Euro, dollar up after G20, stocks ease on growth concern

LONDON (Reuters) - The euro and the dollar rose against the yen on Monday after the G20 decided not to criticize Japan for its expansionist policies, but shares eased as Europe's weak growth outlook weighed on sentiment.

Financial leaders from the world's 20 biggest economies promised on Saturday not to devalue their currencies to boost exports, aiming to defuse talk of currency wars that had been roiling the markets.

The euro gained 0.2 percent to 125.32 yen, edging up toward a 34-month high of 127.71 yen hit earlier this month, while the dollar rose 0.6 percent to 94 yen, closer to its highest level since May 2010 of 94.46 hit on February 11.

"Future yen direction will continue to be driven by domestic monetary policy from the Bank of Japan and improving international investor confidence, which are both driving the yen weaker," said Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi UFJ.

Japanese Prime Minister Shinzo Abe is poised to nominate a new BOJ governor. Sources told Reuters that former financial bureaucrat Toshiro Muto, considered likely to be less radical than other candidates, was leading the field.

Abe said on Monday that buying foreign bonds was a future option for the Bank of Japan, which would entail selling of the yen by the central bank.

The euro was also rising against the dollar, gaining 0.1 percent to $1.3375 ahead of address by European Central Bank president Mario Draghi to the region's parliament which may touch on the outlook for the single currency after the G20 meeting.

In European markets, attention was also switching to the release of euro area Purchasing Managers' Indexes for February and German sentiment indices due later in the week, and the upcoming general elections in Italy.

Analysts expect Thursday's euro area flash PMI indices, which point to economic activity around six months out, to show growth stabilizing across the recession-hit region, leaving hopes for a recovery in the second half of the year intact.

Concerns over an inconclusive outcome in Italian elections at the end of the week added to the weaker sentiment as a fragmented parliament could hamper a future government's reform efforts.

The worries about the outlook for Italy were encouraging investors back into safe have German government bonds on Monday, with 10-year Bund yields easing 3.6 basis points to be around 1.63 percent.

"Political uncertainty will keep Bunds well bid this week," ING rate strategist Alessandro Giansanti said, adding that only better than expected economic data could create selling pressure on German debt near term.

EARNINGS HIT

European equity markets were taking their lead from corporate earnings reports which have been reflecting the sluggish economic conditions across the region.

Danish brewer Carlsberg , which generates just over 60 percent of its sales in western Europe, became the latest company to report a weaker-than-expected quarterly profit, sending its shares to lowest level in nearly a month.

The 5 percent drop in price for shares in the world's fourth biggest brewery helped send the FTSEurofirst 300 index <.fteu3> of top European shares down 0.4 percent in morning trade. Germany's DAX <.gdaxi>, the UK FTSE <.ftse> and France's CAC-40 <.fchi> were all also slightly weaker. <.l><.eu/>

Earlier, the effect of the G20 statement and the comments from Abe indicating a renewed drive to stimulate the economy lifted the Nikkei stock index <.n225> by 2.1 percent, near to its highest level since September 2008.

U.S. stock futures were barely changed and are expected to stay little changed as Wall Street will be closed on Monday for the Presidents' Day holiday. <.n/>

MSCI's world equity index <.miwd00000pus> was flat as markets extended two-week period of consolidation that has followed the big run up in January when demand was buoyed by the efforts of global central banks to stimulate the world economy.

Data from EPFR Global, a US-based firm that tracks the flows and allocations of funds globally, shows investors pulled $3.62 billion from U.S. stock funds in the latest week, the most in 10 weeks after taking a neutral stance the prior week.

But demand for emerging market equities remained strong, with investors putting $1.81 billion in new cash into stock funds, the fund-tracking firm said.

CHINA RETURN

In the commodity markets traders played catch up after a week-long holiday last week in China, the world's second biggest consumer of many raw materials, had kept activity subdued, with worries about the euro zone economy weighing on sentiment.

Copper, for which China is the world's largest consumer, fell 0.8 percent to $8,135 a metric ton (1.1023 tons) on the London futures market.

Gold rebounded by 0.3 percent from a six-month low to be $1,614 an ounce as jewelers in China returned to the physical market after the Lunar New Year holiday.

Crude oil markets were mostly steady after some weak U.S. industrial production data on Friday [ID:nL1N0BF44A] was seen dampening demand, while tensions in the Middle East lent some support.

U.S. crude fell 20 cents to $95.66 a barrel but Brent inched up two cents $117.86.

(Reporting by Richard Hubbard; editing by Philippa Fletcher)

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Danica Patrick wins pole for NASCAR's Daytona 500

DAYTONA BEACH, Fla. (AP) — Danica Patrick is at her best in the spotlight.

Good thing, too, because she's going to be there all week.

Patrick won the Daytona 500 pole Sunday, becoming the first woman to secure the top spot for any race in NASCAR's premier circuit. It's by far the biggest achievement of her stock-car career. She's braced for the attention that will follow.

"I think when pressure's on and when the spotlight's on, I feel like it ultimately ends up becoming some of my better moments and my better races and better results," Patrick said. "I just understand that if you put the hard work in before you go out there that you can have a little peace and a little peace of mind knowing that you've done everything you can and just let it happen."

Patrick, who taped interviews Sunday with CNN, ESPN and Good Morning America, was the first woman to lead laps in the Indianapolis 500. She finished third in 2009, the highest finish in that illustrious race for a woman. And she became the only woman to win an IndyCar race when she did it in Japan in 2008.

