Mursi opponents clash with police in Cairo

CAIRO (Reuters) - Opponents of President Mohamed Mursi clashed with Cairo police on Tuesday as thousands of protesters around the nation stepped up pressure on the Islamist leader to scrap a decree they say threatens Egypt with a new era of autocracy.


Police fired tear gas at stone-throwing youths in streets off the capital's Tahrir Square, heart of the uprising that toppled Hosni Mubarak last year. Protesters also turned out in Alexandria, Suez, Minya and cities in the Nile Delta.


A 52-year-old protester died after inhaling teargas in Cairo, the second death since last week's decree that expanded Mursi's powers and barred court challenges to his decisions.


Tuesday's protest called by leftists, liberals and other groups deepened the worst crisis since the Muslim Brotherhood politician was elected in June, and exposed a divide between the newly empowered Islamists and their opponents.


Mursi's administration has defended his decree as an effort to speed up reforms and complete a democratic transformation. Opponents say it shows he has dictatorial instincts.


"The people want to bring down the regime," protesters in Tahrir chanted, echoing slogans used in the anti-Mubarak revolt.


Mursi's move provoked a rebellion by judges and battered confidence in an economy struggling after two years of turmoil.


Opponents have accused Mursi of behaving like a modern-day pharaoh, a jibe long leveled at Mubarak. The United States, a benefactor to Egypt's military, has expressed concern about more turbulence in a country that has a peace treaty with Israel.


"We don't want a dictatorship again. The Mubarak regime was a dictatorship. We had a revolution to have justice and freedom," 32-year-old Ahmed Husseini said in Cairo.


Some protesters have been camped out since Friday in Tahrir, and violence has flared around the country, including in a town north of Cairo where a Muslim Brotherhood youth was killed in clashes on Sunday. Hundreds have been injured.


Supporters and opponents of Mursi threw stones at each other and some hurled petrol bombs in the Delta city of el-Mahalla el-Kubra. A doctor said nine people were brought to hospital, but he expected numbers to rise to dozens.


SHOW OF STRENGTH


The protest was a show of strength by the non-Islamist opposition, whose fractious ranks have been brought together by the crisis. Well-organized Islamists have consistently beaten more secular-minded parties at the ballot box in elections held since Mubarak was ousted in February, 2011.


"The main demand is to withdraw the constitutional declaration (decree). This is the point," said Amr Moussa, former Arab League chief and presidential candidate who has joined the opposition coalition, the National Salvation Front.


Some scholars from the prestigious al-Azhar mosque and university joined Tuesday's protest, showing that Mursi and his Brotherhood have alienated some more moderate Muslims. Members of Egypt's large Christian minority also joined in.


Mursi formally quit the Brotherhood on taking office, saying he would be a president for all Egyptians, but he is still a member of its Freedom and Justice Party.


The decree issued on Thursday expanded his powers and protected his decisions from judicial review until the election of a new parliament expected in the first half of 2013.


New York-based Human Rights Watch said it gives Mursi more power than the interim military junta from which he took over.


U.N. Secretary-General Ban Ki-moon told an Austrian paper he would encourage Mursi to resolve the issue by dialogue.


Trying to ease tensions with judges outraged at the step, Mursi has assured Egypt's highest judicial authority that elements of the decree giving his decisions immunity would apply only to matters of "sovereign" importance. Although that should limit it to issues such as a declaration of war, experts said there was room for much broader interpretation.


In another step to avoid more confrontation, the Muslim Brotherhood cancelled plans for a rival mass rally in Cairo on Tuesday to support the decree. Violence has flared in the past when both sides have taken to the streets.


But there has been no retreat on other elements of the decree, including a stipulation that the Islamist-dominated body writing a new constitution be protected from legal challenge.


LEGITIMACY UNDERMINED


"The decree must be cancelled and the constituent assembly should be reformed. All intellectuals have left it and now it is controlled by Islamists," said 50-year-old Noha Abol Fotouh.


With its popular legitimacy undermined by the withdrawal of most of its non-Islamist members, the assembly faces a series of court cases from plaintiffs who claim it was formed illegally.


