Pistorius granted bail pending murder trial


PRETORIA, South Africa (AP) — A South African magistrate allowed Oscar Pistorius to go free on bail Friday, capping hearings that foreshadow a dramatic trial in the Valentine's Day killing of the star athlete's girlfriend.


Pistorius' family members and supporters shouted "Yes!" when Chief Magistrate Desmond Nair made his decision after a more than 1 hour and 45 minute explanation of his ruling to a packed courtroom.


Radio stations and a TV news network in South Africa broadcast the audio of the decision live, and even international channels like the BBC and CNN went live with it, underscoring the huge global interest in the case.


Nair set the bail at 1 million rand ($113,000), with $11,300 in cash up front and proof that the rest is available. The magistrate said Pistorius must hand over his passports and also turn in any other guns that he owns. Pistorius also cannot leave the district of Pretoria, South Africa's capital, without the permission of his probation officer, Nair said, nor can he take drugs or drink alcohol.


The double-amputee Olympian's next court appearance was set for June 4. He left the courthouse in a silver Land Rover, sitting in the rear, just over an hour after the magistrate imposed the bail conditions. The vehicle, tailed by a motorcycle with a TV cameraman aboard, later pulled into the home of Pistorius' uncle.


The magistrate ruled that Pistorius could not return to his upscale home in a gated community in the eastern suburbs of Pretoria, where the killing of Reeva Steenkamp took place.


Pistorius' uncle, Arnold Pistorius said: "We are relieved at the fact that Oscar got bail today but at the same time we are in mourning for the death of Reeva with her family. As a family, we know Oscar's version of what happened on that tragic night and we know that that is the truth and that will prevail in the coming court case."


Nair made the ruling after four days of arguments from prosecution and defense in Pistorius' bail hearing. During Friday's long session in Pretoria Magistrate's Court, Pistorius alternately wept and appeared solemn and more composed, especially toward the end as Nair criticized police procedures in the case and as a judgment in Pistorius' favor appeared imminent.


Nair had banned cameras from Friday's dramatic bail hearing and complained about cameras constantly "flashing" in Pistorius' face the previous three days of hearings, saying the spectacle made the athlete look like "some kind of species the world has never seen before."


Nair said Pistorius' sworn statement, in which he gave his version of the events of the shooting during the predawn hours of Feb. 14 in a sworn statement, had helped his application for bail.


"I come to the conclusion that the accused has made a case to be released on bail," Nair said.


Pistorius said in the sworn statement that he shot his girlfriend — a model and budding reality TV contestant — accidentally, believing she was an intruder in his house.


Prosecutors say he intended to kill Steenkamp and charged him with premeditated murder, saying the shooting followed a loud argument between the two.


Sharon Steenkamp, Reeva's cousin, had said earlier that the family wouldn't be watching the bail decision and hadn't been following the hearing in Pretoria.


"It doesn't make any difference to the fact that we are without Reeva," she told The Associated Press.


Despite the bail decision, prosecution spokesman Medupe Simasiku said: "We're still confident in our case," outside court.


Pistorius faced the sternest bail requirements in South Africa because of the seriousness of the charge, and his defense lawyers had to prove that he would not flee the country, would not interfere with witnesses or the case, and his release would not cause public unrest.


Nair questioned whether Pistorius would be a flight risk and be prepared to go "ducking and diving" around the world when he stood to lose a fortune in cash, cars, property and other assets. Nair also said that while it had been shown that Pistorius had aggressive tendencies, he did not have a prior record of offenses for violent acts.


He criticized Hilton Botha, the previous lead investigator in the case, for not doing more to uncover evidence that the Olympian had violent tendencies.


"There is ample room and ample time to do that by looking at the background of the accused," he said.


But while Nair leveled harsh criticism at former lead investigator Botha for "errors" and "blunders," he said one man does not represent the state's case and that the state could not be expected to put all the pieces of its puzzle together in such a short time.


Anticipating the shape of the state's case at trial, he said he had serious questions about Pistorius' account: Why he didn't try to locate his girlfriend on fearing an intruder was in the house, why he didn't try to determine who was in the toilet and why he would venture into perceived "danger" - the bathroom area - when he could have taken other steps to ensure his safety.


