U.S. Stocks Erase Losses Amid Rebound in Tech, Consumer Shares
U.S. stocks rose, erasing earlier declines, as a rebound in technology and consumer discretionary shares overshadowed disappointing economic data and concern over Europe’s debt crisis.
The Standard & Poor’s 500 Index rose 0.2 percent to 1,404.38 at 10:49 a.m. New York time, after dropping as much as 0.3 percent.
Stocks retreated earlier after a report showed demand for U.S. capital goods such as machinery and communications gear dropped in July by the most in eight months, indicating companies are pulling back on investment.
Two central bank officials said European Central Bank President Mario Draghi may wait until Germany’s Constitutional Court rules on the legality of Europe’s permanent bailout fund before unveiling full details of his plan to buy government bonds.