“Fruitvale,” “Blood Brothers” win top awards at Sundance

PARK CITY, Utah (Reuters) – Drama film “Fruitvale” and documentary “Blood Brothers” won the top awards at the Sundance Film Festival on Saturday, giving them a big boost to reach independent movie audiences this year.

“Fruitvale,” starring Octavia Spencer and Michael B. Jordan and directed by 26-year-old, first-time filmmaker Ryan Coogler,” picked up the U.S. drama jury and audience awards for its “moral and social urgency.”

The film is based on the true story of 22-year-old Oscar Grant, who was killed by police in Oakland, California, on New Year’s Eve in 2008 and whose death sparked riots against police brutality. Movie studio The Weinstein Company purchased distribution rights for the film.

“This film had a profound impact on the audience that saw it … this award goes out to my home in the Bay Area where Oscar Grant breathed, slept, loved, had fun and survived for 22 years,” Coogler said in his acceptance speech.

Oscar-winning documentarian Davis Guggenheim awarded the U.S. documentary jury prize to “Blood Brothers,” saying it shook the voting panel to their core.

The documentary follows an American man who moves to Africa and works with children suffering from HIV at an orphanage, and through his work, the children gain a voice.

“It is so encouraging for the kids … their lives are so encouraging, and they die and no one remembers their name … To take their story so that everyone sees it, it’s so awesome,” director Steve Hoover said.”

Young actress Shailene Woodley, praised for her performance in “The Descendants” last year, and her co-star Miles Teller won the Special Jury acting prize in “The Spectacular Now.”

Actress Lake Bell, who made her directorial debut in the U.S. drama category with quirky comedy “In A World,” picked up the drama screenwriting award.

Hosted by actor Joseph Gordon-Levitt, who premiered his raunchy directorial debut “Don Jon’s Addiction” this year, the Sundance Film Festival Awards pick winners at the top gathering for independent movies made outside of Hollywood’s major studios.

“Sundance is a community of people of filmmakers and film lovers who all believe together that there’s more to movies than glitz and glamour and money and the box office. In Hollywood, you can feel like a freak if you talk about movies as art, and here, you don’t have that,” Gordon-Levitt said.

WORLD CINEMA WINNERS

The Sundance Film Festival, now in its 35th year, is backed by Robert Redford’s Sundance Institute. The 10-day gathering of the independent film industry is held in snowy Park City, Utah.

In previous years, films that win the top prizes at the Sundance Film Festival often go on to achieve Hollywood awards success as well.

Last year, mythological drama “Beasts of the Southern Wild” won the top prize at Sundance and is now nominated for four Oscars in major categories.

The award winners are voted for by special juries of industry professionals and by the audience for the audience favorite awards.

In the world cinema categories, South Korean drama “Jiseul” picked up the grand jury drama prize. The film, directed by Muel O, follows the residents of a small town who were forced to hide in a cave for 60 days after the military attacked their village.

Cambodian documentary “A River Changes Course,” about three young Cambodians struggling with adversity in a country ravaged by war and debt, picked up the world cinema grand jury award.

“Events like these really bring our communities together to share in the beauty of the world and the beauty of our future,” director Kalyanee Mam said.

“Pussy Riot: A Punk Prayer,” which follows the story of three members of a Russian feminist punk band jailed for performing a “punk prayer” in a Russian Orthodox church, picked up special jury prize in the world documentary category.

Co-director Mike Lerner said the three members of the band had “started a feminist revolution that we hope will continue around the world.”

(Editing by Philip Barbara)

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Persistent Systems Revenue Grows 14.7% and PAT Grows 35% Y-o-Y

PUNE, INDIA–(Marketwire – Jan 27, 2013) – Persistent Systems ( BOMBAY : PERSISTENT ) ( NSE : PERSISTENT ), the global leader in software product and technology services, today announced the Company’s audited financial results for the third quarter ended December 31, 2012, as approved by the Board of Directors.

“We continue to see growth in Product Engineering Services which grew steadily quarter on quarter, reaffirming that our core business continues to be strong,” said Dr. Anand Deshpande, Chairman and Managing Director, Persistent Systems. ”We have strengthened and expanded our partnership with Dassault Systèmes and with our most recent acquisition of NovaQuest, we are extending PLM business across new industry verticals. IP revenue continues to grow steadily and we see tremendous business opportunities across all our focus areas in cloud computing, collaboration, analytics and mobility.”

