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The Journal Gazette

Monday, January 07, 2013 8:20 am

Futures slip after S&P hits pre-recession levels

The Associated Press

Stock futures are cooling off after the Standard & Poor's index reached levels last week not seen since the start of the Great Recession.

Dow Jones industrial futures are down 8 points to 13,338. The broader S&P futures have lost 0.80 points to 1,456.90. Nasdaq futures are down a point at 2,712.

Investors appear to be taking some money off the table with the earnings season kicking off Tuesday.

The S&P 500 is now 2 percent higher than it was on election day and on Friday closed at 1,466, the highest since December 2007.

On Monday, Bank of America said it would pay Fannie Mae $3.6 billion and buy back $6.8 billion in loans to settle mortgage claims from the housing meltdown.