Mursi issued the decree on November 22, a day after he won U.S. and international praise for brokering an end to eight days of violence between Israel and Hamas around the Gaza Strip.


Mursi's decree was seen as targeting in part a legal establishment still largely unreformed from Mubarak's era, when the Brotherhood was outlawed.


Though both Islamists and their opponents broadly agree that the judiciary needs reform, Mursi's rivals oppose his methods.


Rulings from an array of courts this year have dealt a series of blows to the Brotherhood, leading to the dissolution of the first constitutional assembly and the lower house of parliament elected a year ago. The Brotherhood dominated both.


The judiciary blocked an attempt by Mursi to reconvene the Brotherhood-led parliament after his election victory. It also stood in the way of his attempt to sack the prosecutor general, another Mubarak holdover, in October.


In his decree, Mursi gave himself the power to sack that prosecutor and appoint a new one. In open defiance of Mursi, some judges are refusing to acknowledge that step.


Mursi has repeatedly stated the decree will stay only until a new parliament is elected - something that can happen once the constitution is written and passed in a popular referendum.


(Additional reporting by Tom Perry, Seham Eloraby, Marwa Awad and Yasmine Saleh in Cairo and Michael Shields in Vienna; Writing by Edmund Blair and Tom Perry; Editing by Anna Willard, David Stamp and Alastair Macdonald)


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Nintendo says more than 400,000 Wii Us sold in US












NEW YORK (AP) — Nintendo has sold more than 400,000 of its new video game console, the Wii U, in its first week on sale in the U.S., the company said Monday.


The Wii U launched on Nov. 18 in the U.S. at a starting price of $ 300. Nintendo said the sales figure, based on internal estimates, is through Saturday, or seven days later.












The Wii U is the first major game console to launch in six years. It comes with a new touch-screen controller that promises to change how people play games by offering different people in the same room a different experience, depending on the controller used.


Six years ago, Nintendo Co. sold 475,000 of the original Wii in that console’s first seven days in stores, according to data from the NPD Group. The original Wii remains available, and Nintendo said it sold more than 300,000 of them last week, along with roughly 250,000 handheld Nintendo 3DS units and about 275,000 of the Nintendo DS.


At this early stage, demand isn’t the only factor dictating how many consoles are sold. Supply is, too. This means it’s likely that more people wanted to buy the Wii U in the first week than those who were able to. The original Wii was in short supply more than a year after it went on sale.


As of Monday afternoon, the website of Best Buy Co. was sold out of the Wii U. Video game retailer GameStop Corp. said there was at least a three day wait for a deluxe Wii U, which costs $ 350, has more memory and comes with a game called “Nintendo Land.” GameStop still had the basic, $ 300 version available.


Wedbush analyst Michael Pachter estimates that Nintendo will ship 1 million to 1.5 million Wii Us in the U.S. through the end of January.


Gaming News Headlines – Yahoo! News


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Independent Spirit Awards 2013 Nominations

The 2013 Film Independent Spirits Award nominations were announced this morning, and more than a few familiar faces heard their names announced by emcees Anna Kendrick, Zoe Saldana and Common.

VIDEO - Silver Linings Stars Talk Dance Scene Fears

Beasts of the Southern Wild, Bernie, Keep the Lights On, Moonrise Kingdom, and Silver Linings Playbook all scored nods in the Best Feature category, while several of the stars also received acting nominations.

"The nominations this year represent an astonishingly strong group of artists both in front of and behind the camera," said Film Independent Co-president Josh Welsh. "At Film Independent, we nurture artist-driven filmmaking all year long and I can't imagine a more fitting or worthy group of films to celebrate here today."

The winners will be announced at the Spirit Awards on Saturday, February 23, 2013 (broadcast at 10 p.m. on IFC), but for now, check out the list of nominees below!

