U.S. Stocks Erase Gains as Metals, Health-Care Shares RetreatLynn Thomasson
U.S. stocks erased gains as losses in raw-material producers and health-care providers offset a rally in technology shares.
The Standard & Poor’s 500 Index was little changed at 1,752.92 at 12:16 p.m. in New York. The U.S. equity benchmark earlier rose as much as 0.4 percent.
Amazon.com Inc. and Microsoft Corp. rallied after reporting earnings that beat analysts’ estimates. The Nasdaq 100 Index climbed 0.3 percent. Eastman Chemical Co. slumped 6.9 percent after cutting its full-year forecast. Express Scripts Holding Co. declined 3.8 percent after the largest U.S. processor of prescription drug claims reduced its 2013 cash flow forecast.
The S&P 500 has jumped 4.3 percent this month as lawmakers agreed to raise the government’s borrowing limit, avoiding a sovereign default. Equities are heading for their third weekly rally as signs of slower economic recovery fueled bets the Fed will wait until March before scaling back bond purchases.