Wall Street Eyes Broad Data at '07 Start

NEW YORK Dec 31, 2006 (AP)— The first trading week of the year may be a short one, but it may help determine whether the stock market's record-breaking run will continue or melt down in 2007. The three days will be filled with data on employment, the manufacturing and service sectors, and sales figures from retailers and automakers. These will provide clues to Wall Street's big question: Is economic growth still cooling, or starting to heat up? During the last trading week of 2006, despite thin holiday trading volumes, the Dow Jones industrial average rose above 12,500 for the first time after a promising report on new home sales suggested the economy may be turning around. If the first week of January brings good news, the Dow could hurtle further into record territory, extending its fourth-quarter rally. MORE ON THIS STORY