Best Feature
Beasts of the Southern Wild

Bernie

Keep the Lights On

Moonrise Kingdom

Silver Linings Playbook

BEST FEMALE LEAD

Linda Cardellini, Return

Emayatzy Corinealdi, Middle of Nowhere

Jennifer Lawrence, Silver Linings Playbook

Quvenzhane Wallis, Beasts of the Southern Wild

Mary Elizabeth Winstead, Smashed

BEST MALE LEAD

Jack Black, Bernie

Bradley Cooper, Silver Linings Playbook

John Hawkes, The Sessions

Thure Lindhardt, Keep the Lights On

Matthew McConaughey, Killer Joe

Wendell Pierce, Four

BEST SUPPORTING FEMALE

Rosemarie DeWitt, Your Sister's Sister

Ann Dowd, Compliance

Helen Hunt, The Sessions

Brit Marling, Sound of My Voice

Lorraine Toussaint, Middle of Nowhere

BEST SUPPORTING MALE

Matthew McConaughey, Magic Mike

David Oyelowo, Middle of Nowhere

Michael Pena, End of Watch

Sam Rockwell, Seven Psychopaths

Bruce Willis, Moonrise Kingdom

BEST DIRECTOR

Wes Anderson, Moonrise Kingdom

Julia Loktev, The Loneliest Planet

David O. Russell, Silver Linings Playbook

Ira Sachs, Keep the Lights On

Benh Zeitlin, Beasts of the Southern Wild

BEST SCREENPLAY

Wes Anderson & Roman Coppola, Moonrise Kingdom

Zoe Kazan, Ruby Sparks

Martin McDonagh, Seven Psychopaths

David O. Russell, Silver Linings Playbook

Ira Sachs, Keep the Lights On

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CDC: HIV spread high in young gay males

NEW YORK (AP) — Health officials say 1 in 5 new HIV infections occur in a tiny segment of the population — young men who are gay or bisexual.

The government on Tuesday released new numbers that spotlight how the spread of the AIDS virus is heavily concentrated in young males who have sex with other males. Only about a quarter of new infections in the 13-to-24 age group are from injecting drugs or heterosexual sex.

The Centers for Disease Control and Prevention said blacks represented more than half of new infections in youths. The estimates are based on 2010 figures.

Overall, new U.S. HIV infections have held steady at around 50,000 annually. About 12,000 are in teens and young adults, and most youth with HIV haven't been tested.

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Online:

CDC report: http://www.cdc.gov/vitalsigns

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Wall Street falls on caution after rally, retail drags

NEW YORK (Reuters) - Stocks eased on Monday as a mixed start to the holiday shopping season, caution over Greek aid talks and budget discussions in Washington gave investors reason to pause after Wall Street posted its best week in over five months.


While holiday shopping appeared to be off to a good start, analysts cautioned against reading too much into one weekend's numbers. Retailers need to sustain the initial burst through the November-December holiday season, which can account for a third of annual sales and 40 to 50 percent of profits for the year.


Shares in department store operator Macy's Inc , which offered consumers deep discounts on Black Friday, fell 3.6 percent to $40.22. The SPDR S&P retail exchange-traded fund fell 1.3 percent to $62.39.


"The underwhelming performance of retailers in general is hurting the market," said Michael James, a senior trader at Wedbush Morgan in Los Angeles. "Retail is certainly seeing a mixed bag."


Investors continued to chew over two of the greatest overhangs for markets. Euro zone finance ministers and the International Monetary Fund will seek to unfreeze the second bailout package for Greece on Monday. At the same time, U.S. lawmakers have made little progress in the past 10 days toward a compromise to avoid the harsh tax increases and government spending cuts schedule to start in January.


"Friday was a big day in the stock market," said Tim Ghriskey, chief investment officer at Solaris Group in Bedford Hills, New York. "So it's not surprising at all to see some profit-taking on that."


The Dow Jones industrial average <.dji> dropped 88.58 points, or 0.68 percent, to 12,921.10. The Standard & Poor's 500 Index <.spx> fell 8.40 points, or 0.60 percent, to 1,400.75. The Nasdaq Composite Index <.ixic> lost 5.84 points, or 0.20 percent, to 2,961.01.


