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Futures dip after Fed sticks to stimulus program

Thursday - 10/31/2013, 9:52am  ET

FILE - In this Wednesday, Oct. 30, 2013, file photo, specialist Frank Masiello works at his post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

NEW YORK (AP) -- Stock futures are heading lower, following the market declines from the previous day, after U.S. policy makers said they would maintain a massive economic stimulus program.

The Federal Reserve did not say, as it had in September, that rising mortgage rates may slow the country's recovery from the recession. That led some economists to suggest that the government may start winding down the $85 billion bond-buying program early next year, sooner than many had expected.

Dow Jones industrial futures are down 15 points to 15,538. S&P futures have lost 3.1 points to 1,757.50. Nasdaq futures are down 12.75 points to 3,379.50.

Exxon Mobil, MasterCard and Starbucks are releasing quarterly earnings reports Thursday.

The U.S. Labor Department will release its weekly jobs report as well before the market opens.

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