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US stocks slip after Federal Reserve shuts down bond-buying program; Dollar, bond yields rise

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NEW YORK — U.S. stocks are closing slightly lower after the Federal Reserve said it was shutting down a bond-buying program because the economy no longer needs as much help.

Gold and bond prices fell and the dollar jumped against other major currencies Wednesday as investors anticipated higher interest rates.

PHOTO: Traders work on the floor of the New York Stock Exchange Wednesday, Oct. 29, 2014. Major stock indexes traded in a tight range in the early going as investors wait for word from the Federal Reserve and mull over a mixed batch of earnings results. (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange Wednesday, Oct. 29, 2014. Major stock indexes traded in a tight range in the early going as investors wait for word from the Federal Reserve and mull over a mixed batch of earnings results. (AP Photo/Richard Drew)

The Standard & Poor's 500 index fell two points, or 0.1 percent, to 1,982.

The Dow Jones industrial average fell 31 points, or 0.2 percent, to 16,974. The Nasdaq composite fell 15 points, or 0.3 percent, to 4,549.

Facebook slumped 6 percent after its chief financial officer said the social networking giant's expenses could rise sharply next year as it ramps up spending.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.32 percent.

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