and vision deficiency, then compounded with dilapidated state institutions, has become the common denominator to the ills and wrongs that continues to overwhelm the Congo.

In other words, peace will never be secured in Congo, if the moribund status quo is still strutting around Kinshasa.

Obama's minimum objective in regard to ending the wars and human tragedy engulfing the Congo should be to push for changes in Kinshasa. He must make this one of the "10 Commandments" of the Obama Doctrine.

Circumstances demand it to re-energize Congo's chance of success and to enable the renaissance of a "New Africa." And given the effects of Congo's mounting death toll and the speed at which HIV/AIDS is spreading because of the use of rape as a weapon of war, the sooner the better.

2. Keep Kagame in the naughty corner

The wars and human tragedy engulfing the Congo have many fathers and many layers. Rwanda, and to some extent Uganda -- run by Africa's two dearest autocratic but staunchly pro-American regimes -- are, as they have been many times in the past, despite their denials, continuing to provide support to warlords and militia gangs terrorizing the Congolese people.

This is not an apocryphal claim, it's an open secret in Kinshasa, Kampala and Kigali as much as it is in Washington or White Hall, and as real as Charles Taylor's role in Sierra Leone or Iran's support to Hezbollah.

If President Obama is remotely serious about saving lives in Congo, then fracturing Rwanda's ability to directly or indirectly harbor warlords ... is critical.
Vava Tampa, Save the Congo

Indeed, reporters across Congo and across the region would testify to this. Kigali has been, one can safely argue, the sole shareholder in the M23 militia gang -- and its elder sisters CNDP and RCD-Goma.

It cannot wash its hands in Pontius Pilate fashion of either the ICC-wanted M23 warlord Bosco Ntaganda, also known as The Terminator, or Laurent Nkunda, who is wanted by the Congolese government for war crimes and is under house arrest in Kigali.

Read more: Prosecutor seeks new Congo war crimes warrants

If President Obama is remotely serious about saving lives in Congo, then fracturing Rwanda's ability to directly or indirectly harbor warlords, support militia gangs, militarize or ethnicize the wars in Congo for control of Congo's easily appropriable but highly valuable natural resources is critical, however politically disgruntling it may be to some in the State Department.

It would reduce the scale, scope and intensity of the killing, raping and uprooting of the Congolese, it would crush Kinshasa's ability to use external support to warlords and militia gangs as an alibi for a lack of progress and, above all, decrease the growing unease of the Congolese towards Rwanda over the crimes of FDLR and the role played by their government in Congo.

3. FDLR

The continued existence in Congo of FDLR, a Rwandan militia gang made up largely of Hutus -- whose leadership took part in the 1994 genocide of Tutsi -- remains one of the most persistent and serious threats to stability in Congo and the region.

Addressing this crisis is of significant importance from both a political and humanitarian viewpoint.

Though there are no definitive statistics on the exact numbers of FDLR fighters, the good news is that experts tell us that the vast majority of its rank and file are in their 20s and early 30s, which means they were too young to have taken part in the genocide in 1994.

The United States, together with the U.N., the EU and African Union, should appoint a special envoy for the African Great Lakes region to midwife a conducive political arrangement in Kigali that could see them returning home -- and see their leaders and fundraisers in Europe arrested.

The opinions expressed in this commentary are solely those of Vava Tampa.

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First lady joins hundreds at Hadiya Pendleton funeral

The funeral of slain teen Hadiya Pendleton began today amid large crowds, long lines and heavy security prompted by the attendance of first lady Michelle Obama.

While family and friends kept the focus on the 15-year-old girl who was shot dead in a South Side park, the first lady's appearance inevitably brought attention to anti-gun efforts nationwide.

Hundreds of mourners lined up early to pay respects to Hadiya, who was a majorette for King College Prep's band and performed during President Barack Obama's inauguration festivities just days before she was slain, shot in the back while hanging out with friends at a North Kenwood neighborhood park.

