S&P 500 posts worst day since November; McGraw-Hill shares sink

NEW YORK (Reuters) - Stocks slid on Monday, giving the S&P 500 its worst day since November, as renewed worries about the euro zone crisis caused the market to pull back from recent gains.


Shares of McGraw-Hill shed 13.8 percent to $50.30, their worst daily percentage decline since the October 1987 market crash, after news the U.S. Justice Department plans to sue Standard & Poor's, a unit of McGraw-Hill, over its mortgage bond ratings. It would be the first such federal action against a credit rating agency related to the recent financial crisis.


Chevron and Wal-Mart were among the biggest drags on the Dow after analyst downgrades, and all 10 S&P 500 sectors were lower. The losses follow Friday's market climb that left the S&P 500 at a five-year high and the Dow above 14,000.


"The market is extended and due for a pullback. I think people are looking for an excuse to make sales, and there (is) the concern coming from Europe," said Michael James, senior trader at Wedbush Morgan in Los Angeles.


Spanish and Italian bond yields rose, renewing worries about the euro zone's sovereign debt crisis. Spain's prime minister faced calls to resign over a corruption scandal, while a probe of alleged misconduct involving an Italian bank was expected to widen three weeks before a national election.


Adding to market pressure, data from the U.S. Commerce Department showed overall factory orders for December were below economists' expectations.


The Dow Jones industrial average <.dji> was down 129.71 points, or 0.93 percent, at 13,880.08. The Standard & Poor's 500 Index <.spx> was down 17.46 points, or 1.15 percent, at 1,495.71. The Nasdaq Composite Index <.ixic> was down 47.93 points, or 1.51 percent, at 3,131.17.


With 18.7 billion shares traded, it was the busiest day on record for McGraw-Hill shares. Shares of ratings agency Moody's Corp fell 10.7 percent at $49.45, their worst one-day drop since August 2011.


The benchmark S&P 500 rose on Friday, leaving it roughly 60 points away from its all-time intraday high of 1,576.09, while the Dow's march above 14,000 was the highest for the index since October 2007.


The S&P index remains up about 5 percent for the year, with nearly half of the gains coming after U.S. legislators temporarily sidestepped the "fiscal cliff" of automatic tax increases and spending cuts.


The CBOE Volatility index VIX <.vix>, Wall Street's so-called fear gauge, jumped 13.7 percent.


Chevron dipped 1.1 percent to $115.20 after UBS cut its rating to neutral, while Wal-Mart Stores Inc shed 1.2 percent to $69.63 after JP Morgan lowered its rating on the world's largest retailer and reduced its price target.


Shares of household products company Clorox rose 0.7 percent to $79.72 after quarterly profit beat analysts' estimates as a severe flu season boosted sales of disinfecting wipes.


According to Thomson Reuters data, of the 256 companies in the S&P 500 that have reported earnings through Monday morning, 68.4 percent have reported earnings above analyst expectations, compared with the 62 percent average since 1994 and the 65 percent average over the past four quarters.


S&P 500 fourth-quarter earnings are expected to rise 4.4 percent, according to the data. That estimate is above the 1.9 percent forecast at the start of earnings season, but well below the 9.9 percent forecast on October 1.


In deal news, software maker Oracle Corp agreed to buy network equipment company Acme Packet Inc for $1.7 billion net of cash. Shares of Oracle were down 3 percent at $35.13 while Acme Packet shot up 23.7 percent to $29.59.


Shares of Herbalife Ltd ended up 1.3 percent at $35.54, recovering its losses ahead of the close. The New York Post reported the seller of weight loss products is facing a probe by the Federal Trade Commission.


Volume was roughly 6.3 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.


Decliners outpaced advancers on the NYSE by nearly 4 to 1 and on the Nasdaq also by about 4 to 1.


(Editing by Kenneth Barry and Nick Zieminski)



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Cause of Super Bowl power outage remains unclear


NEW ORLEANS (AP) — Who turned out the lights?


The day after the 34-minute blackout at the Super Bowl, the exact cause — and who's to blame — were unclear, though a couple of potential culprits had been ruled out.


It wasn't Beyonce's electrifying halftime performance, according to Doug Thornton, manager of the state-owned Superdome, since the singer had her own generator. And it apparently wasn't a case of too much demand for power. Meters showed the 76,000-seat stadium was drawing no more electricity than it does during a typical New Orleans Saints game, Thornton said.


The lights-out game Sunday proved an embarrassment for the Big Easy just when it was hoping to show the rest of the world how far it has come since Hurricane Katrina in 2005. But many fans and residents were forgiving, and officials expressed confidence that the episode wouldn't hurt the city's hopes of hosting the championship again.


To New Orleans' great relief, NFL Commissioner Roger Goodell said the city did a "terrific" job hosting its first pro football championship in the post-Katrina era, and added: "I fully expect that we will be back here for Super Bowls."


