FILE - In this Nov. 7, 2012, file photo, James Dresch of MND Partners Inc. works on the floor of the New York Stock Exchange in New York. Wall Street also appeared headed for gains on the open Wednesday Nov. 14, 2012 as renewed efforts got under way in Washington to resolve the impending "fiscal cliff." (AP Photo/Henny Ray Abrams, File)
Stocks slide as impasse over budget deficit looms
FILE - In this Nov. 7, 2012, file photo, James Dresch of MND Partners Inc. works on the floor of the New York Stock Exchange in New York. Wall Street also appeared headed for gains on the open Wednesday Nov. 14, 2012 as renewed efforts got under way in Washington to resolve the impending "fiscal cliff." (AP Photo/Henny Ray Abrams, File)
By STEVE ROTHWELL
AP Business Writer /
November 15, 2012
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The Fed minutes showed support among ‘‘a number of’’ Fed policymakers to replace Twist with another program of long-term bond purchases when it ends in December.
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:
— 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 that 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 because of dwindling sales.
— Facebook jumped $2.50, or 12.6 percent, 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.
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