U.S. stocks erased losses as shares of materials producers and chipmakers increased, offsetting concerns about global growth after China raised reserve requirements for banks to cool inflation.
Nike Inc. jumped 4.1 percent after raising its dividend. Texas Instruments Inc. climbed 1.1 perent.
The Standard & Poor’s 500 Index rose 0.1 percent to 1,197.29 at 1:07 p.m. in New York, wiping out an early slump of as much as 0.6 percent. The Dow Jones Industrial Average slipped 5.98 points, or 0.1 percent to 11,175.25
Nike led the S&P 500 Consumer Durables & Apparel Index to the biggest gain among 24 industries. The world’s largest maker of athletic shoes raised its quarterly dividend to 31 cents from 27 cents. On average, the analysts surveyed by Bloomberg estimated a quarterly dividend of 29 cents.
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