"There are improbabilities which need to be explored," Nair said, adding that Pistorius could clarify these matters by testifying under oath at trial.


___


AP Sports Writer Gerald Imray and AP writer Carley Petesch contributed to this report from Johannesburg.


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Can Bersani-Monti work for Italy?











Austerity-hit Italy chooses new leader


Austerity-hit Italy chooses new leader


Austerity-hit Italy chooses new leader


Austerity-hit Italy chooses new leader








STORY HIGHLIGHTS


  • Bersani wins he may be forced to form a coalition with incumbent PM Mario Monti

  • Center-left leader Bersani says he plans to make the property tax "more progressive"

  • Berlusconi is using his showman charm to mount a comeback for his PDL party




London (CNN) -- Italy's electoral run-off between an ex-communist and a former cruise ship singer threatens to throw the country back into the spotlight of the European debt crisis.


The enigmatic leader of the center-left Democratic Party, Pier Luigi Bersani, goes head-to-head with scandal-laden former Prime Minister Silvio Berlusconi -- back from the political grave following his resignation in November 2011.


Incumbent technocrat premier and eurozone darling Mario Monti, meanwhile, is lagging behind in the polls.


The cigar-chomping Bersani is favorite for Italy's top job and proposes to steer the country's battered economy through a debt crisis that is still plaguing the eurozone three years on.


Following six consecutive quarters of recession and with unemployment at 11.2%, Bersani is pursuing the euro area's latest fad to revive Italy's ailing economy; a pro-growth agenda.








Read more: Can the anti-Berlusconi pull Italy out of the mire?


Such policies are a stark contrast to Monti's cocktail of cuts and taxes served up to woo policymakers in Brussels and Frankfurt.


Read more: Berlusconi renaissance would be 'disaster' for Italian economy


Growth will be the "golden rule" to attract foreign investment, according to Democratic Party number two Enrico Letta. A similar sentiment was key in sweeping socialist French President Francois Hollande into the Elysee Palace in 2012.


But Letta stresses that Bersani will not follow Hollande's lead by proposing a 75% income tax for the country's wealthiest residents.


Read more: Beppe Grillo: Clown prince of Italian politics


Speaking to CNN, Letta said: "It will be different, we already have a very high level of taxation...the main point is not to increase taxes."


Bersani -- who promises to stick to the outgoing government's plans for pension and labor market reform -- will also keep Monti's reviled property tax, known as IMU. It's a policy that Berlusconi pledges to scrap if elected.


In an interview with CNN, Bersani says he plans to make the tax "more progressive" and focus on the owners of large properties if his party wins.


But for all Bersani's talk of change, bond strategist Nicholas Spiro dismisses the 71-year-old as no reformer and says he is "not up to the task" of hauling the Italian economy out of a "knee deep" recession.


Spiro, managing director of Spiro Sovereign Strategy, says "Bersani could very well go for taxes on the rich, but Italy has a massive tax evasion and compliance problem, that could be difficult."


Can a political marriage survive?


Politics in Italy is complicated and outright victory for any party is unlikely. If Bersani wins he may be forced to form a coalition.


An alliance with the flamboyant center-right leader Silvio Berlusconi is unthinkable -- which leaves Monti the most likely candidate to support a Bersani-lead government.


But Monti is viewed with suspicion Bersani's far-left partners, Left Ecology Freedom, who believe the technocrat would pull a left government too far to the economic right.


If the parties can strike a deal Monti would be offered "an important role" to be discussed "Monday afternoon," Letta told CNN. He refused to say if the technocrat would be appointed finance minister.


Monti, a former European Commissioner in financial services, wields the power to reassure European leaders that Italy is on the right track and can act as a counterbalance to a leftist government.


Bersani, by contrast, is a mystery on the international stage, according to Paola Subacchi, an economist at London-based think tank Chatham House.


"He is not known abroad and he doesn't speak English... But his whole agenda is pro-Europe and pro-euro."


