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Archer Daniels Midland, hammered by record corn prices, reported a 25 percent drop in net income. The agriculture company's stock fell $1.40, or 5 percent, to $26.09. Bond yields ended slightly lower as traders waited for news from the Fed and the ECB. Investors are particularly interested to see whether the Fed will change or extend its bond purchasing program. The yield on the benchmark 10-year Treasury note fell to 1.47 percent from 1.50 percent late Monday. The euro also rose slightly against the dollar, to $1.23 from $1.22. Among other stocks making big moves: Coach, the luxury handbag maker, fell $11.2, or 18.6 percent, to $49.33, the biggest loss in the S&P 500 index. The company's revenue came in below analysts' forecasts because of slower sales at North American factory stores as consumers became more cautious about spending. U.S. Steel gained $1.73, or 9 percent, to $20.65. Higher prices and lower costs for raw materials and energy helped the company beat analysts' forecasts despite challenging economic conditions, particularly in Europe. Goodyear Tire rose $1.08, or 10.4 percent, to $11.45. The company's income more than doubled in the quarter after lower costs offset a drop in tire sales and beat Wall Street's expectations. Valero Energy rose $1.42, or 5.4 percent, to $27.50. The second quarter results from the gasoline and petroleum products maker beat Wall Street profit forecasts after the company expanded its fuel-making operation in the United Kingdom, which helped the company increase production.
[Associated
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