U.S. Stocks Reverse Losses as Valuations Overshadow Factory Data
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U.S. stocks reversed losses as the cheapest price-to-earnings valuation for the Standard & Poor’s 500 Index in six months overshadowed a drop in factory orders.
Amazon.com Inc. and Starbucks Corp. advanced at least 3 percent to pace gains in consumer discretionary companies. Chesapeake Energy Corp. rallied 6 percent on plans to replace almost half its board under pressure from billionaire investor Carl Icahn. Caterpillar Inc. and JPMorgan Chase & Co. retreated more than 2.6 percent. Facebook Inc. declined 3 percent to the lowest price since the stock began trading at $38 last month.