Thirty minutes before the doors were set to open, hundreds stood waiting in line amid heavy security to get into Greater Harvest Baptist Church in the Washington Park neighborhood, about two miles from where the 15-year-old girl was gunned down last month. Among the groups of high school-age students waiting in the line was the King College Prep majorettes team, who came together in their yellow and black majorette coats.

Guests who were invited by the family were given orange wristbands and were able to enter through a shorter security line. Classmates and friends of Pendleton were given green wristbands and allowed to enter through that same line.

Trinity Dishmon, 40, said her daughter Deja, 15, and Hadiya were close friends in middle school. The two girls stayed in touch and were texting about their upcoming 16th birthdays while Hadiya was in D.C. for the president's inauguration in January.

"Hadiya was a gift to everyone that knew her," Dishmon said, tearing up. "These last 12 days have been unbelievably numbing. It's not six degrees of separation anymore, it's one. It's just unreal."

Dishmon said she feared that the day was less about the teenager and more about a larger issue.

"This is Hadiya's day and should be about her -- not something sensational," Dishmon said. "But maybe by honoring her life we can help make a difference."

Inside the church, Hadiya’s silver casket was placed in the front, surrounded by flowers and two large hearts, one with her picture on it. Behind the casket, a TV screen showed pictures of Hadiya with her family, from birth to her teenage years.

At 9:09 a.m., friends, students and others with wristbands were allowed to file down the aisle to view the body. Her young friends were seated in the front pews, directly behind the casket. Her classmates and friends filled the middle section of the church — 11 rows in all. Members of the Crystal Elegance Majorette squad held on to each other as they filed down the aisle in pairs to view the body.

A funeral director wearing a suit and white gloves came outside at 9:40 a.m. to announce to the hundreds still waiting in line that the church was “at capacity.” Those still in line could come in and view the body, he said, but would have to leave before the services.

The funeral procession arrived at about 9:45 a.m., including three limousines and dozens of cars.

The first lady’s motorcade pulled into the church parking lot at about 10:15 a.m. She went in through a separate side entrance at the rear of the church, stepping directly from a vehicle into the building.

At about the same time, the funeral director came back out and announced to the hundreds still waiting in line that no one else would be allowed inside — not for the viewing or the funeral.

Even after those outside were told they would not be allowed in, many continued to gather around the church's front gate.

Some began to file out, having to hop over the metal barricades to exit the long line.

One man asked the funeral staff member if he could at least have a pamphlet from the funeral before he left.

"Oh sir, those are long gone. They only printed 1,500," the funeral staff member said.

Activists, religious groups and others passed out printed material to those standing in line. Some kept the papers, others were left on the snowy ground as the crowds left.

Michelle Obama's attendance puts Chicago solidly in the middle of a national debate over gun violence that has polarized Congress and forced President Obama to take his gun control initiatives on the road to garner more public support.

The first lady's visit is being seen not only as a gesture of condolence to the family but as part of an effort to draw attention and support for the president's gun initiatives.

But the visit also meant scores of security, police and Secret Service agents, metal detectors and other security measures.

Other dignitaries were expected to attend the funeral, including Illinois Gov. Pat Quinn, Chicago Mayor Rahm Emanuel, Secretary of Education Arne Duncan and Valerie Jarrett, senior adviser to Barack Obama.

The church is surrounded by an iron fence and all of the openings -- a pedestrian gate in the front, front and side doors to the church, and a driveway to the north -- are guarded by city police or men in white shirts, ties and long black coats. Chicago police vehicles -- two wagons, a handful of squads and SUVs -- guarded the outside of the church while other vehicles circle the block.

Chicago police staffing the event are wearing dress blues -- a blue overcoat with pockets that allow access to the duty belt, creased navy pants, and a hat.

King College Prep math and engineering teacher Alonzo Hoskins stood quietly in line with others. He said he taught Hadiya in his first-period geometry class, where he now has an empty desk.

