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W Street back to square one after 2006 gains evaporate
1/23/2006
NEW YORK, Jan 22 (AFP): The bulls on Wall Street got a rude awakening over the past week as most of the gains evaporated from the early 2006 rally, prompting concerns that the market is headed for further weakness.
A perfect storm of events combined for a rout on US markets in the week ending Friday-disappointing earnings reports, weak forecasts from companies and a variety of geopolitical worries that have pushed oil prices to near record highs.
The blue-chip Dow Jones Industrial Average, which topped 11,000 for the first time since 2001 earlier this month, took a beating in the holiday-shortened week, losing 2.7 per cent to close Friday at 10,667.39.
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