S&P 500 Erases Losses as Technology, Industrial Shares Rebound
The Standard & Poor’s 500 Index erased losses as technology, consumer-staples and industrial shares rebounded from an earlier slump sparked by data showing the economy grew less than economists forecast.
The S&P 500 fell less than 0.1 percent to 1,584.76 at 3:12 p.m. in New York, after dropping as much as 0.5 percent earlier in the day. Technology shares rose the most among 10 groups in the index, with Hewlett-Packard Co. increasing 2.6 percent and Apple Inc. adding 2.5 percent.
Equities slumped earlier as data showed the U.S. economy grew less than forecast in the first quarter as a drop in defense outlays undercut the biggest increase in consumer spending in two years.
The S&P 500 has surged 134 percent from a 12-year low in 2009 as corporate earnings beat analyst estimates and the Federal Reserve embarked on three rounds of bond purchases to spur economic growth.