U.S. Stocks Erase Gains as Industrial, Commodity Shares Decline
U.S. stocks erased early gains as industrial and commodity companies retreated, overshadowing an advance in technology shares after Cisco Systems Inc.’s earnings topped estimates.
The Standard & Poor’s 500 Index was up less than 0.1 percent at 1,375.06 at 9:58 a.m. in New York after earlier rallying as much as 0.4 percent. The gauge has declined almost 4 percent since President Barack Obama’s re-election on Nov. 6 set up a showdown over the budget with the Republican-controlled House of Representatives.
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