Stock futures up, S&P 500 poised to rally for an eighth day

NEW YORK (Reuters) - Stock index futures gained on Friday and the S&P 500 looked set to extend its best winning streak in more than six years, as rosy earnings from Procter & Gamble came amid a broader backdrop of healthy corporate results.

The strong start to the year for the equities market has also been attributed to agreement in Washington to extend the government's borrowing power through mid-May, encouraging signs of recovery in the global economy and seasonal inflows to equity markets.

Those factors helped the S&P 500 rally for a seventh day on Thursday to a five-year peak. Still, the index is struggling to climb convincingly above 1,500, a level it surpassed briefly Thursday for the first time since December 2007.

"You have had more confidence from fund managers to provide more allocations to equity markets," said Rick Meckler, president of investment firm LibertyView Capital Management, who added equities were looking more attractive than bonds or cash.

S&P 500 futures rose 4.7 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 rose 44 points and Nasdaq 100 futures rose 12.50 points.

If the S&P 500 rises for an eighth day, it will be its longest winning in eight years. The index had climbed for nine straight days in a run that ended in November 2004.

Procter & Gamble , the world's top household products maker, said Friday quarterly profit soared past expectations and raised its sales and earnings outlook for the fiscal year. Shares were up 1.7 pct at $71.58 in premarket trading.

Pointing to a rotation out of bonds, U.S. 30-year Treasury bonds traded more than a point lower in price on Friday, with yields touching session highs at 3.10 percent.

Recent company earnings have been encouraging. Thomson Reuters data through early Thursday showed that of the 133 S&P 500 companies that have reported earnings so far, 66.9 percent exceeded expectations, more than the 65 percent average over the past four quarters.

Microsoft Corp's reported lower quarterly profit on Thursday as Office software sales slowed ahead of a new launch, offsetting a solid but unspectacular start for its Windows 8 operating system and sending the company's shares down 0.8 percent in premarket trading.

Apple stepped up audits of working conditions at major suppliers last year, discovering multiple cases of underage workers, discrimination and wage problems. The shares, which fell 12 percent Thursday after disappointing earnings, edged up 0.6 percent to $453.40.

German business morale improved for a third consecutive month in January to its highest in more than half a year, providing further evidence that growth in Europe's largest economy was gathering speed after contracting late last year.

Echoing a more positive tone in Europe, ECB President Mario Draghi said he expects the euro zone economy to recover later this year, adding that financial market improvements have not yet trickled into the general economy. Draghi was speaking at the World Economic Forum in Davos on Friday.

The U.S. Commerce Department releases new home sales data for December at 10:00 a.m. Economists forecast a total of 385,000 annualized units, compared with 377,000 in November.

Economic Cycle Research Institute releases its weekly index of economic activity for January 18 at 10:30 a.m. In the prior week the index read 130.

(Editing by Bernadette Baum)

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North Korea to target U.S. with nuclear, rocket tests

SEOUL (Reuters) - North Korea said on Thursday it would carry out further rocket launches and a nuclear test that would target the United States, dramatically stepping up its threats against a country it called its "sworn enemy".

The announcement by the country's top military body came a day after the U.N. Security Council agreed to a U.S.-backed resolution to censure and sanction North Korea for a rocket launch in December that breached U.N. rules.

North Korea is not believed to have the technology to deliver a nuclear warhead capable of hitting the continental United States, although its December launch showed it had the capacity to deliver a rocket that could travel 10,000 km (6,200 miles), potentially putting San Francisco in range, according to an intelligence assessment by South Korea.

"We are not disguising the fact that the various satellites and long-range rockets that we will fire and the high-level nuclear test we will carry out are targeted at the United States," North Korea's National Defence Commission said, according to state news agency KCNA.

North Korea is believed by South Korea and other observers to be "technically ready" for a third nuclear test, and the decision to go ahead rests with leader Kim Jong-un, who pressed ahead with the December rocket launch in defiance of the U.N. sanctions.

