U.S. Stocks Pare Gains as Hewlett-Packard Slumps, Oil Tumbles
U.S. stocks pared gains as Hewlett- Packard Co. slumped and commodity shares tumbled after crude fell to a two-month low.
The Standard & Poor’s 500 Index rose 0.1 percent to 1,447.20 at 3:08 p.m. New York time, after climbing as much as 0.6 percent. The Dow Jones Industrial Average dropped 7.91 points, or 0.1 percent, to 13,474.45.
Hewlett-Packard Co. (HPQ) dropped 11 percent to a nine-year low after the computer maker forecast fiscal 2013 profit that missed estimates as Chief Executive Officer Meg Whitman said a turnaround effort won’t happen any time soon.
Energy shares in the S&P 500 slumped 1.5 percent as oil dropped 4.1 percent after the government reported that U.S. crude output climbed to the highest level since 1996.
U.S. equities rallied earlier amid data showing better- than-forecast growth in American employment and service industries.
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