U.S.
stocks pared a decline as banks gained amid increased bets for higher
interest rates, while Valeant Pharmaceuticals International Inc. trimmed
a drop that weighed on health-care companies.
The
Standard & Poor’s 500 Index dropped 0.1 percent to 2,100.20 at
11:56 a.m. in New York, after earlier falling as much as 0.6 percent.
Equities
trimmed a weekly advance, after reaching a three-month high on Tuesday,
stalling a rally that boosted the S&P 500 by as much as 13 percent
from an August low and carried the benchmark to within 1 percent of its
record. Gains in the past two months had been paced by a rebound in
commodity shares, after they led declines during a summer selloff
sparked by worries that weakness in China’s economy would spread.
More
than 20 members of the S&P 500 are scheduled to release results
today, including Walt Disney Co. and Kraft Heinz Co. With more than 80
percent of the index’s companies having reported, about 74 percent have
beaten earnings estimates, while only 45 percent have topped sales
forecasts. Analysts estimate profits dropped 3.9 percent in the third
quarter, up from predictions for a 6.1 percent decline a week ago.
Source: Bloomberg
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