Stocks slip ahead of crucial Fed, ECB meetings

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Among other stocks making big moves:

• Coach, the luxury handbag maker, fell $11.2, or 18.6 percent, to $49.33, the biggest loss in the S&P 500 index. The company’s revenue came in below analysts’ forecasts because of slower sales at North American factory stores as consumers became more cautious about spending.

• U.S. Steel gained $1.73, or 9 percent, to $20.65. Higher prices and lower costs for raw materials and energy helped the company beat analysts’ forecasts despite challenging economic conditions, particularly in Europe.

• Goodyear Tire rose $1.08, or 10.4 percent, to $11.45. The company’s income more than doubled in the quarter after lower costs offset a drop in tire sales and beat Wall Street’s expectations.

• Valero Energy rose $1.42, or 5.4 percent, to $27.50. The second quarter results from the gasoline and petroleum products maker beat Wall Street profit forecasts after the company expanded its fuel-making operation in the United Kingdom, which helped the company increase production.

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