S&P 500 Recovers From Early Drop Triggered By Earnings, Claims
U.S. stocks pared losses as technology and telephone companies helped lead the market higher following an earlier drop triggered by a bigger-than-forecast increase in jobless claims and disappointing earnings.
JDS Uniphase Corp., Pitney Bowes Inc. and Mead Johnson Nutrition Co. jumped more than 11 percent to lead gains in the S&P 500.
The Standard & Poor’s 500 Index was little changed at 1,501.37 as of 1:50 p.m. in New York after declining as much as 0.4 percent earlier. The gauge retreated from a five-year high yesterday after the government said the economy unexpectedly contracted last quarter.
To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net
Jan. 31 (Bloomberg) -- Michael Aronstein, president of Marketfield Asset Management, talks about the outlook for U.S. markets and strategy. He speaks with Betty Liu on Bloomberg Television's "In the Loop." (Source: Bloomberg)
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