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Warnings of slower sales drive US stocks lower

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Grim sales forecasts from Walmart and Cisco, which will cut 5% of its workforce, plus concern the Fed will start tapering off its stimulus program, pummeled stocks — even though it’s a stronger economy that would spur the Fed to ease off. Investors also dumped bonds, driving up the 10-year Treasury yield. Odds appear higher that the Fed will begin winding down bond-buying next month — stimulus that has underpinned the market’s record run. Many fear higher interest rates resulting from the Fed’s move ‘will kill the recovery,’ said Alec Young, at S&P Capital IQ. That ‘seems like an overreaction,’ said Randy Frederick, at Schwab Center for Financial Research.

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