Stocks Erase Gain on U.S. Economy Data, Europe

U.S. stocks erased gains after a report showed American service industries expanded at a slower pace than forecast and the president of the European Central Bank predicted a mild recession for the region.

The Standard & Poor’s 500 Index fell 0.2 percent to 1,235.49 at 10:04 a.m. in New York after climbing 1 percent earlier.

Stocks rallied earlier as the ECB unexpectedly cut interest rates and European leaders increased pressure on Greece to accept a bailout.

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