Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

U.S. Stocks Erase Early Gain After Three-Day Rally in S&P 500

U.S. Stocks Erase Early Gain After Three-Day Rally in S&P 500
Traders work at the New York Stock Exchange in New York. Photographer: Scott Eells/Bloomberg

May 7 (Bloomberg) -- U.S. stocks erased early gains that had sent the Standard & Poor’s 500 Index to a record level for a fourth straight day.

The S&P 500 fell less than 0.1 percent to 1,616.7 at 10:20 a.m. in New York after gaining as much as 0.4 percent earlier. Technology and financial shares were the biggest drag on the index, while telephone and utility companies rose the most among the 10 main groups.

The S&P 500 advanced 0.2 percent to a record yesterday after the benchmark gauge for U.S. equities topped 1,600 for the first time on May 3. U.S. stocks are in the fifth year of a bull market amid better-than-estimated corporate earnings and three rounds of bond purchases by the Federal Reserve. The S&P 500 has rallied 13 percent in 2013.

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.