Fans watching from their living rooms weren't deterred, either. An estimated 108.4 million people saw the Baltimore Ravens beat the San Francisco 49ers 34-31, making it the third most-viewed program in television history. Both the 2010 and 2011 games hit the 111 million mark.


The problem that caused the outage was believed to have happened around the spot where a line that feeds current from the local power company, Entergy New Orleans, connects with the Superdome's electrical system, officials said. But whether the fault lay with the utility or with the Superdome was not clear.


Determining the cause will probably take days, according to Dennis Dawsey, a vice president for distribution and transmission for Entergy. He said the makers of some of the switching gear have been brought in to help figure out what happened.


An attorney for the state board that oversees the Superdome said the blackout did not appear to be related to the replacement in December of electrical equipment connecting the stadium to Entergy. Officials with the utility and the Superdome noted that an NFL game, the Sugar Bowl and another bowl game were played there in recent weeks with no apparent problems.


The blackout came after a nearly flawless week of activity for football fans in New Orleans leading up to the big game.


"I hope that's not what they'll remember about this Super Bowl," French Quarter artist Gloria Wallis said. "I hope that what they'll remember is they had a great time here and that they were welcomed here."


Ravens fan Antonio Prezioso, a Baltimore native who went to the game with his 11-year-old son, said the outage just extended the experience.


"The more time we could spend at the game was a good thing, as long as it ended the way it did," he said, laughing.


The city last hosted the Super Bowl in 2002, and officials were hoping this would serve as the ultimate showcase for the city's recovery. The storm tore holes in the roof of the Superdome and caused water damage to its electrical systems, and more than $330 million was spent repairing and upgrading the stadium.


Sunday's Super Bowl was New Orleans' 10th as host, and officials plan to make a bid for an 11th in 2018.


Mayor Mitch Landrieu told WWL-AM on Monday that the outage won't hurt the city's chances, and he joked that the game got better after the blackout: "People were leaving and the game was getting boring, so we had to do a little something to spice it up."


Jarvis DeBerry, a columnist for nola.com and The Times-Picayune, wrote that the power outage gave the media "an opportunity to laugh at the apparent ineptitude or suggest that the ghosts of Hurricane Katrina were haunting the Superdome."


"That's not the kind of attention the city was looking for, obviously," he wrote, "but it's certainly too soon to say if people will remember the power shortage over San Francisco's furious comeback attempt against Baltimore or if this will harm the city's future opportunities to host the Super Bowl."


Bjorn Hanson, dean of New York University's Center for Hospitality and Sports Management, said the episode shouldn't hurt the city's reputation as a big convention destination. "I think people view it for what it was: an unusual event with a near-record power draw," he said. "It was the equivalent of a circuit breaker flipping."


The American Association of Neurological Surgeons will meet in New Orleans from April 27 to May 1. Patty Anderson, director of meetings for the group, said of the blackout: "I never even gave it a second thought. To me, the city is bigger, stronger and more vibrant than it's ever been."


___


Associated Press writers Beth Harpaz, Brett Martel, Stacey Plaisance and Barry Wilner contributed to this report.


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Richard III still the criminal king



















Richard III on stage and screen


Richard III on stage and screen


Richard III on stage and screen


Richard III on stage and screen


Richard III on stage and screen


Richard III on stage and screen


Richard III on stage and screen


Richard III on stage and screen


Richard III on stage and screen


Richard III on stage and screen


Richard III on stage and screen


Richard III on stage and screen





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STORY HIGHLIGHTS


  • Dan Jones: Richard III's remains found; some see chance to redeem his bad reputation

  • Jones says the bones reveal and confirm his appearance, how he died and his injuries

  • Nothing changes his rep as a usurper of the Crown who likely had nephews killed, Jones says

  • Jones: Richard good or bad? Truth likely somewhere in between




Editor's note: Dan Jones is a historian and newspaper columnist based in London. His new book, "The Plantagenets" (Viking) is published in the US this Spring. Follow him on Twitter.


(CNN) -- Richard III is the king we British just can't seem to make our minds up about.


The monarch who reigned from 1483 to 1485 became, a century later, the blackest villain of Shakespeare's history plays. The three most commonly known facts of his life are that he stole the Crown, murdered his nephews and died wailing for a horse at the Battle of Bosworth in 1485. His death ushered in the Tudor dynasty, so Richard often suffers the dual ignominy of being named the last "medieval" king of England -- in which medieval is not held to be a good thing.


Like any black legend, much of it is slander.


Richard did indeed usurp the Crown and lose at Bosworth. He probably had his nephews killed too -- it is unknowable but overwhelmingly likely. Yet as his many supporters have been busy telling us since it was announced Monday that Richard's lost skeleton was found in a car park in Leicester, he wasn't all bad. In fact, he was for most of his life loyal and conscientious.



Dan Jones

Dan Jones



To fill you in, a news conference held at the University of Leicester Monday confirmed what archaeologists working there have suspected for months: that a skeleton removed from under a parking lot in the city center last fall was indeed the long-lost remains of Richard III.