Key Highlights:

• Revenue for nine months ended December 31, 2012 was US$ 175.71 Million, representing a Y-o-Y growth of 14.7%.


• Profit after Tax (PAT) for nine months ended December 31, 2012 was  1,357.33 Million, representing a Y-o-Y growth of 35%.


• IP-led business constitutes 17.1% of the revenue for nine months ended December 31, 2012.


• Utilization improved Q-o-Q by 1.8% to 79.5%.


• Acquired Novaquest, a Product Lifecycle Management (PLM) and Search Based technology solutions company thereby entering into a strategic partnership with Dassault Systèmes to sell and offer support, maintenance and deployment services as an authorized VAR for Dassault Systèmes’ in the United States.


• Declared an interim dividend of  6 per share (Payout ratio 20.55%) for the Financial Year
   2012-13, as against a total dividend of  6 per share (Payout ratio 19.67%) for the Financial Year 2011-12.

Other Highlights:

• Appointed Dr. Sridhar Jagannathan as the Chief Innovation Officer responsible for driving innovation in products, solutions and services.


• Delivered an innovative acceleration process enabling Voltage Security®, to provide solution upgrades and security alerts to their customers in record time.


• Unveiled “The Modern Enterprise App Development Lifecycle” a new enterprise application at the E2 Innovate 2012 Conference.


• Expanded presence in Australia by establishing an office in Sydney.

Awards and Recognitions:

• Won the Tata Institute of Social Sciences LeapVault CLO Award for Best Corporate University in the ”Emerging” category for Persistent Systems’ Learning & Development Practices.


• Won the Indian Human Capital Awards 2012 – Best CSR Strategy.


• Won the Institute of Chartered Accountants of India (ICAI), silver shield Award for Excellence in Financial Reporting.


• Ranked 3^rd in India and 8^th Globally on the Corporate Governance Practices for 2012 by
  IR Global Rankings (IRGR).


• Won the Asset – Gold Award for Corporate Governance, Social Responsibility and Investor Relations 2012.


• Won the Legal Counsel India Awards 2013 for Best Use of Technology and Innovation by a Legal Department.

About Persistent Systems:

Established in 1990, Persistent Systems ( BOMBAY : PERSISTENT ) ( NSE : PERSISTENT ) is a global company specializing in software product and technology services. For more than two decades, Persistent has been an innovation partner for the world’s largest technology brands, leading enterprises and pioneering start-ups. With a global team of more than 6,000 employees, Persistent has 300 customers spread across North America, Europe, and Asia. Today, Persistent focuses on developing best-in-class solutions in four key next-generation technology areas: Cloud Computing, Mobility, Analytics and Collaboration, for telecommunications, life sciences, consumer packaged goods, banking & financial services and healthcare verticals. For more information, please visit: http://www.persistentsys.com.

Forward-looking and Cautionary Statements: For risks and uncertainties relating to forward-looking statements, please visit:
www.persistentsys.com/Portals/0/forward_looking_cautionary_statement.shtml.

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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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Djokovic beats Murray for 3rd straight Aust. Title

MELBOURNE, Australia (AP) — Novak Djokovic became the first man in the Open era to win three consecutive Australian titles when he beat Andy Murray 6-7 (2), 7-6 (3), 6-3, 6-2 in Sunday's final.

Little wonder he loves Rod Laver Arena.

"It's definitely my favorite Grand Slam," he said. "It's an incredible feeling winning this trophy once more. I love this court."

Djokovic has won four of his six major titles at Melbourne Park, where he is now unbeaten in 21 matches.

Nine other men had won back-to-back titles in Australia over 45 years, but none were able to claim three in a row.

Only two other men, American Jack Crawford (1931-33) and Australian Roy Emerson (1963-67), have won three or more consecutive Australian championships.

Born a week apart in May 1987 and friends since their junior playing days, Djokovic and Murray played like they knew each other's game very well in a rematch of last year's U.S. Open final. There were no service breaks until the eighth game of the third set, when Djokovic finally broke through and then held at love to lead by two sets to one.

Djokovic earned two more service breaks in the fourth set, including one to take a 4-1 lead when U.S. Open champion Murray double-faulted on break point.

"It's been an incredible match as we could have expected," Djokovic said. "When we play each other, it's always, we push each other to the limit and I think those two sets went over two hours, 15 minutes, physically I was just trying to hang in there. Play my game and focus on every point."

