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Investors earlier in the week had plenty of reason to hope the indexes would keep moving higher. On Wednesday, the Federal Reserve announced it would likely keep benchmark interest rates near zero through late 2014, more than a year longer than it previously indicated. That helped send the Dow to its highest close since May. Also lifting spirits: Apple had its best quarter for profits, trouncing expectations. On Thursday, the Dow kept rising, briefly passing its highest close since the financial crisis three years ago. But the rally faded after news that new home sales in December had dropped, capping a year that ranked the worst for home sales since record-keeping began in 1963. Among stocks making big moves Friday: Chevron fell more than 2 percent, the most of the 30 stocks in the Dow average, after its quarterly profit and revenue came in well below what analysts were expecting. Oil and natural gas production declined. Ford fell 4 percent after reporting disappointing earnings because of weak sales in Europe. The company said its results were also hurt by problems at parts suppliers in Thailand because of flooding there. Starbucks fell 1 percent after reporting late Thursday that that full-year results were likely to come in less than expectations. Procter & Gamble, which makes Tide, Crest and other consumer products, fell less than 1 percent after cutting its earnings outlook. Legg Mason dropped 5 percent after the investment management company's earnings fell by half as clients pulled money out. Legg Mason posted earnings of 20 cents per share. Analysts expected 25 cents, according to FactSet.
[Associated
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