U.S. Stocks Reverse Drop as Oil Companies Rally on Iran Concerns

U.S. stocks reversed an early drop as energy companies and oil rallied on a report that sanctions will reduce Iranian crude exports by 300,000 barrels a day.

The Standard & Poor’s 500 Index was little changed at 1,392.77 at 10:53 a.m. in New York after tumbling as much as 0.4 percent. Energy companies climbed 0.9 percent as a group and accounted for most of the market’s advance following the Reuters report.

Earlier losses were triggered when an unexpected drop in sales of new U.S. homes fueled concern the global economic rebound was slowing.

To contact the reporter on this story: Michael P. Regan in New York at mregan12@bloomberg.net

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.