His official burial place -- under the floor of a church belonging to the monastic order of the Greyfriars -- had been lost during the dissolution of the monasteries that was carried out in the 1530s under Henry VIII. A legend grew up that the bones had been thrown in a river. Today, we know they were not.


What do the bones tell us?


Well, they show that Richard -- identified by mitochondrial DNA tests against a Canadian descendant of his sister, Anne of York -- was about 5-foot-8, suffered curvature of the spine and had delicate limbs. He had been buried roughly and unceremoniously in a shallow grave too small for him, beneath the choir of the church.


He had died from a slicing blow to the back of the head sustained during battle and had suffered many other "humiliation injuries" after his death, including having a knife or dagger plunged into his hind parts. His hands may have been tied at his burial. A TV show aired Monday night in the UK was expected to show a facial reconstruction from the skull.


Opinion: What will the finding of Richard III mean?



In other words, we have quite a lot of either new or confirmed biographical information about Richard.


He was not a hunchback, but he was spindly and warped. He died unhorsed. He was buried where it was said he was buried. He very likely was, as one source had said, carried roughly across a horse's back from the battlefield where he died to Leicester, stripped naked and abused all the way.


All this is known today thanks to a superb piece of historical teamwork.


The interdisciplinary team at Leicester that worked toward Monday's revelations deserves huge plaudits. From the desk-based research that pinpointed the spot to dig, to the digging itself, to the bone analysis, the DNA work and the genealogy that identified Richard's descendants, all of it is worthy of the highest praise. Hat-tips, too, to the Richard III Society, as well as Leicester's City Council, which pulled together to make the project happen and also to publicize the society and city so effectively.


However, should anyone today tell you that Richard's skeleton somehow vindicates his historical reputation, you may tell them they are talking horsefeathers.










Richard III got a rep for a reason. He usurped the Crown from a 12-year old boy, who later died.


This was his great crime, and there is no point denying it. It is true that before this crime, Richard was a conspicuously loyal lieutenant to the boy's father, his own brother, King Edward IV. It is also true that once he was king, Richard made a great effort to promote justice to the poor and needy, stabilize royal finances and contain public disorder.


But this does not mitigate that he stole the Crown, justifying it after the fact with the claim that his nephews were illegitimate. Likewise, it remains indisputably true that his usurpation threw English politics, painstakingly restored to some order in the 12 years before his crime, into a turmoil from which it did not fully recover for another two decades.


So the discovery of Richard's bones is exciting. But it does not tell us anything to justify changing the current historical view of Richard: that the Tudor historians and propagandists, culminating with Shakespeare, may have exaggerated his physical deformities and the horrors of Richard's character, but he remains a criminal king whose actions wrought havoc on his realm.


Unfortunately, we don't all want to hear that. Richard remains the only king with a society devoted to rehabilitating his name, and it is a trait of some "Ricardians" to refuse to acknowledge any criticism of their hero whatever. So despite today's discovery, we Brits are likely to remain split on Richard down the old lines: murdering, crook-backed, dissembling Shakespearean monster versus misunderstood, loyal, enlightened, slandered hero. Which is the truth?


Somewhere in between. That's a classic historian's answer, isn't it? But it's also the truth.


Follow us on Twitter @CNNOpinion.


Join us on Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of Dan Jones.






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Alabama hostage standoff ends with gunman dead, boy safe









MIDLAND CITY, Ala. -- The FBI stormed an underground bunker in rural Alabama on Monday, safely rescuing a 5-year-old boy held hostage for nearly a week and leaving his kidnapper, who had also killed a school bus driver, dead.

After a standoff of more than six days, FBI agents struck the bunker when they feared the kidnapped kindergarten student was in “imminent danger,” said Steve Richardson, special agent in charge in Mobile.






Authorities previously had thanked the suspect, identified as 65-year-old Jimmy Lee Dykes, for allowing them to deliver medication, coloring books and toys to the boy, who is due to celebrate his birthday on Wednesday.

But negotiations deteriorated in the 24 hours before agents rescued him, Richardson said during a nationally televised news conference.

“Mr. Dykes was observed holding a gun,” the FBI agent said.

It was not immediately clear how Dykes died.

The standoff gripped a rural corner of southeast Alabama with dread, shuttering local schools and prompting prayers and vigils for the boy identified only as Ethan.

By all accounts, Dykes had taken him from the bus at random, reinforcing concerns that have been raised about U.S. school safety and gun violence since the December shooting deaths of 20 children and six adults at a Connecticut elementary school.

The drama near Midland City, Alabama, began when Dykes, a retired trucker and veteran of the war in Vietnam, boarded a school bus ferrying more than 20 children home from school last Tuesday and demanded the driver let a student off the bus.

PHYSICALLY UNHARMED

When driver Charles Albert Poland Jr., 66, refused, Dykes shot him four times with a 9 mm handgun, local sheriff's department officials said.