Her latest stamp in the history books came with a lap at 196.434 mph around Daytona International Speedway. Patrick went out eighth in the qualifying session, then had to wait about two hours as 37 fellow drivers tried to take her spot.

Only four-time Cup champion Jeff Gordon even came close to knocking her off the pole. Gordon was the only other driver who topped 196 mph in qualifying. He locked up the other guaranteed spot in next week's season-opening Daytona 500.

"It's great to be a part of history with Danica being on the pole," said Gordon, who joked that at least he was the fastest guy. "I think we all know how popular she is, what this will do for our sport. Congratulations to her. Proud to be on there with her."

The rest of the field will be set in duel qualifying races Thursday.

However the lineup unfolds, all drivers — including boyfriend Ricky Stenhouse Jr. — will line up behind Patrick's No. 10 Chevrolet SS.

"I was brought up to be the fastest driver, not the fastest girl," she said. "That was instilled in me from very young, from the beginning. Then I feel like thriving in those moments, where the pressure's on, has also been a help for me. I also feel like I've been lucky in my career to be with good teams and have good people around me. I don't think any of it would have been possible without that.

"For those reasons, I've been lucky enough to make history, be the first woman to do many things. I really just hope that I don't stop doing that. We have a lot more history to make. We are excited to do it."

Even before her fast lap, Patrick had been the talk of Speedweeks. Not only did she open up about her budding romance with Stenhouse — Patrick officially filed to end her seven-year marriage to 47-year-old Paul Hospenthal in January — but she was considered the front-runner for the pole after leading practice sessions Saturday.

Now, she will garner even more hype.

"That's a huge accomplishment," team owner and fellow driver Tony Stewart said. "It's not like it's been 15 or 20 years she's been trying to do this. It's her second trip to Daytona here in a Cup car. She's made history in the sport. That's stuff that we're proud of being a part of with her. It's something she should have a huge amount of pride in.

"It's never been done. There's only one person that can be the first to do anything. Doesn't matter how many do it after you do, accomplish that same goal. The first one that does always has that little bit more significance to it because you were the first."

The result surely felt good for Patrick, especially considering the former IndyCar driver has mostly struggled in three NASCAR seasons. Her best finish in 10 Cup races is 17th, and she has one top-five in 58 starts in the second-tier Nationwide Series.

She raced part-time in 2010 and 2011 while still driving a full IndyCar slate. She switched solely to stock cars last season and finished 10th in the Nationwide standings.

She made the jump to Sprint Cup this season and will battle Stenhouse for Rookie of the Year honors.

Starting out front in an unpredictable, 500-mile race doesn't guarantee any sort of result, but securing the pole will put her in the limelight for at least the rest of the week.

"I don't think about Danica as a female race-car driver," defending Cup champion Brad Keselowski said. "I think of her as a rookie and someone that hasn't won races or proved that she is competitive."

Patrick won the pole at Daytona for last year's Nationwide race.

But this is considerably different, significantly bigger.

The previous highest female qualifier in a Cup race was Janet Guthrie. She started ninth at Bristol and Talladega in 1977.

"It's obviously a history-making event that will last a long, long time," Guthrie said, praising Patrick's feat. "It's a different era, of course. Different times. I can't imagine what I would do with a spotter or somebody telling me how to drive. It's rather a different sport now. Back then, there was a much greater difference from the front of the field to the back."

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Thousands at climate rally in Washington call on Obama to reject Keystone pipeline

WASHINGTON (Reuters) – Thousands of protesters gathered on the Washington’s National Mall on Sunday calling on President Barack Obama to reject the controversial Keystone XL oil pipeline proposal and honor his inaugural pledge to act on climate change.

Organizers of the “Forward on Climate” event estimated that 35,000 people from 30 states turned out in cold, blustery conditions for what they said was the biggest climate rally in U.S. history. Police did not verify the crowd size.

Protesters also marched around the nearby White House, chanting “Keystone pipeline? Shut it down.” Among the celebrities on hand were actresses Rosario Dawson and Evangeline Lilly, and hedge fund manager and environmentalist Tom Steyer.

The event came days after a bipartisan group of U.S. senators made the latest call for Obama to approve the $ 5.3 billion pipeline, seen by many as an engine for job growth and another step toward energy independence.

A new poll by Harris Interactive showed 69 percent of respondents said they support construction of the pipeline, with only 17 percent saying they oppose it.

One of Sunday’s main organizers, climate activist Bill McKibben, said that approving the pipeline, which would transport crude oil from the oil sands of northern Alberta to refineries and ports in Texas, would be akin to lighting a “carbon bomb” that could cause irreparable harm to the climate.

“For 25 years our government has basically ignored the climate crisis: now people in large numbers are finally demanding they get to work,” said McKibben, founder of the environmental group 350.org.

Other major organizing groups on Sunday included the Sierra Club and the Hip-Hop Caucus.

The proposed TransCanada Corp project has been pending for 4-1/2 years. A revised route through Nebraska, which would avoid crossing sensitive ecological zones and aquifers, was approved by that state’s governor last month.

Backers of Keystone, which would transport 830,000 barrels of oil per day, say it would provide thousands of jobs in the United States and increase North American energy security.

Environmentalists oppose the pipeline because the oil sands extraction process is carbon intensive, and say the oil extracted is dirtier than traditional crude oil.

