‘Candle’ Power : Tribute to Princess Diana becomes biggest-selling U.S. single since SoundScan began tracking sales.

In just two weeks in the stores, Elton John’s “Candle in the Wind 1997” has already passed Whitney Houston’s “I Will Always Love You” as the biggest-selling U.S. single since SoundScan began monitoring national record sales in 1991.

The John single--a tribute to Diana, princess of Wales--sold more than 1.2 million copies last week, bringing its two-week SoundScan total to nearly 4.7 million.

That figure pushes “Candle” past the 4.6 million mark established by Houston’s 1992 single. The latter accumulated the bulk of its sales during a six-month stay in the national Top 40.

Until SoundScan, the only independent measure of record sales was the Recording Industry Assn. of America, which certified the number of records shipped to stores by manufacturers, not the actual number of those records subsequently sold by retailers.

As previously reported, “Candle” is already the biggest-selling U.S. single under the RIAA figures, with more than 8 million copies shipped--shattering the 4 million mark shared by “Always” and four other singles.

There is no international certification program for record sales, though the Guinness Book of Records has long reported Bing Crosby’s 1942 recording of “White Christmas” at No. 1 with an estimated 30 million sales. A&M; Records, the single’s distributor, lists “Candle’s” worldwide shipments at 26 million--and growing.

On the album front, LeAnn Rimes’ “You Light Up My Life: Inspirational Songs” returned to the No. 1 spot last week, selling an estimated 175,000 copies. Joining the teenage country star in the Top 10 were two legendary rock forces. The Rolling Stones’ “Bridges to Babylon” and Bob Dylan’s “Time Out of Mind” were Nos. 3 and 10, respectively.

What’s Hot

Here are some recent releases that are generating critical or commercial attention:

Mariah Carey’s “Butterfly” (Columbia). Released in the wake of the singer’s estrangement from Sony Music Entertainment mogul Tommy Mottola, this album is easily the most personal, confessional-sounding record Carey’s ever done.

Bob Dylan’s “Time Out of Mind” (Columbia). Rock’s master songwriter has come up with what is arguably his most artful and convincing collection since the ‘70s.

LeAnn Rimes’ “You Light Up My Life: Inspirational Songs” (Curb). In her third album in 14 months, the 15-year-old phenom unleashes her powerful voice on a dozen inspirational songs.

The Rolling Stones’ “Bridges to Babylon” (Virgin). This ballad-heavy collection is bland enough in spirit and attitude to make you long for the good old days of gratuitous controversy and sexist swagger.

What’s New

Janet Jackson’s “The Velvet Rope” (Virgin), Steve Earle’s “El Corazon” (E-Squared/Warner Bros.), Everclear’s “So Much for the Afterglow” (Capitol).

What’s Coming

Tuesday: Green Day’s “Nimrod” (Reprise), Aaron Neville’s “To Make You Who I Am” (A&M;).