Stock futures imply flat open in wake of GDP data

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NEW YORK (Reuters) - U.S. stock index futures pointed to a flat open on Thursday as investors found few reasons to keep pushing markets higher following a sharp two-day rally and a read on economic growth that was weaker than expected.


Analysts said a pullback may be in store a day after major equity indexes posted their biggest daily advance since early January. Over the past two sessions, the S&P 500 has gained 1.9 percent, rising back above the closely watched level of 1,500.


Wall Street has largely resisted expectations it would undergo a correction, with the Dow Jones industrial average within striking distance of an all-time high.


The U.S. economy grew 0.1 percent in the fourth quarter, a weaker pace than expected, although a slightly better performance in exports and fewer imports led the government to scratch an earlier estimate of an economic contraction.


Separately, the number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting the labor market recovery was gaining some traction.


"The GDP revision is positive but nothing to write home about, especially since it missed estimates," said Adam Sarhan, chief executive of Sarhan Capital in New York.


While markets suffered steep losses earlier in the week on concerns over European debt, they have since recovered, with the gains fueled by strong data and comments from Federal Reserve Chairman Ben Bernanke that showed continued support for the Fed's economic stimulus policy.


"Bulls are still leading the market with the pullback bought up quickly, but we're in a wait-and-see period after the big move we've had," said Sarhan.


S&P 500 futures rose 0.8 point and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dipped 1 point and Nasdaq 100 futures rose 4.25 points.


So far in February, the S&P 500 has gained 1.2 percent, the Dow is up 1.6 percent and the Nasdaq has added 0.6 percent.


Investors will also be keeping an eye on the debate in Washington over sequestration - U.S. government budget cuts that will take effect starting on Friday if lawmakers fail to reach an agreement on spending and taxes. President Barack Obama and Republican congressional leaders arranged to hold last-ditch talks to prevent the cuts, but expectations were low that any deal would be produced.


"Investors have come to the realization that sequestration isn't the end of the world and that it will eventually be fixed," said Oliver Pursche, president of Gary Goldberg Financial Services in Suffern, New York. "But going into March the risk is that the economy slows down and disappoints investors."


Pursche noted that on February 18, about 80 percent of S&P 500 components were above their 50-day moving averages, a rate that has since dwindled to 60 percent. "Market breadth has narrowed, and which suggests that a correction of as much as 5 to 6 percent is very likely," he said.


J.C. Penney Co Inc shares slumped 17 percent to $17.61 in premarket trading after the department store reported a steep drop in sales on Wednesday. Groupon Inc also slumped on weak revenue, with the stock off 29 percent at $4.23 before the bell.


Sears Holding Corp rose 2.8 percent to $48.79 in premarket trading after its earnings and sales beat expectations.


With 93 percent of the S&P 500 companies having reported results so far, 69.5 percent have beaten profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6.2 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


(Editing by Bernadette Baum)



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Knicks overcome Curry's 54 to beat Warriors

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NEW YORK (AP) — Stephen Curry rose for another jumper, and by then even the Knicks probably figured it would go in.


Curry had hardly missed in a scintillating second half of the NBA's most electric performance this season, the crowd cheering even before the ball left his hands.


This time, Raymond Felton jumped with him, making the play New York needed to finally withstand Curry.


Felton's blocked shot led to J.R. Smith's tiebreaking basket with 1:10 left, and the Knicks overcame Curry's NBA season-high 54 points to beat the Golden State Warriors 109-105 on Wednesday night.


Curry was 18 of 28 from the field, finishing one shy of the NBA record with 11 3-pointers in 13 attempts, in a performance that had the crowd hanging on his every shot. But the Knicks and Felton finally stopped him with 1:28 to play and the score tied at 105.


"My main thing is to keep playing. Like I said, once a guy gets it going like that, there's nothing I can really do. I've still got to stay in my mindset, still play my game, and I was still able to come up with some big plays at the end," Felton said. "We all came up with some big plays to get that win."


Carmelo Anthony followed Smith's basket with another one and the Knicks hung on to spoil former Knicks star and Warriors coach Mark Jackson's homecoming.


Anthony finished with 35 points and Smith had 26.


"We made the defensive stops we needed to make down the stretch," Knicks coach Mike Woodson said.


Playing all 48 minutes, Curry finished with seven assists and six rebounds while passing his previous career best of 42 points, and Kevin Durant's 52-point performance that had been the best in the NBA this season.


"I felt good all night. Obviously played the whole game, so was just trying to keep my legs underneath me on the offensive end, and you know, just stick to the game on the defensive end," Curry said. "Once I started seeing that 3-ball go down in transition, all sorts of spots on the floor, I knew it was going to be a good night."


But he had little help without All-Star forward David Lee, who was suspended one game for his role in an altercation Tuesday night in Indiana.


Tyson Chandler had 16 points and a career-best 28 rebounds for the Knicks, who won their second straight after a season-high, four-game losing streak. Amare Stoudemire had 14 points and Anthony added eight assists on the day the Knicks learned they could be without reserve forward Rasheed Wallace for the rest of the season because he needs surgery to repair a broken bone in his left foot.


Strutting all over the court whenever one of his 3s swished easily through the nets, Curry easily blew past the 38 points he scored Tuesday in Indiana, which had been his best of the season. That was spoiled when he was fined $35,000 for his role in the skirmish, which was essentially getting thrown to the ground by Roy Hibbert when he tried to intervene.


This performance — the most points by an NBA player in a loss since Kobe Bryant had 58 in a loss to Charlotte on Dec. 29, 2006 — was spoiled along with Jackson's trip back to his old home because of a few mistakes down the stretch.


Curry threw away a pass on the break with 3:13 left, and Jarrett Jack was called for a travel following Smith's go-ahead basket.


Plus, Klay Thompson finished 3 of 13 from the field, missing two straight from deep in the final minute.


Jackson, who grew up in Brooklyn and starred at St. John's before being drafted by the Knicks in 1987, didn't get a chance to coach here last season as an NBA rookie on the bench because of the lockout. He brought his wife, Desiree, to a road game for the first time this season, had his mother in the stands, and got a chance to see people he remembered from playing here years earlier.


He said he hadn't gotten to look ahead much to the game because of the schedule, but clearly enjoyed being back in Madison Square Garden once the day did arrive.


"This is a special place and it was part of my dreams as a kid," he said.


His night turned into Curry's, fans cheering even before the ball left his hand in the second half.


"We were short-handed and we needed a performance like that to have a chance," Jackson said. "He put on a clinic. Knocked down shots. Made plays. Carried us. Led us in rebounding. He did it all. I've seen a lot of great performances in this building and his goes up there. I've seen a lot. I've seen a lot, but that shooting performance was a thing of beauty."


The Knicks, who hadn't played since Sunday, looked ready to blow the Warriors out early, taking a 25-11 lead that the Warriors trimmed to 27-18 at the end of the first period before surging ahead behind Curry.


He scored 12 straight Golden State points, cutting it to 35-34 with his third 3-pointer of the second quarter. He followed Richard Jefferson's 3 with another one, giving the Warriors a 40-37 advantage. The Knicks recovered and went back ahead by nine late in the period before Curry answered with six consecutive points, and New York's lead was 58-55 at the break.


"He's a special young player with a very unique talent," Chandler said. "We ran everything at him. He just got hot. There was some shots that he couldn't have seen the rim."


Curry's drive gave the Warriors a two-point lead three minutes into the third quarter, but he didn't score again until hitting a turnaround 3 from 27 feet with 5 seconds left in the period, giving him 38 points again and cutting New York's lead to 84-81.


Already without Andrew Bogut because of a back injury, the Warriors had little size without Lee. Their lineup at one point in the second quarter had nobody taller than 6-foot-9 and Chandler simply climbed over them all night.


He came in leading the league with 4.4 offensive rebounds per game, and grabbed 13 boards in the first quarter alone.


Notes: Chandler was also the last NBA player to grab 13 rebounds in one quarter, hauling in 14 in the third quarter for Dallas on Dec. 1, 2010. ... Wallace, who hasn't played since December, will have surgery this week and the expected recovery time is eight weeks. Woodson said he didn't plan to waive the 38-year-old forward and create a roster spot, instead hoping he could be able to play in the postseason. ... Kenyon Martin, signed last week in part because of the uncertainty around Wallace, made his Knicks debut and was scoreless in 5 first-half minutes.


