U.S. Stocks Erase Loss, Treasuries Pare Gain on Confidence Data
July 30, 2010, 11:00 AM EDTBy Michael P. Regan
July 30 (Bloomberg) -- U.S. stocks and commodities erased losses, while Treasuries pared their advance, as higher-than- estimated readings on consumer confidence and American business activity tempered concern the economic rebound is slowing.
The Standard & Poor’s 500 Index rose less than 0.1 percent to 1,102.51 at 10:43 a.m. in New York after tumbling as much as 1.2 percent earlier. The 10-year Treasury yield lost 4 basis points to 2.94 percent after dropping 7 basis points earlier. The Reuters/Jefferies CRB Index of commodities erased a 0.7 percent slide and climbed to an almost three-month high.
Equities recovered from an early selloff after the Institute for Supply Management-Chicago Inc. said its business barometer expanded in July at a faster pace than projected and the Thomson Reuters/University of Michigan index of consumer sentiment declined less than forecast.
To contact the editor responsible for this story: Michael Regan at mregan12@bloomberg.net