The 25-year-old Serb didn't rip his shirt off this time, as he did to celebrate his epic 5-hour, 53-minute win over Rafael Nadal in last year's final. He just did a little dance, looked up to the sky and then applauded the crowd after the 3-hour, 40-minute match.

Murray's win over Djokovic in the U.S. Open final last year ended a 76-year drought for British men at the majors, but he still is yet to make a breakthrough in Australia after losing a third final here in the last four years.

Djokovic's win went against the odds of recent finals at Melbourne Park. In four of the past five years, the player who won the second of the semifinals has finished on top in the championship match. But this year, Djokovic played his semifinal on Thursday — an easy 89-minute minute win over No. 4-seeded David Ferrer. Murray needed five energy sapping sets to beat 17-time major winner Roger Federer on Friday night.

"You don't wake up the next day and feel perfect, obviously," Murray said of the Federer match. "It's the longest match I played in six months probably. It obviously wasn't an issue today. I started the match well. I thought I moved pretty good throughout."

The win consolidated Djokovic's position as the No. 1-ranked player in the world, while Federer and Murray will be second and third when the ATP rankings are released Monday.

Their last two matches in Grand Slams — Murray's five-set win at last year's U.S. Open and Djokovic's victory here last year in five in the semifinals — had a total of 35 service breaks.

It was a vastly different, more tactical battle on Sunday, with the first two tight sets decided in tiebreakers.

"All our matches in last three years have been decided in a very few points, so it's really hard to say if I've done anything different," Djokovic said. "I tried to be more aggressive. So I went for my shots, especially in the third and fourth; came to the net quite often. I was quite successful in that percentage, so it worked well for me."

Murray, who called for a trainer to retape blisters on his right foot at the end of the second set, was visibly annoyed by noise from the crowd during his service games in the third set, stopping his service motion twice until the crowd quieted down. After dropping the third set, he complained about the noise to chair umpire John Blom.

"It's just a bit sore when you're running around," Murray said. "It's not like pulling a calf muscle or something. It just hurts when you run."

Djokovic came from 0-40 down in the second game of the second set to hold his serve, a situation he called "definitely one of the turning points."

"He missed an easy backhand and I think mentally I just relaxed after that," Djokovic said. "I just felt I'm starting to get into the rhythm that I wanted to. I was little more aggressive and started to dictate the play."

Although Djokovic went into the match with a 10-7 lead in head-to-heads, Murray had beaten Djokovic five out of eight times in tiebreakers, and that improved to six of nine after four unforced errors by Djokovic to end the first set.

Djokovic pegged back that edge in the second set, when Murray also didn't help his cause by double-faulting to give Djokovic a 3-2 lead, and the Serbian player didn't trail again in the tiebreaker.

On the double-fault, Murray had to stop as he was about to serve to pick up up a feather that had fallen on the court.

"I could have served, it just caught my eye before I served ... I thought it was a good idea to move it," he said.

"Maybe it wasn't because I obviously double faulted. At this level it can come down to just a few points here or there. My probably biggest chance was at the beginning of the second set; (I) didn't quite get it. When Novak had his chance at the end of the third, he got his."

Djokovic will have little time to savor the win — he's playing Davis Cup for Serbia next weekend against Belgium.

"It's going to be a lot of fun ... to see how I can adjust to clay court in indoor conditions, playing away Davis Cup, which is always tricky," he said.

Andre Agassi was among those in the capacity crowd — the four-time Australian champion's first trip Down Under in nearly 10 years — and he later presented the trophy to Djokovic.

Victoria Azarenka, who won Saturday's women's singles final over Li Na, was also there with her boyfriend rapper Redfoo. Actor Kevin Spacey met in the dressing room with both players ahead of the match and later tweeted a photo of himself with them.

In the earlier mixed doubles final Sunday, wild-card entrants Jarmila Gajdosova and Matthew Ebden of Australia beat the Czech pair of Lucie Hradecka and Frantisek Cermak 6-3, 7-5.

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Can sanctions deter North Korea?