Total spending for the Black Friday long weekend rose 12.8 percent from last year, to $59.1 billion, from last year, according to the National Retail Federation. That pace was down from the prior year's 16.4 percent increase.


Black Friday's online sales topped $1 billion for the first time ever as more consumers used the Internet do their early holiday shopping, comScore Inc said on Sunday.


Major indexes ended last week with gains of 3 to 4 percent, recovering some of their losses following an 8 percent correction since September. The Dow and S&P 500 both closed above key technical levels for the first time since November 6, which could provide additional support. The Dow ended above 13,000, while the S&P broke above 1,400.


In company news, shares of Knight Capital Group Inc jumped 10.4 percent to $2.75. A source familiar with the matter on Saturday said the company is in talks about possibly selling its market-making operation, its largest and most profitable business, but it is not known if a deal will happen. Knight's chief executive, in an internal memo, said the company currently is in talks with at least two firms on the possible sale of its largest business unit, but would only pursue a deal if it created value for its shareholders and clients.


Qatar has cashed in its remaining warrants in Britain's Barclays Plc , a move that should yield a $280 million profit. The warrants have not yet been converted, but conversion would dilute the holding of shares by other investors. U.S.-listed shares of Barclays fell 5.6 percent to $15.37.


Apple Inc has asked a federal court to add six more products to its patent infringement lawsuit against Samsung Electronics Co , including the Samsung Galaxy Note II, in the latest move in an ongoing legal war between the two companies. Apple shares were up 1.7 percent at $581.


(Additional reporting by Gabriel Debenedetti; Editing by Kenneth Barry and Leslie Adler)


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Egypt's Mursi holds crisis talks over power grab

CAIRO (Reuters) - Egyptian President Mohamed Mursi negotiated with senior judges on Monday to try to defuse a crisis over his seizure of new powers which set off violent protests reminiscent of an uprising last year that led to the rise of his Islamist movement.


The justice minister said he believed Mursi would agree with Egypt's highest judicial authority on its proposal to limit the scope of the new powers. Mursi's spokesman said the president was "very optimistic Egyptians would overcome the crisis".


But the protesters, some camped in Cairo's Tahrir Square, have said only retracting the decree will satisfy them, a sign of the deep rift between Islamists and their opponents that is destabilising Egypt two years after Hosni Mubarak was ousted.


"There is no use amending the decree," said Tarek Ahmed, 26, a protester who stayed the night in Tahrir, where tents covered the central traffic circle. "It must be scrapped."


One person has been killed and about 370 injured in clashes between police and protesters since Mursi issued the decree on Thursday shielding his decisions from judicial review, emboldened by international plaudits for brokering an end to eight days of violence between Israel and Hamas.


The stock market is down more than 7 percent.


Mursi's political opponents have accused him of behaving like a dictator and the West has voiced its concern, worried by more turbulence in a country that has a peace treaty with Israel and lies at the heart of the Arab Spring.


Mursi's administration has defended his decree as an effort to speed up reforms and complete a democratic transformation. Leftists, liberals, socialists and others say it has exposed the autocratic impulses of a man once jailed by Mubarak.


"President Mursi is very optimistic that Egyptians will overcome this challenge as they have overcome other challenges," presidential spokesman Yasser Ali told reporters, shortly before the president started his meeting with members of Egypt's highest judicial authority, the Supreme Judicial Council.


COMPROMISE?


The council has hinted at a compromise, saying Mursi's decree should apply only to "sovereign matters". That suggests it did not reject the declaration outright. It urged judges and prosecutors, some of whom went on strike, to return to work.


Justice Minister Ahmed Mekky, speaking about the council statement, said: "I believe President Mohamed Mursi wants that."


The presidential spokesman said two Mursi aides had asked to resign over the crisis, but Mursi had yet to accept.


The protesters are worried that Mursi's Muslim Brotherhood aims to dominate the post-Mubarak era after winning the first democratic parliamentary and presidential elections this year.


A deal with a judiciary dominated by Mubarak-era judges, which Mursi has pledged to reform, may not placate them.