China, the one major diplomatic ally of the isolated and impoverished North, agreed to the U.S.-backed resolution and it also supported resolutions in 2006 and 2009 after Pyongyang's two earlier nuclear tests.

Thursday's statement by North Korea represents a huge challenge to Beijing as it undergoes a leadership transition, with Xi Jinping due to take office in March.

China's Foreign Ministry called for calm and restraint and a return to six-party talks, but effectively singled out North Korea, urging the "relevant party" not to take any steps that would raise tensions.

"We hope the relevant party can remain calm and act and speak in a cautious and prudent way and not take any steps which may further worsen the situation," ministry spokesman Hong Lei told reporters at a regular press briefing.

North Korea has rejected proposals to restart the talks aimed at reining in its nuclear capacity. The United States, China, Russia, Japan and the two Koreas are the six parties involved.

"After all these years and numerous rounds of six-party talks we can see that China's influence over North Korea is actually very limited. All China can do is try to persuade them not to carry out their threats," said Cai Jian, an expert on Korea at Fudan University in Shanghai.

Analysts said the North could test as early as February as South Korea prepares to install a new, untested president or that it could choose to stage a nuclear explosion to coincide with former ruler Kim Jong-il's Feb 16 birthday.

"North Korea will have felt betrayed by China for agreeing to the latest U.N. resolution and they might be targeting (China) as well (with this statement)," said Lee Seung-yeol, senior research fellow at Ewha Institute of Unification Studies in Seoul.

U.S. URGES NO TEST

Washington urged North Korea not to proceed with a third test just as the North's statement was published on Thursday.

"Whether North Korea tests or not is up to North Korea," Glyn Davies, the top U.S. envoy for North Korean diplomacy, said in the South Korean capital of Seoul.

"We hope they don't do it. We call on them not to do it," Davies said after a meeting with South Korean officials. "This is not a moment to increase tensions on the Korean peninsula."

The North was banned from developing missile and nuclear technology under sanctions dating from its 2006 and 2009 nuclear tests.

A South Korean military official said the concern now is that Pyongyang could undertake a third nuclear test using highly enriched uranium for the first time, opening a second path to a bomb.

North Korea's 2006 nuclear test using plutonium produced a puny yield equivalent to one kiloton of TNT - compared with 13-18 kilotons for the Hiroshima bomb - and U.S. intelligence estimates put the 2009 test's yield at roughly two kilotons

North Korea is estimated to have enough fissile material for about a dozen plutonium warheads, although estimates vary, and intelligence reports suggest that it has been enriching uranium to supplement that stock and give it a second path to the bomb.

According to estimates from the Institute for Science and International Security from late 2012, North Korea could have enough weapons grade uranium for 21-32 nuclear weapons by 2016 if it used one centrifuge at its Yongbyon nuclear plant to enrich uranium to weapons grade.

North Korea has not yet mastered the technology needed to make a nuclear warhead small enough for an intercontinental missile, most observers say, and needs to develop the capacity to shield any warhead from re-entry into the earth's atmosphere.

North Korea gave no time-frame for the coming test and often employs harsh rhetoric in response to U.N. and U.S. actions that it sees as hostile.

The bellicose statement on Thursday appeared to dent any remaining hopes that Kim Jong-un, believed to be 30 years old, would pursue a different path from his father, Kim Jong-il, who oversaw the country's military and nuclear programs.

The older Kim died in December 2011.

"The UNSC (Security Council) resolution masterminded by the U.S. has brought its hostile policy towards the Democratic Peoples Republic of Korea (North Korea) to its most dangerous stage," the commission was quoted as saying.

(Additional reporting by Christine Kim in SEOUL, Ben Blanchard and Sui-Lee Wee in Beijing; Writing by David Chance; Editing by Raju Gopalakrishnan and Ron Popeski)

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Adrienne Maloof: Why I'm 'Casually Dating' Rod Stewart's Son

TV Watch

By Raha Lewis

01/24/2013 at 08:00 AM EST

Adrienne Maloof and Sean Stewart

Splash News Online

Adrienne Maloof wants to make one thing clear about Sean Stewart: "We are not living together. He has his own place. He has a nice place."