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

Kim Jong Un and his military

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STORY HIGHLIGHTS

• N. Korea said Thursday it plans to carry out new nuclear test and more long-range rocket launches


• It said they are part of new phase of confrontation with United States


• George A. Lopez says North Korea's aim is to be recognized as a 'new nuclear nation by fait accompli'


• The Security Council sanctions aim to deteriorate and disrupt N. Korea's programs, says Lopez

Editor's note: George A. Lopez holds the Hesburgh Chair in Peace Studies at the Kroc Institute, University of Notre Dame. He is a former member, UN Panel of Experts on DPRK.

Indiana, U.S. (CNN) -- North Korea has responded to new Security Council sanctions condemning its December 12 rocket launch with a declaration that it plans a third nuclear test and more missile launches. Politically, it has made unambiguous that its "aim" is its enemy, the United States.

In this rapid reaction to U.N. sanctions, the young government of Kim Jong Un underscores what Security Council members have long known anticipated from the DPRK. Their end-game is to create a vibrant, integrated missile and nuclear weapons program that will result - as in the cases of Pakistan and India - in their being recognized as a new nuclear nation by fait accompli.

Read more: North Korea says new nuclear test will be part of fight against U.S.

In light of DPRK defiance - and a soon to occur nuclear test - the Security Council's first set of sanctions on North Korea since 2009 may seem absurd and irrelevant. These sanctions will certainly not prevent a new DPRK nuclear test. Rather, the new sanctions resolution mobilizes regional neighbors and global actors to enforce sanctions that can weaken future DPRK programs and actions.

Read more: U.N. Security Council slams North Korea, expands sanctions

The utility, if not the necessity, of these Security Council sanctions are to deteriorate and disrupt the networks that sustain North Korea's programs. Chances of this degradation of DPRK capabilities have increased as the new sanctions both embolden and empower the member states who regularly observe - but do nothing about - suspicious vessels in their adjacent waterways.

The resolution provides new guidance to states regarding ship interdiction, cargo inspections, and the seizure and disposal of prohibited materials. Regarding nuclear and missile development the sanctions expand the list of material banned for trade to DPRK, including high tech, dual-use goods which might aid missile industries.

Read more: South Korean officials: North Korean rocket could hit U.S. mainland

These new measures provide a better structure for more effective sanctions, by naming new entities, such as a bank and trading companies, as well as individuals involved in the illicit financing of prohibited materials, to the sanctions list. To the surprise of many in the diplomatic community - the Council authorizes states to expose and confiscate North Korea's rather mobile "bulk cash." Such currency stocks have been used in many regions to facilitate purchases of luxury goods and other banned items that sustain the DPRK elites.

Finally, the Security Council frees the Sanctions Committee to act more independently and in a timely manner to add entities to the list of sanctioned actors when evidence shows them to be sanctions violators. This is an extensive hunting license for states in the region that can multiply the costs of sanctions to the DPRK over time.

Read more: North Korea's rocket launches cost $1.3 billion

Whatever their initial limitations, the new round of U.N. sanctions serve as a springboard to more robust measures by various regional and global powers which may lead back to serious negotiations with DPRK.

Despite its bluster and short-term action plan, Pyongyang recognizes that the wide space of operation for its policies it assumed it had a week ago, is now closed considerably. To get this kind of slap-down via this Security Council resolution - when the launch was a month ago - predicts that any nuke test or missile launch from Pyongyang will bring a new round of stronger and more targeted sanctions.

Read more: North Korea silences doubters, raises fears with rocket launch

Although dangerous - a new game is on regarding DPRK. Tougher U.N. measures imposed on the North generated a predictable response and likely new, prohibited action. While DPRK may be enraged, these sanctions have the P5 nations, most notably China, newly engaged. A forthcoming test or launch will no doubt increase tensions on both sides.

But this may be precisely the shock needed to restart the Six Party Talks. Without this institutional framework there is little chance of influencing DPRK actions. And in the meantime, the chances of greater degrading of DPRK capabilities via sanctions, are a sensible next best action.

Read more: Huge crowds gather in North Korean capital to celebrate rocket launch

The opinions expressed in this commentary are solely those of George A. Lopez.

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Fox News, Palin cutting ties

NEW YORK (AP) — Fox News Channel is parting ways with former Republican vice presidential candidate Sarah Palin, ending her three-year tenure as a contributor on the network.

While Palin’s time at Fox was occasionally rocky, the network’s news executive, Bill Shine, said Friday that “we have thoroughly enjoyed our association” with her.

“We wish her the best in her future endeavors,” said Shine, Fox’s executive vice president for programming.

