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Stocks slide as impasse over budget deficit looms


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The purchases are intended to lower long-term borrowing rates to encourage spending and strengthen the economy. The hope is that more hiring would follow. The yield on the 10-year Treasury note was unchanged at 1.59 percent.

Among other stocks making big moves:

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— Cisco Systems, the world’s largest maker of computer networking equipment, gained 81 cents, or 4.8 percent, to $17.66. Cisco said late Tuesday its earnings rose 18 percent in the latest quarter and that U.S. companies are starting to spend again.

— Mosaic, a company that mines for potash, a key ingredient in fertilizers, slipped $1.65, or 3.3 percent, to $49.10 after saying that international demand for its product had weakened and that it was lowering its sales forecasts.

— Advanced Micro Devices, a chipmaker, slumped 16 cents, or 7.7 percent, to $1.93 after the company denied a report that said it was considering a sale. The stock has lost about 77 percent since March amid dwindling sales.

— Facebook jumped $2.50 to $22.36. Wednesday was the expiration of a so-called lockup period that prevents insiders from selling stock immediately after a company goes public. About 850 million shares are being freed for sale.

Analysts had feared the stock would fall because of all the additional shares on the market. Youssef Squali, an analyst at brokerage Cantor Fitzgerald, said investors should take advantage of any "market dislocation" in the stock to buy more of it.




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