"She was full of life," Hoskins said.

Hoskins looked at the sea of people that preceded him in line. "I want to support the family. For me, this isn't about the dignitaries," Hoskins said.

"But I don't know if I'll even get in."

Some waiting in line for the funeral said they didn't know the Pendletons personally but felt some connection to the teenager's death.

Earl Worthington, 51, said his mother was an elementary school teacher in Chicago and would have embraced a driven young student like Hadiya.

“She's the type of girl my mother would have produced in her class,” Worthington said. “I feel a connection to Hadiya's death through my mother. I feel my mother is with her right now in heaven.”

Nate Weathers, 16,  Jeramy Brown, 16, and Antoine Fuller, 15, all stood in line to see their former classmate. The three young men said they attended Carter G. Woodson Middle School with Hadiya.

“This tears me up,” Fuller said. “She was my 7th grade crush.”

Brown described Hadiya as “sweet and innocent.”

“Something like this should have never happened to her,” Brown said.

Police took two men into custody after they got into an altercation near the back of the long line of mourners waiting to get into the church. One man was agitated, complaining about the long wait to get in. A second man confronted him and they began shoving each other before police intervened.

chicagobreaking@tribune.com

Twitter: @chicagobreaking 

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Tunisian Islamists rally to show "power of street"

TUNIS (Reuters) - Thousands of Islamists marched in Tunis on Saturday in a show of strength, a day after the funeral of an assassinated secular politician drew the biggest crowds seen on the streets since Tunisia's uprising two years ago.

About 6,000 supporters of the ruling Ennahda movement rallied to back their leader Rachid al-Ghannouchi, who was the target of angry slogans raised by mourners at Friday's mass funeral of Chokri Belaid, a rights lawyer and opposition leader.

"The people want Ennahda again," the Islamists chanted, waving Tunisian and party flags as they marched towards the Interior Ministry on Habib Bourguiba Avenue in the city centre.

The demonstration was dwarfed by the tens of thousands who had turned out in Tunis and other cities to honor Belaid and to protest against the Islamist-led government the day before, shouting slogans that included "We want a new revolution".

Belaid's killing by an unidentified gunman on Wednesday, Tunisia's first such political assassination in decades, has shaken a nation still seeking stability after the overthrow of veteran strongman Zine al-Abidine Ben Ali in January 2011.

The family of the slain politician has accused Ennahda of responsibility for his killing. The party denies any hand in it.

"We are here to support legitimacy, but if you prefer the power of the street, look at the streets today, we have this power," Lotfi Zitoun, an Ennahda leader, said in a speech to the Islamist demonstrators in Tunis.

Tunisia's political transition has been more peaceful than those in other Arab nations such as Egypt, Libya and Syria, but tensions are running high between Islamists elected to power and liberals who fear the loss of hard-won liberties.

FREEDOMS THREATENED

"We have gained things - the freedom of expression, the freedom to meet, to form organizations, parties, to work in the open," said Radhi Nasraoui, a veteran human rights campaigner.

"The problem is that these freedoms are still threatened, and there are attempts (by Islamists) to touch the gains of women," she told Reuters.

After Belaid's death, Prime Minister Hamadi Jebali promised to form a non-partisan, technocratic cabinet to run the country until an election could take place, despite complaints from within his own Ennahda party and its two junior non-Islamist coalition partners that he had failed to consult them.

Jebali told France 24 television on Saturday that he would resign if political parties refused to support his proposal, which he said was intended to "save the country from chaos".

The state news agency TAP said the prime minister would unveil his new government next week.

Secular groups have accused the Islamist-led government of a lax response to attacks by ultra-orthodox Salafi Islamists on cinemas, theatres, bars and individuals in recent months.

Prolonged political uncertainty and street unrest could damage an economy that relies on tourism. Unemployment and other economic grievances fuelled the revolt against Ben Ali in 2011.