Otherwise, she tells PEOPLE, what you've read is true: The 51-year-old, recently single star of Real Housewives of Beverly Hills is, in fact, enjoying a budding relationship with the 32-year-old son of Rod Stewart.

"This started as a business relationship and now were casually dating," she says, emphasizing, "It's casual, real casual."

Stewart, she says, is "a lot more mature than a lot of 60-year-olds at this time in his life," and he's long since left behind his partying ways.

"That was when he was a young kid," says Maloof. "He's been clean and sober for years."

Maloof, looking great and sounding carefree, with no sign of her recent, notes that her family "has always been in youth-oriented businesses" – they run a Las Vegas casino among other enterprises – so she can relate.

"I'm a modern business woman," she says. "I don't think of age."

And the fact that Stewart comes from a famous family is a plus. "He understands my world, the entertainment industry and being a public figure," she says.

So what does she think about Sean's father, the legendary Rod, who is still going strong at 68?

"His dad is lovely," she says, "A very nice person."

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AP Interview: UN wants better family planning

DAVOS, Switzerland (AP) — The U.N.'s top population official wants governments to do more to ensure that women have access to family planning.

The U.N. says the world will add a billion people to its current population of some 7 billion within a decade, further straining the planet's resources.

Babatunde Osotimehin, executive director of the U.N. Population Fund, says more than 220 million women in the developing world want family planning but aren't getting it.

Speaking to The Associated Press at the World Economic Forum in Davos, he said many women want to have fewer children and that "30 percent of those who die giving birth we can prevent with family planning."

He also called for providing girls with "comprehensive sexuality education."

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Stock futures drop as Apple revenue miss to halt stocks rally

NEW YORK (Reuters) - Stock index futures fell Thursday as Apple slid nearly 10 percent following a revenue miss, and analysts said equities may be due for a pullback after a six-day rally for the S&P 500.

Apple Inc missed Wall Street's revenue forecast for a third straight quarter after iPhone sales came in below expectations, fanning fears its dominance of consumer electronics is slipping. The shares dropped 8.8 percent to $468.64 in premarket trading, wiping out about $50 billion of its market value.

However, some positive economic news looked set to put a floor under stock prices. Growth in Chinese manufacturing accelerated to a two-year high this month and a buoyant Germany took the euro zone economy a step closer to recovery, business surveys showed on Thursday.

"The march to 1,500 on the S&P is looking quite strong, the question is will Apple be the spoiler?" said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

"My guess is that while Nasdaq might suffer losses today, both the Dow and the S&P may do otherwise based on economic news out of China and Europe."

The S&P 500 rose for a sixth day on Wednesday after stronger-than-expected profits from IBM and Google . But Apple could now halt that rally, which had lifted stocks to five-year highs.

S&P 500 futures fell 3.7 point and were below 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 rose 15 points and Nasdaq 100 futures fell 34.75 points.

Apple's disappointing results drew a round of price-target cuts from brokerages. At least seven brokerages, including Barclays Capital, Credit Suisse and Deutsche Bank, cut their price target on the stock by $142 on average to $617.80. Morgan Stanley removed the stock from its 'best ideas' list.

Helping the Dow industrials, diversified U.S. manufacturer 3M Co reported a 3.9 percent rise in profit on solid growth in sales of its wide array of products, which range from Post-It notes to films used in television screens. The shares rose 0.7 percent in premarket trading.

Corporate earnings have helped drive the recent stock market rally. Thomson Reuters data through Wednesday showed that of the 99 S&P 500 companies that have reported earnings, 67.7 percent have exceeded expectations, above the 65 percent average over the past four quarters.

Investors in U.S.-based mutual funds pumped $9.32 billion into stock funds in the week ended January 16, the second consecutive week of inflows for such funds, data from the Investment Company Institute showed Wednesday.

