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.