Dykes then fled with the child to a homemade bunker on the man's property off a dirt road.

The child was being treated on Monday at a local hospital but appeared physically unharmed, Richardson said. He is said to suffer from Asperger's Syndrome and attention deficit-hyperactivity disorder.

A local law enforcement source said a stun or flash grenade was detonated as part of the operation to free the boy but further details were not immediately released.

Law enforcement officials had offered few insights about Dykes and their negotiations with him ahead of the rescue just after 3 p.m.

Earlier on Monday, Dale County Sheriff Wally Olson said the gunman had a “very complex” story to tell.

“Based on our discussion with Mr. Dykes, he feels like he has a story that's important to him, although it's very complex. And we try to make a safe environment for all for that,” Olson said, without elaborating.

According to neighbors, the notoriously reclusive Dykes moved into the Midland City area about two years ago and was often seen patrolling the property where he lived in a trailer with a gun and flashlight at night.

He had been due to appear for a bench trial last Wednesday after his recent arrest on a menacing charge involving one of his neighbors.

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Syrian opposition chief says offers Assad peaceful exit


BEIRUT (Reuters) - Syrian opposition leader Moaz Alkhatib urged Syrian President Bashar al-Assad's government on Monday to start talks for its departure from power and save the country from greater ruin after almost two years of bloodshed.


Seeking to step up pressure on Assad to respond to his offer of talks - which dismayed some in his own opposition coalition, Alkhatib said he would be ready to meet the president's deputy.


"I ask the regime to send Farouq al-Shara - if it accepts the idea - and we can sit with him," he said, referring to Syria's vice president who has implicitly distanced himself from Assad's crackdown on mass unrest that became an armed revolt.


Speaking after meeting senior Russian, U.S. and Iranian officials, Alkhatib said none of them had an answer to the 22-month-old crisis and Syrians must solve it themselves.


"The issue is now in the state's court...to accept negotiations for departure, with fewer losses," the Syrian National Coalition leader told Al Arabiya television.


The moderate Islamist preacher announced last week he was prepared to talk to Assad's representatives. Although he set several conditions, the move broke a taboo on opposition contacts with Damascus and angered many in its ranks who insist on Assad's departure as a precondition for negotiation.


Alkhatib said it was not "treachery" to seek dialogue to end a conflict in which more than 60,000 people have been killed, 700,000 have been driven from their country and millions more are homeless and hungry.


"The regime must take a clear stand (on dialogue) and we say we will extend our hand for the interest of people and to help the regime leave peacefully," he said in separate comments to Al Jazeera television.


Assad announced last month what he said were plans for reconciliation talks to end the violence but - in a speech described by U.N. Syria envoy Lakhdar Brahimi as narrow and uncompromising - he said there would be no dialogue with people he called traitors or "puppets made by the West".


Syria's defense minister said the army had proved it would not be defeated in its confrontation with rebels but declined to say whether it would respond to an Israeli air strike last week.


Security sources said the Israelis bombed a convoy of arms destined for Assad's ally Hezbollah, a sworn enemy of Israel, in neighboring Lebanon. Syria said the attack struck vehicles and buildings at a military research center near Lebanon's border.


Syria's uprising erupted in March 2011 with largely peaceful protests, escalating into a civil war pitting mainly Sunni Muslim rebels against Assad, who is from Syria's Alawite minority. His family has ruled Syria for 42 years.


ANGER AT IRAN


The violence has divided major powers, with Russia and China blocking U.N. Security Council draft resolutions backed by the United States, European Union and Sunni Muslim Gulf Arab states that could have led to U.N. sanctions isolating Assad. Shi'ite Iran has remained his strongest regional supporter.


Alkhatib met Iranian Foreign Minister Ali Akbar Salehi, Russian Foreign Minister Sergei Lavrov and U.S. Vice President Joe Biden at a security conference in Germany at the weekend.


"Iran's stance is unacceptable and I mentioned to the foreign minister that we are very angry with Iran's support for the regime," Alkhatib said.


He said he asked Salehi to pass on his offer of negotiations - based on the acceptance of the Assad government's departure - to Damascus. The two men also discussed the need to prevent Syria's crisis spreading into a regional conflict between Sunni and Shi'ite Muslims, he said.


"We will find a solution, there are many keys. If the regime wants to solve (the crisis), it can take part in it. If it wants to get out and get the people out of this crisis, we will all work together for the interest of the people and the departure of the regime."


One proposal under discussion was the formation of a transitional government, Alkhatib said, without specifying how he thought that could come about. World powers agreed a similar formula seven months ago but then disagreed over whether that could allow Assad to stay on as head of state.


Activists reported clashes between the army and rebel fighters to the east of Damascus on Monday and heavy shelling of rebel-held areas of the central city of Homs. The Jobar neighborhood, on the southwestern edge of Homs, was hit by more than 100 rockets on Monday morning, an opposition activist said.


The Syrian Observatory for Human Rights said at least 90 people were killed by dusk on Monday.


