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Paul Dykewicz

[stocks]
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The Dow industrials eked out a slim gain to close at a new record high today but the Nasdaq was unable to hold onto the 4,000 mark that it reached for the first time in 13 years as it retreated just below that level, despite gaining ground for the day. The S&P 500 Index fell short of break even today.

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Royal Bank of Scotland Group Plc (RBS) chose a law firm, Clifford Chance LLP, to investigate whether the banking company tried to boost its profits by pushing companies that owed it money into financial difficulties. RBS took the action today after a report by Lawrence Tomlinson, chairman and founder of LNT Group Ltd., said that once companies were in default, the bank could charge them advisory fees and buy their assets at reduced prices.

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U.S. stocks rose, capping a seventh week of gains for the Standard & Poor’s 500 Index, after an increase in the pace of hiring increased and pharmaceutical company shares rose due to favorable decisions by European regulators. This week, the Dow advanced 0.6 percent to finish with its seventh straight weekly gain, the longest streak since January 2011.

[NYSE building]
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The Dow Jones Industrial Average closed above 16,000 for the first time and the Standard & Poor’s 500 Index recovered from its first three-day slump since September in today’s trading.

[Bull Market]
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Investors are pouring more money into U.S. stock mutual funds than they have in 13 years, enticed by a market nearing record highs and stung by bond losses that would deepen if interest rates rise further. Stock funds gained $172 billion in the year’s first 10 months, the largest amount since they netted $272 billion in all of 2000, according to Morningstar Inc.

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The European Central Bank (ECB) is considering a smaller-than-normal cut in the deposit rate if officials decide to take the interest rate negative for the first time, according to two people with knowledge of the debate.