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U.S. Stocks Erase Losses as Europe Overshadows China Concern

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U.S. stocks erased losses as Italian Prime Minister Mario Monti said Greece is likely to stay in the euro and a majority of the region’s leaders support issuing a joint bond, offsetting earlier concern about a Chinese slowdown.

A measure of financial shares in the Standard & Poor’s 500 Index gained, while technology and industrial companies retreated. Hewlett-Packard Co. rose 3.3 percent after the largest personal-computer maker announced plans to slice its workforce by 27,000 and reported quarterly sales and earnings that topped estimates. Tiffany & Co. tumbled 6.8 percent as the luxury jewelry retailer cut its profit and sales forecasts.