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Saturday, January 7, 2012

WALL STREET : U.S. stocks drop Friday, rally for week

Wall Street Kicks Off 2012 With Weekly Gain
 But Euro Anxiety Persists
A cheery first week
The markets kicked off 2012 in a cheery mood, rallying more than 1% this week as traders reacted to an abundance of positive data on the economy, but European woes stilled weighed heavily on traders' sentiment.

U.S. stocks mostly declined Friday, cutting into weekly gains, as investors measured further evidence of an improving labor market against Europe’s troubles, illustrated by the euro’s decline.

“The euro continues to fall, and I think that puts a lot of downward pressure on our stock market. We’re a global economy now, and if banks fail in Europe we need to be concerned,” said a senior equity analyst.

The Dow Jones Industrial Average fell 55.8 points, or 0.45%, to 12360, the S&P 500 dipped 3.3 points, or 0.25%, to 1278 and the Nasdaq Composite rose 4.4 points, or 0.16%, to 2674.
Despite Friday's weak performance.

The Dow climbed 1.2% for the week, the S&P 500 jumped 1.6% and the Nasdaq zoomed 2.7% higher.


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