It said 180 people were killed across the country on Sunday, including 114 rebel fighters and soldiers. Sunday's death toll included 28 people killed in the bombardment of a building in the Ansari district of the northern city of Aleppo.


Assad has described the rebels as foreign-backed Islamist terrorists and said a precondition for any solution is that Turkey and Sunni-ruled Gulf Arab states stop funding, sheltering and arming his foes.


The majority of the insurgents are Islamists but those affiliated with al Qaeda are smaller in number, although their influence is growing. For that reason, Western states have been loath to arm the rebels despite their calls for Assad's ouster.


Rebels and activists say that Iran and the Lebanese Shi'ite militant movement Hezbollah have sent fighters to reinforce Assad's army - an accusation that both deny.


ECONOMIC SUPPORT


"The army of Syria is big enough, they do not need fighters from outside," Iran's Salehi said in Berlin on Monday.


"We are giving them economic support, we are sending gasoline, we are sending wheat. We are trying to send electricity to them through Iraq; we have not been successful."


Iranian President Mahmoud Ahmadinejad said later on Monday that Syria's crisis could not be solved by military means and he called for a national accord leading to elections.


"War is not the solution...A government that rules through war - its work will be very difficult. A sectarian war should not be launched in Syria," he told Al Mayadeen television.


"We believe that (deciding) whoever stays or goes is the right of the Syrian people. How can we interfere in that? We must strive to achieve national understanding, and free elections."


Another Iranian official, speaking in Damascus after talks with Assad, said Israel would regret an air strike against Syria last week, without spelling out whether Iran or its ally planned a military response.


Salehi, Russian Foreign Minister Sergei Lavrov and U.S. Vice President Joe Biden all met Alkhatib in Munich at the weekend and portrayed his willingness to talk with Syrian authorities as a major step towards resolving the war.


But Alkhatib is under pressure from other members of the exiled leadership in Cairo for saying he would be willing to talk to Assad. Walid al-Bunni, a member of the Coalition's 12-member politburo, dismissed Alkhatib's meeting with Salehi.


"It was unsuccessful. The Iranians are unprepared to do anything that could help the causes of the Syrian Revolution," Bunni, a former political prisoner, told Reuters from Budapest.


(Additional reporting by Yeganeh Torbati in Dubai and Stephen Brown in Berlin; Editing by Mark Heinrich)



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Asian shares advance after U.S. jobs, ISM

TOKYO (Reuters) - Asian shares advanced on Monday, drawing momentum from U.S. data showing some promise of a credible recovery, supported by Federal Reserve's easing plans and solid manufacturing data from Europe and China.


The yen took a break from heavy selling against the U.S. dollar and the euro, but fell to its lowest since August 2008 against the Australian and New Zealand dollars early on Monday on confidence of bold monetary support from the Bank of Japan to overcome the country's stubborn deflation.


The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> rose 0.6 percent after posting a weekly gain of 0.7 percent.


"Asian shares are likely to take the cues from the rise in U.S. equities and prices of risk assets are generally expected to face upward pressures," said Naohiro Niimura, a partner at research and consulting firm Market Risk Advisory.


The Dow Jones industrial average <.dji> rose to 14,000 for the first time since October 2007 and the Standard & Poor's 500 Index <.spx> hit its highest point since December of that year.


U.S. data showed on Friday payrolls rose by 157,000 last month, with upward revisions for November and December, while the Institute for Supply Management said its index of national factory activity rose to its highest since April.


China followed with positive news over the weekend, saying growth in its official purchasing managers' index (PMI) for the non-manufacturing sector ticked up in January for the fourth straight monthly rise, confirming the world's second-largest economy was showing a modest recovery.


Resources-reliant Australian shares <.axjo> steadied after jumping 0.9 percent to a 21-month high on Friday. Positive economic news from China, Australia's largest export destination, usually boosts Australian investor sentiment.


South Korean shares <.ks11> were up 0.3 percent while Hong Kong shares <.hsi> added 0.7 percent.


NIKKEI MAY BE PEAKING


Japan's benchmark Nikkei stock average <.n225> rose 0.5 percent after climbing to a fresh 33-month high earlier as the yen declined. The index logged its 12th straight week of increases last week, the longest run of weekly gains since 1959. <.t/>


Nikkei has been moving in tandem with the yen's two-month-long losing streak with investors eyeing the change in the BOJ's top personnel in April for clues on the degree of the bank's reflationary policy.


"The Nikkei may be nearing its peak for now as we may get a specific name of the most likely candidate for the next BOJ governor soon. That may provide an opportunity to close long dollar/yen positions, while a firming yen will then likely spur investors to book profits on Japanese stocks," said Tetsuro Ii, the chief executive of Commons Asset Management.


The dollar eased 0.1 percent to 92.72 yen after scaling its highest since May 2010 of 92.97 on Friday, while the euro fell 0.3 percent to 126.32 yen, still near its loftiest since April 2010 of 126.97 touched on Friday.