A person familiar with discussions between Fox and Palin described the parting as amicable, saying that Fox and Palin had discussed renewing her contract but she decided to do other things. The person spoke on condition of anonymity because they were not authorized to speak on the record.

Palin’s lawyer in Alaska, John Tiemessen, had no immediate comment on her exit. Palin’s last appearance on Fox News was Dec. 19 on Greta Van Susteren‘s show.

Palin signed to deliver commentary on Fox in January 2010, reportedly for $ 1 million a year. It was a coup for both sides at the time; the former Alaska governor was a little more than a year removed from her attention-getting run for the vice presidency and was considered one of the leading contenders for the 2012 presidential nomination. At Fox, she had a platform on the most popular network for conservative viewers. Fox installed equipment in Palin’s Wasilla, Alaska, home to make her regular appearances easier.

But there were some indications of tension between her and Fox News Chairman Roger Ailes, who was quoted in a 2011 story by The Associated Press saying, “I hired Sarah Palin because she was hot and got ratings.”

When Palin announced she would not be a candidate in 2012, she said it on a conservative radio show, which didn’t sit well with the company paying her to be a contributor. Palin took to her Facebook page late last summer to complain that Fox had cancelled her appearances one night at the GOP national convention; Fox said it was simply because the GOP had to condense its speaker schedule due to a hurricane.

Four years removed from her vice presidential candidacy, Palin’s influence had waned and she was somewhat overshadowed as a contributor at Fox by Karl Rove, former President George W. Bush‘s top political aide. Rove recently renewed his contract at Fox through the 2016 election.

With four more years of a Barack Obama administration in power, Fox recently hired former Democratic presidential candidate Dennis Kucinich as a contributor.

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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) – Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor’s 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 – climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday’s session at 13,895.98, its highest close since October 31, 2007.</.dji></.spx>

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 – its first close above 1,500 in more than five years.

“Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007,” said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. “That may be the start of a rise that could take equities near 1,800 within the next few years.”

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone’s throw from the index’s all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That’s not to say there aren’t concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $ 3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters’ Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector – up 0.1 percent for the year.</.5sp50></.5sp20></.5sp10>

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.</.djt>

“If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works – these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story,” said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.</.mid></.spcy>

Exchange-traded funds have seen year-to-date inflows of $ 15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

“Investors aren’t really differentiating among asset sizes. They just want broad equity exposure,” Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker’s results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks‘ broader gains.</.ndx>

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish – a potential sign that the rally is narrowing to fewer names – and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market’s resilience could be tested next week with Friday’s release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

“Staying over 1,500 sends up a flag of profit taking,” said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. “Since recent jobless claims have made us optimistic on payrolls, if that doesn’t come through, it will be a real risk to the rally.”

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low – the S&P 500′s current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market’s recent strength do not mean the market is in a bubble. Investors clearly don’t feel that way at the moment.

“We’re seeing more interest in equities overall, and a lot of flows from bonds into stocks,” said Paul Zemsky, who helps oversee $ 445 billion as the New York-based head of asset allocation at ING Investment Management. “We’ve been increasing our exposure to risky assets.”

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

Business News Headlines – Yahoo! News

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REPEAT-BMO: Investing Strategies Should Vary With Age and Stage

TORONTO, ONTARIO–(Marketwire – Jan 26, 2013) – As the March 1^st deadline approaches to contribute to a Registered Retirement Savings Plan (RRSP), BMO reminds Canadians to take their age, anticipated life goals and milestones into consideration when developing their investment strategies.

According to a study by BMO Financial Group:

• Sixty per cent of Canadian investors have time frames or target dates in mind to reach their financial goals.


• Eighty-nine per cent agree that it is important to hold investments that evolve over time to become less risky as key life events approach.


• However, only 49 per cent currently hold investments that become less risky over time.

“Whether retirement is many years away, just around the corner or already here, there are strategies investors can implement now to make the most of their money,” said Steven Shepherd, Vice President, Investment Strategist, BMO Asset Management Inc. “By making wise choices and reviewing their financial plan regularly, investors of all ages and stages can ensure they are on track to reaching their retirement goals.”

BMO offers the following investing strategies for each life stage:

In Your 20s – Getting That First Job:

• Though you may be just starting off your career and cannot even imagine retirement, it is not too early to think about establishing a long-term financial plan.


