Source: RG3 to have surgery on torn knee ligament

WASHINGTON (AP) — A person familiar with the situation says Robert Griffin III will have surgery Wednesday to repair a torn ligament in his right knee.
The person said Griffin has a torn lateral collateral ligament and that the surgery will also determine whether he also has damaged the ACL.
The person spoke on condition of anonymity because the Redskins have not announced the latest details of Griffin's injury.
Baylor coach Art Briles confirmed the same details in an interview with USA Today.
A torn LCL would require a rehabilitation period of several months, possibly extending into training camp and the start of next season. A torn ACL is a more severe injury, typically requiring nine to 12 months of recovery.
Griffin reinjured the knee in Sunday's playoff loss to Seattle.
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Stocks open lower, pushing S&P 500 down from high

NEW YORK (AP) — Stocks are opening lower on Wall Street Monday, pushing the Standard & Poor's 500 index down from the five-year high it reached Friday.
The Dow Jones industrial average fell 55 points to 13,379 as of 10:30 a.m. EST Monday. The S&P 500 dropped six points to 1,460. The Nasdaq composite fell eight points to 3,093.
Bank of America bucked the downward trend. The stock rose after the bank said it had reached an agreement to settle claims from the government agency Fannie Mae over mortgage investments that lost value after the housing crash. Bank of America will pay the agency $3.6 billion and buy back $6.75 billion in loans that the North Carolina-based bank and its Countrywide unit sold to agency from Jan. 1, 2000 through Dec. 31, 2008. The stock rose 2 cents to $12.13.
The S&P 500 closed at a five-year high Friday after a report showed that hiring held up in December during the tense fiscal negotiations in Washington, with employers adding 155,000 jobs in the month. Stocks surged at the start of last week after lawmakers passed a bill to avoid a combination of government spending cuts and tax increases that came to be known as the "fiscal cliff." The law passed late Tuesday night averted that outcome, which could have pushed the economy back into recession.
Investors will get a better feel for outlook for corporate America this week as earnings reports start coming in. Aluminum producer Alcoa Inc. will launch the reporting season for the fourth quarter of 2012 on Tuesday after the markets close.
The yield on the 10-year Treasury note rose 1 basis point to 1.91 percent. The yield on the note climbed to an eight-month high of 1.97 percent in intra-day trading Friday, according to prices from Tradeweb, an operator of fixed income markets.
Other stocks making big moves:
— Lowe's Cos. fell 68 cents to $34.90 after Canaccord cuts its rating on the company to "sell" from "hold," saying that the home improvement company's efforts to improve stores and sales won't be successful.
— Walgreen Co. gained 65 cents to $37.83 after Jefferies analyst Scott A. Mushkin raised his rating on the drugstore chain to "buy" from "hold," saying the company's profits may get a boost from the flu season, Medicare drug plans and the health care overhaul.
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U.S. stocks slip before earnings; oil dips