In early Monday trade, the yen plunged to its lowest since August 2008 against both the Australian dollar, at 96.78 yen, and against the New Zealand dollar at 78.74 yen.


The euro inched down 0.1 percent to $1.3624, off Friday's 14-1/2-month peak of $1.3711 hit after data showed euro zone factories had their best month in January in nearly a year.


On Friday, the dollar index measured against a basket of key currencies fell to a 4-1/2-month low of 78.918 <.dxy>. The index was up 0.2 percent on Monday.


As economic optimism rose and concerns about the euro zone's debt difficulties eased, investors took on more risk.


Research provider TrimTabs Investment Research said on Saturday investors poured a record $77.4 billion in new cash into stock mutual funds and exchange-traded funds in January, surpassing the previous monthly record of $53.7 billion in February 2000.


In the oil market, tension across the Middle East put Brent crude on track to its biggest weekly gain since mid-November, and U.S. crude rose for an eighth straight week, although it eased 0.2 percent to $97.56 a barrel on Monday.


With the rise in equities on recovering appetite for riskier assets, safe-haven appeal waned, pushing up yields of U.S. Treasury bonds. The U.S. 10-year Treasury yield hit a nine-month high of 2.052 percent in Asia on Monday.


A weekly gauge of sentiment in the Japanese government bond market deteriorated sharply, remaining in negative territory for a fifth straight week as rising global appetite for risk sapped demand for bonds, the latest Reuters poll showed on Monday.


(Editing by Eric Meijer)



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Power outage stops Super Bowl for 34 minutes


NEW ORLEANS (AP) — The Super Bowl was delayed because of a power outage Sunday, plunging parts of the Superdome into darkness and leading to a 34-minute delay in the biggest game of the year.


The Baltimore Ravens were leading the San Francisco 49ers 28-6 when most of the lights in the 73,000-seat building went out with 13:22 left in the third quarter.


Auxiliary power kept the playing field from going totally dark, but escalators stopped working and the concourses were only illuminated by small banks of lights tied in to emergency service.


Philip Allison, a spokesman for Entergy New Orleans, which provides power to the stadium, said power had been flowing into the stadium before the lights failed.


"All of our distribution and transmission feeds going into the Superdome were operating as expected," Allison said.


The outage appeared to originate in a failure of equipment maintained by stadium staff, he added.


On the CBS broadcast, the play-by-play announcers went silent.


CBS sideline reporter Steve Tasker announced the problem of a "click of the lights" to viewers. Later, the halftime crew anchored by host James Brown returned to fill the time with football analysis. Brown said a power surge caused the outage.


"We lost all power up here at the press box level," play-by-play announcer Jim Nantz said after power was restored.


The failure occurred shortly after Jacoby Jones returned the opening kickoff of the second half for a 108-yard touchdown, the longest play in Super Bowl history and pushing the Ravens to a commanding lead. But when play resumed, the momentum totally changed.


The Niners scored two straight touchdowns and kicked a field goal to close the gap to 28-23 by the end of the third quarter.


The public address announcer said the Superdome was experiencing an interruption of electrical service and encouraged fans to stay in their seats. Some fans did the wave to pass the time. Players milled around on the sidelines, some took a seat on the bench, other on the field. A few of the Ravens threw footballs around.


Officials gathered on the field and appeared to be talking to stadium personnel. Finally, the lights came back on throughout the dome and the game resumed.


"Let's go!" referee Jerome Boger said to the teams.


The NFL said stadium officials were investigating the cause, but there was no immediate word of why the power went out.


"We sincerely apologize for the incident," Superdome spokesman Eric Eagan said.


The outage provided a major glitch to what has largely been viewed as a smooth week for New Orleans, which was hosting its first Super Bowl since 2002 and was eager to show off how the city has rebuilt since Hurricane Katrina.


Monique Richard, who is from the north shore of Lake Pontchartrain, had tickets in the upper deck.


"My exact words on the way over here were, 'I hope this goes off without a hitch,' because the city just looked so good, they were doing so well, the weather so good everything was kind of falling into place," she said.


"We haven't had the Super Bowl in 11 years. It might be 20 more. Hopefully, everybody will be understanding."


New Orleans was once a regular in the Super Bowl rotation and hopes to regain that status. Earlier in the week, the host committee announced it will bid on the 2018 Super Bowl, which would coincide with the 300th anniversary of the city's founding.


The 38-year-old Superdome has undergone $336 million in renovations since Katrina ripped its roof in 2005. Billions have been spent sprucing up downtown, the airport, French Quarter and other areas of the city in the past seven years.


___


AP Sports Writer Brett Martel and Associated Press writer Brian Schwaner in New Orleans contributed to this story.


___


Follow Paul Newberry on Twitter at www.twitter.com/pnewberry1963


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Energy industry develops nontoxic fracking fluids






PITTSBURGH (AP) — The oil and gas industry is trying to ease environmental concerns by developing nontoxic fluids for the drilling process known as fracking, but it’s not clear whether the new product will be widely embraced by drilling companies.