Van Jones, Obama’s former green jobs adviser, said if the president approved the pipeline just weeks after pledging to act on climate change, it would overshadow other actions Obama takes to reduce pollution.

“There is nothing else you can do if you let that pipeline go through. It doesn’t matter what you do on smog rules and automobile rules – you’ve already given the whole game way,” said Jones, who is president of Rebuild the Dream, a non-government organization.

Democratic Senator Sheldon Whitehouse of Rhode Island, the lone member of Congress to speak at the rally, told Reuters Obama risked creating a “credibility gap” if he approved the pipeline.

“He would have to roll out a very complete and very strong package to offset something that on its own is described by government scientist as ‘game-over’ on climate,” he said.

Still, some of Obama’s core constituents favor the pipeline, including the labor union AFL-CIO’s building and construction unit, which sees the potential for job creation for its members, and certain Democratic lawmakers.

In January, nine Democratic senators joined 44 Republicans in urging the president to approve Keystone XL.

(Reporting By Valerie Volcovici; editing by Ros Krasny and Mohammad Zargham)

Weather News Headlines – Yahoo! News

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Model: Getting what I don't deserve

STORY HIGHLIGHTS

• Model Cameron Russell's TED Talk has been viewed more than a million times


• She says, as winner of "genetic lottery," she has been able to have a modeling career


• Her looks fit a narrow definition of beauty, she says


• Russell: I work hard but my modeling career gives my views undeserved attention

Editor's note: Cameron Russell has been a model for brands such as Victoria's Secret, Calvin Klein, Ralph Lauren and Benetton and has appeared in the pages of Vogue, Harpers Bazaar and W. She spoke at TEDx MidAtlantic in October. TED is a nonprofit dedicated to "ideas worth spreading" which it makes available through talks posted on its website.

(CNN) -- Last month the TEDx talk I gave was posted online. Now it has been viewed over a million times. The talk itself is nothing groundbreaking. It's a couple of stories and observations about working as a model for the last decade.

I gave the talk because I wanted to tell an honest personal narrative of what privilege means.

I wanted to answer questions like how did I become a model. I always just say, " I was scouted," but that means nothing.

The real way that I became a model is that I won a genetic lottery, and I am the recipient of a legacy. What do I mean by legacy? Well, for the past few centuries we have defined beauty not just as health and youth and symmetry that we're biologically programmed to admire, but also as tall, slender figures, and femininity and white skin. And this is a legacy that was built for me, and it's a legacy that I've been cashing in on.

Some fashionistas may think, "Wait. Naomi. Tyra. Joan Smalls. Liu Wen." But the truth is that in 2007 when an inspired NYU Ph.D. student counted all the models on the runway, of the 677 models hired, only 27, or less than four percent, were non-white.

Usually TED only invites the most accomplished and famous people in the world to give talks. I hoped telling a simple story -- where my only qualification was life experience (not a degree, award, successful business or book) -- could encourage those of us who make media to elevate other personal narratives: the stories of someone like Trayvon Martin, the undocumented worker, the candidate without money for press.

Instead my talk reinforced the observations I highlighted in it: that beauty and femininity and race have made me the candy of mass media, the "once you pop you just can't stop" of news.

In particular it is the barrage of media requests I've had that confirm that how I look and what I do for a living attracts enormous undeserved attention.

Do I want a TV show? Do I want to write a book? Do I want to appear in a movie? Do I want to speak to CNN, NBC, NPR, the Times of India, Cosmo, this blogger and that journal? Do I want to speak at this high school, at that college, at Harvard Law School or at other conferences?

TED.com: A teen just trying to figure it out

I am not a uniquely accomplished 25-year-old. I've modeled for 10 years and I took six years to finish my undergraduate degree part-time, graduating this past June with honors from Columbia University. If I ever had needed to put together a CV it would be quite short. Like many young people I'd highlight my desire to work hard.

But hard work is not why I have been successful as a model. I'm not saying I'm lazy. But the most important part of my job is to show up with a 23-inch waist, looking young, feminine and white. This shouldn't really shock anyone. Models are chosen solely based on looks. But what was shocking to me is that when I spoke, the way I look catapulted what I had to say on to the front page.

Even if I did give a good talk, is what I have to say more important and interesting than what Colin Powell said? (He spoke at the same event and his talk has about a quarter of the view count.)

TED.com: Isaac Mizrahi on fashion and creativity

Like many young people I believe I have potential to make a positive impact in the world. But if I speak from a platform that relies on how I look, I worry that I will not have made room for anyone else to come after me. I will have reinforced that beauty and race and privilege get you a news story. The schoolteacher without adequate support, the domestic worker without rights, they won't be up there with me.

So what do I do? I am being handed press when good press for important issues is hard to come by. These outlets are the same outlets that spent two years not reporting a new drone base in Saudi Arabia while press in the UK covered it.

They are the same organizations that have forgotten New Orleans and forgotten to follow up on contractors who aren't fulfilling their responsibilities there -- important not only for the people of NOLA, but also for setting a precedent for the victims of Sandy, and of the many storms to come whose frequency and severity will rise as our climate changes.

TED. com: Amy Tan on where creativity hides

Should I tell stories like these instead of my own? I don't feel like I have the authority or experience to do so.

How can we change this cycle? The rise of the Internet and the camera phone have started to change what stories are accessible. And we now have the ability to build more participatory media structures. The Internet often comes up with good answers to difficult questions. So I ask: How can we build media platforms accessible to a diversity of content creators?

