Economy Briefs: Fed’s action doesn’t impress stock market

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WALL STREET

Stocks closed lower after the Federal Reserve’s economic update failed to give investors much to get excited about.

The Fed said it will continue its effort to keep long-term interest rates low. Investors liked that. But the Fed also said it’s seeing high unemployment and a depressed housing market.

Consumer products maker Procter & Gamble Co. said demand is slowing. Sales of its products, which include Tide detergent and Duracell batteries, are a good window into the economy.

The Dow Jones industrial average closed down 13 points at 12,824 Wednesday. The Standard & Poor’s 500 fell two points to close at 1,356. The Nasdaq gained a fraction of a point to close at 2,930.

EUROPE

Spain finance minister: No international bailout needed

MADRID — Spain’s finance minister insisted again Wednesday that the country does not need a full-blown bailout, even as the country’s sky-high borrowing costs remained at dangerous levels.

The interest rate, or yield, on the Spanish benchmark 10-year bond fell 22 basis points to 6.78 percent, below the 7 percent level it has been hovering above since Monday. But Finance Minister Cristobal Montoro said Spain “does not need to be rescued.”

INTERNET

Yahoo, Liquid set to publish motion comics

PHILADELPHIA — Yahoo said Wednesday it is expanding its original offerings, partnering with Liquid Comics to offer motion-comics.

The two companies said they’ll make the first two titles - created by film directors Barry Sonnenfeld and Guy Ritchie - available online later this summer through Yahoo Screen.

Motion comics blend elements of comic book art and animation.

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