Stocks slide as impasse over budget deficit looms
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.