Stocks Slide as Budget Deal Spurs Taper Worries

Stocks fell on Wednesday in broad-based selling as investors digested the Washington budget deal
that could give the Federal Reserve another reason to scale back its bond-buying program soon. The
Dow Jones Industrial Average shed 129.60 points, or 0.81%, to finish at 15,843.53. The S&P 500
fell 20.40 points, or 1.13%, to close 1,782.22. The Nasdaq Composite slid 56.68 points, or 1.40%,
to end at 4,003.81.

The White House is considering nominating Stanley Fischer as vice-chair of the US Federal Reserve
in a move that would add one of the world’s most respected economists to the central bank under
new head Janet Yellen.

Avon Products Inc. (AVP), the world’s largest door-to-door cosmetics seller, plans to cut 650 jobs
as part of its plan to trim $400 million in costs.

Air Liquide SA (AI) cut its 2015 sales-growth target and plans to invest 10 billion euros ($14
billion) from 2016 to 2020 as it taps demand for industrial gases in health care, energy and
electronics. Annual revenue increases will average 5 percent to 7 percent in 2011 to 2015. From
2016 to 2020, sales will rise 6 percent to 9 percent a year.