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That strong earnings outlook for the end of the year means that stocks will likely end 2013 strongly, said Ron Sloan, a senior portfolio manager at Invesco. In the immediate future though, the direction of stocks is less certain, he said. "The trick is what happens between here to there?" said Sloan. "I'm afraid that we are going to have to give back some of what we've made this year." Among stocks making big moves: Yum Brands fell $1.44, or 2 percent, to $68.92 after the owner of Kentucky Fried Chicken reported that sales in China fell 29 percent last month, driven by concerns about Avian flu. Theravance, a biopharmaceutical company, surged $6.26, or 18 percent, to $41.20. Irish drugmaker Elan Corp. plans to pay $1 billion for the right to future royalties from respiratory treatments being developed by Theravance and GlaxoSmithKline. Autozone, a retailer of spare parts for cars, fell $5.19, or 1.2 percent, to $415.76 after Deutsche Bank cut its recommendation on the stock from "buy" to "hold." In government bond trading, the yield on the 10-year Treasury note rose to 1.92 percent from 1.90 percent. The yield, which moves opposite to the price, has jumped this month as investors sold Treasurys and moved into riskier assets. The Nasdaq composite rose 2.21 points, 0.1 percent, to 3,438.79. Oil fell 87 cents, or 0.9 percent, to $95.17 a barrel. Gold dropped $2.30, or 0.2 percent, to $1,434.30 an ounce. The U.S. dollar was little changed against the Japanese yen at 101.83 and gained against the euro.
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