U.S. stocks were little changed as better-than-estimated earnings from Mondelez International Inc. helped offset results that disappointed from Facebook Inc. and Procter & Gamble Co.
The Standard & Poor’s 500 Index increased less than 0.1 percent to 2,108.75 at 4 p.m. in New York, after falling as much as 0.6 percent. The gauge rebounded above its average prices during the past 50 and 100 days.
A report today showed gross domestic product rose at a 2.3 percent annualized rate, and a revised 0.6 percent advance in the first quarter wiped out a previously reported contraction. Consumer spending grew more than projected. Separate data showed applications for unemployment benefits rose last week after reaching a four-decade low, consistent with a stronger labor market.
The Federal Reserve yesterday appeared to move a step closer to raising interest rates after policy makers expressed satisfaction with an improvement in labor markets, keeping alive speculation borrowing costs may rise in September without being definitive about the timing.