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.

To contact the editor responsible for this story: Jeff Sutherland at jsutherlan13@bloomberg.net

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