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US Stocks Open mostly Lower as Fed Meets

Tuesday Jul 31, 2012

NEW YORK (AP) - U.S. stocks are opening mostly lower ahead of a two-day policy meeting at the Federal Reserve.

Investors are cautious over whether the Fed will act again to kick-start the economy, and when it will do so.

The Dow Jones industrial average fell 11 points to 13,063 shortly after the opening bell Tuesday. The broader S&P 500 index lost 0.5 points to 1,385 and Nasdaq gained six points to 2,652.

The Commerce Department reported Tuesday that spending by the U.S. consumer was unchanged in June, though personal income edged up 0.5 percent.

That would suggest there will be more pressure on the Fed to act because it appears that Americans are putting their paychecks in their pockets, rather than spending it.

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