 U.S. stock prices fell on Monday on worries about disappointing company results while world oil prices dipped on profit-taking, but signs of improvement in the global economy capped the losses.
The dollar fell against the yen after rallying to a 2-1/2- year high last week, which some traders reckoned was overdone. But it strengthened against the euro on speculation over whether the European Central Bank might signal future interest rate cuts when ECB officials meet on Thursday.
After a jolt of confidence from last week's budget deal in Washington, investors turned their focus to corporate profits in the last three months of 2012, when growth in American holiday spending and corporate investments were tepid.
"We have a cautious market entering fourth-quarter earnings season," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. "I think it's going to be a disappointing one this time around."
Uneasiness about weak corporate results emerged even as data on Friday showed U.S. employers kept up a steady pace of hiring in December and the vast services sector had expanded.
The three major U.S. stock indexes opened lower. The Dow Jones industrial average was last down 39.87 points, or 0.30 percent, at 13,395.34. The Standard & Poor's 500 Index was down 4.78 points, or 0.33 percent, at 1,461.69. The Nasdaq Composite Index was down 4.93 points, or 0.16 percent, at 3,096.73.
After touching a 22-month peak last week, the FTSE Eurofirst index of top European shares was down 0.44 percent at 1,162.
MSCI's broad world equity index fell 0.28 percent but was still not far from an 18-month peak scaled when investors returned to the market after the immediate U.S. fiscal crisis was averted by a political deal in Washington.
The pullback in equities also spurred selling in oil, gold and other risky assets.
Brent crude futures slipped 38 cents or 0.31 percent to $110.93 per barrel after rising 0.6 percent last week, while U.S. oil futures dipped 8 cents or 0.1 percent to $93.01.
Spot gold was down 0.6 percent at $1,646.44 an ounce, though above Friday's $1,625.79, its lowest price since August.
In the currency market, the euro was little changed against the dollar at $1.3076, erasing early losses. It held above a three-week low of $1.2998 hit on Friday.
Analysts predicted it would stay around those levels until after the ECB meeting. Some expect the ECB to point to the prospect of easier rates early this year, contrasting with signals from Federal Reserve policymakers that the U.S. central bank it may pursue less-accommodative policies in the future.
The Bank of Japan is also expected to take major steps to stimulate that country's economy later this month as the new government aims to end deflation and recession.
The yen was weaker against the greenback, last down 0.4 percent at 87.83 yen.
Expectations of less-easy monetary policy from the Fed later this year underpinned weakness in U.S. government debt. The yield on benchmark Treasury 10-year notes ticked up to 1.915 percent, which was 6 basis points below the eight-month high set last Friday.
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Stocks slip, pulling S&P 500 below its 5-year high

NEW YORK (AP) — Stocks are lower in midday trading on Wall Street, pulling the Standard & Poor's 500 index down from a five-year high it reached Friday.
Nine of the 10 industry groups in the S&P 500 were lower. Only health care stocks rose.
At midday Monday, the Dow Jones industrial average was down 61 points at 13,374.
The S&P 500 was down six at 1,460. The Nasdaq composite was off seven points at 3,095.
Lowe's fell 68 cents to $34.90 after Canaccord cuts its rating on the stock to "sell" from "hold," saying that the home improvement company's efforts to improve its stores and sales aren't working.
Fourth-quarter corporate earnings reports start to roll in late Tuesday when aluminum maker and Dow component Alcoa releases its results.
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Venezuelan lawmakers meet to choose new leaders

CARACAS, Venezuela (AP) — Venezuelan lawmakers are meeting to select a new president of the National Assembly in a session that could give clues to the future of the country amid uncertainty about ailing President Hugo Chavez.
Just five days remain until Chavez's scheduled inauguration on Thursday and officials are suggesting the swearing-in could be delayed.
National Assembly President Diosdado Cabello opened the session on Saturday afternoon. Vice President Nicolas Maduro also attended the meeting.
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Chavez party proposes same legislative chief

Chavez party proposes same legislative chief
CARACAS, Venezuela (AP) — Allies of President Hugo Chavez are proposing to keep the same National Assembly president — a man who could be in line to step in as a caretaker leader in some circumstances.
Saturday's session could give clues to the future of the country amid uncertainty about the health of ailing President Hugo Chavez.
Just five days remain until Chavez's scheduled inauguration on Thursday and government officials are suggesting the swearing-in could be delayed.
Pro-Chavez lawmaker Fernando Soto Rojas said the socialist party wants Diosdado Cabello to remain as legislative leader. He's a firm loyalist of the president. Chavez's allies hold a majority of the 165 congressional seats.
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Chavez allies re-elect legislative chief

