Stocks mixed despite tax cuts deal

Stocks mixed despite tax cuts deal

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The Dow Jones industrial average closed down 3 at 11,359

Stocks have closed Tuesday mixed after enthusiasm over a deal to extend tax cuts faded.

Bond prices fell sharply as traders anticipated the tax cuts would lead to ballooning budget deficits. The yield on the 10-year Treasury note jumped to 3.14 percent, its highest level since June 22.

President Barack Obama and Republican leaders agreed to a broad package of tax cuts and an extension of unemployment benefits.

According to preliminary calculations, the Dow Jones industrial average is down 3, or 0.03%, at 11,359.

The S&P 500 index is up 0.6, or 0.05%, at 1,223. The Nasdaq composite index is up 3.6, or 0.1%, at 2,598.

Rising stocks were even with declining ones on the New York Stock Exchange. Volume was 1.6 billion shares.

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