Bloomberg News

U.S. Stocks Recover as Energy Producers Rally With Oil Prices

July 16, 2012

U.S. stocks erased losses as a rally in oil prices lifted energy producers, helping the market recover from earlier declines triggered by concern the economic recovery was weakening.

The Standard & Poor’s 500 Index was little changed at 1,356.12 at 2:23 p.m. in New York after slumping as much as 0.6 percent. Crude oil climbed 1.4 percent to $88.32 a barrel, helping send energy shares to the biggest gain among 10 groups in the S&P 500.

Earlier losses in stocks came after the International Monetary Fund cut its global economic forecast and retail sales unexpectedly dropped.

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


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