Stocks Reverse Gain as Jobs Optimism Fades; Oil Slumps

U.S. stocks reversed early gains as optimism about a drop in the jobless rate faded and the Standard & Poor’s 500 Index failed to hold at an almost five-year highs. Treasuries fell, while the Dollar Index erased losses.

The S&P 500 slipped less than 0.1 percent to close at 1,460.93 at 4 p.m. in New York, erasing a gain of 0.7 percent that took it above its best closing level since December 2007. The Dow Jones Industrial Average rose 35 points to 13,610.15, paring an 87-point rally while still closing at the highest in almost five years. The Dollar Index reversed a 0.3 percent drop to trade little changed, while 10-year Treasury yields rose six basis points to 1.74 percent. The S&P GSCI Index of commodities lost 0.8 percent as oil slid below $90 a barrel.