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Indexes slump on deficit battle; banks fall

July 12, 2011

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Stocks slid as concern grew that Europe’s debt crisis will spread and US lawmakers failed to agree on cutting the massive deficit. JPMorgan Chase & Co. and Bank of America Corp. fell more than 3.1 percent, driving financials lower. Alcoa kicked off the earnings season with second-quarter results that more than doubled but came up short of estimates.