CARACAS, Venezuela (AP) — Allies of cancer-stricken President Hugo Chavez on Saturday chose to keep the same National Assembly president — a man who could be in line to step in as a caretaker leader in some circumstances.
The vote to retain Diosdado Cabello as legislative leader signaled the ruling party's desire to stress unity and continuity amid growing signs the government plans to postpone Chavez's inauguration for a new term while he fights a severe respiratory infection nearly a month after cancer surgery in Cuba.
The opposition has argued that if Chavez is unable to be sworn in as scheduled on Thursday, the president of the National Assembly should take over on an interim basis.
Cabello's selection quashed speculation about possible political reshuffling in the midst of Chavez's health crisis, and it came a day after Vice President Nicolas Maduro joined other allies in suggesting that Chavez could remain president and take the oath of office before the Supreme Court later on if he isn't fit to be sworn in on the scheduled date.
"It strikes me that the government has decided to put things on hold, to wait and see what happens with Chavez's health and other political factors, and figure out the best way to insure continuity," said Michael Shifter, president of the Inter-American Dialogue think tank in Washington. "Maduro and Cabello are clearly the key players within Chavismo today, each heading separate factions, but for the time being the idea is to reaffirm both and project a sense of unity."
Cabello, a former military officer who is widely considered to wield influence in the military, was re-elected by a show of hands by Chavez's allies, who hold a majority of the 165 congressional seats.
Pro-Chavez party leaders ignored calls to include opposition lawmakers among the legislative leadership, and opposition lawmaker Ismael Garcia said the choices represented "intolerance."
Hundreds of Chavez's supporters gathered outside the National Assembly to show their support, some holding flags and pictures of the president.
The Venezuelan Constitution says the presidential oath should be taken Jan. 10 before the National Assembly. It also says that if the president is unable to be sworn in before the Assembly, he may take the oath before the Supreme Court, and some legal experts in addition to Chavez allies have noted that the sentence referring to the court does not mention a date.
"When, it doesn't say. Where, it doesn't say either," Cabello told supporters after the session. Apparently alluding to possible protests by opponents over the issue of delaying the inauguration, Cabello told Chavez's supporters: "The people have to be alert on the street so that there is no show."
Without giving details, Cabello urged them to "defend the revolution."
The latest remarks by Cabello and Maduro sent the strongest signals yet that the government intends to try to postpone the 58-year-old president's inauguration.
If Chavez dies or is declared incapacitated, the constitution says that a new election should be called and held within 30 days, and Chavez has said Maduro should be the candidate. There have been no public signs of friction between the vice president and Cabello, who appeared side-by-side waving to supporters after the session and vowed to remain united.
If the government delays the swearing-in and Chavez's condition improves, the president and his allies could have more time to plan an orderly transition and prepare for a new presidential election.
Opposition leaders have argued the constitution is clear that the inauguration should occur Thursday, and one presidential term ends and another begins. They have demanded more information about Chavez's condition and have said that if Chavez can't make it back to Caracas by Thursday, the president of the National Assembly should take over provisionally.
If such a change were to occur, it might not lead to any perceptible policy shifts because Cabello is a longtime Chavez ally who vows to uphold his socialist-oriented Bolivarian Revolution movement. But the latest comments by pro-Chavez leaders indicate they intend to avoid any such changes in the presidency, at least for now.
"We're experiencing political stability," Soto Rojas said as he announced the choices of Chavez's United Socialist Party of Venezuela. Referring to Chavez, the former legislative leader said: "Onward, Comandante. ... We're continuing with the Bolivarian process."
Speaking on television Friday, Maduro read from a small blue copy of the constitution, arguing that opponents were using erroneous interpretations to try to drive Chavez from power.
Maduro called the swearing-in a "formality" that could be taken care of before the Supreme Court at a later date. He echoed other Chavez allies in suggesting that the president should be given more time to recover from his cancer surgery if needed.
Shifter said the government's stance has left opposition on the defensive, with its only tactic being to insist that Jan. 10 is the established date.
"The opposition's strong objections to the government's plan are unlikely to get much political traction," Shifter said. "What the government is doing may be of dubious constitutionality but it fits a familiar pattern under Chavez's rule and will probably have minimal political costs."
Chavez was re-elected in October to another six-year term, and two months later announced that his pelvic cancer had returned. Chavez said before the operation that if his illness prevented him from remaining president, Maduro should be his party's candidate to replace him in a new election.
Chavez hasn't spoken publicly or been seen since his Dec. 11 operation. The government revealed this week that Chavez is fighting a severe lung infection and receiving treatment for "respiratory deficiency."
That account raised the possibility that he might be breathing with the assistance of a machine. But the government did not address that question or details of the president's treatment, and independent medical experts consulted by The Associated Press said the statements indicated a potentially dangerous turn in Chavez's condition, but said it's unclear whether he is attached to a ventilator.
Chavez has undergone four cancer-related surgeries since June 2011 for an undisclosed type of pelvic cancer. He also has undergone chemotherapy and radiation treatment.
Other legislative leaders chosen Saturday included Dario Vivas as first vice president and Blanca Eekhout as second vice president, keeping her in the same role.
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S&P 500 index closes at a five-year high