A Bersani-Monti marriage is unlikely to be smooth. The two could clash over unpopular austerity measures implemented by Monti as part of a European agreement.


Filippo Cavazzuti, former Italian senator and economist at the University of Bologna, believes Bersani will be forced to maintain Monti's policies under the European fiscal compact.


He said: "Otherwise Monti leaves [the coalition], the spread [on bond yields] rises and the credibility with the eurozone will immediately disappear."


A coalition agreement is crucial to stifling a power-grab by Italy's political bad boy, Berlusconi, is gaining on Bersani's seemingly unassailable lead in the polls.


Berlusconi is using his showman charm to mount a comeback for his People of Freedom party and holds key regions in Veneto and Lombardy that could prove crucial, particularly in the battle for the Senate.


The election will hand down a "damning verdict" to the policymakers of northern Europe that Italians are fed up with austerity, according to Spiro.


The electoral campaign, Spiro added, has been: "Very ugly, devoid of substance and purely based on personalities."







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Cleotha Staples of Staple Singers siblings dies






CHICAGO (AP) — Cleotha Staples, the eldest sibling in the highly influential gospel group The Staple Singers, has died. She was 78.


Staples’ family friend and music publicist Bill Carpenter says Staples died Thursday at her Chicago home after suffering from Alzheimer’s disease for the last decade.






The Staple Singers began as a way for Roebuck “Pops” Staples to entertain his family, which included five children — Cleotha, known as “Cleedi,” Pervis, Yvonne, Mavis and Cynthia. He taught the children gospel songs and accompanied them on his guitar. Two decades later they became unlikely hit makers for the Stax label.


Staples was inducted into the Rock and Roll Hall of Fame with her family in 1999 and received a lifetime achievement award from the Grammys in 2005.


Entertainment News Headlines – Yahoo! News





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French blast ‘ignorant’ US tyre boss







A French minister has responded angrily to the boss of US tyremaker Titan who said he would have to be “stupid” to invest in the country.






Maurice Taylor made the claims in a letter to France’s minister for industrial recovery, Arnaud Montebourg.


On Thursday, Mr Montebourg replied that Mr Taylor’s “extreme” comments showed a “perfect ignorance of what our country is”.


He added that 20,000 foreign firms are in France, employing 2 million people.


Mr Taylor – a former candidate for the Republican presidential nomination in 1996 – was replying to a request for Titan to consider investing in a loss-making Goodyear plant in Amiens, north France.


“I have visited that factory a couple of times. The French workforce gets paid high wages but only works three hours,” Mr Taylor said in the letter, dated 8 February, and published by French business daily Les Echos on Wednesday.


“They get one hour for breaks and lunch, talk for three and work for three. I told this to the French union workers to their faces. They told me that’s the French way!”


On Thursday, he told Le Figaro: “I didn’t want to insult the French. I wanted to say that the union at the factory in Amiens has a screw loose.


“If the French workers work, they will be as competitive as the Germans, British or the Americans. The problem is that the French are too expensive because of their particular benefits.”


Mr Taylor is nicknamed “the Grizz” for his bear-like no-nonsense style. He added: “How stupid do you think we are?”


French unions had blasted the content of his letter.


The spat has been front page news in France and caused lots of discussion over “le French bashing” on social media over the past few days.


More spats


In his response, Mr Montebourg said: “May I point out that Titan, the company you lead, is 20 times smaller than Michelin, our French leader of international influence, and 35 times less profitable?”


The minister added that 4,200 subsidiaries of US firms employed more than 500,000 people in France and that some firms had been around since 1842.


He went on to praise the efforts of young US soldiers in World War II and the current efforts of President Barack Obama to stop deindustrialisation in the US.


This is not the first row that Mr Montebourg has been involved in since the Socialists took charge of the presidency last summer.


He accused steelmaker Arcelor Mittal of “lying” and “disrespecting” the country and said it was no longer welcome during a spat over the closure of two furnaces at its steel plant in Florange.


France has a 35-hour statutory working week, brought in by the Socialist Party in 2000, but critics say it is now stifling economic growth.