A group of lawyers and activists has also challenged Mursi's decree in an administrative court, which said it would hold its first hearing on December 4. Other decisions by Mursi have faced similar legal challenges brought to court by opponents.


Banners in Tahrir called for dissolving the assembly drawing up a constitution, an Islamist-dominated body Mursi made immune from legal challenge. Many liberals and others have walked out of the assembly saying their voices were not being heard.


Only once a constitution is written can a new parliamentary election be held. Until then, legislative and executive power remains in Mursi's hands, and Thursday's decree puts his decisions above judicial oversight.


One Muslim Brotherhood member was killed and 60 people were hurt on Sunday in an attack on the main office of the Brotherhood in the Egyptian Nile Delta town of Damanhour, the website of the Brotherhood's Freedom and Justice Party said.


The party's offices have also been attacked in other cities.


ASSURANCES


One politician said the scale of the crisis could push opponents towards a deal to avoid a further escalation. Mursi's opponents have called for a big demonstration on Tuesday.


"I am very cautiously optimistic because the consequences are quite, quite serious, the most serious they have been since the revolution," said Mona Makram Ebeid, former member of parliament and prominent figure in Egyptian politics.


Mursi's office repeated assurances that the steps would be temporary, and said he wanted dialogue with political groups to find "common ground" over what should go into the constitution.


Talks with Mursi have been rejected by members of a National Salvation Front, a new opposition coalition that brings together liberal, leftist and other politicians and parties, who until Mursi's decree had been a fractious bunch struggling to unite.


"There is no room for dialogue when a dictator imposes the most oppressive, abhorrent measures and then says 'let us split the difference'," prominent opposition leader Mohamed ElBaradei said on Saturday. He has said he expected to act as the Front's coordinator.


The military has stayed out of the crisis after leading Egypt through a messy 16-month transition to a presidential election in June. Analysts say Mursi neutralised the army when he sacked top generals in August, appointing a new generation who now owe their advancement to the Islamist president.


Though the military still wields influence through business interests and a security role, it is out of frontline politics.


Egypt had hoped to stop the economic rot by signing an initial deal last week for a $4.8 billion loan from the International Monetary Fund. As well as tumbling share prices, yields at a Sunday treasury bill auction rose, putting even more pressure on the government that faces a crushing budget deficit.


"We are back to square one, politically, socially," said Mohamed Radwan of Pharos Securities, an Egyptian brokerage firm.


(Additional reporting by Tom Perry, Patrick Werr and Marwa Awad in Cairo; Editing by Philippa Fletcher and Giles Elgood)


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Nokia unveils 2 new cellphone models, priced at $62












HELSINKI (Reuters) – Struggling Finnish cellphone maker Nokia unveiled on Monday two new cellphone models, the Asha 205 and the Asha 206, pricing both models at around $ 62, excluding subsidies and taxes.


Both models will go on sale this quarter.












Nokia unveiled a new Slam feature which allows consumers to share multimedia content like photos and videos with nearby friends almost instantly through Bluetooth connection.


(Reporting By Tarmo Virki)


Tech News Headlines – Yahoo! News


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Britney Spears Commentary Till The World Ends I Wanna Go

Britney Spears undoubtedly owes a lot of her fame to music videos. From the instant she strutted down that hallway in a schoolgirl's uniform, her on-screen images became indelible touchstones for her career, and in her fans' lives.

VIDEO - Britney Spears' ET Power List Interview

"I think understanding the music video process is really important for all of us as artists," she says. "It's our one and only chance to really, really connect with the fans on screen and for them to see us with our work and putting a picture and a song a face."

So it's very fitting that Britney has become the latest artist to have VEVO Certify her music videos for Til The World Ends and I Wanna Go now that they've delivered over 100 million views across VEVO's platforms.

AUDIO - Britney's New Song

To mark the occasion, Britney sat down for an in-depth music video-focused interview, providing insight into the production of Baby One More Time, Oops I Did It Again, Toxic, Slave For You, Til The World Ends and I Wanna Go!

