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U.S. Stocks Reverse Drop as Oil Companies Rally on Iran Concerns

U.S. Stocks Trim Drop
Traders work on the floor of the New York Stock Exchange. Photographer: Scott Eells/Bloomberg

March 23 (Bloomberg) -- U.S. stocks reversed an early drop as energy companies and oil rallied on a report that sanctions will reduce Iranian crude exports by 300,000 barrels a day.

The Standard & Poor’s 500 Index was little changed at 1,392.77 at 10:53 a.m. in New York after tumbling as much as 0.4 percent. Energy companies climbed 0.9 percent as a group and accounted for most of the market’s advance following the Reuters report.

Earlier losses were triggered when an unexpected drop in sales of new U.S. homes fueled concern the global economic rebound was slowing.

To contact the reporter on this story: Michael P. Regan in New York at mregan12@bloomberg.net

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net

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