Nightclub fire kills 233 in Brazil


SANTA MARIA, Brazil (Reuters) - A nightclub fire killed at least 233 people in southern Brazil on Sunday when a band's pyrotechnics show set the building ablaze and fleeing partygoers stampeded toward blocked exits in the ensuing panic.


Most of those who died were suffocated by toxic fumes that rapidly filled the crowded club after sparks from pyrotechnics used by the band for visual effects set fire to soundproofing on the ceiling, local fire officials said.


"Smoke filled the place instantly, the heat became unbearable," survivor Murilo Tiescher, a medical student, told GloboNews TV. "People could not find the only exit. They went to the toilet thinking it was the exit and many died there."


Firemen said one exit was locked and that club bouncers, who at first thought those fleeing were trying to skip out on bar tabs, initially blocked patrons from leaving. The security staff relented only when they saw flames engulfing the ceiling.


The tragedy in the university town of Santa Maria in one of Brazil's most prosperous states comes as the country scrambles to improve safety, security and logistical shortfalls before the 2014 World Cup soccer tournament and the 2016 Olympics, both intended to showcase the economic advances and first-world ambitions of Latin America's largest nation.


In Santa Maria, a city of more than 275,000 people, rescue workers and weary officials wept alongside family and friends of the victims at a gymnasium being used as a makeshift morgue.


"It's the saddest, saddest day of my life," said Neusa Soares, the mother of one of those killed, 22-year-old Viviane Tolio Soares. "I never thought I would have to live to see my girl go away."


President Dilma Rousseff cut short an official visit to Chile and flew to Santa Maria, where she wept as she spoke to relatives of the victims, most of whom were university students.


"All I can say at the moment is that my feelings are of deep sorrow," said Rousseff, who began her political career in Rio Grande do Sul, the state where the fire occurred.


It was the deadliest nightclub fire since 309 people died in a discotheque blaze in China in 2000 and Brazil's worst fire at an entertainment venue since a disgruntled employee set fire to a circus in 1961, killing well over 300 people.


'BARRIER OF THE DEAD'


Local authorities said 120 men and 113 women died in the fire, and 92 people are still being treated in hospitals.


News of the fire broke on Sunday morning, when local news broadcast images of shocked people outside the nightclub called Boate Kiss. Gradually, grisly details emerged.


"We ran into a barrier of the dead at the exit," Colonel Guido Pedroso de Melo, commander of the fire brigade in Rio Grande do Sul, said of the scene that firefighters found on arrival. "We had to clear a path to get to the rest of those that were inside."


Pedroso de Melo said the popular nightclub was overcrowded with 1,500 people packed inside and they could not exit fast.


"Security guards blocked their exit and did not allow them to leave quickly. That caused panic," he said.


The fire chief said the club was authorized to be open, though its permit was in the process of being renewed. But he pointed to several egregious safety violations - from the flare that went off during the show to the locked door that kept people from getting out.


"The problem was the use of pyrotechnics, which is not permitted," Pedroso de Melo said.


The club's management said in a statement that its staff was trained and prepared to deal with any emergency. It said it would help authorities with their investigation.


One of the club's owners has surrendered to police for questioning, GloboNews TV reported.


When the fire began at about 2:30 a.m., many revelers were unable to find their way out in the chaos.


"It all happened so fast," survivor Taynne Vendrusculo told GloboNews TV. "Both the panic and the fire spread rapidly, in seconds."


Once security guards realized the building was on fire, they tried in vain to control the blaze with a fire extinguisher, according to a televised interview with one of the guards, Rodrigo Moura. He said patrons were trampled as they rushed for the doors, describing it as "a horror film."


Band member Rodrigo Martins said the fire started after the fourth or fifth song and the extinguisher did not work.


"It could have been a short circuit, there were many cables there," Martins told Porto Alegre's Radio Gaucha station. He said there was only one door and it was locked. A band member died in the fire.


CELL PHONES STILL RINGING


TV footage showed people sobbing outside the club before dawn, while shirtless firefighters used sledge hammers and axes to knock down an exterior wall to open up an exit.


Rescue officials moved the bodies to the local gym and separated them by gender. Male victims were easier to identify because most had identification on them, unlike the women, whose purses were left scattered in the devastated nightclub.


Piles of shoes remained in the burnt-out club, along with tufts of hair pulled out by people fleeing desperately. Firemen who removed bodies said victims' cell phones were still ringing.