VIDEO - Britney Spears is Spellbounding

Which video had been in Britney's head for years before getting realized? Which video led to Britney getting stitches? And which video is Britney's all-time favorite? Watch and learn!

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Bounce houses a party hit but kids' injuries soar

CHICAGO (AP) — They may be a big hit at kids' birthday parties, but inflatable bounce houses can be dangerous, with the number of injuries soaring in recent years, a nationwide study found.

Kids often crowd into bounce houses, and jumping up and down can send other children flying into the air, too.

The numbers suggest 30 U.S. children a day are treated in emergency rooms for broken bones, sprains, cuts and concussions from bounce house accidents. Most involve children falling inside or out of the inflated playthings, and many children get hurt when they collide with other bouncing kids.

The number of children aged 17 and younger who got emergency-room treatment for bounce house injuries has climbed along with the popularity of bounce houses — from fewer than 1,000 in 1995 to nearly 11,000 in 2010. That's a 15-fold increase, and a doubling just since 2008.

"I was surprised by the number, especially by the rapid increase in the number of injuries," said lead author Dr. Gary Smith, director of the Center for Injury Research and Policy at Nationwide Children's Hospital in Columbus, Ohio.

Amusement parks and fairs have bounce houses, and the playthings can also be rented or purchased for home use.

Smith and colleagues analyzed national surveillance data on ER treatment for nonfatal injuries linked with bounce houses, maintained by the U.S. Consumer Product Safety Commission. Their study was published online Monday in the journal Pediatrics.

Only about 3 percent of children were hospitalized, mostly for broken bones.

More than one-third of the injuries were in children aged 5 and younger. The safety commission recommends against letting children younger than 6 use full-size trampolines, and Smith said barring kids that young from even smaller, home-use bounce houses would make sense.

"There is no evidence that the size or location of an inflatable bouncer affects the injury risk," he said.

Other recommendations, often listed in manufacturers' instruction pamphlets, include not overloading bounce houses with too many kids and not allowing young children to bounce with much older, heavier kids or adults, said Laura Woodburn, a spokeswoman for the National Association of Amusement Ride Safety Officials.

The study didn't include deaths, but some accidents are fatal. Separate data from the product safety commission show four bounce house deaths from 2003 to 2007, all involving children striking their heads on a hard surface.

Several nonfatal accidents occurred last year when bounce houses collapsed or were lifted by high winds.

A group that issues voluntary industry standards says bounce houses should be supervised by trained operators and recommends that bouncers be prohibited from doing flips and purposefully colliding with others, the study authors noted.

Bounce house injuries are similar to those linked with trampolines, and the American Academy of Pediatrics has recommended against using trampolines at home. Policymakers should consider whether bounce houses warrant similar precautions, the authors said.

___

Online:

Pediatrics: http://www.pediatrics.org

Trade group: http://www.naarso.com

___

AP Medical Writer Lindsey Tanner can be reached at http://www.twitter.com/LindseyTanner

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Wall Street Week Ahead: Political wrangling to pinch market's nerves

NEW YORK (Reuters) - Volatility is the name of this game.


With the S&P 500 above 1,400 after five days of gains, traders will be hard pressed not to cash in on the advance at the first sign of trouble during negotiations over tax hikes and spending cuts that resume next week in Washington.


President Barack Obama and U.S. congressional leaders are expected to discuss ways to reduce the budget deficit and avoid the "fiscal cliff" of automatic tax increases and spending cuts in 2013 that could tip the economy into recession.


As politicians make their case, markets could react with wild swings.


The CBOE Volatility Index <.vix>, known as the VIX, Wall Street's favorite barometer of market anxiety that usually moves in an inverse relationship with the S&P 500, is in a long-term decline with its 200-day moving average at its lowest in five years. But the VIX could spike if dealings in Washington begin to stall.


"If the fiscal cliff happens, a lot of major assets will be down on a short-term basis because of the fear factor and the chaos factor," said Yu-Dee Chang, chief trader and sole principal of ACE Investments in Virginia.


"So whatever you are in, you're going to lose some money unless you go long the VIX and short the market. The 'upside risk' there is some kind of grand bargain, and then the market goes crazy."


