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Market treads water before Friday’s employment data

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NEW YORK (Reuters) – Stocks were little changed on Thursday as investors were cautious after a mixed bag of economic data, while stellar earnings from chipmaker Qualcomm helped the Nasdaq index to edge higher. The S&P 500 is on track to post its best month since October 2011 and its best January since 1997. Investors expect a pullback in equities after the recent gains, though they have bought on dips over the past four weeks. The largest daily decline on the S&P 500 so far in 2013 was Thursday’s 0. 39 percent drop after data showed the economy contracted in the fourth quarter of 2012. . . .

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