___


Follow Brian Mahoney on Twitter: http://www.twitter.com/Briancmahoney


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Low-key departure as Pope Benedict steps down

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VATICAN CITY (Reuters) - Pope Benedict slips quietly from the world stage on Thursday after a private last goodbye to his cardinals and a short flight to a country palace to enter the final phase of his life "hidden from the world".

In keeping with his shy and modest ways, there will be no public ceremony to mark the first papal resignation in six centuries and no solemn declaration ending his nearly eight-year reign at the head of the world's largest church.






His last public appearance will be a short greeting to residents and well-wishers at Castel Gandolfo, the papal summer residence south of Rome, in the late afternoon after his 15-minute helicopter hop from the Vatican.

When the resignation becomes official at 8 p.m. Rome time (02.00 p.m. EST), Benedict will be relaxing inside the 17th century palace. Swiss Guards on duty at the main gate to indicate the pope's presence within will simply quit their posts and return to Rome to await their next pontiff.

Avoiding any special ceremony, Benedict used his weekly general audience on Wednesday to bid an emotional farewell to more than 150,000 people who packed St Peter's Square to cheer for him and wave signs of support.

With a slight smile, his often stern-looking face seemed content and relaxed as he acknowledged the loud applause from the crowd.

"Thank you, I am very moved," he said in Italian. His unusually personal remarks included an admission that "there were moments ... when the seas were rough and the wind blew against us and it seemed that the Lord was sleeping".

CARDINALS PREPARE THE FUTURE

Once the chair of St Peter is vacant, cardinals who have assembled from around the world for Benedict's farewell will begin planning the closed-door conclave that will elect his successor.

One of the first questions facing these "princes of the Church" is when the 115 cardinal electors should enter the Sistine Chapel for the voting. They will hold a first meeting on Friday but a decision may not come until next week.

The Vatican seems to be aiming for an election by mid-March so the new pope can be installed in office before Palm Sunday on March 24 and lead the Holy Week services that culminate in Easter on the following Sunday.

In the meantime, the cardinals will hold daily consultations at the Vatican at which they discuss issues facing the Church, get to know each other better and size up potential candidates for the 2,000-year-old post of pope.

There are no official candidates, no open campaigning and no clear front runner for the job. Cardinals tipped as favorites by Vatican watchers include Brazil's Odilo Scherer, Canadian Marc Ouellet, Ghanaian Peter Turkson, Italy's Angelo Scola and Timothy Dolan of the United States.

BENEDICT'S PLANS

Benedict, a bookish man who did not seek the papacy and did not enjoy the global glare it brought, proved to be an energetic teacher of Catholic doctrine but a poor manager of the Curia, the Vatican bureaucracy that became mired in scandal during his reign.

He leaves his successor a top secret report on rivalries and scandals within the Curia, prompted by leaks of internal files last year that documented the problems hidden behind the Vatican's thick walls and the Church's traditional secrecy.

After about two months at Castel Gandolfo, Benedict plans to move into a refurbished convent in the Vatican Gardens, where he will live out his life in prayer and study, "hidden to the world", as he put it.

Having both a retired and a serving pope at the same time proved such a novelty that the Vatican took nearly two weeks to decide his title and form of clerical dress.

He will be known as the "pope emeritus," wear a simple white cassock rather than his white papal clothes and retire his famous red "shoes of the fisherman," a symbol of the blood of the early Christian martyrs, for more pedestrian brown ones.

(Reporting By Tom Heneghan; editing by Philip Pullella and Giles Elgood)

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U.S. will give Syrian rebels medical, food aid, not arms

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ROME (Reuters) - The United States will send non-lethal aid directly to Syrian rebels for the first time, Secretary of State John Kerry said on Thursday, disappointing opponents of President Bashar al-Assad who are demanding Western weapons.


More than 70,000 Syrians have been killed in a devastating conflict that began with peaceful anti-Assad protests nearly two years ago. Some 860,000 have fled abroad and several million are displaced within the country or need humanitarian assistance.


Kerry, speaking in Rome after a meeting of the mainly Western and Arab "Friends of Syria" group said his country would more than double its aid to the Syrian civilian opposition, giving it an extra $60 million to help provide security.


The United States would now "extend food and medical supplies to the opposition, including to the Syrian opposition's Supreme Military (Council)," Kerry said.


In their final statement, the Friends of Syria pledged more political and material support to the opposition Syrian National Coalition, a fractious group that has struggled to gain traction inside Syria, especially among disparate rebel forces.


Riad Seif, a coalition leader, said on the eve of the Rome talks that it would demand "qualitative military support", though another coalition official welcomed the shift in the U.S. stance.


"We move forward with a great deal of cautious optimism," said Yasser Tabbara. "We heard today a different kind of discourse," he said, adding the opposition need military and political support.


The modest U.S. policy shift may compound the frustration that had prompted the coalition to declare last week it would boycott the Rome talks. It changed its mind under U.S. pressure.


Many in the coalition say Western reluctance to arm rebels only plays into the hands of Islamist militants now widely seen as the most effective forces in the struggle to topple Assad.


However, a European diplomat held out the prospect of possible Western military support, saying the coalition and its Western and Arab backers would meet in Istanbul next week to discuss military and humanitarian support to the rebels.


MEALS READY TO EAT


Kerry's offer of medical aid and Meals Ready to Eat (MREs), the U.S. army's basic ration, fell far short of rebel demands for sophisticated anti-tank and anti-aircraft weapons to help tip the balance against Assad's mostly Russian-supplied forces.


It also stopped short of providing other forms of non-lethal assistance such as bullet-proof vests, armored personnel vehicles and military training to the insurgents.


The Rome talks were the latest evidence that the United States and its allies have no appetite for military intervention in Syria, after the withdrawal of U.S.-led troops from Iraq and the drawdown under way in Afghanistan.


The final communique called for an immediate halt to "unabated" arms supplies to Damascus by third countries, referring mostly to Assad's allies Russia and Iran.


It also said Syria must immediately stop indiscriminate bombardment of populated areas, which it described as crimes against humanity. NATO officials say Assad's military has fired ballistic missiles within Syria, which the government denies.


Human Rights Watch has reported that at least 171 civilians were killed in four Scud missile strikes last week.


The "Friends of Syria" pledged "more political and material support to the coalition as the sole legitimate representative of the Syrian people and to get more concrete assistance inside Syria", but gave no details on exactly what would be provided.


Kerry said earlier this week he would not leave the Syrian opposition "dangling in the wind" unsure of getting support.


But the White House continues to resist providing weaponry to the rebel forces, arguing there was no way to guarantee the arms might not fall into the hands of militants who might eventually use them against Western or Israeli targets.


"HUGE DEBATE"


U.S. officials have said that the U.S. Defense and State Departments, under former Secretary of Defense Leon Panetta and former Secretary of State Hillary Clinton, privately recommended that the White House arm the rebels but were overruled.


"It's a huge debate inside the administration between those that have to deal with Syria on an everyday basis, the State Department and DoD particularly, and the White House, which ... until now has vetoed any kind of outreach to the armed groups," said Andrew Tabler, senior fellow at the Washington Institute for Near East Policy, a think-tank in the U.S. capital.


The United States says it has already provided more than $50 million in non-lethal assistance such as communications gear and governance training to the civilian opposition.


A source in the Syrian coalition, however, said even the extra $60 million promised by Washington was a pittance compared to what he said was the $40 million a day in humanitarian aid needed for Syrian refugees and internally displaced persons.


The United States has provided some $365 million in humanitarian aid for Syrian refugees in countries such as Turkey, Jordan and Lebanon and for internally displaced people, channeling this money through non-governmental organizations.


More than 40,000 people a week are fleeing Syria and the total number of refugees will likely pass 1 million in less than a month, far sooner than the United Nations had forecast, a senior U.N. official told the Security Council on Wednesday.


U.N. High Commissioner for Refugees António Guterres said his agency had registered 936,000 Syrians across the Middle East and North Africa, nearly 30 times as many as in April last year.


"We expected to have 1.1 million Syrian refugees by June. If things continue to accelerate like this, it will take less than a month to reach that number," he told the 15-member council.