Tunisia's stock exchange has fallen 3.32 percent since Belaid's assassination.

France, the former colonial power, ordered its schools in Tunis to stay closed on Friday and Saturday, warning its nationals to stay clear of potential flashpoints in the capital.

Some of the Islamist demonstrators shouted "France, out", in response to remarks by French Interior Minister Manuel Valls which were rejected by Jebali, the prime minister, on Friday.

"We must support all those who fight to maintain values and remain aware of the dangers of despotism, of Islamism that threatened those values today through obscurantism," Valls had said on Europe 1 radio on Thursday in comments on Tunisia.

"There is an Islamic fascism which is on the rise in many places."

Tunisian Foreign Minister Rafik Abdessalem described Valls's remarks as "worrying and unfriendly".

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Wall Street advances after stream of economic data

NEW YORK (Reuters) - Stock index rose on Friday after a batch of positive economic data points, but gains were checked with the benchmark S&P index at five-year highs as investors looked for strong catalysts to push the market further upward.

Data showed Chinese exports grew more than expected in January, while imports climbed 28.8 percent, highlighting robust domestic demand, while German data showed a 2012 surplus that was the nation's second highest in more than 60 years, an indication of the underlying strength of Europe's biggest economy.

Another positive sign was U.S. economic data which showed the trade deficit shrank in December to $38.5 billion, its narrowest in nearly three years, indicating the economy did much better in the fourth quarter than initially estimated.

But wholesale inventories unexpectedly fell 0.1 percent in December as auto dealers and agricultural suppliers drew down their stocks.

The S&P 500 <.spx> has risen for five straight weeks and is up 6.3 percent for the year. Its advance was helped by legislators in Washington averting a series of automatic spending cuts and tax hikes earlier in the year, as well as better-than-expected corporate earnings and data that pointed to modest economic improvement but no immediate change in the Federal Reserve's stimulus plans.

The index, hovering near five-year highs, has found it tougher to climb in recent days as investors await strong trading incentives to drive it further upward.

"We are going to have this churn and this consolidation, which actually isn't a bad thing - it's actually good the market isn't being so volatile and is actually consolidating because it is building a base," said Ken Polcari, Director of the NYSE floor division at O'Neil Securities in New York.

"If it builds a base, from there it is easier to make the argument that you move ahead."

The Dow Jones industrial average <.dji> gained 67.62 points, or 0.48 percent, to 14,011.67. The Standard & Poor's 500 Index <.spx> climbed 7.82 points, or 0.52 percent, to 1,517.21. The Nasdaq Composite Index <.ixic> rose 27.34 points, or 0.86 percent, to 3,192.47.

McDonald's Corp said January sales at established hamburger restaurants around the world fell 1.9 percent, a steeper decline than analysts expected. Still, shares edged up 0.5 percent to $94.11.

Healthcare stocks were among the best performers, with the Morgan Stanley healthcare payor index <.hmo> up 2.3 percent. Molina Healthcare Inc surged 12.1 percent to $32.36 as the biggest boost to the index after posting fourth-quarter earnings.

LinkedIn Corp jumped 19.3 percent to $148.02 after announcing blow-out quarterly profits and a bullish forecast for the year that exceeded Wall Street's already lofty expectations.

According to Thomson Reuters data through Friday morning, of 339 companies in the S&P 500 that have reported earnings, 69.9 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.

Fourth-quarter earnings for S&P 500 companies grew 5.2 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.

(Editing by Bernadette Baum)

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Super Bowl blackout traced to preventive equipment

NEW ORLEANS (AP) — An electrical device that had been installed expressly to prevent a power outage caused the Super Bowl blackout, the stadium's power company said Friday as it took the blame for the outage that brought the game to a halt for more than a half-hour.

Officials of Entergy New Orleans, a subsidiary of New Orleans-based Entergy Corp., said the device, called a relay, had been installed in switching gear to protect the Superdome from a cable failure between the company's incoming power line and lines that run into the stadium.

