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Originally published Tuesday, February 12, 2013 at 1:09 PM

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Dow closes at highest of the year, nearing record

The Dow is closing at its highest level of the year, coming within one percent of its record reached in October 2007.

The Associated Press

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NEW YORK —

The Dow is closing at its highest level of the year, coming within one percent of its record reached in October 2007.

The latest gain was powered by impressive results from two big consumer brands, Avon and luxury clothing maker Michael Kors.

The Dow Jones industrial average rose 47 points to 14,018 Tuesday, putting it within 146 points of its record high of 14,164.

Avon surged 20 percent after its quarterly loss was less than analysts feared. Michael Kors rose 9 percent after its results impressed investors.

The Dow surged at the start of the year, logging its best January in almost two decades.

Two stocks rose for every one that fell on the New York Stock Exchange. Trading was lighter than the recent average at 3.3 billion shares.

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