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January 4, 2007
NEW YORK (AP) — Stocks gave up substantial early gains Wednesday to end the first session of 2007 mixed after minutes from the Federal Reserve's last meeting showed growing concern at the central bank about the severity of the pullback in the housing sector.
Though the minutes from the Fed's Dec. 12 meeting said inflation continues to moderate, the bleak assessment of the housing market unnerved investors who were betting that the sector's problems wouldn't necessarily spill over into other portions of the economy.
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