• With years to your advantage, consider taking a more aggressive approach to your asset mix by diversifying with a higher mix of equities compared to fixed income instruments or cash.


• Pay down debt and try to save as much money as possible.

In Your 30s and 40s – Family and Big Purchases:

• You may be getting married, raising a family, saving for a child”s education and making large purchases such as a house, car or cottage.


• Build a relatively balanced portfolio across all asset classes. Include a Registered Education Savings Plan (RESP) to help save for your child”s post-secondary education.


• Set up a Continuous Savings Plan that automatically puts money into your RRSP. Investing smaller amounts regularly is easier than coming up with a lump sum at the end of the year, and it allows you to take advantage of dollar cost averaging for any investments that fluctuate with the market.


• Some employers will match your RRSP contributions up to a maximum, so be sure to contribute enough to take full advantage.

In Your 50s and 60s – Serious Business:

• Retirement is on the horizon – start strengthening your retirement savings by shifting investments from a long-term to a mid-term focus and taking a low-risk approach.


• Consider a conservative asset mix with a good portion of fixed income instruments such as GICs. 


• Create a snapshot of how much you own to help you understand how your assets could help fund your future. For instance, an RRSP can be a source of income during retirement while other accounts can pay for a child”s education or a major purchase.


• Pay off outstanding debts.

In Your 60s and Older – Looking at Retirement Head-On:

• Adjust your financial plan to achieve your ideal retirement lifestyle, whether that includes taking early retirement or an extended trip, or launching a second career.


• Consider income-generating investments coupled with a conservative asset mix.


• Maximize your RRSP contributions and consider an RRSP loan for making catch-up contributions, as you will only be able to contribute to your RRSP until the year you turn 71.


• Review and update the beneficiary designations for RRSPs, Registered Retirement Income Funds (RRIFs), TFSAs and insurance policies.

To assist Canadians in choosing investments that match their current age, life stage and risk tolerance, BMO SelectClass^® Portfolios* come in four portfolios options designed to align with different client risk profiles. Whether an investor is conservative, bold or somewhere in between, or they are approaching key life events and want a portfolio that matches their risk level, there is a portfolio tailored to that investor. Additionally, investors can transfer money between SelectClass Portfolios in a tax efficient manner. This type of portfolio design can give investors confidence that they can be financially prepared for retirement.

For more information on saving for retirement, please visit www.bmo.com/retirement.

Get the latest BMO press releases via Twitter by following @BMOmedia.

Risk is generally the uncertainty of a return and the potential capital loss in your investment.

The following are general comments and do not constitute financial advice by BMO Financial Group. Investors should always seek advice from a qualified financial advisor prior to investing.

*BMO SelectClass Portfolios are offered by BMO Investments Inc., a financial services firm and separate legal entity from Bank of Montreal.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the mutual fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Marketwire News Archive – Yahoo! Finance

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Wall Street Week Ahead: Bears hibernate as stocks near record highs

NEW YORK (Reuters) - Stocks have been on a tear in January, moving major indexes within striking distance of all-time highs. The bearish case is a difficult one to make right now.

Earnings have exceeded expectations, the housing and labor markets have strengthened, lawmakers in Washington no longer seem to be the roadblock that they were for most of 2012, and money has returned to stock funds again.

The Standard & Poor's 500 Index <.spx> has gained 5.4 percent this year and closed above 1,500 - climbing to the spot where Wall Street strategists expected it to be by mid-year. The Dow Jones industrial average <.dji> is 2.2 percent away from all-time highs reached in October 2007. The Dow ended Friday's session at 13,895.98, its highest close since October 31, 2007.

The S&P has risen for four straight weeks and eight consecutive sessions, the longest streak of days since 2004. On Friday, the benchmark S&P 500 ended at 1,502.96 - its first close above 1,500 in more than five years.

"Once we break above a resistance level at 1,510, we dramatically increase the probability that we break the highs of 2007," said Walter Zimmermann, technical analyst at United-ICAP, in Jersey City, New Jersey. "That may be the start of a rise that could take equities near 1,800 within the next few years."

The most recent Reuters poll of Wall Street strategists estimated the benchmark index would rise to 1,550 by year-end, a target that is 3.1 percent away from current levels. That would put the S&P 500 a stone's throw from the index's all-time intraday high of 1,576.09 reached on October 11, 2007.