(Writing by Alistair Lyon; Editing by Jon Boyle)



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Minnesota takes down No. 1 Indiana 77-73

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MINNEAPOLIS (AP) — Retaining that No. 1 national ranking has been elusive throughout this wild season in college basketball, and Indiana was the latest to lose at the top — again.


Most important and maybe more challenging for the Hoosiers, however, is holding on to first place in the tough-as-ever Big Ten.


Trevor Mbakwe had 21 points on 8-for-10 shooting and 12 rebounds to help Minnesota take down top-ranked Indiana 77-73 on Tuesday night, the seventh time the No. 1 team in the Associated Press poll has lost this season. Three of those losses were by the Hoosiers, who were No. 1 when they fell to Butler and Wisconsin earlier this season. All three opponents were unranked at the time.


Indiana (24-4, 12-3) has held the No. 1 ranking for 10 of the 17 polls by the AP this season, including the last four, and that will likely change next week. But fending off Michigan, Michigan State and Wisconsin is what's on the minds of the Hoosiers, who'll take a one-game lead in the conference race into Saturday's game against Iowa.


"Winning the Big Ten was going to be tough whether we won today or lost," said star guard Victor Oladipo, who had 16 points. "We knew it was going to be tough from the jump. Now it's even tougher. But I think my team is ready for it. We just have to go back and see what we did wrong and correct it."


Andre Hollins added 16 points for the Gophers (19-9, 7-8), who outrebounded Cody Zeller and the Hoosiers by a whopping 44-30 and solidified their slipping NCAA tournament hopes with an emphatic performance against the conference leader. The fired-up fans swarmed the court as the last seconds ticked off, the first time that's happened here since a 2002 win over Indiana.


"There were just too many times when that first shot went up and they were there before we were because we didn't get into their bodies," Hoosiers coach Tom Crean said. "We weren't physical enough on the glass. That's the bottom line."


Zeller, the second-leading shooter in the Big Ten, went 2 for 9. He had nine points with four turnovers. Minnesota had 40 points in the paint to Indiana's 22.


Mbakwe, a sixth-year senior, had a lot to do with that. While positing his conference-leading seventh double-double of the season, the 24-year-old Mbakwe was a man among boys in many ways in this game, dominating both ends of the court when the Gophers needed him most. He grabbed six of Minnesota's 23 offensive rebounds, two of them to keep a key possession alive. His off-balance put-back drew contact for a three-point play with 7:22 left that gave the Gophers a 55-52 lead.


Mbakwe was called for a loudly questioned blocking foul, his fourth, with 4:39 remaining on Zeller's fast-break layup and free throw that put the Hoosiers up 59-58. But Austin Hollins answered with a pump-fake layup that drew a foul for a three-point play and a two-point advantage for the Gophers.


The Hoosiers didn't lead again, and Joe Coleman's fast-break dunk with 2:35 left gave Minnesota a 68-61 cushion that helped it withstand a couple of 3-pointers by Christian Watford and one by Jordan Hulls in the closing minutes. That was the only basket Hulls made after halftime. He had 17 points.


"Just the way we bounced back is unbelievable. We showed that we can beat one of the best teams in the country. Now we have to build off this," said Mbakwe, whose team lost eight of its previous 11 games starting with an 88-81 loss at Indiana on Jan. 12. The Gophers were ranked eighth then. They didn't even receive a vote in the current poll. That could change next week.


The Hoosiers are still in position for their first outright Big Ten regular-season championship since 1993. With another home game against Ohio State on March 5, Indiana could still clinch the title before the finale at Michigan on March 10.


For now, though, the Hoosiers have to regroup and re-establish their inside game after the trampling in the post they endured here.


"They were relentless on the glass. We just didn't do a great job of boxing them out," Oladipo said.


___


Follow Dave Campbell on Twitter: http://www.twitter.com/DaveCampbellAP


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Benedict: Pope aware of his flaws?

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Pope Benedict XVI delivers his last Angelus Blessing to thousands of pilgrims gathered in Saint Peter's Square on February 24.




STORY HIGHLIGHTS


  • Sister Mary Ann Walsh: Pope Benedict acknowledged that he made mistakes

  • Walsh: In firestorm over scholarly quotes about Islam, he went to great lengths to atone

  • Walsh: Similarly, he quickly reversed a decision that had angered Jews and repaired ties

  • Even his stepping down is a nod to his humanity and his love of the church, she says




Editor's note: Sister Mary Ann Walsh is director of media relations for the U.S. Conference of Catholic Bishops and a member of the Sisters of Mercy of the Americas Northeast Regional Community. She is a former foreign correspondent at Catholic News Service (CNS) in Rome and the editor of "John Paul II: A Light for the World," "Benedict XVI: Essays and Reflections on his Papacy," and "From Pope John Paul II to Benedict XVI."


(CNN) -- One of the Bible's paradoxical statements comes from St. Paul's Epistle to the Galatians: "Power is made perfect in infirmity."


The poetic statement proclaims that when we are weak, we are strong. Pope Benedict XVI's stepping down from what many consider one of the most powerful positions in the world proves it. In a position associated with infallibility -- though that refers to formal proclamations on faith and morals -- the pope declares his weakness.



Sister Mary Ann Walsh

Sister Mary Ann Walsh



His acceptance of frailty speaks realistically about humanity: We grow old, weaken, and eventually die. A job, even one guided by the Holy Spirit, as we Roman Catholics believe, can become too much for us.


Acceptance of human frailty has marked this papacy. We all make mistakes, but the pope makes them on a huge stage.


He was barely into his papacy, for example, when he visited Regensburg, Germany, where he once taught theology. Like many a professor, he offered a provocative statement to get the conversation going. To introduce the theme of his lecture, the pope quoted from an account of a dialogue between the Byzantine Emperor Manuel II Paleologus and an unnamed Muslim scholar, sometime near the end of the 14th century -- a quote that was misinterpreted by some as a condemnation of Mohammed and Islam.


Opinion: 'Gay lobby' behind pope's resignation? Not likely


Twice, the pope emphasized that he was quoting someone else's words. Unfortunately, the statement about Islam was taken as insult, not a discussion opener, and sparked rage throughout the Muslim world.


The startled pope had to explain himself. He apologized and traveled two months later to Istanbul's Blue Mosque, where he stood shoeless in prayer beside the Grand Mufti of Istanbul. Later he hosted Muslim leaders at the Vatican at the start of a Catholic-Muslim forum for dialogue. It was a human moment -- a mistake, an apology and atonement -- all round.










A similar controversy erupted when he tried to bring the schismatic Society of St. Pius X back into the Roman Catholic fold.


In a grand gesture toward reconciliation, he lifted the excommunication of four of its bishops, unaware that one, Richard Williamson, was a Holocaust denier. This outraged many Jews. Subsequently the Vatican said the bishop had not been vetted, and in a bow to modernity said officials at least should have looked him up on the Internet.


In humble response, Benedict reiterated his condemnation of anti-Semitism and told Williamson that he must recant his Holocaust views to be fully reinstated. Again, his admission of a mistake and an effort to mend fences.


News: Scandal threatens to overshadow pope's final days


Pope Benedict XVI came from a Catholic Bavarian town. Childhood family jaunts included trips to the shrine of the Black Madonna, Our Lady of Altotting. He entered the seminary at the age of 13. He became a priest, scholar and theologian. He lived his life in service to the church. Even in resigning from the papacy, he embraces the monastic life to pray for a church he has ever loved.


With hindsight, his visit to the tomb of 13th century Pope Celestine V, a Benedictine monk who resigned from the papacy eight centuries before, becomes poignant.


In 2009, on a visit to Aquila, Italy, Benedict left at Celestine's tomb the pallium, a stole-like vestment that signifies episcopal authority, that Benedict had worn for his installation as pope. The gesture takes on more meaning as the monkish Benedict steps down.


We expect the pope to be perfect. Catholics hold him to be the vicar of Christ on earth. He stands as a spiritual leader for much of the world. Statesmen visit him from around the globe. He lives among splendid architecture, in the shadow of the domed St. Peter's Basilica. All testify to an almost surreal omnipotence.