BBC News – Business





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Wall Street extends losses, Nasdaq down 1 percent

DEAR ABBY: My boyfriend, "Doug" (24), and I (22) have been in a long-distance relationship for a year, but we were friends for a couple of years before that. I had never had a serious relationship before and lacked experience. Doug has not only been in two other long-term relationships, but has had sex with more than 15 women. One of them is an amateur porn actress.I knew about this, but it didn't bother me until recently. Doug had a party, and while he was drunk he told one of his buddies -- in front of me -- that he should watch a certain porn film starring his ex-girlfriend. ...
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Top detective appointed new Pistorius investigator


PRETORIA, South Africa (AP) — South Africa's top detective was appointed lead investigator in the Oscar Pistorius case Thursday, replacing a veteran policeman who was charged with attempted murder in the latest shock development to hit a case being watched closely by the nation.


National Police Commissioner Riah Phiyega promised that a team of "highly skilled and experienced" officers would investigate the killing of Pistorius' 29-year-old girlfriend. Pistorius, 26, has been charged with premeditated murder in the case.


The decision to put police Lt. Gen. Vinesh Moonoo in charge came soon after word emerged that the initial chief investigator, Hilton Botha, is facing attempted murder charges, and a day after he offered testimony damaging to the prosecution in Pistorius' bail hearing.


Pistorius, an Olympic runner whose lower legs were amputated when he was less than a year old, killed his girlfriend Reeva Steenkamp in the predawn hours of Valentine's Day. He claims he mistook her for an intruder when he shot her through a locked door in a bathroom in his home. Prosecutors say the shooting happened after the couple got into an argument and allege the killing was deliberate, carried out with no mercy.


Botha acknowledged Wednesday in court that nothing in Pistorius' version of the fatal shooting of Steenkamp contradicted what police had discovered, even though there have been some discrepancies. Botha also said that police had left a 9 mm slug in the toilet and had lost track of allegedly illegal ammunition found in Pistorius' home.


"This matter shall receive attention at the national level," Phiyega told reporters soon after the end of proceedings in the third day of Pistorius' bail hearing. The case has riveted South Africa and much of the world and has placed the country's judicial system under close scrutiny.


Bulewa Makeke, spokeswoman for South Africa's National Prosecuting Authority, said the attempted murder charges had been reinstated against Botha on Feb. 4. Police say they found out about it after Botha testified in Pistorius' bail hearing Wednesday.


Botha and two other police officers had seven counts of attempted murder reinstated against them in relation to a 2011 shooting incident. Botha and his two colleagues allegedly fired shots at a minibus they were trying to stop.


Asked about Botha's court performance and handling of the investigation, Phiyega said South Africa's police force "can stand on its own" compared to others around the world.


Makeke, the spokeswoman for the national prosecution office, had said before Botha was dismissed from the Pistorius case that he should be taken off, but added that it was up to the police force to make that decision.


Makeke indicated the charges were reinstated against Botha because more evidence had been gathered. She said the charge against Botha was initially dropped "because there was not enough evidence at the time."


Pistorius' main sponsor Nike, meanwhile, suspended its contract with the multiple Paralympic champion, following eyewear manufacturer Oakley's decision to suspend its sponsorship. Nike said in a brief statement on its website: "We believe Oscar Pistorius should be afforded due process and we will continue to monitor the situation closely."


The judge is still trying to decide whether to grant Pistorius bail, and under what conditions.


During Thursday's bail hearing, Chief Magistrate Desmond Nair asked the defense of Pistorius' bail application: "Do you think there will be some level of shock if the accused is released?"


Defense lawyer Barry Roux responded: "I think there will be a level of shock in this country if he is not released."


Opposing bail, prosecutor Gerrie Nel painted a picture of a man "willing and ready to fire and kill," and said signs of remorse from Pistorius do not mean that the athlete didn't intend to kill his girlfriend.


"Even if you plan a murder, you plan a murder and shoot. If you fire the shot, you have remorse. Remorse might kick in immediately," Nel said.


As Nel summed up the prosecution's case opposing bail, Pistorius began to weep in the crowded courtroom, leading his brother, Carl Pistorius, to reach out and touch his back.