He set the chances of the economy going over the cliff at only about 5 percent.


Many in the market agree there will be some sort of agreement that will fuel a rally, but the road there will be full of political landmines as Democrats and Republicans dig in on positions defended during the recent election.


Liberals want tax increases on the wealthiest Americans while protecting progressive advances in healthcare, while conservatives make a case for deep cuts in programs for the poor and a widening of the tax base to raise revenues without lifting tax rates.


"Both parties will raise the stakes and the pressure on the opposing side, so the market is going to feel much more concerned," said Tim Leach, chief investment officer of U.S. Bank Wealth Management in San Francisco.


"The administration feels really confident at this point, or a little more than the Republican side of Congress may feel," he said. "But it's still a balanced-power Congress so neither side can feel that they can act with impunity."


THE MIDDLE EAST AND EUROPE


Tension in the Middle East and unresolved talks in Europe over aid for Greece could add to the uncertainty and volatility on Wall Street could surge, analysts say.


An Egypt-brokered ceasefire between Israel and Hamas came into force late on Wednesday after a week of conflict, but it was broken with the shooting of a Palestinian man by Israeli soldiers, according to Palestine's foreign minister.


Buoyed by accolades from around the world for mediating the truce, Egyptian President Mohamed Mursi assumed sweeping powers, angering his opponents and prompting violent clashes in central Cairo and other cities on Friday.


"Those kinds of potential large-scale conflicts can certainly overwhelm some of the fundamental data here at home," said U.S. Bank's Leach.


"We are trying to keep in mind the idea that there are a lot of factors that are probably going to contribute to higher volatility."


On a brighter note for markets, Greece's finance minister said the International Monetary Fund has relaxed its debt-cutting target for Greece and a gap of only $13 billion remains to be filled for a vital aid installment to be paid.


Still, a deal has not been struck, and Greece is increasingly frustrated at its lenders, still squabbling over a deal to unlock fresh aid even though Athens has pushed through unpopular austerity cuts.


HOUSING DATA COULD CONFIRM RECOVERY


This week is heavy on economic data, especially on the housing front. Some of the numbers have been affected by Superstorm Sandy, which hit the U.S. East Coast more than three weeks ago, killing more than 100 people in the United States alone and leaving billions of dollars in damages.


The housing data, though, could continue to confirm a rebound in the sector that is seen as a necessary step to unlock spending and lower the stubbornly high unemployment rate.


Tuesday's S&P/Case-Shiller home price index for September is expected to show the eighth straight month of increases, extending the longest continuous string of gains since prices were boosted by a homebuyer tax credit in 2009 and 2010.


New home sales for October, due on Wednesday, and October pending home sales data, due on Thursday, are also expected to show a stronger housing market.


Other data highlights this week include durable goods orders for October and consumer confidence for November on Tuesday and the Chicago Purchasing Managers Index on Friday.


At Friday's close, the S&P 500 wrapped up its second-best week of the year with a 3.6 percent gain. Encouraging economic data this week could confirm that regardless of the ups and downs that the fiscal cliff could bring, the market's fundamentals are solid.


For the year, the benchmark Standard & Poor's 500 Index <.spx> is up 12.1 percent.


In Friday's post-Thanksgiving rally, the Dow Jones industrial average <.dji> jumped nearly 173 points to close back above 13,000 - putting the Dow up 6.5 percent for the year. The Nasdaq Composite Index <.ixic> is up 13.9 percent for 2012.


Jeff Morris, head of U.S. equities at Standard Life Investments in Boston, said that "it's kind of noise here" in terms of whether the market has spent "a few days up or down. It has made some solid gains over the course of the year as the housing recovery has come into view, and that's what's underpinning the market at these levels.


"I would caution against reading too much into the next few days."


(Wall St Week Ahead runs every Sunday. Questions or comments on this column can be emailed to: rodrigo.campos(at)thomsonreuters.com)


(Reporting by Rodrigo Campos; Editing by Tim Dobbyn and Jan Paschal)


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