June 17 (Bloomberg) -- U.S. stocks pared gains as a slump in commodity and technology shares tempered an early rally triggered by optimism that European leaders were nearing a compromise on a financial rescue for Greece.

The Standard & Poor’s 500 Index rose 0.2 percent to 1,270.87 at 12:54 p.m. in New York after rallying as much as 1 percent earlier.

Energy and technology shares were the biggest drag on the index as oil slid 2.4 percent to $92.66 a barrel and Research In Motion Ltd. plunged 22 percent after the maker of the BlackBerry smartphone said quarterly revenue may drop for the first time in nine years.

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