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US stocks down as investors wait on debt news

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On-again, off-again talk of a US debt deal made investors wonder how pessimistic they should be. Stocks were flat or down all day, but the size of the losses waxed and waned. The market closed with its first loss in a week. Short-term government debt yields rose sharply as investors worried about default. After the markets closed, Fitch Ratings said it might downgrade the government’s AAA bond rating. It sees a higher risk for default. The day’s losses were broad. All 10 S&P 500 industry groups fell, and three stocks fell for every one that rose on the NYSE. FedEx shareholders were happy about expanded stock buybacks, though; FedEx rose 4%.

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