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U.S. Stocks Erase Gains as Boehner Says No Progress in Talks

U.S. stocks erased gains after House Speaker John Boehner said “no substantive progress” has been made in budget talks in Washington.

The Standard & Poor’s 500 Index was little changed at 1,410.62 at 11:44 a.m. in New York after rallying as much as 0.7 percent on optimism lawmakers would reach a deal to avert the fiscal cliff of more than $600 billion in automatic tax increases and spending cut.

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