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January 11, 2007
NEW YORK (AP) — Wall Street managed solid gains Wednesday after investors fretted over the impact of falling oil prices but were nonetheless inspired to buy following upbeat news from Alcoa Inc. and Apple Computer Inc.
The market began the session with fresh concern that oil's decline would hurt profits in the energy sector and scare off money from sources like hedge funds that have helped push stocks higher in recent months. Adding to that sense was a profit warning from Chevron Corp. Investors' unease about sliding prices was a marked departure from that seen last summer and in subsequent months, when rising oil raised the specter of a jump in inflation.
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