"He (Pistorius) wants to continue with his life like this never happened," Nel went on, prompting Pistorius, who was crying softly, to shake his head. "The reason you fire four shots is to kill," Nel persisted.


Earlier Thursday, Nair questioned Botha over delays in processing records from phones found in Pistorius' house following the killing of Steenkamp, a 29-year-old model and budding reality TV contestant.


"It seems to me like there was a lack of urgency," Nair said as the efficiency of the police investigation was questioned.


Botha is himself to appear in court in May to face seven counts of attempted murder. Botha was dropped from the case but not suspended from the police force, Phiyega said, and could still be called by defense lawyers at trial.


Pisatorius' behavior Thursday reflected the change of mood in the courtroom as his defense lawyers attacked police procedures and maintained his innocence.


Pistorius, in the same gray suit, blue shirt and gray tie combination he has worn throughout the bail hearing, stood ramrod straight in the dock, then sat calmly looking at his hands. On Tuesday and Wednesday, the athlete had been slumped over and sobbing uncontrollably at times as detail was read out of how Steenkamp died in his house.


"The poor quality of the evidence offered by investigative officer Botha exposed the disastrous shortcomings of the state's case," Roux said Thursday. "We cannot sit back and take comfort that he is telling the truth."


Roux also raised issue of intent, saying the killing was not "pre-planned" and referred to a "loving relationship" between the two.


He said an autopsy showed that Steenkamp's bladder was empty, suggesting she had gone to use the toilet as Pistorius had claimed. Prosecutors claim Steenkamp had fled to the toilet to avoid an enraged Pistorius.


"The known forensics is consistent" with Pistorius' statement, Roux said, asking that bail restrictions be eased for Pistorius.


But the prosecutor said Pistorius hadn't given guarantees to the court that he wouldn't leave the country if he was facing a life sentence. Nel also stressed that Pistorius shouldn't be given special treatment.


"I am Oscar Pistorius. I am a world-renowned athlete. Is that a special circumstance? No." Nel said. "His version (of the killing) is improbable."


Nel said the court should focus on the "murder of the defenseless woman."


Botha testified Thursday that he had investigated a 2009 complaint against Pistorius by a woman who claimed the athlete had assaulted her. He said that Pistorius had not hurt her and that the woman had actually injured herself when she kicked a door at Pistorius' home.


The hearing is to continue Friday morning.


___


AP Sports Writer Gerald Imray contributed to this report from Johannesburg.


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Homebuilding takes a breather, wholesale prices up






WASHINGTON (Reuters) – U.S. builders broke ground on fewer homes last month but a jump in permits for future construction to a 4-1/2 year high indicated the housing market recovery remains on track.


Another report on Wednesday showed wholesale prices rose for the first time in four months in January. However, the gain was smaller than expected and left scope for the Federal Reserve to keep buying bonds to stimulate the economy.






Housing starts dropped 8.5 percent in January to an 890,000-unit annual rate, pulled down by a sharp drop in the volatile multi-family unit category, the Commerce Department said.


But starts for single-family homes hit their highest level since July 2008 and permits for future construction, which lead starts by at least a month, were at their highest level since June of that year.


The drop in starts followed an outsized gain in December and was confined to the Northeast and Midwest, suggesting cold weather likely contributed to the pullback.


“The fundamentals are there and the drivers are looking good,” said Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts. “We see more new construction this year. The only question is whether it will be in the multi-family or single-family segment.”


Housing has shifted from being a headwind for the economy to being a pillar of support, although mortgage rates have crept higher in recent weeks, cooling loan demand.


Luxury homebuilder Toll Brothers on Wednesday reported disappointing quarterly results, hurt in part by lower selling prices, but other homebuilders have been able to take advantage of the recovering market.


A separate report from the Labor Department showed producer prices rose 0.2 percent last month as rebounding food costs offset declining gasoline prices. Wholesale prices had slipped 0.3 percent in December, and economists had expected them to rise 0.4 percent in January.


U.S. financial markets were little moved by the data. By midday, stocks were down as weakness in energy and materials sectors weighed on the indexes, while Treasuries were slightly higher. The dollar was up against a basket of currencies.