NEW YORK (AP) — The Standard & Poor's 500 index is closing at its highest level in five years as the stock market extends a New Year's rally.
The S&P 500 closed at 1,466 Friday, the highest since Dec. 31, 2007, before the financial crisis.
That's a gain of seven points on the day. The index is up 4.6 percent over the past week after lawmakers passed a last-minute budget agreement that avoided a set of drastic tax increases and government spending cuts.
The Dow Jones industrial average ended up 43 points at 13,435. The Nasdaq rose just one point to end at 3,101, held back by a decline in Apple.
Three stocks rose for every one that fell on the New York Stock Exchange. Volume was higher than average at 3.4 billion shares.
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S&P 500 finishes at 5-year high on economic data

NEW YORK (Reuters) - The benchmark Standard & Poor's 500 index ended at a five-year high on Friday, lifted by reports showing employers kept up a steady pace of hiring workers and the vast services sector expanded at a brisk rate.
The gains on the S&P 500 pushed the index to its highest close since December 2007 and its biggest weekly gain since December 2011.
Most of the gains came early in the holiday-shortened week, including the largest one-day rise for the index in more than a year on Wednesday after politicians struck a deal to avert the "fiscal cliff."
The Dow Jones industrial average <.dji> gained 43.85 points, or 0.33 percent, to 13,435.21. The Standard & Poor's 500 Index <.spx> rose 7.10 points, or 0.49 percent, to 1,466.47. The Nasdaq Composite Index <.ixic> edged up 1.09 points, or 0.04 percent, to 3,101.66.
For the week, the S&P gained 4.6 percent, the Dow rose 3.8 percent and the Nasdaq jumped 4.8 percent to post their largest weekly percentage gains in more than a year.
The CBOE Volatility index <.vix>, a measure of investor anxiety, dropped for a fourth straight session, giving the index a weekly decline of nearly 40 percent, its biggest weekly fall ever. The close of 13.83 on the VIX marks its lowest level since August.
In Friday's economic reports, the Labor Department said non-farm payrolls grew by 155,000 jobs last month, slightly below November's level. Gains were distributed broadly throughout the economy, from manufacturing and construction to healthcare.
Also serving to boost equities was data from the Institute for Supply Management showing U.S. service sector activity expanding the most in 10 months.
With the S&P 500 index at a five-year closing high, analysts said any gains above the index's intraday high near 1,475 in September may be harder to come by.
"We are getting to a point where we need a strong catalyst, which could be earnings, it could be three months of good economic data, it could be a variety of things," said Adam Thurgood, managing director at HighTower Advisors in Las Vegas, Nevada.
"What is going on right now is this conflicting view of fundamentals look pretty good and improving, and then you've got these negative tail risks that could blow everything up," Thurgood said.
He referred to "a fiscal superstorm brewing" of issues still left unresolved in Washington, including tough federal budget cuts and the need to raise the government's debt ceiling all within a couple of months.
The rise in payrolls shown by the jobs data did not make a dent in the U.S. unemployment rate still at 7.8 percent.
A Reuters poll on Friday of economists at Wall Street's top financial institutions showed that most expect the Fed in 2013 to end the program with which it bought Treasury debt in an effort to stimulate the economy.
A drop in Apple Inc shares of 2.6 percent to $528.36 kept pressure on the Nasdaq.
Adding to concerns about Apple's ability to produce more innovative products, rival Samsung Electronics Co Ltd is expected to widen its lead over Apple in global smartphone sales this year with growth of 35 percent. Market researcher Strategy Analytics said Samsung had a broad product lineup.
Eli Lilly and Co was among the biggest boost's to the S&P, up 3.7 percent to $51.56 after the pharmaceuticals maker said it expects its 2013 earnings to increase to $3.75 to $3.90 per share, excluding items, from $3.30 to $3.40 per share in 2012.
Fellow drugmaker Johnson & Johnson rose 1.2 percent to $71.55 after Deutsche Bank upgraded the Dow component to a "Buy" from a "Hold" rating. The NYSEArca pharmaceutical index <.drg> climbed 0.6 percent.
Shares of Mosaic Co gained 3.3 percent to $58.62. Excluding items, the fertilizer producer's quarterly earnings beat analysts' expectations, according to Thomson Reuters I/B/E/S.
Volume was modest with about 6.07 billion shares traded on the New York Stock Exchange, NYSE MKT and Nasdaq, slightly below the 2012 daily average of 6.42 billion.
Advancing stocks outnumbered declining ones on the NYSE by 2,287 to 701, while on the Nasdaq, advancers beat decliners 1,599 to 866.
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Stocks gain, pushing the S&P 500 to 5-year high