Complete coverage of the pope's resignation


In this world, however, walked a vulnerable, human person. And in a paradox of life, his most human moment -- giving up the power of office -- may prove to be his most potent, delivering a message that, as St. Paul noted many centuries ago, "Power is made perfect in infirmity."


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The opinions expressed in this commentary are solely those of Mary Ann Walsh.






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Kelly says win in Congressional primary a 'message' to the NRA

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Former state Rep. Robin Kelly easily won the special Democratic primary Tuesday night in the race to replace the disgraced Jesse Jackson Jr. in Congress, helped by millions of dollars in pro-gun control ads from New York Mayor Michael Bloomberg's political fund.


A snowstorm and lack of voter interest kept turnout low as Kelly had 52 percent to 25 percent for former U.S. Rep. Debbie Halvorson and 11 percent for Chicago 9th Ward Ald. Anthony Beale with 99 percent of precincts counted.


Kelly will formally take on the winner of the Republican primary in an April 9 special general election in the heavily Democratic district. In the GOP contest, less than 25 votes separated convicted felon Paul McKinley and businessman Eric Wallace.








Kelly framed her win as a victory for gun control forces.


"You sent a message that was heard around our state and across the nation," Kelly told supporters in a Matteson hotel ballroom. "A message that tells the NRA that their days of holding our country hostage are coming to an end.


"To every leader in the fight for gun control ready to work with President (Barack) Obama and Mayor (Rahm) Emanuel to stop this senseless violence, thank you for your leadership and thank you for your courage," she said.


Halvorson told supporters to rally around Kelly as the Democratic nominee. But Halvorson also made it clear she believed her biggest opponent was the mayor of New York, whose anti-gun super political action committee spent more than $2.2 million attacking her previous support from the National Rifle Association while backing Kelly.


"We all know how rough it was for me to have to run an election against someone who spent ($2.2) million against me," Halvorson said at Homewood restaurant. "Every 7½ minutes there was a commercial."


Bloomberg's Independence USA PAC was the largest campaign interest in the race and dominated the Chicago broadcast TV airwaves compared to a marginal buy by one minor candidate.


Beale also called Bloomberg's influence "the biggest disservice in this race."


"If this is the future of the Democratic Party, then we are all in big trouble," Beale said.


Bloomberg, an Emanuel ally in the fight for tougher gun restrictions, called Kelly's win "an important victory for common sense leadership on gun violence" as well as sign that voters "are demanding change" in a Congress that has refused to enact tougher gun restrictions, fearing the influence of the NRA.


But as much as Bloomberg sought to portray the Kelly win as a victory over the influential NRA, the national organization stayed out of the contest completely while the state rifle association sent out one late mailer for Halvorson.


Be it the TV ads or a late consolidation toward Kelly in the campaign, the former Matteson lawmaker made an impressive showing with Democratic voters in suburban Cook County, where the bulk of the district's vote was located, as well as on the South Side.


Despite the size of the field, Kelly got more than half of the votes cast in the two most populated areas of the district. Halvorson won by large percentages over Kelly in Kankakee County and the district's portion of Will County, but those two areas have very few votes.


The special primary election, by its nature, already had been expected to be a low-turnout affair — an expedited contest with little time for contenders to raise money or mount a traditional campaign.


Adding to the lack of interest was the fact that there were no other contests on the ballot in Chicago and most of the suburban Cook County portion of the district. Few contests were being held in Kankakee County and the portion of Will County within the 2nd District.


Turnout was reported to be around 15 percent in the city and suburban Cook. More than 98 percent of the primary votes cast in Chicago were Democratic, as were 97 percent of those cast in suburban Cook.


On the Republican side, the unofficial vote leader was McKinley, 54, who was arrested 11 times from 2003 to 2007, mostly for protesting, with almost all of the charges dropped. In the 1970s and '80s, McKinley was convicted of six felony counts, serving nearly 20 years in prison for burglaries, armed robberies and aggravated battery. He previously declined to discuss the circumstances of those crimes but has dubbed himself the "ex-offender preventing the next offender" in his campaign.


Records show McKinley also owes $14,147 in federal taxes, which might explain his answer at a forum when asked if he would cut any federal programs. "Certainly," he said. "The IRS."





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Futures rise in rebound after steep losses on Italy vote

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NEW YORK (Reuters) - U.S. stock index futures rose on Tuesday, indicating equities would partially rebound from a steep drop over Italian election results as investors saw opportunities to buy beaten-down shares.


Market participants speculated a coalition government would eventually emerge in Italy and ease worries about a new euro zone debt crisis.


Groups in Italy opposed to economic reforms posted a strong showing, resulting in a political deadlock with a comedian's protest party leading the poll and no group securing a clear majority in parliament.


"We've gone to an environment of political stability to instability, and until we get some type of clarity over who is in charge, which could take days, the market will have renewed concerns," said Art Hogan, managing director of Lazard Capital Markets in New York.


"Investors are taking advantage of the drop, and once some kind of coalition government is formed most of our concerns will be put to rest," Hogan said.


S&P 500 futures rose 3.9 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 38 points and Nasdaq 100 futures rose 5.75 points.


Major indexes fell more than 1 percent on Monday, with the S&P 500 having its biggest daily drop since November as investors fretted that if Italy does not undertake reforms, that could once again destabilize the euro zone. European equities <.fteu3>, which closed before the results on Monday, fell 1.1 percent.


Investors will pay close attention to the first of two days of congressional testimony by Federal Reserve Chairman Ben Bernanke for insight into the central bank's view of the economy, as well as the outlook for its bond buying program. Last week, equities fell on concerns the program might end sooner than had been anticipated.


Bernanke appears before the Senate Banking Committee at 10 a.m. (1500 GMT).


Economic data will include the CaseShiller report on December home prices at 9 a.m. (1400 GMT). Analysts expect a 0.5 percent rise. January consumer confidence is scheduled for 10 a.m. and is seen rising to 61.0 from 58.6 in the previous month. New-home sales for January also are due at 10 a.m.


The rise in U.S. futures suggests that a recent trend of investors buying on dips will continue. Last week, concerns the Fed might roll back its stimulus policy earlier than expected prompted a sharp two-day decline, though equities recovered most of the lost ground by the end of the week.


Financial shares may be among the most volatile, as the group is closely tied to the pace of global economic growth. Morgan Stanley was one of the top percentage losers on the S&P on Monday, dropping more than 6 percent on concerns about the company's exposure to European debt. It rose 0.8 percent to $22.20 in premarket trading on Tuesday.


Dow component Home Depot Inc , the world's largest home improvement retailer, reported adjusted earnings and sales that beat expectations. Its stock rose 1.5 percent to $64.90 in premarket trading.


For the benchmark S&P 500 index, 1,500 will be watched as a key level after the index closed below it on Monday for the first time since February 4, with selling accelerating after falling below it. An inability to break back above it could portend further losses.


The S&P remains 4.3 percent higher on the year. With 83 percent of the S&P 500 having reported so far, 69 percent beat profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data. Fourth-quarter S&P earnings are seen having risen 6 percent, above a 1.9 percent forecast at the start of the earnings season.


(Editing by Chizu Nomiyama and Kenneth Barry)



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AP source: Tom Brady gets 3-year extension

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Tom Brady will be a Patriot until he is 40 years old.


Brady agreed to a three-year contract extension with New England on Monday, a person familiar with the contract told The Associated Press. The extension is worth about $27 million and will free up nearly $15 million in salary cap room for the team, which has several younger players it needs to re-sign or negotiate new deals with.


The person spoke on condition of anonymity because the extension has not been announced.


Sports Illustrated first reported the extension.


The 35-year-old two-time league MVP was signed through 2014, and has said he wants to play at least five more years.


A three-time Super Bowl champion, Brady will make far less in those three seasons than the going rate for star quarterbacks. Brady currently has a four-year, $72 million deal with $48 million guaranteed.


Drew Brees and Peyton Manning are the NFL's highest-paid quarterbacks, at an average of $20 million and $18 million a year, respectively.


Brady has made it clear he wants to finish his career with the Patriots, whom he led to Super Bowl wins for the 2001, 2003 and 2004 seasons, and losses in the big game after the 2007 and 2011 seasons. By taking less money in the extension and redoing his current contract, he's hopeful New England can surround him with the parts to win more titles.


