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Futures slip after S&P hits pre-recession levels

Traders work on the floor at the New York Stock Exchange in New York, Monday, Dec. 31, 2012. World stocks cooled off Monday Jan. 7, 2013 as some investors sold shares to lock in profits following recent rallies. (AP Photo/Seth Wenig)

NEW YORK (AP) -- 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.