The disaster recalls other incidents including a 2003 fire at a nightclub in West Warwick, Rhode Island, that killed 100 people, and a Buenos Aires nightclub blaze in 2004 that killed nearly 200. In both incidents, a band or members of the audience ignited fires that set the establishment ablaze.


The Rhode Island fire shocked local and federal officials because of the rarity of such incidents in the United States, where enforcement of safety codes is considered relatively strict. After the Buenos Aires blaze, Argentine officials closed many nightclubs and other venues and ultimately forced the city's mayor from office because of poor oversight of municipal codes.


The fire early on Sunday occurred in one of the wealthiest, most industrious and culturally distinct regions of Brazil. Santa Maria is about 186 miles west of Porto Alegre, the capital of a state settled by Germans and other immigrants from northern Europe.


Local clichés paint the region as stricter and more organized than the rest of Brazil, where most residents are a mix descended from native tribes, Portuguese colonists, African slaves, and later influxes of immigrants from southern Europe.


Rio Grande do Sul state's health secretary, Ciro Simoni, said emergency medical supplies from all over the state were being sent to the scene. States from all over Brazil offered support, and messages of sympathy poured in from foreign leaders.


(Additional reporting by Guillermo Parra-Bernal, Gustavo Bonato, Jeferson Ribeiro, Eduardo Simões, Brian Winter and Guido Nejamkis.; Writing by Paulo Prada and Anthony Boadle; Editing by Todd Benson, Kieran Murray and Christopher Wilson)



Read More..

Providence theater experiments with ‘tweet seats’






PROVIDENCE, R.I. (AP) — Sarah Bertness slipped into her seat at a recent staging of the musical “Million Dollar Quartet” and, when the lights dimmed, started doing something that’s long been taboo inside theaters: typing away at her iPhone.


The 26-year-old freelance writer from Providence wasn’t being rude. She had a spot in the “tweet seat” section at the Providence Performing Arts Center.






The downtown theater is now setting aside a small number of seats — in the back — for those who promise to live-tweet from the performance using a special hash tag. They might offer impressions of the set, music or costumes, lines of dialogue that resonate with them or anything else that strikes them, really.


At “Million Dollar Quartet,” based on the true story of a 1956 recording session that united music greats Johnny Cash, Elvis Presley, Jerry Lee Lewis and Carl Perkins, PPAC for the first time had cast members tweeting from backstage, too.


A growing number of theaters, including some on Broadway, have been experimenting in recent years with tweet seats and other real-time uses of social media as they try to figure out the relationship between the stage and the smartphone.


Some insist the theater should remain a sacred, technology-free place and that allowing the use of phones during a show — even discreetly — only serves as a potential distraction for other patrons. But others say theaters can’t afford not to engage the digital generation, and that the way performances were once enjoyed, in a vacuum, doesn’t hold up anymore.


“I think that it’s important that PPAC and cultural institutions in general kind of jump on the social media bandwagon and learn to engage a broader audience,” said Bertness, who runs the blog The Rhode Islander and is such a big Johnny Cash fan that she showed up to the performance wearing all black. “I think it’s such a valuable tool.”


Scott Moreau, an understudy for Johnny Cash, hadn’t ever tweeted from backstage during a performance. He tried to provide a glimpse of what life’s like on the tour, which he likened to the special features on a DVD. He said he enjoyed getting instant feedback from the tweeters — feedback he shared with other cast members.


“It makes it feel a lot more personal,” Moreau said.


A picture of Moreau that was tweeted out from backstage — he was tweeting in it himself — prompted someone in the tweet seats to declare that’s what the Man in Black would have looked like, with an iPhone.


Other theaters are also trying different digital ways to engage with patrons. In Boston, the Huntington Theater plans to introduce a “Twittermission” where an artist affiliated with the production, or someone from the theater’s staff, answers questions about the show on Twitter during intermissions. The tweets will also be projected on screens in the theater lobby, according to spokeswoman Rebecca Curtiss.


The theater won’t be introducing tweet seats, though.


“We feel strongly that the experience that an audience member has in our theater should be limited to what they are seeing on the stage,” Curtiss said. “When the lights go down and the show begins, we want the art on stage to speak for itself.”


PPAC isn’t sure yet whether any social media buzz generated by those in the tweet seats will have a measurable effect at the box office. But spokeswoman P.J. Prokop said the theater intends to keep the program through the end of the year, and then evaluate it. Those who sit in the tweet seats get their tickets for free.


Kirsten DiChiappari, who has tweeted three shows there to her nearly 1,400 followers, grew up in New Jersey going to Broadway musicals, plays and the opera. The 41-year-old social media consultant from Bristol sees her live-tweeting as a way to lure people from their living rooms, where many are glued to “horrible reality television.”


