U.S. stocks fluctuated, as gains in consumer shares offset a drop among energy producers. Crude oil resumed its decline following a rise in American inventories, while the euro weakened for the first time in three days as Greece continues to renegotiate its debt.
The Standard & Poor™s 500 Index slipped less than 0.1 percent at 12:12 p.m. in New York following a two-day rally. Energy producers lost 1.1 percent, while Walt Disney Co. surged to an all-time high on earnings. West Texas Intermediate crude retreated 5.1 percent to $50.36 a barrel, after rallying 19 percent in four days. The yield on 10-year Treasuries rose a third day. The euro dropped 0.4 percent to $1.1430. Futures on the FTSE China A50 Index jumped 5.3 percent after the central bank cut banks™ reserve ratio.
Data showed U.S. service industries expanded at a faster pace in January, while hiring fell more than forecast. Oil slid as U.S. stockpiles rose to the highest since at least 1982. Crude had rebounded from the lowest level in almost six years as companies began cutting investments. Greek Prime Minister Alexis Tsipras and his finance minister are visiting European leaders to negotiate new debt terms. German Chancellor Angela Merkel indicated the offensive is failing to win over converts.
Source : Bloomberg