Among the Patriots' free agents are top receiver Wes Welker and his backup, Julian Edelman; right tackle Sebastian Vollmer; cornerback Aqib Talib; and running back Danny Woodhead.


Brady has been the most successful quarterback of his era, of course, as well as one of the NFL's best leaders. His skill at running the no-huddle offense is unsurpassed, and he's easily adapted to the different offensive schemes New England has concentrated on through his 13 pro seasons.


The Patriots have gone from run-oriented in Brady's early days to a deep passing team with Randy Moss to an offense dominated by throws to tight ends, running backs and slot receivers.


Brady holds the NFL record for touchdown passes in a season with 50 in 2007, when the Patriots went 18-0 before losing the Super Bowl to the Giants. He has thrown for at least 28 touchdowns seven times and led the league three times.


Last season, Brady had 34 TD passes and eight interceptions as the Patriots went 12-4, leading the league with 557 points, 76 more than runner-up Denver.


Read More..

Vatican 'Gay lobby'? Probably not

0 comments





STORY HIGHLIGHTS


  • Benedict XVI not stepping down under pressure from 'gay lobby,' Allen says

  • Allen: Benedict is a man who prefers the life of the mind to the nuts and bolts of government

  • However, he says, much of the pope's time has been spent putting out fires




Editor's note: John L. Allen Jr. is CNN's senior Vatican analyst and senior correspondent for the National Catholic Reporter.


(CNN) -- Suffice it to say that of all possible storylines to emerge, heading into the election of a new pope, sensational charges of a shadowy "gay lobby" (possibly linked to blackmail), whose occult influence may have been behind the resignation of Benedict XVI, would be right at the bottom of the Vatican's wish list.


Proof of the Vatican's irritation came with a blistering statement Saturday complaining of "unverified, unverifiable or completely false news stories," even suggesting the media is trying to influence the papal election.


Two basic questions have to be asked about all this. First, is there really a secret dossier about a network of people inside the Vatican who are linked by their sexual orientation, as Italian newspaper reports have alleged? Second, is this really why Benedict XVI quit?



John L. Allen Jr.

John L. Allen Jr.



The best answers, respectively, are "maybe" and "probably not."


It's a matter of record that at the peak of last year's massive Vatican leaks crisis, Benedict XVI created a commission of three cardinals to investigate the leaks. They submitted an eyes-only report to the pope in mid-December, which has not been made public.


It's impossible to confirm whether that report looked into the possibility that people protecting secrets about their sex lives were involved with the leaks, but frankly, it would be surprising if it didn't.


There are certainly compelling reasons to consider the hypothesis. In 2007, a Vatican official was caught by an Italian TV network on hidden camera arranging a date through a gay-oriented chat room, and then taking the young man back to his Vatican apartment. In 2010, a papal ceremonial officer was caught on a wiretap arranging liaisons through a Nigerian member of a Vatican choir. Both episodes played out in full public view, and gave the Vatican a black eye.









Pope Benedict XVI































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In that context, it would be a little odd if the cardinals didn't at least consider the possibility that insiders leading a double life might be vulnerable to pressure to betray the pope's confidence. That would apply not just to sex, but also potential conflicts of other sorts too, such as financial interests.


Vatican officials have said Benedict may authorize giving the report to the 116 cardinals who will elect his successor, so they can factor it into their deliberations. The most immediate fallout is that the affair is likely to strengthen the conviction among many cardinals that the next pope has to lead a serious house-cleaning inside the Vatican's bureaucracy.


It seems a stretch, however, to suggest this is the real reason Benedict is leaving. For the most part, one should probably take the pope at his word, that old age and fatigue are the motives for his decision.


That said, it's hard not to suspect that the meltdowns and controversies that have dogged Benedict XVI for the last eight years are in the background of why he's so tired. In 2009, at the height of another frenzy surrounding the lifting of the excommunication of a Holocaust-denying traditionalist bishop, Benedict dispatched a plaintive letter to the bishops of the world, voicing hurt for the way he'd been attacked and apologizing for the Vatican's mishandling of the situation.


Even if Benedict didn't resign because of any specific crisis, including this latest one, such anguish must have taken its toll. Benedict is a teaching pope, a man who prefers the life of the mind to the nuts and bolts of government, yet an enormous share of his time and energy has been consumed trying to put out internal fires.


It's hard to know why Benedict XVI is stepping off the stage, but I doubt it is because of a "gay lobby."


Follow us on Twitter @CNNOpinion.


Join us on Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of John L. Allen Jr.






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Porch collapses on 2 firefighters battling extra-alarm blaze

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Two firefighters were hurt in an extra-alarm fire on the South Side early this morning




















































Two firefighters were hurt when a porch collapsed at an extra-alarm fire in Gresham on the South Side this morning, sending them through the floor into the basement, officials said.

The collapse trapped both firefighters and officials called a mayday as firefighters scrambled to free them. They were finally able to reach the two by breaking through a side window, and the injured firefighters were taken to Little Company of Mary Hospital.






The firefighters, both veterans of the department, suffered relatively minor injuries but the situation "could have been a lot worse," said Deputy Fire Commissioner John McNicholas.

"Had we had fire in that basement, things could have been a different story here," he said.

The 2-11 alarm fire broke out about 3:40 a.m. in vacant home in the 8800 block of South Parnell Avenue, spreading to a house next door.   A family of five was living in the second home but escaped uninjured.

The cause of the fire was under investigation.

Tribune photographer John J. Kim contributed.


asege@tribune.com


Twitter: @AdamSege






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Stock futures point to higher open, Barnes & Noble rallies

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NEW YORK (Reuters) - U.S. stock index futures pointed to a higher open on Monday, suggesting the equity rally was intact despite concerns that the Federal Reserve could curtail its stimulus for the economy sooner than many expected.


Stocks have been strong performers so far this year, with the S&P 500 jumping 6.2 percent in 2013 to hover around its highest levels since 2007. That has prompted many to predict a pullback, but so far declines have been neutralized as investors use any dip as a buying opportunity.


Barnes & Noble Inc will be in focus after the Wall Street Journal reported that Chairman Leonard Riggio was considering a bid for the company's bookstore business. The stock jumped 13 percent to $15.25 in premarket trading.


While the S&P fell last week, the decline was a slight 0.3 percent and was the first weekly drop after a seven-week string of gains, suggesting many may still be looking for a consolidation.


"People are cautious about investing near five-year highs, especially given the pace at which we got here, but there's still room to grow and any pullback should be shallow," said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York.


S&P 500 futures rose 7 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 57 points and Nasdaq 100 futures rose 18.25 points.


The gains have come on strong corporate earnings. With 83 percent of the S&P 500 having reported results, 69 percent of beat profit expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters, according to Thomson Reuters data.


In addition, the market has risen against a backdrop of stimulus from the Federal Reserve. Last week stocks faltered when some Fed officials seemed to suggest the stimulus may be curtailed earlier than many expected, though subsequent comments seemed to allay those concerns.


Another test for equities will come with the looming debate over massive U.S. government budget cuts that will take effect on Friday if lawmakers fail to reach an agreement over spending and taxes. The White House issued warnings about the harm the cuts. referred to as sequester are likely to inflict on the economy if enacted.


"Right now we're looking past the sequester, but as we go forward we may see more anxiety if it doesn't look like our leaders can get anything together," Pavlik said.


More government-related uncertainty came from Italy, where a close election left questions about how the country would handle its three-year debt crisis. Last year, inconclusive Greek elections sparked a protracted selloff and a period of uncertainty in U.S. equity markets as well.


Still, European shares <.fteu3> were higher on Monday, rising 0.4 percent after a smooth Italian debt auction.


Lowe's Cos Inc reported earnings that beat expectations, helped by rebuilding efforts after Hurricane Sandy in the United States. Shares rose 0.6 percent to $37.90 before the bell.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 6 percent, according to Thomson Reuters data, above a 1.9 percent forecast at the start of the earnings season.


Dow component Johnson & Johnson forecast a negative impact to its first-quarter earnings as a result of a Venezuelan currency devaluation, though the charge wouldn't impact its full-year guidance.


Dynavax Technologies Inc shares plunged 27 percent to $2.18 before the bell after the Food and Drug Administration denied approval for the company's adult hepatitis B vaccine and sought additional data for evaluate its safety.