The Standard & Poor's 500 closed at its highest level in five years Friday after a report showed that hiring held up in December, giving stocks an early lift.
The S&P 500 finished up 7.10 points at 1,466.47, its highest close since December 2007.
The index began its descent from a record close of 1,565.15 in October 2007, as the early signs of the financial crisis began to emerge. The index bottomed out in March 2009 at 676.53 before staging a recovery that has seen it more than double in value and move to within 99 points of its all-time peak.
The remarkable recovery has come despite a halting recovery in the U.S. economy as the Federal Reserve provided huge support to the financial system, buying hundreds of billions of dollars' worth of bonds and holding benchmark interest rates near zero. Last month the Fed said it would keep rates low until the unemployment rate improved significantly.
"Without the Federal Reserve doing what they did for the last few years, there would be no way you'd be near any of these levels in the index," said Joe Saluzzi, co-head of equity trading at Themis Trading. "I would call this the Fed-levitating market."
The Dow Jones industrial average finished 43.85 points higher at 13,435.21. It gained 3.8 percent for the week, its biggest weekly advance since June. The Nasdaq closed up 1.09 point at 3,101.66.
Stocks have surged this week after lawmakers passed a bill to avoid a combination of government spending cuts and tax increases that have come to be known as the "fiscal cliff." The law passed late Tuesday night averted that outcome, which could have pushed the economy back into recession.
The Labor Department said U.S. employers added 155,000 jobs in December, showing that hiring held up during the tense fiscal negotiations in Washington. It also said hiring was stronger in November than first thought. The unemployment rate held steady at 7.8 percent.
The jobs report failed to give stocks more of a boost because the number of jobs was exactly in line with analysts' forecasts, said JJ Kinahan, chief derivatives trader for TD Ameritrade.
"The jobs report couldn't have been more in line," Kinahan said. "The market had more to lose than to gain from it."
Among stocks making big moves, Eli Lilly and Co. jumped $1.84, or 3.7 percent, to $51.56 after saying that its earnings will grow more than Wall Street expects, even though the drugmaker will lose U.S. patent protection for two more product types this year.
Walgreen Co., the nation's largest drugstore chain, fell 61 cents, or 1.6 percent, to $37.18 after the company said that a measure of revenue fell more than analysts had expected in December, even as prescription counts continued to recover.
Stocks may also be benefiting as investors adjust their portfolios to favor stocks over bonds, said TD Ameritrade's Kinahan. A multi-year rally in bonds has pushed up prices for the securities and reduced the yield that they offer, in many cases to levels below company dividends.
Goldman Sachs reaffirmed its view that stocks "can be an attractive source of income," and warned that there is a risk that bonds may fall. In a note to clients, the investment bank said that an index of AAA rated corporate bonds offers a yield of just 1.6 percent, less than the S&P 500's dividend yield of 2.2 percent.
The 10-year Treasury note fell, pushing its yield higher. The yield on the 10-year note fell 2 basis points to 1.91 percent. The note's yield has now climbed 52 basis points since falling to its lowest in at least 20 years in July.
Other notable stock moves;
— Accuray Inc. plunged $1.37, or 20 percent, to $5.41 after the radiation oncology equipment company reported weak sales and said it would cut 13 percent of its staff.
— Lululemon, a yoga apparel maker, dropped $3.14, or 4.2 percent, to $71.95 after Credit Suisse predicted slowing momentum and downgraded its stock.
— Finish Line Inc., an athletic footwear and clothing company, fell $1.58, or 8.3 percent, to $17.18 after it reported a small loss after sneaker trends changed and customers didn't take to its new web site launched in November. Analysts had forecast a profit.
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