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US economy bounces back in New Year

Reuters  |  New York 

US stocks declined on Thursday as investors opened the year on a cautious note after the S&P 500 wrapped up its best year since 1997, despite economic data pointing to continued growth in the economy. The Institute for Supply Management said its index of national factory activity stood at 57.0 last month, in line with economists' forecasts but a touch below November's 2-1/2-year high of 57.3. A reading above 50 indicates expansion. Earlier data showed weekly initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 339,000, the second weekly ...

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First Published: Fri, January 03 2014. 00:24 IST