U.S. stocks closed higher on Friday, boosted by strong results from Hewlett-Packard Co , as well as allayed concerns over Fed policy.


(Editing by Chizu Nomiyama and Kenneth Barry)



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Johnson back on top with 2nd Daytona 500 victory

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DAYTONA BEACH, Fla. (AP) — Jimmie Johnson went two years without a title and suddenly became an afterthought at the Daytona 500.


All the attention went to Danica Patrick and a handful of other drivers.


Not that it mattered Sunday, because look who pulled into Victory Lane.


Five-time is back. Not that he ever went away.


Johnson won his second Daytona 500 on Sunday, a year after he completed just one lap in the race and three months after falling short in his bid for a sixth Sprint Cup title. That so-called drought had made him something of a no-name during Speedweeks.


"In my mind, I didn't feel like I was under the radar," he said. "I felt like we were working hard to put the best product on the track. I guess I was quiet in the overall spectrum of things from the media side. I think people in the garage, people knew we were sitting on a lot of speed and had a very good race car."


But in winning the biggest race of the year, the No. 48 team wasn't sending a message to the competitors.


"I don't think we went anywhere; anybody in the garage area, they're wise to all that," Johnson said.


Johnson's win came on the same day that Patrick, who became the first woman in history to start a Sprint Cup race from the pole, again made history as the first woman to lead laps in the Daytona 500.


She ran inside the top 10 almost the entire race, kept pace with the field and never panicked on the track.


Her only mistakes were on pit road, where she got beat on the race back to the track, and on the final lap, when she was running third but got snookered by the veterans and faded to eighth. That's going to stick with Patrick for some time.


"I would imagine pretty much anyone would be kicking themselves about what they coulda, shoulda have done to give themselves an opportunity to win," she said. "I think that's what I was feeling today, was uncertainty as to how I was going to accomplish that."


There were several multicar crashes, but no one was hurt and none of them approached the magnitude of the wreck that injured more than two dozen fans in the grandstand at the end of the second-tier Nationwide Series race on the same track a day earlier. Daytona International Speedway workers were up until 2 a.m repairing the fence that was damaged in the accident, and track officials offered Sunday morning to move any fans who felt uneasy sitting close to the track.


Several drivers said the accident and concern for the fans stuck with them overnight and into Sunday morning, and Johnson was quick to send his thoughts from Victory Lane.


"I just want to give a big shout-out to all the fans, and I also want to send my thoughts and prayers out to everybody that was injured in the grandstands," Johnson said.


Dale Earnhardt Jr., whose father was killed in this race 12 years ago, was involved in Saturday's accident but refocused and finished second to Johnson, his Hendrick Motorsports teammate.


"Me personally, I was just really waiting to get the news on how everybody was, how all the fans were overnight, just hoping that things were going to improve," Earnhardt said, adding that he "wasn't really ready to proceed until you had some confirmation that things were looking more positive."


The race itself, the debut for NASCAR's new Gen-6 car, was quite similar to all the other Cup races during Speedweeks in that the cars seemed to line up in a single-file parade along the top groove of the track. It made the 55th running of the Daytona 500 relatively uneventful.


When the race was on the line, Johnson took off.


The driver known as "Five-time" raced past defending NASCAR champion Brad Keselowski on the final restart and pulled out to a sizeable lead that nobody challenged over the final six laps.


Johnson and Keselowski went down to the wire last season in their race for the Sprint Cup title, with Johnson faltering in the final two races as Keselowski won his first Cup championship.


Although it was a bit of an upset that stuck with Johnson into the offseason, it gave him no extra motivation when he found himself racing with Keselowski late Sunday for the Daytona 500.


"As far as racing with Brad out there, you really lose sight of who is in what car," Johnson said. "It's just somebody between you and the trophy. It could have been anybody."


Once Johnson cleared Keselowski on the last restart he had a breakaway lead with Greg Biffle and Patrick behind him. But as the field closed in on the checkered flag, Earnhardt finally made his move, just too late and too far behind to get close enough to the lead.


Earnhardt wound up second for the third time in the last four years. But with all the crashes the Hendrick cars have endured in restrictor-plate races — teammate Kasey Kahne was in the first accident Sunday — team owner Rick Hendrick was just fine with the finish.


"We have a hard time finishing these races. Boy, to run 1-2, man, what a day," Hendrick said. Jeff Gordon, who was a contender early, faded late to 20th.


And Johnson considered himself lucky to be the one holding the trophy at the end.


"Man, it's like playing the lottery; everybody's got a ticket," he said. "I've struck out a lot at these tracks, left with torn-up race cars. Today we had a clean day."


Mark Martin was third in a Michael Waltrip Racing Toyota. Keselowski, who overcame two accidents earlier in the race, wound up fourth in Penske Racing's new Ford. Ryan Newman was fifth in a Chevy for Stewart-Haas Racing and was followed by Roush-Fenway Racing's Greg Biffle, who was second on the last lap but was shuffled back with Patrick to finish sixth.


Regan Smith was seventh for Phoenix Racing, while Patrick, Michael McDowell and JJ Yeley rounded out the top 10.


Patrick was clearly disappointed with her finish. When the race was on the line, she was schooled by Earnhardt, who made his last move and blocked any chance she had.


Still, Patrick became the first woman in history to lead laps in the 500 when she passed Michael Waltrip on a restart on Lap 90. She stayed on the point for two laps, then was shuffled back to third. She ended up leading five laps, another groundbreaking moment for Patrick, who as a rookie in 2005 became the first woman to lead the Indianapolis 500 and now is the 13th driver to lead laps in both the Daytona 500 and the Indy 500.


"Dale did a nice job and showed what happens when you plan it out, you drop back and get that momentum. You are able to go to the front," Patrick said. "I think he taught me something. I'm sure I'll watch the race and there will be other scenarios I see that can teach me, too."


Earnhardt was impressed, nonetheless.


"She's going to make a lot of history all year long. It's going to be a lot of fun to watch her progress," he said. "Every time I've seen her in a pretty hectic situation, she always really remained calm. She's got a great level head. She's a racer. She knows what's coming. She's smart about her decisions. She knew what to do today as far as track position and not taking risks. I enjoy racing with her."


Johnson, one of three heavyweight drivers who took their young daughters to meet Patrick — "the girl in the bright green car" — after she won the pole in qualifications, tipped his cap, too.


"I didn't think about it being Danica in the car," Johnson said. "It was just another car on the track that was fast. That's a credit to her and the job she's doing."


The field was weakened by an early nine-car accident that knocked out race favorite Kevin Harvick and sentimental favorite Tony Stewart.


Harvick had won two support races coming into the 500 to cement himself as the driver to beat, but the accident sent him home with a 42nd place finish.


Stewart, meanwhile, dropped to 0-for-15 in one of the few races the three-time NASCAR champion has never won.


"If I didn't tell you I was heartbroken and disappointed, I'd be lying to you," Stewart said.


That accident also took former winner Jamie McMurray, his Chip Ganassi Racing teammate Juan Pablo Montoya, and Kasey Kahne out of contention.


The next accident — involving nine cars — came 105 laps later and brought a thankful end to Speedweeks for Carl Edwards. He was caught in his fifth accident since testing last month, and this wreck collected six other Ford drivers.


The field suddenly had six Toyota drivers at the front as Joe Gibbs Racing and Michael Waltrip Racing drivers took control of the race. But JGR's day blew up — literally — when the team was running 1-2-3 with Matt Kenseth, Denny Hamlin and Kyle Busch setting the pace.


Kenseth, who led a race-high 86 laps, went to pit road first with an engine problem, and Busch was right behind him with a blown engine. Busch was already in street clothes watching as Hamlin led the field.


"It's a little devastating when you are running 1-2-3 like that," Busch said.


Hamlin's shot disappeared when he found himself in the wrong lane on the final restart. He tried to hook up with Keselowski to get them back to Johnson, but blamed former teammate Joey Logano for ruining the momentum of the bottom lane.


Hamlin offered a backhanded apology to Keselowski on Twitter, posting that he couldn't get close enough because "your genius teammate was too busy messing up the inside line 1 move at a time."


Read More..