“It’s kind of a way to tease people back to support the live arts, the real arts, the original arts,” she said. “I feel like once they go, they’ll go again.”


Social Media News Headlines – Yahoo! News





Title Post: Providence theater experiments with ‘tweet seats’
Url Post: http://www.news.fluser.com/providence-theater-experiments-with-tweet-seats/
Link To Post : Providence theater experiments with ‘tweet seats’
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

What Really Happened Inside the SAG Awards





Not all the stars were on their best behavior! See what Ben & Bradley, Russell & Nicole and more got up to when the cameras weren't rolling








Credit: Dimitrios Kambouris/WireImage



Updated: Sunday Jan 27, 2013 | 10:00 PM EST
By: Kate Hogan




Subscribe Now




Read More..

CDC: Flu seems to level off except in the West


New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.


The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.


Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.


There is still vaccine available although it may be hard to find. The CDC has a website that can help.


___


CDC: http://www.cdc.gov/flu/


Read More..

Seoul pulls Asian shares down, solid economic data helps

TOKYO (Reuters) - Tech-heavy South Korean shares dragged down the broader Asian share index on Monday on fears of weaker earnings, but improving economic prospects in Europe and solid U.S. profit reports underpinned sentiment.


The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> inched down 0.2 percent, after seeing its biggest weekly loss in two months last week. Asian markets were in positive territory except in Seoul and Jakarta.


The Korea Composite Stock Price Index (KOSPI) <.ks11> extended losses to an 8-week low with a 0.6 percent slip, as a weakening yen soured the outlook for local exporters and foreign investors reduced their holdings.


Tech-heavy South Korea was also vulnerable to a clouding outlook for high-end smartphone device shipments.


"Investors have begun preempting concerns about exporters' outlooks since automakers announced weak earnings last week, while large-caps continue to be pressured by foreign selloffs," said Kim Hyung-ryol, an analyst at Kyobo Securities.


Global investor sentiment improved on Friday when the German Ifo business morale index improved in January to its highest in more than half a year, further evidence that Europe's largest economy is gathering speed again, and European banks were set to repay the European Central Bank a larger sum of money than expected to underscore stabilising financial system in the euro zone.


In China, data on Sunday showed profits earned by industrial companies rose 17.3 percent in December from a year earlier to 895.2 billion yuan ($143.9 billion), adding to evidence of a fourth-quarter economic recovery.


The yen extended losses to fresh lows, but Japanese equities gave up earlier gains and eased ahead of Japan's corporate reporting season which enters full swing this week.


Japan's Nikkei stock average <.n225> edged down 0.1 percent after jumping 2.9 percent on Friday to log an 11th straight week of gains, its longest such run since 1971. <.t/>


Against the yen, the dollar hit 91.26 early on Monday, its highest level since June 2010 while the euro touched 122.91, its highest point since April.


New Prime Minister Shinzo Abe has called for aggressive monetary easing and huge fiscal spending to beat deflation. The yen has fallen some 13 percent since mid-November when he began making those calls as part of his election campaign.


"The potent mix of Abenomics and strong risk appetite abroad is continuing to soften the yen, which means investors will still be buying stocks," said Masayuki Doshida, senior market analyst at Rakuten Securities.


In sharp contrast to U.S. and German equities, the Nikkei remains well below levels before the financial crisis in 2008, reflecting the magnitude of negative effect from the yen's strength. The benchmark Standard & Poor's 500 Index <.spx> closed at their highest in more than five years on solid U.S. corporate earnings on Friday and Frankfurt's DAX index <.gdaxi> also scaled five-year highs.


The yen is still stronger than around 95 yen before the 2008 financial crisis, but both the euro and the dollar measured against a basket of key currencies <.dxy> hover at levels far below the pre-crisis levels.


SAFE HAVEN SUFFERS


The improving global macroeconomic environment has curbed interest in safe haven assets such as gold.


Spot gold steadied around $1,659.90 (1,053.44 pounds) an ounce on Monday, still below its 200-day moving average. As riskier equities rallied on Friday, bullion saw its biggest weekly drop this year on Friday.


U.S. crude inched up 0.1 percent to $95.95 a barrel and Brent steadied around $113.23.


London copper, another industrial commodity linked to demand prospects, rose 0.4 percent to $8,065 a tonne.


With easing stress in financial markets, investors pumped $5.65 billion into stock funds worldwide in the latest week, with most of it flowing into emerging market stock funds, data from EPFR Global showed on Friday.


