Bloomberg News

U.S. Stocks Pare Gains as Banks Drop, Trimming Tech-Led Rally

October 14, 2011

Oct. 14 (Bloomberg) -- U.S. stocks pared gains as banks erased their advance, trimming an early rally led by technology companies after Google Inc.’s results topped estimates and Apple Inc. prepared to sell a new version of its iPhone.

The Standard & Poor’s 500 Index rose 0.8 percent to 1,212.81 at 11:24 a.m. in New York after climbing as much as 1.5 percent.

European officials are considering writedowns of as much as 50 percent on Greek bonds, a backstop for banks and continued central bank bond purchases as key planks in a revamped strategy to combat the debt crisis, people familiar with the discussions told Bloomberg News.

The S&P 500 pared its advance after rising to 1,221.46, near levels where rallies stopped in August and September. The gauge closed at 1,218.89 on Aug. 31 before dropping 4.4 percent in the next three sessions, and closed at 1,216.01 on Sept. 16 before losing 7.1 percent by Sept. 22.

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


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