The new year has brought a sharp increase in flows into U.S. equity mutual funds, and that has helped stocks rack up four straight weeks of gains, with strength in big- and small-caps alike.

That's not to say there aren't concerns. Economic growth has been steady, but not as strong as many had hoped. The household unemployment rate remains high at 7.8 percent. And more than 75 percent of the stocks in the S&P 500 are above their 26-week highs, suggesting the buying has come too far, too fast.

MUTUAL FUND INVESTORS COME BACK

All 10 S&P 500 industry sectors are higher in 2013, in part because of new money flowing into equity funds. Investors in U.S.-based funds committed $3.66 billion to stock mutual funds in the latest week, the third straight week of big gains for the funds, data from Thomson Reuters' Lipper service showed on Thursday.

Energy shares <.5sp10> lead the way with a gain of 6.6 percent, followed by industrials <.5sp20>, up 6.3 percent. Telecom <.5sp50>, a defensive play that underperforms in periods of growth, is the weakest sector - up 0.1 percent for the year.

More than 350 stocks hit new highs on Friday alone on the New York Stock Exchange. The Dow Jones Transportation Average <.djt> recently climbed to an all-time high, with stocks in this sector and other economic bellwethers posting strong gains almost daily.

"If you peel back the onion a little bit, you start to look at companies like Precision Castparts , Honeywell , 3M Co and Illinois Tool Works - these are big, broad-based industrial companies in the U.S. and they are all hitting new highs, and doing very well. That is the real story," said Mike Binger, portfolio manager at Gradient Investments, in Shoreview, Minnesota.

The gains have run across asset sizes as well. The S&P small-cap index <.spcy> has jumped 6.7 percent and the S&P mid-cap index <.mid> has shot up 7.5 percent so far this year.

Exchange-traded funds have seen year-to-date inflows of $15.6 billion, with fairly even flows across the small-, mid- and large-cap categories, according to Nicholas Colas, chief market strategist at the ConvergEx Group, in New York.

"Investors aren't really differentiating among asset sizes. They just want broad equity exposure," Colas said.

The market has shown resilience to weak news. On Thursday, the S&P 500 held steady despite a 12 percent slide in shares of Apple after the iPhone and iPad maker's results. The tech giant is heavily weighted in both the S&P 500 and Nasdaq 100 <.ndx> and in the past, its drop has suffocated stocks' broader gains.

JOBS DATA MAY TEST THE RALLY

In the last few days, the ratio of stocks hitting new highs versus those hitting new lows on a daily basis has started to diminish - a potential sign that the rally is narrowing to fewer names - and could be running out of gas.

Investors have also cited sentiment surveys that indicate high levels of bullishness among newsletter writers, a contrarian indicator, and momentum indicators are starting to also suggest the rally has perhaps come too far.

The market's resilience could be tested next week with Friday's release of the January non-farm payrolls report. About 155,000 jobs are seen being added in the month and the unemployment rate is expected to hold steady at 7.8 percent.

"Staying over 1,500 sends up a flag of profit taking," said Jerry Harris, president of asset management at Sterne Agee, in Birmingham, Alabama. "Since recent jobless claims have made us optimistic on payrolls, if that doesn't come through, it will be a real risk to the rally."

A number of marquee names will report earnings next week, including bellwether companies such as Caterpillar Inc , Amazon.com Inc , Ford Motor Co and Pfizer Inc .

On a historic basis, valuations remain relatively low - the S&P 500's current price-to-earnings ratio sits at 15.66, which is just a tad above the historic level of 15.

Worries about the U.S. stock market's recent strength do not mean the market is in a bubble. Investors clearly don't feel that way at the moment.

"We're seeing more interest in equities overall, and a lot of flows from bonds into stocks," said Paul Zemsky, who helps oversee $445 billion as the New York-based head of asset allocation at ING Investment Management. "We've been increasing our exposure to risky assets."

For the week, the Dow climbed 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq advanced 0.5 percent.

(Reporting by Ryan Vlastelica; Additional reporting by Chuck Mikolajczak; Editing by Jan Paschal)

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Azarenka wins back-to-back Australian titles

MELBOURNE, Australia (AP) — Victoria Azarenka won her second consecutive Australian Open title, beating Li Na 4-6, 6-4, 6-3 in a dramatic final that contained a break for fireworks, two medical timeouts and a nasty fall to the court by Li.

