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S&P 500 index closes at a five-year high

7:11 AM, Jan 7, 2013   |    comments
A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
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NEW YORK (AP) - It's the first full week of trading in 2013 and the market is hoping to maintain its rally.

On Friday, the S&P 500 closed at its highest level in five years. The broad index closed at 1,466, the highest since Dec. 31, 2007, before the financial crisis.

That's a gain of seven points on the day. The index was up 4.6 percent last week after lawmakers passed a last-minute budget agreement that avoided a set of drastic tax increases and government spending cuts.

The Dow Jones industrial average ended up 44 points at 13,435. The Nasdaq rose just one point to end at 3,102, held back by a decline in Apple.

Three stocks rose for every one that fell on the New York Stock Exchange. Volume on Friday was higher than average at 3.4 billion shares.






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