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Aug 1, 2011 11:26 AM by Trovette Tottress

Stocks drop despite deficit-cutting agreement

NEW YORK (AP) - After surging at the opening bell on news of a deficit-cutting agreement over the weekend, stocks have given up those gains and moved lower. They fell after investors learned that a key manufacturing index tumbled in July. The Institute of Supply
Management says the index is down to a level just barely above the mark that indicates growth. Economists had expected a better
reading.

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