On a personal note, what should I talk about? Do I refuse these offers outright because of my lack of experience, because I'm not the right person to tell the stories that are missing from the media? Can I figure out a way to leverage my access to bring new voices into the conversation? Right now I'm cautiously accepting a few requests and figuring out what it all means.

I'm listening, tweet me @cameroncrussell

Follow @CNNOpinion on Twitter.

Join us at Facebook/CNNOpinion.

The opinions expressed in this commentary are solely those of Cameron Russell.

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CPS officials taking note of feedback on school closings

Chicago Public Schools officials gathering input on school closings started taking notes when the director of a local Boys and Girls Club of Chicago spoke up on behalf of West Pullman Elementary School at a hearing on the Far South Side late last week.

Then a local pastor spoke about the changing culture and the positive effect of a new principal at Whistler Elementary, which like West Pullman is on the preliminary list CPS released last week of 129 schools that could be closed. Another pastor talked about the problems with gangs near Lawrence Elementary, and CPS officials wrote some more notes.

School communities across the city are pulling out all the stops to make their case as the district prepares to make a final decision, due by the end of March, on what schools will be shuttered. Parents, teachers and community leaders are bringing healthy amounts of data and emotion to the meetings in their effort to convince district officials which schools should stay open.

The meetings will continue over the next several weeks. The district says it needs to close an as yet unknown number of under-enrolled schools to help address a projected deficit of $1 billion in the coming year.

District chief Barbara Byrd-Bennett has set specific criteria for the closings, and schools that don't want to be on the final list will have to show how they plan to build enrollment or improve academics. Security concerns will also play a role in deciding what schools to close.

Among the schools on the preliminary list were six that are part of the politically connected Academy for Urban School Leadership, which takes over schools known as turnarounds that are deemed in need of academic recovery.

CPS has invested nearly $20 million in capital improvements at the six AUSL Schools. AUSL, which runs 25 schools throughout the district, replaces teachers and administrators at its schools with AUSL-trained staff.

AUSL parents have appeared at meetings to speak about changes at schools being considered for closing.

"We know this has to run the course through the community meetings," said Shana Hayes, managing director of AUSL's external affairs department. "When CPS comes out with the new list, we hope our six schools will come off the list. We see significant positive changes in enrollment."

CPS spokeswoman Becky Carroll said the school closing process is "far from complete."

"We expect to get significantly more feedback from the community that will continue to guide this process and remove other schools from consideration," Carroll said. 

The schools on the preliminary list are mostly on the West, South and Southwest sides. In all, more than 43,000 students attend the 129 schools still under consideration.

For many parents and educators, the meetings have provided an opportunity to vent their frustration and anger with the district. They've complained about being denied resources, increasing class sizes and the growth of privately run but publicly funded charters schools.

"You've taken our students away from us — that's why (the school is) under-enrolled," said Tonya Saunders-Wolffe, a counselor at the pre-kindergarten to third grade Owens Elementary in Roseland, referring to the growth of charter schools.

Julie Woestehoff, executive director of Parents United for Responsible Education, said the meetings have allowed parents to come out and voice what's happening in their schools and what they need to get better. Woestehoff said she thinks the number of schools on the preliminary list will be far lower when the final list is released.

"Given the powerful push-back from schools and communities that has already happened, (the district) ought to be concerned about an exponential increase in the level of anger that is sure to explode if they announce the closure of anything like 100," she said.

nahmed@tribune.com

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U.N. says has list of Syrian war crimes suspects

GENEVA (Reuters) - Syrians in "leadership positions" who may be responsible for war crimes have been identified, along with units accused of perpetrating them, United Nations investigators said on Monday.

Both government forces and armed rebels are committing war crimes, including killings and torture, spreading terror among civilians in a nearly two-year-old conflict, they said.

The investigators' latest report, covering the six months to mid-January, was based on 445 interviews conducted abroad with victims and witnesses, as they have not been allowed into Syria.

The independent team, led by Brazilian Paulo Pinheiro, called on the U.N. Security Council to "act urgently to ensure accountability" for grave violations, possibly by referring the violators to the International Criminal Court for prosecution.

"The ICC is the appropriate institution for the fight against impunity in Syria. As an established, broadly supported structure, it could immediately initiate investigations against authors of serious crimes in Syria," the 131-page report said.

It added: "Individuals may also bear criminal responsibility for perpetuating the crimes identified in the present report. Where possible, individuals in leadership positions who may be responsible were identified alongside those who physically carried out the acts."

Karen Konig AbuZayd, one of the four commissioners on the team of some two dozen experts, told Reuters: "We have information suggesting people who have given instructions and are responsible for government policy. People who are in the leadership of the military, for example."

"It is the first time we have mentioned the ICC directly. The Security Council needs to come together and decide whether or not to refer the case to the ICC. I am not optimistic."

But its third list of suspects, building on lists drawn up in the past year, remains secret. It will be entrusted to U.N. High Commissioner for Human Rights, Navi Pillay, upon expiry of its current mandate at the end of March, the report said.

Pillay, a former judge at the ICC, said on Saturday that Syrian President Bashar al-Assad should be probed for war crimes and called for immediate action by the international community, including possible military intervention.

"The evidence collected sits in the safe in the office of the High Commissioner against the day it might be referred to a court and evidence would be examined by a prosecutor," said a European diplomat.

