Bloomberg News

S&P 500 Erases Loss as Retailers Gain on Sales Reports

January 03, 2013

U.S. stocks erased early losses as retailers from TJX Cos. to Ross Stores Inc. led gains after reporting better-than-estimated monthly sales and a private report showed faster-than-forecast jobs growth.

The Standard & Poor’s 500 Index was little changed at 1,462.55 at 11:13 a.m. in New York after slumping as much as 0.3 percent in the first half hour of trading.

The S&P 500 surged 4.3 percent over the previous two sessions in its biggest advance in 13 months, bringing it within four points of a five-year high reached in September, amid optimism over the budget deal that avoids most of the more-than $600 billion in automatic spending cuts and tax increases.

To contact the reporter on this story: Michael P. Regan in New York at mregan12@bloomberg.net

To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net


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