Netflix Inc surprised Wall Street Wednesday with a quarterly profit after the video subscription service added nearly 4 million customers in the U.S. and abroad. Shares jumped nearly 40 percent in premarket trading.

Removing another element of political uncertainty from markets, the U.S. House of Representatives on Wednesday passed a Republican plan to allow the federal government to keep borrowing money through mid-May, clearing it for fast enactment after the top Senate Democrat and White House endorsed it.

(Editing by Bernadette Baum)

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Cameron promises Britons straight choice on EU exit

LONDON (Reuters) - Prime Minister David Cameron promised on Wednesday to give Britons a referendum choice on whether to stay in the European Union or leave if he wins an election in 2015, placing a question mark over Britain's membership for years.

Cameron ended months of speculation by announcing in a speech the plan for a vote sometime between 2015 and the end of 2017, shrugging off warnings that this could imperil Britain's economic prospects and alienate its biggest trading partner.

He said the island nation, which joined the EU's precursor European Economic Community 40 years ago, did not want to retreat from the world, but public disillusionment with the EU was at "an all-time high".

"It is time for the British people to have their say. It is time for us to settle this question about Britain and Europe," Cameron said. His Conservative party will campaign for the 2015 election promising to renegotiate Britain's EU membership.

"When we have negotiated that new settlement, we will give the British people a referendum with a very simple in or out choice to stay in the European Union on these new terms; or come out altogether. It will be an in-out referendum."

The speech firmly ties Cameron to an issue that was the bane of a generation of Conservative leaders. In the past, he has avoided partisan fights over Europe, the undoing of the last two Conservative prime ministers, John Major and Margaret Thatcher.

Britain would seek to claw back powers from Brussels, he said, a proposal that will be difficult to sell to other European countries. London will do an "audit" to determine which powers Brussels has that should be delegated to member states.

Sterling fell to its lowest in nearly five months against the dollar on Wednesday as Cameron was speaking.

The response from EU partners was predictably frosty. French Foreign Minister Laurent Fabius quipped: "If Britain wants to leave Europe we will roll out the red carpet for you," echoing Cameron himself, who once used the same words to invite rich Frenchmen alienated by high taxes to move to Britain.

German Foreign Minister Guido Westerwelle said his country wanted Britain to remain a full EU member, but London could not expect to pick and choose the aspects of membership it liked.

Business leaders have warned that the prospect of years of doubt over Britain's EU membership would damage the investment climate.

"Having a referendum creates more uncertainty and we don't need that," Martin Sorrell, chief executive of advertising giant WPP, told the World Economic Forum in Davos.

"This is a political decision. This is not an economic decision. This isn't good news. You added another reason why people will postpone investment decisions."

The speech also opens a rift with Cameron's junior coalition partners, the Liberal Democrats. Their leader, Deputy Prime Minister Nick Clegg, said the plan would undermine a fragile economic recovery.

And even allies further afield are wary: the United States has said it wants Britain to remain inside the EU with "a strong voice".

EUROSCEPTICS THRILLED

Cameron has been pushed into taking such a strong position in part by the rise of the UK Independence Party, which favors complete withdrawal from the EU and has climbed to third in opinion polls, mainly at the expense of the Conservatives.

"All he's trying to do is to kick the can down the road and to try and get UKIP off his back," said UKIP leader Nigel Farage.

Eurosceptics in Cameron's party were thrilled by the speech. Conservative lawmaker Peter Bone called it "a terrific victory" that would unify 98 percent of the party. "He's the first prime minister to say he wants to bring back powers from Brussels," Bone told Reuters. "It's pretty powerful stuff".

Whether Cameron will ever hold the referendum remains as uncertain as the Conservatives' chances of winning the next election in 2015.

They trail the opposition Labour party in opinion polls, and the coalition government is grappling with a stagnating economy as it pushes through public spending cuts to reduce Britain's large budget deficit.

