U.S. stocks were little changed, after the Standard & Poor’s 500 Index fell the most in six weeks, as investors weighed the extent of the autumn rally in equities and the odds of higher interest rates in December.
The S&P 500 rose 0.2 percent to 2,081.84 at 4:01 p.m. in New York, erasing an earlier drop of as much as 0.4 percent, and ending the longest losing streak since September.
The benchmark gauge slid the most since September yesterday, after six straight weeks of gains took it within 1 percent of a record reached in May. The S&P 500 had risen as much as 13 percent from an August low following its first correction in four years. The rally stalled last week after Federal Reserve Chair Janet Yellen said a December rate increase was a “live possibility,” and the October jobs report was stronger than expected. Traders now price in a 66 percent chance of a liftoff next month, up from about 50 percent a week ago.
Analysts now project profits for S&P 500 companies dropped 3.8 percent in the third quarter, improved from calls for a 7.2 percent decline at the start of the season. Of those index members that have reported, 74 percent beat profit projections, while 56 percent missed sales estimates.
Source : Bloomberg