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The Journal Gazette

Tuesday, December 04, 2012 11:53 am

Stocks trade mixed as budget talks continue

The Associated Press

Stocks are mixed in midday trading as investors wait for news out of budget talks being held in Washington.

Big Lots soared 9 percent after the discount retailer beat analysts' earnings forecasts and raised its estimate for full-year earnings.

The Dow Jones industrial average was up 16 points at 12,982 shortly before noon Tuesday.

The Standard & Poor's 500 index was down one point at 1,408. The Nasdaq composite index fell nine points to 2,993.

Pep Boys plunged 13 percent after posting a loss on weak sales at the company's auto stores and rising costs.

In Washington, talks are proceeding on how to avoid a fiscal crunch of higher taxes and government spending cuts set to automatically kick in at the beginning of the year.