INFLATION PRESSURES MUTED


Food prices accounted for more than 75 percent of the rise in wholesale prices last month.


Away from the spike in food prices, the producer price report showed inflation pressures were generally muted.


In the 12 months through January, wholesale prices were up 1.4 percent and data on Thursday is expected to show consumer inflation below the U.S. central bank’s goal of 2 percent.


“Inflationary pressures remain well contained,” said Diane Swonk, chief economist at Mesirow Financial in Chicago. “The Federal Reserve would rather see inflation slightly higher in response to stronger economic conditions than benign because the recovery remains tepid.”


In an effort to drive down borrowing costs and spur stronger growth, the Fed last year launched an open-ended bond buying program and said it would keep it up until it saw a substantial improvement in the outlook for the labor market.


Wholesale prices excluding volatile food and energy costs edged up 0.2 percent last month after gaining 0.1 percent in December. In the 12 months through January, so-called core prices rose 1.8 percent, the smallest gain since February 2011.


A surge in the cost of fresh and dried vegetables pushed up food prices in January. Gasoline prices surprisingly recorded another substantial decline last month, even though prices at the pump have been rising almost every week this year.


The core PPI was lifted by a jump in the cost of drugs, while passenger car and light truck prices fell.


(Additional reporting by Jason Lange; Editing by Andrea Ricci and Tim Ahmann)


Economy News Headlines – Yahoo! News





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SDTC Looking for Canada’s Next Cleantech Innovators






OTTAWA, ONTARIO–(Marketwire – Feb 20, 2013) – Sustainable Development Technology Canada (SDTC) is looking for the next wave of innovative cleantech entrepreneurs with the announcement of our call for applications to the SD Tech Fund™ from February 20th to April 17th, 2013.


“This is an exciting time for Canada”s cleantech industry, projected to grow to generate as much as $ 62 billion in revenues by 2020,” said SDTC President and CEO Vicky Sharpe. “SDTC is excited to meet and work with another set of cleantech entrepreneurs, bringing technologies to market and changing the way business is being done.”






On behalf of the Government of Canada, SDTC finances and supports the late-stage development and pre-commercial demonstration of clean technologies. Through its SD Tech Fund™, SDTC helps companies through the critical juncture when capital and scaling costs become challenges and the risk profile deters other investors.


SDTC supports technologies that address the challenges of Climate Change, Clean Air, Soil and Water, including technology solutions focused on these current priority areas:


  • Natural Resources: Mitigate environmental impacts associated with Canada”s natural resource sector including “green mining”, cleaner fossil fuels and forestry.

  • Clean Energy: Enable cleaner energy production, including natural gas, and improved energy efficiency of transportation, the built environment and industrial processes.

  • Agriculture: Increase yield and improve temperature and drought resistance of agricultural crops and mitigate land-use changes and biodiversity loss.

  • Northern/Remote Communities: Innovative solutions for self-sufficiency in smaller communities.

  • Packaged Solutions: Integrated technology packages that combine one or more clean technologies, such as renewable energy generation, energy storage, and waste and wastewater management.

The SDTC portfolio is currently comprised of 245 clean technology projects, for a total value of $ 2.1 billion, of which over $ 1.5 billion is leveraged primarily from the private-sector.


It should be noted, however, that the SD Tech Fund™ has been fully allocated. The availability and timing of funding for future rounds is dependent on SDTC receiving additional support in 2013.


About SDTC


On behalf of the Government of Canada, SDTC helps commercialize Canadian clean technologies, readying them for growth and export markets. With a portfolio of companies under management valued at more than $ 2 billion, SDTC is positioning cleantech as a driver of jobs, productivity and economic prosperity.


SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $ 590 million SD Tech Fund™ supports projects that address climate change, air quality, clean water, and clean soil. The $ 500 million NextGen Biofuels Fund™ supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels.


SDTC works with the private sector, the financial sector and all levels of government to meet the Government of Canada”s commitment to create a healthy environment and a high quality of life for all Canadians. SDTC operates as a not-for-profit corporation. www.sdtc.ca.