Cameron said he would prefer Britain, the world's sixth biggest economy, to remain inside the 27-nation EU. As long as he secured the reforms he wants, he would campaign for Britain to stay inside the EU "with all my heart and soul".

But he also made clear he believed the EU must be radically reformed. It was riskier to maintain the status quo than to change, he said.

"The biggest danger to the European Union comes not from those who advocate change, but from those who denounce new thinking as heresy," he said.

"WAFER THIN" CONSENT

The euro zone debt crisis was forcing the bloc to change, and Britain would fight to make sure new rules were fair to countries that didn't use the common currency, he said. Britain is the largest of the 10 EU members that do not use the euro.

Democratic consent for the EU in Britain was now "wafer thin", he said, reflecting the results of opinion polls that show a slim majority would vote to leave the bloc.

"Some people say that to point this out is irresponsible, creates uncertainty for business and puts a question mark over Britain's place in the European Union," said Cameron. "But the question mark is already there: ignoring it won't make it go away."

Asked after the speech whether other EU countries would agree to renegotiate Britain's membership, Cameron said he was an optimist and that there was "every chance of success."

"I want to be the prime minister who confronts and gets the right answer for Britain on these kind of issues," he said.

It is nearly 40 years since British voters last had a say in a referendum on Britain's membership of the European club. A 1975 vote saw just over 67 percent opt to stay inside with nearly 33 percent wanting to leave.

(Additional reporting by Paul Taylor in Davos and Alexandra Hudson in Berlin; Editing by Guy Faulconbridge and Peter Graff)

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First “Firefox OS” Phones Previewed, to Launch in February

Mozilla, the non-profit organization behind the popular Firefox web browser, has been promoting its Firefox OS project (once known as “Boot to Gecko”) for some time now. A hardware partnership with Telefonica, the international telecom giant, had been announced, but no phones had yet been unveiled.

But in an announcement today on its blog, Mozilla announced the impending launch of its first “developer preview” phones, the Keon and the Peak. Made in partnership with Geeksphone, a Spanish smartphone producer which used to make Android phones, these devices are meant to help app developers preview their work on the small screen. But they may also serve as a sneak preview of Mozilla’s plan to enter the smartphone market.

Introducing Firefox OS

Designed as an alternative to Google’s Android for low-powered smartphones, Firefox OS’ claim to fame is that it’s “built entirely using open web standards,” or open-source code written in the programming languages which make up the web, like JavaScript. Likewise, Firefox OS apps are websites specially formatted to look and feel like apps, and to respond to touchscreen controls and access phone features like vibration and the GPS.

A selection of Firefox apps is already available in the Mozilla Marketplace, but developers will eventually be able to take the open-source code behind it and create their own app markets like it if they so choose. These apps also run on the preview “Aurora” version of Firefox for Android, which is available for download from Mozilla’s website.

“Say ‘hola’” to the Keon and Peak

The Keon is Mozilla’s entry-level developer smartphone, while the Peak has somewhat more modern hardware specs.

The Keon has a 1 GHz Snapdragon processor, 512 MB of RAM, a 3.5-inch touchscreen, and 4 GB of flash memory, plus a microSD card slot to expand storage space. Its built-in camera is a basic 3-megapixel shooter, and lacks an LED flash. It’s roughly comparable to 2010′s iPhone 4 in terms of raw hardware specs, although it probably won’t be able to play the same kinds of 3D games since they’ll be written as web applications.

The Peak has a dual-core 1.2 GHz processor, a 4.3-inch IPS display, and an 8-megapixel camera with a flash, plus a 2-megapixel front-facing camera. It has the same amount of RAM and flash storage as the Keon does, though.

Both the Keon and the Peak are unlocked GSM smartphones, which may mean they will work on AT&T and T-Mobile’s networks in the States.

Pricing and availability

According to Peters, the “First phones will be available in February.” Prices have yet to be announced.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.