Vatican 'Gay lobby'? Probably not

0 comments





STORY HIGHLIGHTS


  • Benedict XVI not stepping down under pressure from 'gay lobby,' Allen says

  • Allen: Benedict is a man who prefers the life of the mind to the nuts and bolts of government

  • However, he says, much of the pope's time has been spent putting out fires




Editor's note: John L. Allen Jr. is CNN's senior Vatican analyst and senior correspondent for the National Catholic Reporter.


(CNN) -- Suffice it to say that of all possible storylines to emerge, heading into the election of a new pope, sensational charges of a shadowy "gay lobby" (possibly linked to blackmail), whose occult influence may have been behind the resignation of Benedict XVI, would be right at the bottom of the Vatican's wish list.


Proof of the Vatican's irritation came with a blistering statement Saturday complaining of "unverified, unverifiable or completely false news stories," even suggesting the media is trying to influence the papal election.


Two basic questions have to be asked about all this. First, is there really a secret dossier about a network of people inside the Vatican who are linked by their sexual orientation, as Italian newspaper reports have alleged? Second, is this really why Benedict XVI quit?



John L. Allen Jr.

John L. Allen Jr.



The best answers, respectively, are "maybe" and "probably not."


It's a matter of record that at the peak of last year's massive Vatican leaks crisis, Benedict XVI created a commission of three cardinals to investigate the leaks. They submitted an eyes-only report to the pope in mid-December, which has not been made public.


It's impossible to confirm whether that report looked into the possibility that people protecting secrets about their sex lives were involved with the leaks, but frankly, it would be surprising if it didn't.


There are certainly compelling reasons to consider the hypothesis. In 2007, a Vatican official was caught by an Italian TV network on hidden camera arranging a date through a gay-oriented chat room, and then taking the young man back to his Vatican apartment. In 2010, a papal ceremonial officer was caught on a wiretap arranging liaisons through a Nigerian member of a Vatican choir. Both episodes played out in full public view, and gave the Vatican a black eye.









Pope Benedict XVI































HIDE CAPTION





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1




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4




5




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10




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>


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In that context, it would be a little odd if the cardinals didn't at least consider the possibility that insiders leading a double life might be vulnerable to pressure to betray the pope's confidence. That would apply not just to sex, but also potential conflicts of other sorts too, such as financial interests.


Vatican officials have said Benedict may authorize giving the report to the 116 cardinals who will elect his successor, so they can factor it into their deliberations. The most immediate fallout is that the affair is likely to strengthen the conviction among many cardinals that the next pope has to lead a serious house-cleaning inside the Vatican's bureaucracy.


It seems a stretch, however, to suggest this is the real reason Benedict is leaving. For the most part, one should probably take the pope at his word, that old age and fatigue are the motives for his decision.


That said, it's hard not to suspect that the meltdowns and controversies that have dogged Benedict XVI for the last eight years are in the background of why he's so tired. In 2009, at the height of another frenzy surrounding the lifting of the excommunication of a Holocaust-denying traditionalist bishop, Benedict dispatched a plaintive letter to the bishops of the world, voicing hurt for the way he'd been attacked and apologizing for the Vatican's mishandling of the situation.


Even if Benedict didn't resign because of any specific crisis, including this latest one, such anguish must have taken its toll. Benedict is a teaching pope, a man who prefers the life of the mind to the nuts and bolts of government, yet an enormous share of his time and energy has been consumed trying to put out internal fires.


It's hard to know why Benedict XVI is stepping off the stage, but I doubt it is because of a "gay lobby."


Follow us on Twitter @CNNOpinion.


Join us on Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of John L. Allen Jr.






Read More..

Storm watch issued as system bears down on Chicago

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For the second time in less than a week, the Chicago area is in line for a snowstorm that promises a mixture of freezing rain, sleet and snow with enough accumulation to bring out the snow shovels.


Early predictions from the National Weather Service pegged the potential snowfall at about 3-6 inches, about what the storm left the end of last week. But the weather service says it's still unclear which areas will be hit with what: If the temperature is above freezing, there will be less snow, and if it's below, there will be more.


The weather service has issued a winter storm watch from Tuesday morning through the evening.








The weather service said the snow will start sometime after midnight Tuesday morning, with freezing rain turning to sleet to wet snow by early afternoon. With winds gusting about 35 mph, some of that snow will drift and made Tuesday a bad day on the roads.


The track of the storm is over the Texas panhandle northeast and through Missouri and southern Illinois and central Indiana, the Lake Erie area early Wednesday. North of the low pressure path, winter storm watches are in effect from late Monday through Tuesday from Missouri through northern Illinois, the southeastern corner of Wisconsin, extreme northern Indiana and much of Lower Michigan.

In the Chicago area, there could be heavy snow of 6 inches or more Tuesday generally north of Interstate 80, with northeast winds at 25 to 35 mph whipping and blowing the snow, according to the Chicago Weather Center.


Rain, a period of freezing rain and sleet will spread north out of central Illinois early Tuesday, changing over to a heavy wet snow in the Chicago metro area and across the far west through north suburbs into southern Wisconsin.

A combination of freezing rain, sleet and snow will cause hazardous driving across northern Indiana Tuesday. The precipitation will be all snow across Illinois later Tuesday.


According to the Chicago Weather Center, February has been an unusually snowy month during a winter that has been unusually snowless. Through Saturday, there has been 10.1 inches of snow, about 136 percent of normal, while the winter's total has been 13.6 inches, way below normal.


Midwest roundup


A wind-driven snowstorm blanketed eastern Colorado on Sunday, creating blizzard conditions on the High Plains and prompting the cancellation of 200 flights in and out of Denver International Airport, authorities said.


Gov. John Hickenlooper ordered all non-essential state workers to report to work two hours later than scheduled on Monday to give Denver snow plow drivers more time to clear city streets.


By early evening, 10 inches of snow had accumulated in the Denver metropolitan area, as snowfall tapered off. Blizzard conditions will remain through the night on the eastern Colorado plains, weather forecasters said.


"It's still snowing out there and there's been a lot of blowing and drifting that's made the roads tough," National Weather Service meteorologist Brad Gimmestad said.


The Denver International Airport remained open but travelers could expect delays of up to two hours as crews de-iced departing aircraft and plowed the runways, said spokeswoman Laura Coale. The airport typically handles about 1,500 flights on a Sunday.


A deep, low-pressure system near the Four Corners borders of Colorado, New Mexico, Arizona and Utah had stalled, dumping heavy snow in eastern Colorado, the weather service's Jim Kalina said.


"That setup makes it a snow event mostly for areas east of the Continental Divide," Kalina said.


Reuters contributed


chicagobreaking@tribune.com


Twitter: @ChicagoBreaking





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Powers to offer Iran sanctions relief at nuclear talks: U.S. official

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ALMATY (Reuters) - Major powers will offer Iran some sanctions relief during talks in Almaty, Kazakhstan, this week if Tehran agrees to curb its nuclear program, a U.S. official said on Monday.


However, the Islamic Republic could face more economic pain if the standoff remains unresolved, the official said ahead of the February 26-27 meeting, speaking on condition of anonymity.


"We think ... there will be some additional sanctions relief (in the powers' updated proposal to Iran)," the official said, without giving details.


Western diplomats have told Reuters that the United States, Russia, China, Britain, Germany and France will offer to ease sanctions on trade in gold and precious metals if Iran closes its Fordow underground uranium enrichment plant.


Iranian officials have indicated, however, that this will not be enough. Iran denies Western it is seeking to develop the capability to make nuclear bombs, saying its program is entirely peaceful.


The U.S. official said the powers hoped that the Almaty meeting would lead to follow-up talks soon. "We are ready to step up the pace of our meetings and our discussions," the official said, adding the United States would also be prepared to hold bilateral talks with Tehran if it was serious about it.


(Reporting by Fredrik Dahl and Justyna Pawlak; Editing by Jon Boyle)



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Investors face another Washington deadline

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NEW YORK (Reuters) - Investors face another Washington-imposed deadline on government spending cuts next week, but it's not generating the same level of fear as two months ago when the "fiscal cliff" loomed large.


Investors in sectors most likely to be affected by the cuts, like defense, seem untroubled that the budget talks could send stocks tumbling.


Talks on the U.S. budget crisis began again this week leading up to the March 1 deadline for the so-called sequestration when $85 billion in automatic federal spending cuts are scheduled to take effect.


