U.S. stocks erased early losses amid optimism that European leaders will do more to halt contagion from the region’s debt crisis, helping the market reverse a plunge triggered by growing concern Greece will leave the euro.
Bank of America Corp., Alcoa Inc. and FedEx Corp. advanced at least 1.4 percent to pace gains among the biggest companies. Facebook Inc. increased 3.2 percent after losing 19 percent in the previous two days. Dell Inc. tumbled 17 percent, the most since 2000, amid a disappointing revenue forecast. Hewlett-Packard Co. rallied 10 percent at 5:02 p.m. New York time after reporting quarterly results and saying it will cut 27,000 jobs.