Linux/Open Source News Headlines – Yahoo! News

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Melissa Rycroft Tricks Her Daughter at the Dinner Table

Mom & Babies
Celebrity Baby Blog

01/22/2013 at 09:00 AM ET

FameFlynet

She triumphed with her fancy footwork on the dance floor, but Melissa Rycroft may have finally met her match.

Although completely head over heels in love with daughter Ava Grace, 2 next month, the first-time mom admits her little girl has her beat.

“She pushes my buttons like nobody else on this earth can do,” Rycroft, 29, tells PEOPLE.

“She’s going through that phase right now, the ‘I’m sorry, Mommy, you didn’t want me to touch this? This right here I wasn’t supposed to touch?’ And she just gives you this look and I want to be so angry with her, but I can’t!”

Rycroft isn’t the only one being tested by the toddler; Dad Tye Strickland has been known to be on the receiving end of a few of Ava’s tricks, too.

“It’s Daddy’s day with her while Mommy goes and works and as I was leaving [Ava] pooped in the bathtub,” she says with a laugh. “It’s little things like that where I go, ‘That’s my girl! There you go, Tye!’”

At the end of the day, however, it’s Rycroft versus the father-daughter duo — at least when it comes to the dinner table.

“We don’t want to make her a vegetarian or just a meatatarian or just a hot dogatarian like most toddlers are,” she quips. “It doesn’t help in my house that my husband also eats like a 5-year-old, so it’s almost like I’m raising two kids [and] trying to get vegetables in both of them.”

Noting that “if it’s green [Ava's] not going to eat it,” a crafty Rycroft reveals she may have finally found the secret to her struggles.

“I’m finding new recipes online of how you can kind of hide vegetables in meals and so far they can’t tell that it’s there,” she shares. “There’s a nice stuffed chicken you can do [where] you can put some spinach and cheese right in there. They’ll never know it’s there!”

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Foes of NYC soda size limit doubt racial fairness

NEW YORK (AP) — Opponents of the city's limit on the size of sugary drinks are raising questions of racial fairness alongside other complaints as the novel restriction faces a court test.

The NAACP's New York state branch and the Hispanic Federation have joined beverage makers and sellers in trying to stop the rule from taking effect March 12. With a hearing set Wednesday, critics are attacking what they call an inconsistent and undemocratic regulation, while city officials and health experts defend it as a pioneering and proper move to fight obesity.

The issue is complex for the minority advocates, especially given obesity rates that are higher than average among blacks and Hispanics, according to the federal Centers for Disease Control. The groups say in court papers they're concerned about the discrepancy, but the soda rule will unduly harm minority businesses and "freedom of choice in low-income communities."

The latest in a line of healthy-eating initiatives during Mayor Michael Bloomberg's administration, the beverage rule bars restaurants and many other eateries from selling high-sugar drinks in cups or containers bigger than 16 ounces. Violations could bring $200 fines; the city doesn't plan to start imposing those until June.

The city Board of Health OK'd the measure in September. Officials cited the city's rising obesity rate — about 24 percent of adults, up from 18 percent in 2002 — and pointed to studies linking sugary drinks to weight gain. Care for obesity-related illnesses costs more than $4.7 billion a year citywide, with government programs paying about 60 percent of that, according to city Health Commissioner Dr. Thomas Farley.

"It would be irresponsible for (the health board) not to act in the face of an epidemic of this proportion," the city says in court papers. The National Association of Local Boards of Health and several public health scholars have backed the city's position in filings of their own.

Opponents portray the regulation as government nagging that turns sugary drinks into a scapegoat when many factors are at play in the nation's growing girth.

The American Beverage Association and other groups, including movie theater owners and Korean grocers, sued. They argue that the first-of-its-kind restriction should have gone before the elected City Council instead of being approved by the Bloomberg-appointed health board.

Five City Council members echo that view in a court filing, saying the Council is "the proper forum for balancing the city's myriad interests in matters of public health." The Bloomberg administration counters that the health board, made up of doctors and other health professionals, has the "specialized expertise" needed to make the call on limiting cola sizes.

