U.S. stocks pared gains after an earlier rally took the Standard & Poor’s 500 Index to its highest level in more than two years.
The S&P 500 rose 0.1 percent to 1,224.54 at 3:20 p.m. in New York after earlier climbing as much as 1 percent to 1,235.05, its highest intraday level since Sept. 22, 2008. The Dow Jones Industrial Average rose less than 1 point, or less than 0.1 percent, to 11,363.10, erasing most of a 89-point rally.
The 10-year Treasury yield jumped 23 basis points to 3.148 percent, the highest since June.
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