"It's at this point a political hot button in Washington but a very low level investor concern," said Fred Dickson, chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. The fight pits President Barack Obama and fellow Democrats against congressional Republicans.


Stocks rallied in early January after a compromise temporarily avoided the fiscal cliff, and the Standard & Poor's 500 index <.spx> has risen 6.3 percent since the start of the year.


But the benchmark index lost steam this week, posting its first week of losses since the start of the year. Minutes on Wednesday from the last Federal Reserve meeting, which suggested the central bank may slow or stop its stimulus policy sooner than expected, provided the catalyst.


National elections in Italy on Sunday and Monday could also add to investor concern. Most investors expect a government headed by Pier Luigi Bersani to win and continue with reforms to tackle Italy's debt problems. However, a resurgence by former leader Silvio Berlusconi has raised doubts.


"Europe has been in the last six months less of a topic for the stock market, but the problems haven't gone away. This may bring back investor attention to that," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.


OPTIONS BULLS TARGET GAINS


The spending cuts, if they go ahead, could hit the defense industry particularly hard.


Yet in the options market, bulls were targeting gains in Lockheed Martin Corp , the Pentagon's biggest supplier.


Calls on the stock far outpaced puts, suggesting that many investors anticipate the stock to move higher. Overall options volume on the stock was 2.8 times the daily average with 17,000 calls and 3,360 puts traded, according to options analytics firm Trade Alert.


"The upside call buying in Lockheed solidifies the idea that option investors are not pricing in a lot of downside risk in most defense stocks from the likely impact of sequestration," said Jared Woodard, a founder of research and advisory firm condoroptions.com in Forest, Virginia.


The stock ended up 0.6 percent at $88.12 on Friday.


If lawmakers fail to reach an agreement on reducing the U.S. budget deficit in the next few days, a sequester would include significant cuts in defense spending. Companies such as General Dynamics Corp and Smith & Wesson Holding Corp could be affected.


General Dynamics Corp shares rose 1.2 percent to $67.32 and Smith & Wesson added 4.6 percent to $9.18 on Friday.


EYES ON GDP DATA, APPLE


The latest data on fourth-quarter U.S. gross domestic product is expected on Thursday, and some analysts predict an upward revision following trade data that showed America's deficit shrank in December to its narrowest in nearly three years.


U.S. GDP unexpectedly contracted in the fourth quarter, according to an earlier government estimate, but analysts said there was no reason for panic, given that consumer spending and business investment picked up.


Investors will be looking for any hints of changes in the Fed's policy of monetary easing when Fed Chairman Ben Bernake speaks before congressional committees on Tuesday and Wednesday.


Shares of Apple will be watched closely next week when the company's annual stockholders' meeting is held.


On Friday, a U.S. judge handed outspoken hedge fund manager David Einhorn a victory in his battle with the iPhone maker, blocking the company from moving forward with a shareholder vote on a controversial proposal to limit the company's ability to issue preferred stock.


(Additional reporting by Doris Frankel; Editing by Kenneth Barry)



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France's Pinturault wins World Cup giant slalom

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GARMISCH-PARTENKIRCHEN, Germany (AP) — Alexis Pinturault of France used a daring second run to win a World Cup giant slalom Sunday as his closest German challengers faltered.


Pinturault was second after the first heat, behind hometown favorite Felix Neureuther and ahead of Fritz Dopfer. But Dopfer crashed out in the second run and Neureuther made a mistake that dropped him down to 12th in the ranking. Germany was seeking its first men's giant slalom victory in 40 years.


World Cup leader Marcel Hirscher of Austria and world champion Ted Ligety of the United States profited from the Germans' mistakes to take second and third, respectively.


Pinturault clocked a combined time of 2 minutes, 32.42 seconds for his second win of the season and his first giant slalom victory.


"I have good memories from Garmisch, I also won the junior giant slalom title here in 2009," said Pinturault, who now has three career World Cup victories.


Hirscher overcame a stomach virus to extend his overall World Cup lead. He was 0.60 seconds behind the winner and Ligety was 0.63 back.


Ligety, the GS specialist who also won two other gold medals at the worlds in Schladming, Austria that concluded one week ago, was fifth after an error-filled first run. The American also made a mistake in the second heat, losing his line at the same spot where Neureuther nearly went off the course.


Ligety had won four of the previous five giant slaloms this season and would have set a record with fifth. His third place was his worst finish in the event this season.


"Third place is not what you want to be getting at this stage, but I'll take it," Ligety said. "In the first run I just made a ton of little mistakes. In the second I was lucky not to get into too much soft snow in that turn. You have to take risks."


Hirscher, who was silver medalist at the worlds behind Ligety, now has a 209-point lead overall over Aksel Lund Svindal of Norway, who finished sixth.


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Vatican 'Gay lobby'? Probably not

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STORY HIGHLIGHTS


  • Benedict XVI not stepping down under pressure from 'gay lobby,' Allen says

  • Allen: Benedict is a man who prefers the life of the mind to the nuts and bolts of government

  • However, he says, much of the pope's time has been spent putting out fires




Editor's note: John L. Allen Jr. is CNN's senior Vatican analyst and senior correspondent for the National Catholic Reporter.


(CNN) -- Suffice it to say that of all possible storylines to emerge, heading into the election of a new pope, sensational charges of a shadowy "gay lobby" (possibly linked to blackmail), whose occult influence may have been behind the resignation of Benedict XVI, would be right at the bottom of the Vatican's wish list.


Proof of the Vatican's irritation came with a blistering statement Saturday complaining of "unverified, unverifiable or completely false news stories," even suggesting the media is trying to influence the papal election.


Two basic questions have to be asked about all this. First, is there really a secret dossier about a network of people inside the Vatican who are linked by their sexual orientation, as Italian newspaper reports have alleged? Second, is this really why Benedict XVI quit?



John L. Allen Jr.

John L. Allen Jr.



The best answers, respectively, are "maybe" and "probably not."


It's a matter of record that at the peak of last year's massive Vatican leaks crisis, Benedict XVI created a commission of three cardinals to investigate the leaks. They submitted an eyes-only report to the pope in mid-December, which has not been made public.


It's impossible to confirm whether that report looked into the possibility that people protecting secrets about their sex lives were involved with the leaks, but frankly, it would be surprising if it didn't.


There are certainly compelling reasons to consider the hypothesis. In 2007, a Vatican official was caught by an Italian TV network on hidden camera arranging a date through a gay-oriented chat room, and then taking the young man back to his Vatican apartment. In 2010, a papal ceremonial officer was caught on a wiretap arranging liaisons through a Nigerian member of a Vatican choir. Both episodes played out in full public view, and gave the Vatican a black eye.









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In that context, it would be a little odd if the cardinals didn't at least consider the possibility that insiders leading a double life might be vulnerable to pressure to betray the pope's confidence. That would apply not just to sex, but also potential conflicts of other sorts too, such as financial interests.


Vatican officials have said Benedict may authorize giving the report to the 116 cardinals who will elect his successor, so they can factor it into their deliberations. The most immediate fallout is that the affair is likely to strengthen the conviction among many cardinals that the next pope has to lead a serious house-cleaning inside the Vatican's bureaucracy.


It seems a stretch, however, to suggest this is the real reason Benedict is leaving. For the most part, one should probably take the pope at his word, that old age and fatigue are the motives for his decision.


That said, it's hard not to suspect that the meltdowns and controversies that have dogged Benedict XVI for the last eight years are in the background of why he's so tired. In 2009, at the height of another frenzy surrounding the lifting of the excommunication of a Holocaust-denying traditionalist bishop, Benedict dispatched a plaintive letter to the bishops of the world, voicing hurt for the way he'd been attacked and apologizing for the Vatican's mishandling of the situation.


Even if Benedict didn't resign because of any specific crisis, including this latest one, such anguish must have taken its toll. Benedict is a teaching pope, a man who prefers the life of the mind to the nuts and bolts of government, yet an enormous share of his time and energy has been consumed trying to put out internal fires.


It's hard to know why Benedict XVI is stepping off the stage, but I doubt it is because of a "gay lobby."


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The opinions expressed in this commentary are solely those of John L. Allen Jr.






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