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Last updated: August 15. 2013 10:39AM - 567 Views
Associated Press



In this  Tuesday, Aug. 13, 2013, photo, Trader Richard Newman, left, works on the floor of the New York Stock Exchange. Mounting expectations that the U.S. Federal Reserve will start to reduce its monetary stimulus next month weighed on markets Thursday, Aug. 15, 2013 though trading was fairly muted during what is a traditionally quiet period for investors. (AP Photo/Richard Drew)
In this Tuesday, Aug. 13, 2013, photo, Trader Richard Newman, left, works on the floor of the New York Stock Exchange. Mounting expectations that the U.S. Federal Reserve will start to reduce its monetary stimulus next month weighed on markets Thursday, Aug. 15, 2013 though trading was fairly muted during what is a traditionally quiet period for investors. (AP Photo/Richard Drew)
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(AP) Stocks are falling sharply in early trading after more disappointing news from blue-chip companies.


The Dow Jones industrial average fell 191 points, or 1.2 percent, to 15,149 in the first half-hour of trading.


The Standard & Poor's 500 index lost 20 points, or 1.2 percent, to 1,663. The Nasdaq fell 56 points, or 1.6 percent, to 3,612.


Wal-Mart fell 2.2 percent after the company reported lower revenue and cut its profit outlook for 2013. Macy's also warned of weak profits the day before.


Cisco plunged 7 percent after the network equipment maker said it would cut about 4,000 jobs and its outlook fell short of most projections.


Bond yields rose sharply. The yield on the 10-year Treasury note rose to 2.79 percent, the highest since July 2011.


Associated Press
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