The death toll in Syria is likely approaching 70,000 people, Pillay told the Security Council last week in a fresh appeal for it to refer Syria to the ICC, the Hague-based war crimes court.

Government forces have carried out shelling and aerial bombardment across Syria including Aleppo, Damascus, Deraa, Homs and Idlib, the independent U.N. investigators said, citing corroborating evidence gathered from satellite images.

"In some incidents, such as in the assault on Harak, indiscriminate shelling was followed by ground operations during which government forces perpetrated mass killing," it said, referring to a town in the southern province of Deraa where residents told them that 500 civilians were killed in August.

"SPREADING TERROR"

"Government forces and affiliated militias have committed extra-judicial executions, breaching international human rights law. This conduct also constitutes the war crime of murder. Where murder was committed as part of a widespread or systematic attack against a civilian population, with knowledge of that attack, it is a crime against humanity," the U.N. report said.

They have targeted queues at bakeries and funeral processions, in violence aimed at "spreading terror among the civilian population", it said.

"Syrian armed forces have implemented a strategy that uses shelling and sniper fire to kill, maim, wound and terrorize the civilian inhabitants of areas that have fallen under anti-government armed group control," the report said.

Government forces had used cluster bombs, it said, but it found no credible evidence of either side using chemical arms.

Rebel forces fighting to topple Assad in the protracted and increasingly sectarian conflict have committed war crimes include murder, torture, hostage-taking and using children under age 15 in hostilities, the U.N. report said.

"They continue to endanger the civilian population by positioning military objectives inside civilian areas," it said. Rebel snipers had caused "considerable civilian casualties".

"The violations and abuses committed by anti-government armed groups did not, however, reach the intensity and scale of those committed by government forces and affiliated militia."

Foreign fighters, many of them from Libya, Tunisia, Saudi Arabia, Lebanon, Iraq and Egypt, have radicalized the rebels and helped detonate deadly improvised explosive devices, it said.

The two other commissioners are former chief ICC prosecutor Carla del Ponte and Vitit Muntarbhorn of Thailand.

"It is an investigative mechanism and its evidence can be given to relevant judicial authorities when the time comes. In the interim, it is the one piece of U.N.-approved machinery shining a light on abuses," the European diplomat said.

Referring to del Ponte, who joined in September, the diplomat said: "She brings a harder-edged prosecutorial lens so when they are looking at the evidence she is very well placed to know what sort of evidence would assist a later judicial process."

(Reporting by Stephanie Nebehay; Editing by Alistair Lyon)

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After decent rally, perhaps time for a pause

NEW YORK (Reuters) - Stocks could struggle to extend their seven-week winning streak as the quarterly earnings period draws to a close and the market bumps into strong technical resistance.

Many analysts say the market could spend the next few weeks consolidating gains that have lifted the benchmark Standard & Poor's 500 <.spx> by 6.6 percent since the start of the year.

The S&P 500 ended up 0.1 percent for the week, recovering from a late sell-off on Friday after a Bloomberg report about slow February sales at Wal-Mart triggered a slide in the retailer's shares. It was the index's seventh week of gains.

Odds of a pullback are increasing, with the market in slightly overbought territory, said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.

"I do suspect the closing of the earnings season will lead to at least a pause and possibly a pullback," Zaro said. The S&P 500 could shave 3 to 5 percent between now and early April, he said.

Fourth-quarter earnings have mostly beaten expectations. Year-over-year profit growth for S&P 500 companies is now estimated at 5.6 percent, up from a January 1 forecast for 2.9 percent growth, and 70 percent of companies are exceeding analyst profit expectations, above the 62 percent long-term average, according to Thomson Reuters data.

On Thursday, Wal-Mart, the world's largest retailer, is due to report results, unofficially closing out the earnings period. Investors will be keen to see its quarterly numbers, especially after the Friday's news report that rattled investors.

The S&P 500 has gained 4.3 percent since Alcoa kicked off the earnings season on January 8.

The approaching March 1 deadline for across-the-board federal budget cuts unless Congress reaches a compromise adds another reason for caution, especially with recent economic data indicating the recovery remains bumpy.

Manufacturing output fell 0.4 percent last month, the Federal Reserve said on Friday, but production in November and December was much stronger than previously thought.

TESTING RESISTANCE

The S&P 500 has been trading near five-year highs, and it notched its highest level since November 2007 this week. But the gains have pushed the benchmark index almost as far as it is likely to go in the near term, with strong resistance hovering around 1,525 and 1,540, one analyst said.

As a result, the index is set to move sideways, said Dave Chojnacki, market technician at Street One Financial in Huntington Valley, Pennsylvania. "We just don't have the volume or the catalyst right now" to go above those levels, he said.

At the same time, other analysts say, the market has not shown significant signs of slowing, including a break below 15- and 30-day moving averages.

Such moves would be needed to show that momentum is slowing or that the market is at risk of a correction, said Todd Salamone, director of research for Schaeffer's Investment Research in Cincinnati, Ohio. The S&P 500's 14-day moving average is at 1,511 while the 30-day is at 1,494. The index closed Friday at 1,519.

Recent M&A activity, including news this week of a merger between American Airlines and US Airways Group , helped provide some strength for the market this week and optimism that more deals may be on the way.