The suit also argues the rule is too narrow to be fair. Alcohol, unsweetened juice and milk-based drinks are excluded, as are supermarkets and many convenience stores — including 7-Eleven, home of the Big Gulp — that aren't subject to city health regulations.

The NAACP and the Hispanic Federation, a network of 100 northeastern groups, say minority-owned delis and corner stores will end up at a disadvantage compared to grocery chains.

"This sweeping regulation will no doubt burden and disproportionally impact minority-owned businesses at a time when these businesses can least afford it," they said in court papers. They say the city should focus instead on increasing physical education in schools.

During Bloomberg's 11-year tenure, the city also has made chain restaurants post calorie counts on their menus and barred artificial trans fats in french fries and other restaurant food.

In general, state and local governments have considerable authority to enact laws intended to protect people's health and safety, but it remains to be seen how a court will view a portion-size restriction, said Neal Fortin, director, Institute for Food Laws and Regulations at Michigan State University.

___

Follow Jennifer Peltz at http://twitter.com/jennpeltz

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Stock futures flat, but techs rally in premarket

NEW YORK (Reuters) - Stock index futures were flat on Wednesday, with investors reluctant to make big bets following a five-day rally that took major averages to levels not seen since December 2007.

Tech shares will be in focus with earnings due from tech heavyweight Apple and following strong results from both IBM and Google, which rallied in premarket trading and continued the string of major companies outperforming following results.

Investors were also cautious as they awaited another onslaught of earnings reports, including from Dow component McDonald's Corp . Apple Inc reports after the market's close and investors will scour that report for signs the company can continue to grow at an accelerated pace.

"The market has an upward bias because earnings have generally been better than most expected, but whether we take another leg up from here depends on Apple," said Oliver Purshe, president of Gary Goldberg Financial Services in Suffern, New York. "That is such a heavily watched stock that if it doesn't come out with strong numbers we could take a pause."

Google Inc rose 5.1 percent to $738.61 in light premarket trading a day after the search giant's core Internet business outpaced expectations. Revenue was also higher than expected.

International Business Machines Corp late Tuesday forecast better-than-anticipated 2013 results and also posted fourth-quarter earnings and revenue that beat expectations. The results helped to allay concerns about the tech sector that arose when Intel Corp gave a weak outlook last week. IBM, which is a Dow component, rose 3.9 percent to $203.81 before the bell.

Dow component United Technologies Corp reported earnings that fell from the prior year, hurt by large restructuring charges.

Coach Inc slumped 12 percent to $53.20 before the bell after reporting sales that missed expectations.

According to the latest Thomson Reuters data, of the 74 S&P 500 companies that have reported earnings so far, 62.2 percent have topped expectations, roughly even with the 62 percent average since 1994, but below the 65 percent average over the past four quarters.

Overall, S&P 500 fourth-quarter earnings rose 2.6 percent, according to Thomson Reuters data. That estimate is above the 1.9 percent forecast from the start of earnings season, but well below the 9.9 percent fourth-quarter earnings forecast from October 1, the data showed.

S&P 500 futures fell 1.8 points and were below 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 rose 3 points and Nasdaq 100 futures rose 4 points.

Both the S&P 500 and Dow Jones industrial average hit five-year closing highs on Tuesday, and recent gains have largely been fueled by a strong start to the earning season. The S&P has jumped 6.4 percent over the past four weeks.

Republican leaders in the U.S. House of Representatives aim on Wednesday to pass a bill to extend the U.S. debt limit by nearly four months, to May 19. The White House welcomed the move, saying it would remove uncertainty about the issue.

The debt limit issue has been viewed as a market overhang for the past few weeks, with many investors worried that if no deal is reached to raise the limit, it could have a negative impact on the economy.

"We're raising our year-end target from 1,535 to about 1,575, in part because of the strong fourth-quarter earnings, but also because with the debt ceiling off the table that's a headwind removed from the market," Purshe said.

(Editing by W Simon and Kenneth Barry)

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