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.
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