The Chinese star first tumbled to the court after twisting her left ankle in the fifth game of the second set and had it taped.

On the first point after a 10-minute pause in the third set while fireworks boomed overhead from nearby Australia Day celebrations, Li fell over again and slammed the back of her head on the court. The 2011 French Open champion was treated and had another timeout before being allowed to resume the match.

Azarenka, who broke down in tears and sobbed into her towel when the match ended, won five of the next six games to claim her second major title and retain the No. 1 ranking.

"Unfortunately, you have to go through some rough patches to achieve great things. That's what makes it so special for me," she said. "I went through that, and I'm still able to kiss that beautiful trophy."

Serena Williams, who lost in the quarterfinals, will become the new No. 2 in the rankings.

The 2-hour, 40-minute match featured 16 service breaks, with Li losing her service nine times.

On a crisp Saturday night, Azarenka won the coin toss and elected to receive, a ploy that seemed to work when a nervous Li was broken to start the match. After a double fault on the first point, Li's forehand long gave Azarenka the early lead.

When she first injured her ankle, Li was trailing 3-1 in the second set. When she came back, she won three of the next four games to tie it 4-4, but Azarenka broke back and then held her serve.

Azarenka broke in the opening game of the final set, just two games before the match was suspended for the fireworks, a planned stoppage of play that both players were notified about before the match.

While Azarenka jogged around and practiced her serving motion during the 10-minute fireworks break, Li sat on her courtside chair for most of the stoppage.

It was on the first point that she again fell to the court.

Li said she went "totally black" for two seconds after her head hit the court, and when a medical official asked her to follow her finger, "I started laughing, thinking 'This is a tennis court, not like a hospital.'"

Li said the tournament doctor saw her after the match and checked out her head and neck.

"I should be OK,' Li said.

From the outset, the capacity crowd at Rod Laver Arena was firmly behind Li, cheering loudly when she was introduced. Meanwhile, Azarenka's errors were applauded, and one spectator even mocked the loud hooting sound she makes when she hits a shot.

The chill from the crowd was a remnant of Azarenka's semifinal win over American teenager Sloane Stephens, when Azarenka was criticized for taking a questionable 10-minute medical timeout near the end of the match. She was accused of taking the time out to compose herself after she'd wasted five match points while serving for the match against Stephens. Azarenka said she needed the time out because a rib injury was making it difficult for her to breathe and she had a knee injury.

In the second set Saturday, a few fans heckled Azarenka. One man yelled, "Take a deep breath, Vicky."

By the end of the match, she appeared to have won some of the fans back. Azarenka's friend, rapper Redfoo, yelled down to her from the player box "You deserve it," and she later blew kisses to the crowd. Someone else in the crowd shouted "Victoria, we love you."

Azarekna appeared to quickly forgive the crowd, saying during the trophy presentations that she wanted to thank the fans for their support.

"I will always keep very special memories of this court and it will be in my heart forever," she said, pausing several times to find the right words. "Of course, I (almost) forgot to say congratulations to Li Na, she's had a terrific start to the year ... hope to see you in many, many more finals."

Azarenka and Li had met twice before in Grand Slam tournaments, with Li winning both times — in the fourth round of the 2011 Australian Open and quarterfinals at the French Open. Li lost the 2011 Australian Open final to Kim Clijsters but won her first Grand Slam title at Roland Garros a few months later, beating Francesca Schiavone.

But after failing to advance past the fourth round at any major in 2012, Li hired Carlos Rodriguez, Justine Henin's former coach. The hard training he's put her through in the past four months appears to be paying dividends.

Li won a WTA tournament in China before travelling to Australia, where she advanced to the semifinals at the Sydney International.

In the men's final on Sunday, Novak Djokovic will attempt to win his third consecutive Australian Open against U.S. Open champion Andy Murray. Djokovic has had the benefit of an extra day off after an easy three-set win over David Ferrer on Thursday night, while Murray needed a tough five-setter to defeat Roger Federer.

Murray has predicted a tough match with long rallies against Djokovic, the player he beat in the final at Flushing Meadows in September.

"I'm ready for the pain," he said. "I hope it's a painful match, that will mean it will be a good one."

In the other final Sunday to end the year's first Grand Slam, the unseeded pairs of Jarmila Gajdosova and Matthew Ebden of Australia and the Czech Republic's Lucie Hradecka and Frantisek Cermak play for the mixed doubles championship.

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