Stocks slide on weak earnings; Fed cuts stimulus

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Disappointing earnings from big US companies, ongoing jitters in emerging markets, and cuts to the Fed’s stimulus gave markets a 1-2-3 punch Wednesday. AT&T fell after its outlook for the year upset investors while currencies across the ocean, including the Turkish lira and the South African rand, fell against the dollar. And the Fed said it will lower its monthly bond purchases by $10 billion to $65 billion because of a strengthening US economy. In other earnings, Dow Chemical rose on an increased quarterly dividend while JetBlue’s fourth-quarter profit jumped on higher fares, but the airline said January storms will hurt first-quarter results.

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