In the coming days, the market will focus on minutes from the latest Federal Reserve meeting, due to be released on Wednesday, which could provide support if they suggest the Fed will remain on its current course of aggressive monetary easing.

The Fed minutes released in January spooked markets a bit when they revealed that some Fed officials thought it would be appropriate to consider ending asset purchases later in 2013. U.S. Treasury yields rose on that news, though market worries about a near-term end to quantitative easing have since faded.

Among other companies expected to report earnings next week are Nordstrom , Hewlett-Packard and Marriott International

(Reporting By Caroline Valetkevitch; Editing by Leslie Adler)

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No. 2 Duke falls to Maryland 83-81

COLLEGE PARK, Md. (AP) — As the final horn sounded and Maryland fans rushed the court to celebrate a rare victory over its bitter rival, weary Duke had just enough energy left to escape the mayhem for the safety of its locker room.

Seth Allen broke a tie by making two free throws with 2.8 seconds left, and the Terrapins stunned the second-ranked Blue Devils 83-81 Saturday night to end a six-game skid in the series.

Coming off a five-day break, Maryland notched its most significant win of the season at the expense of a tired Duke playing its fourth game in 10 days.

The Blue Devils were worn out, and it showed.

Duke was outrebounded 40-20, never led in the second half and got only four points and three rebounds from 6-foot-10 senior center Mason Plumlee.

"This has been an exhausting schedule for our team," coach Mike Krzyzewski said. "We're playing on fumes and I think you could tell that with Mason. I thought he looked exhausted the whole game. He's been great. Obviously not good tonight."

The Terrapins (18-7, 6-6 Atlantic Coast Conference) did not trail after halftime but never could pull away.

Duke (22-3, 9-3) was down by 10 with 3:39 left but pulled even when Rasheed Sulaimon made three foul shots with 16.7 seconds to go. Quinn Cook then fouled Allen as the freshman guard drove through the lane, and Allen made both shots.

After a Duke timeout, Cook's desperation 30-footer bounced off the back rim. Chaos ensued as the fans immediately rushed the court.

"I thought it was in when I got it off," Cook said of his final attempt.

Alex Len had 19 points and nine rebounds for Maryland, and Allen scored 16. The Terrapins had lost 12 of 13 against Duke, including a 20-point embarrassment last month.

"I told our players before the game, there's a lot of pride in Maryland basketball," coach Mark Turgeon said. "There's also a lot of passion about Maryland basketball. We talked about playing with those two things for us and for our fans. Our fans were just tremendous."

From the end of the Star Spangled Banner to the final buzzer, the crowd never stopped shouting for the Terps, who rewarded their fans with a memorable victory in a rivalry that appears destined to end when Maryland leaves for the Big Ten in 2014.

"I have a great deal of respect for Maryland," Krzyzewski said. "If it was such a rivalry they'd still be in the ACC. Obviously they don't think it's that important or else they wouldn't be in the Big Ten."

Oh, but it's very important to Maryland and its coach.

"This win was for my family and the fans," Turgeon said. "I know what this win means for our fan base, and I really wanted to beat Duke."

The Blue Devils had their six-game winning streak end. Seth Curry scored 25 and Cook added 18. But Plumlee was completely outplayed by the 7-1 Len, who went 6 for 8 from the field and 7 for 8 at the foul line.

"There's so much pressure for Mason to play outstanding," Krzyzewski said. "That wears on you as the season goes on. He just didn't look fresh tonight."

Said Plumlee: "I didn't show up to play today and I let my teammates down. It's all on me."

Maryland committed a whopping 26 turnovers, eight by Allen. The Terrapins shot an impressive 60 percent from the floor and finished with a 40-20 rebounding advantage.

Maryland played without reserve guard Pe'Shon Howard, who was suspended for violating team rules. Despite being demoted from his starting role last month, Howard still leads the Terrapins in assists.

Maryland led 66-63 before Allen scored on a drive. Dez Wells then stole the ball from Cook and went in for a dunk for a seven-point lead with 5:20 left. After the Blue Devils closed to 71-63, James Padgett made a layup for Maryland and Wells made two foul shots for a 10-point cushion.

The crowd increased its volume with every subsequent basket by the Terrapins, whose previous win over Duke came in March 2010, when Greivis Vasquez celebrated Senior Night with a 20-point performance.

In this one, it was 80-72 before Curry made two straight 3-pointers to bring Duke to 80-78 with just under a minute left. After Wells was called for a charge, Curry had a 15-footer bounce in and out of the basket.

It was that kind of night for the Blue Devils.

This score was 39 all before Allen hit a 3-pointer to spark a 10-2 run that included five points from freshman Shaquille Cleare. It was 53-43 before Curry bagged a 3-pointer, Alex Murphy made a layup and Curry drove the lane following Maryland's third turnover in a 60-second span.

That cut the gap to three points, and seconds after a 3-pointer by Cook got the Blue Devils to 55-53.

After the Terrapins went up by six, they committed turnovers on three straight possessions. That enabled Duke to close to 59-57 on a dunk by Murphy, but four straight free throws by Len gave Maryland a 64-59 advantage with 7:20 remaining.

The first half featured two ties, 10 lead changes and ended with the Terrapins up 35-34. Curry (14 points) was one of only four Duke players to score before halftime.

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Russian Meteor Blast Bigger Than Thought, NASA Says

The meteor that exploded over Russia Friday was slightly larger than previously thought and more powerful, too, NASA scientists say.

