U.S. Stocks Pare Gains While Crude Oil Jumps to Nine-Month High

U.S. equities pared early gains as a surge in oil dragged down transportation and consumer shares while Greece’s approval for a second bailout failed to spur enough confidence to keep the Standard & Poor’s 500 Index at an almost four-year high. Treasuries declined.

The S&P 500 rose 0.1 percent to 1,362.21 at 4 p.m. in New York after earlier climbing as much as 0.5 percent to top its highest closing level since June 2008. The Dow Jones Industrial Average trimmed its advance after climbing above 13,000 for the first time since May 2008. The Stoxx Europe 600 Index lost 0.5 percent. The 10-year U.S. Treasury yield jumped six basis points to 2.06 percent. Oil reached a nine-month high near $106 a barrel as Iran said it stopped selling to France and Britain.