S&P 500 Recovers From Early Drop Triggered By Earnings, ClaimsMichael P. Regan
U.S. stocks pared losses as technology and telephone companies helped lead the market higher following an earlier drop triggered by a bigger-than-forecast increase in jobless claims and disappointing earnings.
JDS Uniphase Corp., Pitney Bowes Inc. and Mead Johnson Nutrition Co. jumped more than 11 percent to lead gains in the S&P 500.
The Standard & Poor’s 500 Index was little changed at 1,501.37 as of 1:50 p.m. in New York after declining as much as 0.4 percent earlier. The gauge retreated from a five-year high yesterday after the government said the economy unexpectedly contracted last quarter.