The Russian meteor explosion over the city of Chelyabinsk, on Friday (Feb. 15), injured more than 1,000 people and blew out windows across the region in a massive blast captured on cameras by frightened witnesses. Friday afternoon, NASA scientists estimated the meteor was space rock about 50 feet (15 meters) and sparked a blast equivalent of a 300-kiloton explosion. The energy estimate was later increased to 470 kilotons.

But late Friday, NASA revised its estimates on the size and power of the devastating meteor explosion. The meteor’s size is now thought to be slightly larger — about 55 feet (17 m) wide — with the power of the blast estimate of about 500 kilotons, 30 kilotons higher than before, NASA officials said in a statement. [See video of the intense meteor explosion]

The meteor was also substantially more massive than thought as well. Initial estimated pegged the space rock’s mass at about 7,000 tons. Scientists at NASA’s Jet Propulsion Laboratory in Pasadena, Calif., now say the meteor weighed about 10,000 tons and was travelling 40,000 mph (64,373 km/h) when it exploded.

“These new estimates were generated using new data that had been collected by five additional infrasound stations located around the world – the first recording of the event being in Alaska, over 6,500 kilometers away from Chelyabinsk,” JPL officials explained in the statement. The infrasound stations detect low-frequency sound waves that accompany exploding meteors, known as bolides.

The meteor entered Earth’s atmosphere and blew apart over Chelyabinsk at 10:20 p.m. EST on Feb. 14 (03:20:26 GMT on Feb. 15). The meteor briefly outshined the sun during the event, which occurred just hours before a larger space rock — the 150-foot-wide (45 meters) asteroid 2012 DA14 — zoomed by Earth in an extremely close flyby.

Asteroid 2012 DA14 approached within 17,200 miles (27,000 kilometers) of Earth Friday, but never posed an impact threat to the planet. The asteroid flyby and Russian meteor explosion had significantly different trajectories, showing that they were completely unrelated events, NASA officials said.

Late Friday, another fireball was spotted over the San Francisco Bay Area in California. That event, also unrelated, occurred at about 7:45 p.m. PST (10:45 p.m. EST/0345 Feb. 16 GMT) and lit up the nighttime sky. Aside from the unexpected light show, the fireball over San Francisco had little other effect.

NASA scientists said the Russian meteor event, however, is a rare occurrence. Not since 1908, when a space rock exploded over Russia’s Tunguska River in Siberia and flattened 825 square miles (2,137 square km) of uninhabited forest land, has a meteor event been so devastating.

“We would expect an event of this magnitude to occur once every 100 years on average,” Paul Chodas of NASA’s Near-Earth Object Program Office at JPL said. “When you have a fireball of this size we would expect a large number of meteorites to reach the surface and in this case there were probably some large ones.”

According to the Associated Press, search teams have recovered small objects that might be meteorite fragments and divers are searching the bottom of a lake where a meteorite is thought to have landed.

You can follow SPACE.com Managing Editor Tariq Malik on Twitter @tariqjmalik. Follow SPACE.com on Twitter @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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Afghanistan's future: Five questions

STORY HIGHLIGHTS

• President Obama has revealed new details about the troop withdrawal in Afghanistan


• But there are several key issues that still must be resolved in the coming months


• The Afghan military has its critics, but the U.S. has praised its progress


• There are fears that Afghanistan's advancements might be at risk after 2014

(CNN) -- In his State of the Union address, President Obama reaffirmed that the country's war in Afghanistan would be over by the end of 2014.

He also laid out more specifics.

Of the approximately 66,000 U.S. troops in Afghanistan now, more than half -- 34,000 -- will come home in the next year, Obama said.

At the same time, Afghan troops will assume most of the responsibility for combat missions.

"This spring, our forces will move into a support role, while Afghan security forces take the lead," Obama said.

It was previously expected that Afghan forces would take the lead in combat missions by the middle of this year. But a U.S. official told CNN that the military transition has accelerated and that Afghans will lead all security operations by March.

What does this news mean for Afghanistan and America's longest war? Here are some key questions that will be asked in the coming months:

1. Are the Afghan troops up to the task?

There are certainly doubts.

A Pentagon review in December claimed that only one of 23 Afghan army brigades was capable of functioning on its own.

Meanwhile, literacy rates are low, desertion rates are high, and many deserters have joined the insurgency. There also have been a troubling number of "green-on-blue" attacks: Afghan troops attacking their American comrades.

But Defense Secretary Leon Panetta has spoken positively about the progress Afghans have made in growing their army, reducing violence and becoming more self-sufficient. Afghan forces now lead nearly 90% of operations across the country.

"We're on the right path to give (Afghanistan) the opportunity to govern itself," Panetta said earlier this month.

Afghan President Hamid Karzai said he welcomes the U.S. troop withdrawal and insists his army can defend the country against the Taliban.

"It is exactly our job to deal with it, and we are capable of dealing with it," Karzai said during an interview with CNN's Christiane Amanpour.

What the army needs now, Karzai says, is more equipment and firepower. He came to the Pentagon last month with a wish list asking for more helicopters, drones and other hardware, according to a senior defense official.

"We need an air force. We need air mobility," Karzai told Amanpour. "We need proper mechanized forces. We need, you know, armored vehicles and tanks and all that."

2. What presence will the U.S. have after 2014?

The plan is to withdraw all combat troops but keep a residual force in the country to help train Afghans and carry out counterterrorism operations when needed.

