Bloomberg News

U.S. Stocks, Commodities Recover From Early Losses as Euro Falls

October 03, 2011

Oct. 3 (Bloomberg) -- U.S. stocks and commodities recovered from early losses amid better-than-estimated American economic data and progress toward resolving an obstacle to Greece’s bailout. The euro slumped to a 10-year low versus the yen.

The Standard & Poor’s 500 Index was little changed at 1,130.92 at 11:57 a.m. in New York after slumping as much as 0.9 percent earlier. The S&P GSCI Index of raw materials rose 0.3 percent, recovering from a 1.8 percent early drop.

European governments are close to resolving Finland’s demand for collateral to underpin bailout loans, removing an obstacle to Greece’s second rescue package, three people familiar with the discussion said. In the U.S., data on manufacturing and construction spending topped estimates.

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


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