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January 5, 2007

Stocks rise as oil price drops

NEW YORK (AP) — Wall Street struggled but ultimately closed higher Thursday as a bounce in technology stocks and sharply lower oil prices helped investors brush off concerns about sluggish consumer spending.

Retailers' lackluster holiday sales reports initially sent major stock indexes significantly lower. Stocks climbed back after a drop in crude prices to below $56 a barrel raised hopes that cheaper gasoline might be on the way.


 
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