The switching gear is housed in a building known as "the vault" near the stadium that receives a line directly from a nearby Entergy power substation. Once the line reaches the vault, it splits into two cables that go into the Superdome.

Company officials said the device performed with no problems during January's Sugar Bowl and other earlier events, but has been removed and will be replaced. All systems at the Superdome are now working and the dome will host a major Mardi Gras event Saturday night, said Doug Thornton, an executive with SMG, the company that manages the stadium for the state.

The power failure at Sunday's big game cut lights to about half of the stadium for 34 minutes, halting play between the Baltimore Ravens and San Francisco 49ers.

The FBI had ruled out cyberterrorism as a cause.

Entergy's announcement came shortly before officials appeared before a committee of the City Council, which is the regulatory body for the company, to answer questions about the outage.

Entergy New Orleans CEO Charles Rice and Dennis Dawsey, an Entergy vice president for distribution, told the Council that SMG agrees the cause of the outage was a relay failure. Asked if the two corporations still plan to hire a third-party investigator, Rice said that possibility remains open.

Committee member Jackie Clarkson pressed for such an independent probe. "We've told the public we're going to have an outside investigation," she said.

"We'll work closely with SMG and if there is a need for a third-party investigation, we will do that," Rice said.

It remains unclear whether the problem with the relay was a design flaw or a manufacturing problem. Rice said Entergy is working with the manufacturer.

"I'm pleased that we were able to find the root cause," Thornton said.

Shabab Mehraeen, an assistant professor of electrical engineering at Louisiana State University, said the relay device is a common electrical fixture in businesses and massive facilities such as the Superdome.

"They are designed to keep a problem they sense from becoming something bigger, like a fire or catastrophic event," said Mehraeen, who holds a doctorate from the Missouri University of Science and Technology in Rolla, Mo.

The devices vary in size, and while Mehraeen noted he was not familiar with the specifics of the relay at the Superdome, he added, "I wouldn't be surprised if it was bigger than a truck."

Mehraeen said the reasons the devices fail are the subject of much academic research into the interaction of relays with the complex electrical systems they regulate.

"It's not unusual for them to have problems," he said. "They can be unpredictable despite national testing standards recommended by manufacturers."

Entergy and SMG had both upgraded lines and equipment in the months leading up to the Super Bowl. Rice said the new switching gear, with the faulty relay, was installed as part of a $4.2 million upgrade by Entergy, including the installation of a new power line dedicated solely to the stadium.

In a separate project, SMG replaced lines coming into the stadium after managers expressed concerns the Superdome might be vulnerable to a power failure like the one that struck Candlestick Park during a 49ers Monday Night Football game in 2011. That outage was blamed at least partly on a transformer explosion.

Thornton stressed Friday that the dome was drawing only about two-thirds of its power capacity Super Bowl night, and said typical NFL games in late August or September can draw a little more.

City officials had worried that the Super Bowl outage might harm New Orleans' chances of getting another NFL championship game.

But NFL Commissioner Roger Goodell downplayed that possibility after the outage, saying the NFL planned to keep New Orleans in its Super Bowl plans. Mayor Mitch Landrieu said the city intends to bid for the Super Bowl in 2018.

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Bright Comet May Be Visible to Naked Eye in March

A comet that shines as brightly as the stars of the Big Dipper could be heading our way in March, scientists say.

After a long journey from the outer reaches of the solar system, the Comet Pan-STARRS is expected to whiz by about 100 million miles from Earth, skimming the orbit of Mercury, early next month.

The comet could fail to put on a dazzling show if it falls apart under the intense heat and gravitational pull of its plunge toward the sun. But if it survives, Comet Pan-STARRS might send an amazing stream of gas and dust into the night sky, according to scientists with NASA and other observatories.