The euro hovered near an 11-month high of $1.3480 hit on Friday. The Australian dollar stumbled to an eight-month low against the euro early on Monday. European shares scaled fresh multi-month peaks on Friday.


Investors will focus this week on the Federal Reserve's Open Market Committee statement on Wednesday and U.S. nonfarm payrolls due on Friday.


Sluggish equities weighed on Asian credit markets, widening the spread on the iTraxx Asia ex-Japan investment-grade index by 1 basis point.


(Additional reporting by Joyce Lee in Seoul and Sophie Knight in Tokyo; Editing by Edwina Gibbs & Kim Coghill)



Read More..

Riots over Egyptian death sentences kill at least 32


PORT SAID, Egypt/CAIRO (Reuters) - At least 32 people were killed on Saturday when Egyptians rampaged in protest at the sentencing of 21 people to death over a soccer stadium disaster, violence that compounds a political crisis facing Islamist President Mohamed Mursi.


Armored vehicles and military police fanned through the streets of Port Said, where gunshots rang out and protesters burned tires in anger that people from their city had been blamed for the deaths of 74 people at a match last year.


The rioting in Port Said, one of the most deadly spasms of violence since Hosni Mubarak's ouster two years ago, followed a day of anti-Mursi demonstrations on Friday, when nine people were killed. The toll over the past two days stands at 41.


The flare-ups make it even tougher for Mursi, who drew fire last year for expanding his powers and pushing through an Islamist-tinged constitution, to fix the creaking economy and cool tempers enough to ensure a smooth parliamentary election.


That vote is expected in the next few months and is meant to cement a democratic transition that has been blighted from the outset by political rows and street clashes.


The National Defense Council, which is led by Mursi and includes the defense minister who commands the army, called for "a broad national dialogue that would be attended by independent national characters" to discuss political differences and ensure a "fair and transparent" parliamentary poll.


The National Salvation Front of liberal-minded groups and other Mursi opponents cautiously welcomed the call.


THREATS OF VIOLENCE


Clashes in Port Said erupted after a judge sentenced 21 men to die for involvement in the deaths at the soccer match on February 1, 2012. Many were fans of the visiting team, Cairo's Al Ahly.


Al Ahly fans had threatened violence if the court had not meted out the death penalty. They cheered outside their Cairo club when the verdict was announced. But in Port Said, residents were furious that people from their city were held responsible.


Protesters ran wildly through the streets of the Mediterranean port, lighting tires in the street and storming two police stations, witnesses said. Gunshots were reported near the prison where most of the defendants were being held.


A security source in Port Said said 32 people were killed there, many dying from gunshot wounds. He said 312 were wounded and the ministry of defense had allocated a military plane to transfer the injured to military hospitals.


Inside the court in Cairo, families of victims danced, applauded and some broke down in tears of joy when they heard Judge Sobhy Abdel Maguid declare that the 21 men would be "referred to the Mufti", a phrase used to denote execution, as all death sentences must be reviewed by Egypt's top religious authority.


There were 73 defendants on trial. Those not sentenced on Saturday would face a verdict on March 9, the judge said.


At the Port Said soccer stadium a year ago, many spectators were crushed and witnesses saw some thrown off balconies after the match between Al Ahly and local team al-Masri. Al Ahly fans accused the police of being complicit in the deaths.


Among those killed on Saturday were a former player for al-Masri and a soccer player in another Port Said team, the website of the state broadcaster reported.


TEARGAS FIRED


On Friday, protesters angry at Mursi's rule had taken to the streets for the second anniversary of the uprising that erupted on January 25, 2011 and brought Mubarak down 18 days later.


Police fired teargas and protesters hurled stones and petrol bombs. Nine people were killed, mainly in the port city of Suez, and hundreds more were injured across the nation.


Reflecting international concern at the two days of clashes, British Foreign Office Minister for the Middle East Alistair Burt said: "This cannot help the process of dialogue which we encourage as vital for Egypt today, and we must condemn the violence in the strongest terms."


European Union foreign policy chief Catherine Ashton urged the Egyptian authorities to restore calm and order and called on all sides to show restraint, her spokesperson said.


On Saturday, some protesters again clashed and scuffled with police in Cairo, Alexandria and other cities. In the capital, youths pelted police lines with rocks near Tahrir Square.


In Suez, police fired teargas when protesters angry at Friday's deaths hurled petrol bombs and stormed a police post and other governmental buildings including the agriculture and social solidarity units.


Around 18 prisoners in Suez police stations managed to escape during the violence, a security source there said, and some 30 police weapons were stolen.