Houston-based energy giant Halliburton Inc. has developed a product called CleanStim, which uses only food-industry ingredients. Other companies have developed nontoxic fluids as well.






Halliburton is in the business to provide solutions to our customers,” said production manager Nicholas Gardiner. “Those solutions have to include ways to reduce the safety or environmental concerns that the public might have.”


Environmental groups say they welcome the development but still have questions.


The chemicals in fracking fluids aren’t the only environmental concern, said George Jugovic, president of PennFuture. He said there is also concern about the large volumes of naturally occurring but exceptionally salty wastewater and air pollution.


It’s premature to say whether it will ever be feasible to have fluids for fracking that are totally nontoxic, said Scott Anderson, a senior adviser for the Environmental Defense Fund.


“But we are encouraged to some extent by recent industry efforts to at least reduce the toxicity,” Anderson said.


Fracking, short for hydraulic fracturing, has made it possible to tap into energy reserves across the nation but also has raised concerns about pollution, since large volumes of water, along with sand and hazardous chemicals, are injected deep into the ground to free the oil and gas from rock.


Regulators contend that overall, water and air pollution problems are rare, but environmental groups and some scientists say there hasn’t been enough research on those issues. The industry and many federal and state officials say the practice is safe when done properly, but faulty wells and accidents have caused problems.


Halliburton says CleanStim will provide “an extra margin of safety to people, animals and the environment in the unlikely occurrence of an incident” at a drilling site.


Gardiner said Halliburton has developed a chemistry-scoring system for the fluids, with lower scores being better. CleanStim has a zero score, he said, and is “relatively more expensive” than many traditional fracking fluids.


Both Jugovic and Anderson noted that one of the most highly publicized concerns about toxic fracking fluids hasn’t really been an issue: the suggestion that they might migrate from thousands of feet underground, up to drinking water aquifers.


“Most people agree there are no confirmed cases so far” of fracking chemicals migrating up to drinking water, Anderson said. But he added that simple spills of fluid on the surface can cause problems.


“The most likely of exposure is not from the fracking itself. It is from spills before the fracking fluid is injected,” Anderson said.


There also may be technical and cost issues that limit the acceptance of products such as CleanStim. There is tremendous variation in the type of shale rock in different parts of the country. For example, drillers use different fluids even within the same state, and the specific mix can play a large role in determining how productive a well is.


Gardiner wouldn’t say how widely used CleanStim is. “The customers who do use it certainly like the material,” he added.


Terry Engelder, a geologist at Penn State University, said he visited a well in that state last year that used just water, sand and three additives in the fracking fluid.


But Engelder added that “green” and “toxic” can be “soft words without real meaning.” He noted that consumers, businesses and farms use vast quantities of chemicals that can contribute to pollution, from cleaners and soaps to fertilizers and pesticides. Yet all those compounds are routinely flushed down the drain, ending up in nearby rivers and streams.


“Eventually industry would like to end up with a mix of just water, sand, and food-grade additives,” Engelder said of fracking. “Companies are learning to deal with fewer and fewer additives.”


Energy News Headlines – Yahoo! News





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After power outage delay, 49ers trail Ravens 28-20









A 34-minute delay following a power outage helped generate the 49ers' offense.

49ers cornerback Tarell Brown forced a rare Ray Rice fumble, putting the 49ers in position to close the gap to 28-23 on David Akers' 34-yard field goal with 3:10 left in third quarter. Akers missed a 39-yarder, but the Ravens were called for running into the kicker to give Akers a second chance.






The Ravens finally showed some life on offense to start the fourth quarter but had to settle for Justin Tucker's 19-year field goal as they increased their lead to 31-23.

The 49ers stepped up on defense to keep the Ravens out of the end zone, forcing the short field goal.

A bad punt followed by a 32-yard return by speedy Ted Ginn Jr. put the 49ers right back in it in the third quarter. Frank Gore's 6-yard touchdown run closed the gap to 28-20 in favor of the Ravens with plenty of time left.

Gore sprinted off the right side virtually untouched. He had been pretty much non-existent up until that score.

During Gore's touchdown run, Ravens defensive tackle Haloti Ngata was injured and then helped off the field.

Colin Kaepernick hit Michael Crabtree with a 31-yard touchdown pass to make the score 28-13 with 7 minutes, 20 seconds left in the third quarter.

The 80-yard drive was nearly flawless, save for Crabtree dropping a ball in his hands.

The Ravens opened their second half with a big score, as Jacoby Jones tied the record with an 108-yard kickoff return to start the half to give Baltimore a 28-6 lead.

It's Jones' second touchdown of the game, following his 56-yard touchdown catch.

At the end of the second quarter, a 27-yard field goal by David Akers on the final play of the half gave the 49ers a little life, but they still trailed the Ravens 21-6 at halftime.

