Bloomberg News

U.S. Stocks Erase Gain as Shares of Banks, Energy Companies Drop

May 11, 2012

Traders work on the floor of the New York Stock Exchange. Photographer: Scott Eells/Bloomberg

Traders work on the floor of the New York Stock Exchange. Photographer: Scott Eells/Bloomberg

U.S. stocks erased gains as JPMorgan Chase & Co.’s $2 billion trading loss weighed on banks and a drop in oil prices dragged down energy companies, snuffing out an advance triggered by an increase in consumer confidence.

The Standard & Poor’s 500 Index increased 0.1 percent to 1,359.28 at 1:28 p.m. after gaining as much as 0.6 percent.

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


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