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January 2, 2007

2006 a banner year for stocks

By JOE BEL BRUNO
AP Business Writer

NEW YORK — Wall Street slipped lower Friday, closing out a year that will be remembered for the stock market's great comeback — a year-end rally that pushed the Dow Jones industrials past 12,000 for the first time.

By all accounts, 2006 ended up a very good year for stocks as bullish investors bounced back from a slumping housing market and the Federal Reserve's two-year campaign of interest rate hikes. The markets approached record levels in the spring, pulled back sharply in the summer, but found a clear direction in the fall to send the major indexes to multi-year highs.


 
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