The size of that force is still being discussed.

Gen. John Allen, the former commander of U.S. troops in Afghanistan, recommended between 6,000 and 15,000 troops. But that figure was lowered to a range between 2,500 and 9,000, according to a defense official.

There might not be any U.S. troops at all if the United States cannot come to an agreement over immunity with Afghanistan. There was no American presence in Iraq at the end of that war because the Iraqi government refused to extend legal protections to U.S. troops.

Karzai, who's in favor of a residual force, said he would put the immunity decision in the hands of Afghan elders, and he expressed confidence that he could persuade the elders to see things his way.

Leaving no U.S. troops at all would be a major misstep, said Peter Bergen, CNN's national security analyst. He said the U.S. has abandoned Afghanistan already, in 1989, and the decision left America with little understanding of the power vacuum that led to the Taliban's rise in the first place.

"The current public discussion of zero U.S. troop presence in Afghanistan ... will encourage those hardliner elements of the Taliban who have no interest in a negotiated settlement and believe they can simply wait the Americans out," Bergen wrote in an op-ed for CNN.com. "It also discourages the many millions of Afghans who see a longtime U.S. presence as the best guarantor that the Taliban won't come back in any meaningful way."

3. What's at stake?

The main fear among the Afghan people is that the country could revert to another civil war once the United States withdraws its combat troops. The Taliban are still "resilient and determined," according to a recent Pentagon report, and insurgents continue to carry out attacks and pose a major security threat.

"Some people we've spoken to sort of take it for granted that there's going to be a civil war when the United States leaves," said CNN's Erin Burnett on a recent trip to Afghanistan. "It happened before when the Soviet Union left (in 1989)."

For all the violence Afghanistan has seen in the past decade, it has also seen major advancements in human rights and quality of life.

"During the Taliban, basically there were thousands of girls going to school in Afghanistan. Now you have millions of girls going to school," Burnett said. "So there's been real progress on women's rights. Obviously there remain a lot of problems -- honor killings, forced marriages, domestic violence -- but there has been real progress."

Retired Army Gen. Stanley McChrystal, once America's top commander in Afghanistan, said the Afghan people are "terrified."

"They're terrified because they think they have something to lose," McChrystal said. "There has been progress made. There is a better life. There are girls in school. There are things that are better than they were and opportunities potentially ahead.

"But they're afraid that if we completely abandon them in 2014, as they perceive we did in 1989, (things) would all go back."

And in Washington, there are worries that the wrong move could put the United States right back where it started, with nothing to show for a bloody conflict that started in 2001.

Chairman of the House Armed Services Committee, Rep. Buck McKeon, R-California, expressed concern last week that a hasty withdrawal could be "needlessly fraught with risk."

"Since the president took the commendable step of deploying a surge to Afghanistan in 2009, we have known that our hard-fought gains are fragile and reversible," McKeon said. "That isn't my assessment, but the consistent opinion of experts both military and civilian."

4. Who will lead after Karzai?

Afghanistan's only president of this century won't be in charge for much longer.

Elections are scheduled for April 2014, and Karzai has reached the term limit set by his country's constitution. He told Amanpour it's "absolutely time to go."

"A new president will come to this country. A new government will come to this country. And I'll be a happily retired civil servant," he said.

So while Afghanistan oversees a major military transition, it also will have to make a political transition.

Who will lead the country during this critical moment in its history? Will the vote go smoothly, without violence and without controversy? There were reports of ballot tampering and other violations in the last one.

The answers might be just as important to Afghanistan's security as the readiness of its troops.

"The single biggest challenge for us is the political transition, the elections of 2014," said Saad Mohseni, the media mogul behind Afghanistan's Tolo Television. "(If) we have credible elections, I think we'll be OK for the next five, six years. (If) we don't, there is a real danger that we'll see instability, especially in 2014 as the U.S. troops withdraw."

5. What part will the Taliban play?

Despite the ongoing insurgency, Karzai seems eager to resume stalled peace talks with the Taliban and include them in the political process.

The Taliban pulled out of talks last year, but Karzai said last month they "are very much conveying to us that they want to have peace talks. They're also people. They're also families. They also suffer, like the rest of Afghans are suffering."

Javid Ahmad, a Kabul native now with the Asia Program of the German Marshall Fund of the United States, believes revitalized peace talks are essential to Afghanistan's future and to the legacy of America's war.

"If withdrawing responsibly in 2014 is indeed high on President Obama's agenda, then he has little choice but to prioritize and accelerate the peace talks, negotiate a cease-fire between all sides, and reach a settlement that ensures that the Taliban lay down their weapons," Ahmad wrote in a recent column.

But will the Taliban be willing to cooperate? And if they enter negotiations, how much of an influence would they have on an Afghan society that has seen so many changes in the past decade?

"There have to be some red lines," said Jawed Ludin, Afghanistan's deputy foreign minister for political affairs. "Some of the achievements that we've had in the last 10 years can't be negotiated."

Karzai sounded confident that most of the Taliban would acknowledge this.

"I think there is now a critical mass in Afghanistan of the educated, of the Afghan people who want a future of progress and stability," he said. "And I think also that the Taliban recognize that this corner has been turned, the majority of them. Some may be there among them who would not -- who would remain, you know, in the darkest of the mindset possible. But those are a few."

CNN's Chris Lawrence, Mike Mount and Jake Tapper contributed to this report.

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