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rainbow (n.)

"arc of prismatic colors formed by the refraction of light rays by drops of rain or vapor," Middle English rein-bowe, from Old English renboga; see rain (n.) + bow (n.). Common Germanic compound (Old Frisian reinboga, Old Norse regnbogi, Swedish regenbåge, Dutch regenboog, German Regenbogen). The American rainbow trout (1876) is so called for its resplendent colors. Old English also had scurboga "shower-bow."

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Definitions of rainbow from WordNet

rainbow (n.)
an arc of colored light in the sky caused by refraction of the sun's rays by rain;
rainbow (n.)
an illusory hope;
chasing rainbows
From wordnet.princeton.edu