"We want to change the president and the government. We are tired of this regime. Nothing has changed," said Mahmoud Suleiman, 22, in Cairo's Tahrir Square, the cauldron of the 2011 anti-Mubarak revolt.


Mursi's opponents say he has failed to deliver on economic pledges or to be a president representing the full political and communal diversity of Egyptians, as he promised.


"Egypt will not regain its balance except by a political solution that is transparent and credible, by a government of national salvation to restore order and heal the economy and with a constitution for all Egyptians," prominent opposition politician Mohamed ElBaradei wrote on Twitter.


The opposition National Salvation Front, responding to the Defense Council's call for dialogue, said there must be a clear agenda and guarantees that any deal would be implemented, spokesman Khaled Dawoud told Reuters.


The Front earlier on Saturday threatened an election boycott and to call for more protests on Friday if demands were not met. Its demands included picking a national unity government to restore order and holding an early presidential poll.


Mursi's supporters say the opposition does not respect the democracy that has given Egypt its first freely elected leader.


The Muslim Brotherhood, which propelled Mursi to office, said in a statement that "corrupt people" and media who were biased against the president had stirred up fury on the streets.


The frequent violence and political schism between Islamists and secular Egyptians have hurt Mursi's efforts to revive an economy in crisis as investors and tourists have stayed away, taking a heavy toll on Egypt's currency.


(Additional reporting by Omar Fahmy, Peter Griffiths in London and Claire Davenport in Brussels; Writing by Edmund Blair; Editing by Mark Trevelyan)



Read More..

Facebook founder to host fundraiser for New Jersey Governor Christie






(Reuters) – Facebook CEO Mark Zuckerberg and his wife, Priscilla, will host a fundraiser for New Jersey Republican Governor Chris Christie at their California home on February 13, the social networking site said on Thursday.


Zuckerberg and Christie, a potential presidential contender in 2016, have teamed up before, when the tech guru donated $ 100 million to the struggling public schools in Newark, New Jersey, in 2010.






“Mark and Priscilla … admire his leadership on education reform and other issues and look forward to continuing their important work together on behalf of Newark’s school children,” Facebook said in a statement.


The blunt-spoken Christie is seeking re-election in November to a second term as governor. He took office in 2010.


Right now, he doesn’t seem to need much help as his approval rating skyrocketed after Superstorm Sandy hit the state last October. A Quinnipiac University poll released on Wednesday found that three-quarters of New Jersey voters approved of Christie’s performance and nearly seven in 10 say he deserves to be re-elected.


New Jersey Democrats also have not rallied behind a single challenger. State Senate President Stephen Sweeney has said he is considering running, but the poll found that Christie would easily defeat Sweeney.


Christie would also trounce Barbara Buono – who has said she will run against the governor – and possible challenger Richard Codey, the poll found. Both are Democratic state senators.


(Reporting by Alexei Oreskovic in San Francisco and Hilary Russ in New York; Editing by Eric Beech)


Internet News Headlines – Yahoo! News





Title Post: Facebook founder to host fundraiser for New Jersey Governor Christie
Url Post: http://www.news.fluser.com/facebook-founder-to-host-fundraiser-for-new-jersey-governor-christie/
Link To Post : Facebook founder to host fundraiser for New Jersey Governor Christie
Rating:
100%

based on 99998 ratings.
5 user reviews.
Author: Fluser SeoLink
Thanks for visiting the blog, If any criticism and suggestions please leave a comment




Read More..

Michelle Kwan's Wedding Brings Olympic Stars Together: Pics Then & Now





Catch up with Michelle Kwan and the all-star figure skaters who attended her Jan. 19 dream wedding








Credit: Caitlin Maloney



Updated: Friday Jan 25, 2013 | 05:00 PM EST
By: NANCY MATTIA AND CYNTHIA WANG




Subscribe Now




Read More..

CDC: Flu seems to level off except in the West


New government figures show that flu cases seem to be leveling off nationwide. Flu activity is declining in most regions although still rising in the West.


The Centers for Disease Control and Prevention says hospitalizations and deaths spiked again last week, especially among the elderly. The CDC says quick treatment with antiviral medicines is important, in particular for the very young or old. The season's first flu case resistant to treatment with Tamiflu was reported Friday.


Eight more children have died from the flu, bringing this season's total pediatric deaths to 37. About 100 children die in an average flu season.


There is still vaccine available although it may be hard to find. The CDC has a website that can help.


___


CDC: http://www.cdc.gov/flu/


Read More..

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)



Read More..