Bloomberg News

U.S. Stocks Rebound From Early Losses to Rise for Third Day

June 20, 2011

June 20 (Bloomberg) -- U.S. stocks rebounded from early losses as the Standard & Poor’s 500 Index traded near the cheapest valuation in almost a year and Luxembourg’s Jean-Claude Juncker assured investors a solution will be found to Greece’s debt crisis.

Caterpillar Inc. rose 1 percent after being raised at Raymond James & Associates. Schlumberger Ltd. and Anadarko Petroleum Corp. paced losses in energy stocks as oil approached a bear market before trimming its decline.

The S&P 500 added 0.2 percent to 1,274.41 at 10:38 a.m. in New York. The benchmark gauge traded at 12.1 times its forecast operating earnings for the next year, near the cheapest

valuation in almost a year, according to data compiled by Bloomberg. The Dow Jones Industrial Average added 50.86 points, or 0.4 percent, to 12,055.22 today.

“It’s critical that we hold in here,” said Bruce McCain, who oversees $22 billion as chief investment strategist at the private-banking unit of KeyCorp in Cleveland. “There’s anxiety about the European debt crisis. If they can kick the can down he road, there will be more upside potential than downside risk. The market is oversold.”

To contact the editor responsible for this story: Michael Regan at mregan12@bloomberg.net


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