U.S. stocks pared a retreat as energy shares trimmed declines amid a rebound in oil prices, while banks pulled back from their best rally in more than five years.

The S&P 500 slipped 0.2 percent to 1,923.03 at 12:06 p.m. in New York, after losing as much as 0.6 percent. The gauge’s 1.7 percent rally on Wednesday capped its first three-day gain of the year.

Equities lost momentum Thursday after recent gains that have come just as fast as the losses that sent the S&P 500 to its worst start to any year. Almost half of 2016’s decline was erased in the prior three sessions as the most beaten-down industries, including banks, technology and retailer shares, led a comeback.

The S&P 500 is still down about 10 percent from its May record, and has lost 6.1 percent this year amid signs of weakness in the global economy and falling commodity prices.

Source: Bloomberg