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The Standard & Poor's 500 index dropped 22 points, or 1.4 percent, to 1,551 and is 2.3 percent lower since the opening bell on Monday. Small-company stocks fell even more than the broader market, a signal that investors are moving money out of higher-risk investments. The Russell 2000 dropped 2 percent to 904. Company earnings for the first three months of the year are reflecting that economic growth has been slow and steady, rather than robust as investors had hoped, said Kevin Mahn, president of Hennion and Walsh Asset Management. Consumers and businesses are still reluctant to ratchet up spending. "We're moving ahead, but begrudgingly and very slowly," said Mahn, "I don't think that the plough horse is going to start stepping backwards but it certainly doesn't have the capacity to start speeding up, at least right now." Among other stocks making big moves, Textron, a maker of small aircraft, plunged 13 percent to $25.61 after the company cut its outlook for business jet deliveries. The Bank of New York Mellon fell 3 percent to $25.76 after it reported a first-quarter loss following a hefty $266 million tax-related charge. Fairway climbed 31 percent to $16.98 on its stock market debut, even after the grocery store chain priced its initial public offering above expectations. The yield on the 10-year Treasury note, which moves inversely to its price, fell to 1.70 percent from 1.73 percent.
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