Economics
U.S. Stocks Erase Gains After S&P 500 Tops Highest Since 2008
This article is for subscribers only.
U.S. stocks erased gains, after the Standard & Poor’s 500 Index failed to hold above its highest close since 2008, as approval of Greece’s bailout was offset by economic concern with crude oil jumping to a nine-month high.
The Dow Jones Transportation Average, a proxy for economic growth, slumped 1.5 percent as United Continental Holdings Inc. and Delta Air Lines Inc. dropped at least 7.2 percent. Wal-Mart Stores Inc., the world’s biggest retailer, fell 3.9 percent as low prices hurt margins. Energy shares had the biggest gain in the S&P 500 among 10 industries as Chevron Corp. rallied 1.6 percent. Macy’s Inc., the second-biggest U.S. department-store chain, added 1.2 percent as profit beat estimates.