“Because of its small distance from the sun, Pan-STARRS should be very active, producing a lot of dust and therefore a nice dust tail,” astronomer Matthew Knight of the Lowell Observatory in Arizona said in a statement. [Photos: Comet Pan-STARRS Could Light Up March Sky]

“However, it could still be difficult to see,” Knight added. “From our point of view on Earth, the comet will be very close to the sun. This means that it is only observable in twilight when the sky is not fully dark.”

The comet comes from the Oort Cloud, a shell of icy bodies thought to surround the outer solar system. Interactions with passing stars, molecular clouds and gravity from the galaxy sometimes sends these distant bodies falling inward toward the sun. Comets from the Oort Cloud are like pristine time capsules from the solar system’s early life, packed with virgin icy material that has been untouched by the warmth and light of the sun.

Comet Pan-STARRS was discovered in June 2011 by the Panoramic Survey Telescope & Rapid Response System, or Pan-STARRS telescope, in Hawaii, which scans the sky for potentially dangerous asteroids and comets that could pose an impact threat to Earth. The cosmic snowball will make its nearest approach to Earth on March 5, when it will come be about 100 million miles (160 million kilometers) away. On March 10, the comet makes its closest approach to the sun.

But astronomers say the best time to look for it might be at sunset March 12 and 13, when the comet will appear not far from the crescent moon.

“My guess is that the primary feature visible to the naked eye will be the gaseous coma around the head of the comet,” Knight said. “The comet’s tail will probably require binoculars or a small telescope.”

Astronomers are also keeping an eye on another sun-grazing comet that could shine as bright as the moon and may even be visible in broad daylight later this year. If it delivers on its promise, the Comet ISON is expected to peak in late November.

“Two bright comets in one year is a rare treat,” Karl Battams of the Naval Research Lab said in a statement. “This could be good.”

Editor’s note: If you snap an amazing photo of Comet Pan-STARRS in the night sky, or any other celestial object, and you’d like to share for a possible story or image gallery, please send images and comments, including location information, to managing editor Tariq Malik at [email protected]

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

Copyright 2013 SPACE.com, a TechMediaNetwork company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Why I dread Chinese New Year

Kids see Chinese New Year through rose-tinted glasses.

STORY HIGHLIGHTS

• Zoe Li: As an adult, Chinese New Year is an annual nightmare


• It's a time when relatives have the right to be judgmental


• Superstitious Chinese New Year foods often aren't that tasty

(CNN) -- For me, Chinese New Year used to be fun.

When I was a kid, I was excited during Chinese New Year when I got lai see and I could stay up late. I even had access to candy, a once-a-year treat while living under the roof of my Tiger Mom.

Riding strong on the sugar highs, I always thought to myself, this is what it must feel like to be an adult. I was flush, free and giddy.

Then at some point in my twenties, Chinese New Year became a chore. Not any garden variety chore, but a cold-sweat-inducing family obligation that I try hard to avoid.

As an adult, Chinese New Year is an annual nightmare, for the following reasons:

1. I find it sucks when you are single

Single twenty-something? Smile while you can until the interrogation begins.

Relatives feel that they have a right to judge you because you do share bits of DNA, so, really, it's almost like they're judging themselves.

Typically, the extended family gathers for Chinese New Year and spends an inordinate amount of time together, during which people get bored and focus their restlessness on judging the younger generation, particularly those who are single.

Singledom means a lack of responsibilities and responsibility-free people need to be reined in by the wisdom of elders, or they will be reckless with their directionless lives.

Here are some unavoidable conversations at Chinese New Year. By "conversations" I really mean monologues by one Wise Elder or another, fired away at a particular Single Younger in a trance-like manner:

"Why don't you have a boyfriend? If you have a boyfriend, why don't you get married?"

"Why are you not dieting at least a little bit? Second Cousin Yong Yong will have to start bringing clothes from America for you."

"What happened to your hair? Blue is not such a good color for us Chinese people."

