Stocks slip, pulling S&P 500 below its 5-year high

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Associated Press

Posted on January 7, 2013 at 10:03 AM

Updated Monday, Jan 7 at 10:06 AM

NEW YORK (AP) — Stocks are lower in midday trading on Wall Street, pulling the Standard & Poor's 500 index down from a five-year high it reached Friday.

Nine of the 10 industry groups in the S&P 500 were lower. Only health care stocks rose.

At midday Monday, the Dow Jones industrial average was down 61 points at 13,374.

The S&P 500 was down six at 1,460. The Nasdaq composite was off seven points at 3,095.

Lowe's fell 68 cents to $34.90 after Canaccord cuts its rating on the stock to "sell" from "hold," saying that the home improvement company's efforts to improve its stores and sales aren't working.

Fourth-quarter corporate earnings reports start to roll in late Tuesday when aluminum maker and Dow component Alcoa releases its results.

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