Marketwire News Archive – Yahoo! Finance





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Wall Street dips after rally, energy shares weaker

NEW YORK (Reuters) - Stocks dipped on Wednesday, with energy shares falling as investors found few reasons to buy following a rally that has held major indexes near five-year highs for three weeks.


In addition, investors waited for the minutes from the Federal Open Market Committee's January meeting due at 2 p.m. (1900 GMT) for clues to the interest rate outlook.


Traders said there were unconfirmed rumors in the market that a troubled hedge fund was selling assets.


"I heard the chatter about a hedge fund liquidating things today but how big, I don't know. Certainly it sparks concern," said Michael James, senior trader at Wedbush Morgan in Los Angeles.


A jump in January of permits for future home building offered hope the housing market's recovery remains on track. A separate report showed wholesale prices rose last month for the first time in four months.


The S&P 500 has jumped about 7 percent so far this year, and is on track for its eighth straight week of gains. However, many of those weekly gains have been slight, with equities trading within a narrow range for the past few weeks, suggesting valuations may be stretched at current levels.


"The market seems very tired and listless, and investors are prone to take profits now as they wait for the music to stop," said Matt McCormick, money manager at Bahl & Gaynor in Cincinnati.


Energy companies were among the weakest, hurt by disappointing corporate results and a 2.4 percent drop in crude oil prices.


Newfield Exploration fell 5.8 percent to $25.73 while Devon Energy Corp fell 1.6 percent to $59.60. Both companies posted fourth-quarter losses, with Devon hurt as it wrote down the value of its assets by $896 million due to weak natural gas prices.


Groundbreaking to build new U.S. homes fell 8.5 percent in January but new permits for construction rose to a 4 1/2-year high while producer prices rose in January for the first time in four months.


Investors will look to the minutes from the Fed's January meeting for any indication as to how long the Fed will keep buying $85 billion in bonds each month to bolster U.S. employment. Economic data should enable the Fed to maintain its easy monetary policy.


The Dow Jones industrial average <.dji> dropped 16.03 points, or 0.11 percent, to 14,019.64. The Standard & Poor's 500 Index <.spx> dropped 5.81 points, or 0.38 percent, to 1,525.13. The Nasdaq Composite Index <.ixic> dropped 13.82 points, or 0.43 percent, to 3,199.77.


Shares of OfficeMax Inc fell 3.8 percent to $12.51 while Office Depot slumped 13 percent to $4.37 as the companies announced a $1.2 billion merger agreement. The shares had risen sharply earlier this week after a source said a deal would be announced. Rival Staples Inc fell 3.5 percent.


Toll Brothers Inc lost 4 percent to $35.43 after the largest luxury homebuilder in the United States, reported first-quarter results well below analysts' estimates.


The stock is up 9 percent so far this year, building on jump of nearly 60 percent in 2012.


"Valuations appear a bit high at these levels, and if I was in a name that had seen a huge run, I'd want to take some chips off the table," said McCormick, who helps oversee about $8.2 billion in assets.


SodaStream dropped 6.5 percent to $49.04 after the seller of home carbonated drink maker machines posted fourth-quarter earnings and provided a 2013 outlook.


According to Thomson Reuters data through Tuesday morning, of the 405 companies in the S&P 500 that have reported results, 71 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


(Editing by Kenneth Barry)



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Armstrong facing Wednesday deadline with USADA


AUSTIN, Texas (AP) — Lance Armstrong is facing a Wednesday deadline to decide whether he will meet with U.S. Anti-Doping Agency officials and talk with them under oath about what he knows about performance-enhancing drug use in cycling.


The agency has said Armstrong's cooperation in its cleanup effort is the only path open to Armstrong if his lifetime ban from sports is to be reduced.


Armstrong has given mixed signals about whether he plans to talk with USADA officials. Armstrong attorney Tim Herman previously suggested Armstrong would not meet with USADA before the agency's original Feb. 6 deadline. The two sides then agreed to give Armstrong another two weeks to work out an interview with investigators.


Armstrong previously denied using performance-enhancing drugs, but in January admitted doping to win seven Tour de France titles.


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