Ravens quarterback Joe Flacco has been on fire, completing 13 of 20 passes for 192 yards and three touchdowns. He completed passes to seven different receivers in the first half.

Kaepernick completed 8 of 13 passes for 139 yards with an interception.

Flacco lofted a pass to Jacoby Jones, and the wide receiver did the rest as the Ravens took a commanding 21-3 lead with 1:45 left before halftime. Jones made a diving catch, then got up and danced around 49ers defenders to score the Ravens' third touchdown.

The 56-yard touchdown hookup was the longest play of the half. It was Flacco's third TD pass of the game and gave him a record-tying 11th of the postseason.

The score made up for the Ravens' inability to convert earlier on a fake field goal.

Safety Ed Reed, who injured his knee early in the game, intercepted Kaepernick with just under seven minutes remaining before half. It was Reed's record-tying nine career postseason interception.

The Ravens took a 7-0 lead in when Flacco hit Anquan Boldin with a 13-yard touchdown in the first quarter.

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Iran hedges on nuclear talks with six powers or U.S.


MUNICH (Reuters) - Iran said on Sunday it was open to a U.S. offer of direct talks on its nuclear program and that six world powers had suggested a new round of nuclear negotiations this month, but without committing itself to either proposal.


Diplomatic efforts to resolve a dispute over Iran's nuclear program, which Tehran says is peaceful but the West suspects is intended to give Iran the capability to build a nuclear bomb, have been all but deadlocked for years, while Iran has continued to announce advances in the program.


Iranian Foreign Minister Ali Akbar Salehi said a suggestion on Saturday by U.S. Vice President Joe Biden that Washington was ready for direct talks with Iran if Tehran was serious about negotiations was a "step forward".


"We take these statements with positive consideration. I think this is a step forward but ... each time we have come and negotiated it was the other side unfortunately who did not heed ... its commitment," Salehi said at the Munich Security Conference where Biden made his overture a day earlier.


He also complained to Iran's English-language Press TV of "other contradictory signals", pointing to the rhetoric of "keeping all options on the table" used by U.S. officials to indicate they are willing to use force to keep Iran from obtaining a nuclear weapon.


"This does not go along with this gesture (of talks) so we will have to wait a little bit longer and see if they are really faithful this time," Salehi said.


Iran is under a tightening web of sanctions. Israel has also hinted it may strike if diplomacy and international sanctions fail to curb Iran's nuclear drive.


In Washington, Army General Martin Dempsey, the top U.S. military officer, said in an interview broadcast on Sunday that the United States has the capability to stop any Iranian effort to build nuclear weapons, but Iranian "intentions have to be influenced through other means."


Dempsey, chairman of the Joint Chiefs of Staff, made his comments on NBC's program "Meet the Press," speaking alongside outgoing Defense Secretary Leon Panetta.


Panetta said current U.S. intelligence indicated that Iranian leaders have not made a decision to proceed with the development of a nuclear weapon.


"But every indication is they want to continue to increase their nuclear capability," he said. "And that's a concern. And that's what we're asking them to stop doing."


The new U.S. secretary of state, John Kerry, has said he will give diplomacy every chance of solving the Iran standoff.


THE BEST CHANCE


With six-power talks making little progress, some experts say talks between Tehran and Washington could be the best chance, perhaps after Iran has elected a new president in June.


Negotiations between Iran and the six powers - Russia, China, the United States, Britain, France and Germany - have been deadlocked since a meeting last June.


EU officials have accused Iran of dragging its feet in weeks of haggling over the date and venue for new talks.


Salehi said he had "good news", having heard that the six powers would meet in Kazakhstan on February 25.


A spokesman for EU foreign policy chief Catherine Ashton, who coordinates the efforts of the six powers, confirmed that she had proposed talks in the week of February 25 but noted that Iran had not yet accepted.


Kazakhstan said it was ready to host the talks in either Astana or Almaty.


Salehi said Iran had "never pulled back" from the stuttering negotiations with the six powers. "We still are very hopeful. There are two packages, one package from Iran with five steps and the other package from the (six powers) with three steps."


Iran raised international concern last week by announcing plans to install and operate advanced uranium enrichment machines. The EU said the move, potentially shortening the path to weapons-grade material, could deepen doubts about the peaceful nature of Iran's nuclear program.


Prime Minister Benjamin Netanyahu said on Sunday that Israel's mission to stop its arch-enemy from acquiring nuclear weapons was "becoming more complex, since the Iranians are equipping themselves with cutting-edge centrifuges that shorten the time of (uranium) enrichment".


"We must not accept this process," said Netanyahu, who is trying to form a new government after winning an election last month. Israel is generally believed to be the only country in the Middle East with nuclear weapons.


(Additional reporting by Myra MacDonald and Stephen Brown in Munich, Dmitry Solovyov in Almaty, Yeganeh Torbati in Dubai and Jim Wolf in Washington; Editing by Kevin Liffey and Will Dunham)



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