S&P 500 Closes Little Changed as Investors Weigh Rates, Economy
- Banks gain amid increased bets for higher interest rates
- Valeant resumes selloff, Celgene results weigh on health-care
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U.S. stocks closed little changed near a three-month high as the specter of an interest rate increase this year left investors looking to Friday’s jobs report for fresh signs the economy is strong enough to withstand tightening.
Equities swung between gains and losses in the session as a rally in banks helped erase declines sparked by a renewed selloff in embattled drugmaker Valeant Pharmaceuticals International Inc. Weakness in commodity producers also held back stocks for a second day.