"Are you saving up for an apartment? Why not? The most important thing in life is to have a roof over your head. You don't want to be homeless, do you? What if the economy collapses again? At least you will have an apartment."

"Why don't you get a better paid job? You are wasting your talent. You will regret your life."

2. I am employed

I loved the great Chinese tradition of gifting lai see. Getting HK$20 for no reason other than tradition really rocked my seven-year-old world.

I have an income now, so twenty bucks here and there doesn't make a huge difference, but I still retain that childhood anticipation for the red packets. It's just a bit disappointing when I open up an envelope and it isn't concealing a massive check.

And it's the guilt from feeling disappointed that makes me really hate Chinese New Year for making me hate myself.

It's just like being unable to conceal your letdown expression when unwrapping that pair of socks at Secret Santa parties.

Gifting is a heartwarming tradition. It's the thought that counts. I am not supposed to care. I am a bad person.

There's even worse.

Chinese New Year gambling is just out of hand.

Now that I have a job, I'm expected to bet real money at The Mahjong Table, a no man's land filled with hidden agendas, treacherous scheming and Janus-faced traitors.

If you beat your elder relatives at mahjong one too many times, beware their wrath. It really hurts when you get hit by a mahjong tile.

If you lose on purpose to your elders and are unable to skillfully conceal your purposefulness, you risk looking patronizing.

It will put them in a bad mood and lead to a vengeful "what are you doing with your life" interrogation later. See point number one.

If you're simply crap at the game, you lose a load of money and will probably be judged for being not very intelligent. See point number one again.

3. I like good food

Chinese New Year cake is good only when it's homemade.

When foreigners make jokes about Chinese eating weird foods, I cringe.

When Chinese New Year comes around, I'm the one making the damn jokes.

At this time of year, we do get some incredible festive dishes.

And then there are those odd ones that make you feel like the taste, texture and nutritional content of food have all become irrelevant -- we only eat for superstitions.

Lots of Chinese New Year foods are auspicious in meaning, but atrocious in taste. I propose that we at least get rid of these three that are now out of touch with our lives:

Chinese New Year cake

Called "leen go" in Cantonese ("niangao" in mainland China), the name sounds auspicious and means "to progress more and reach higher every year."

The cake is made from glutionous rice, sugar and flavored with red bean paste or jujubes. Cut into thin slices, dip into beaten eggs and pan fry until it's gooey on the inside and crisp on the outside.

The problem is, no one makes these at home anymore and the store-bought version is bland and stodgy, like eating slices of caulking.

Since glutinous rice is considered difficult to digest for the elderly, us Single Youngers who have nothing to lose are forced to finish the plateful.

Sugared lotus seeds

Back in the day -- before globalization brought us jelly beans and Sugus, before the invention of Coca-Cola, before Christopher Columbus brought cocoa beans to the Old World -- eating sugar-coated lotus seeds during Chinese New Year seemed like a good idea.

Today, we have so many more delicious ways to feed our sweet tooth, so why do people still buy sugared lotus seeds?

They look like mothballs, taste one dimensional and feel like a marble of sand broken upon the tongue.

The name "leen tsi" sounds like "to birth sons each year." No one in the family likes to eat them and most of them already have kids, which means us Single Youngers have to swallow.

Gok tsai

These are deep-fried sweet dumplings. The skin is a thick, lifeless pastry made from lard, the filling is a mind-numbingly sweet blend of sugar and nuts.

Its shape and color makes it, somewhat, resemble a gold ingot. Eating these symbolize prosperity for the new year.

If I had to run a marathon, I might appreciate the fat bomb. But the only thing that I run are scripts on my browser.

That point, like the others in this post, is lost on the Wise Elders, wise as they are.

The opinions expressed in this commentary are solely those of Zoe Li. A former CNN employee, Zoe is a Hong Kong resident and edits the Hong Kong section of BLOUIN ARTINFO.

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