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Five-year high drifts away as stocks slip

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Stocks drifted lower in thin trading, pulling the S&P 500 back from a five-year high. The index edged up slightly last week, enough to reach its highest since November 2007. With little market-moving news Monday, the S&P 500 slipped 0.92 point. With major indexes near record highs, many think the market’s six-week rally is ready for a pause. Solid profit reports have helped feed the rally. The Dow and S&P 500 are up more than 6% this year; the Nasdaq has risen 5.7%. Apple­ rose Monday following weekend reports it is developing a wristwatch-like gadget that would use the same operating system as iPhones and iPads.

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