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U.S. stocks pared losses as the cheapest valuations for the Standard & Poor’s 500 Index since 2009 lured investors and Federal Reserve Chairman Ben S. Bernanke said he is ready to take more steps to boost growth.
Technology and consumer discretionary companies reversed early losses. Intel Corp. and Sears Holdings Corp. paced advances among the largest companies, rising at least 1.1 percent. AMR Corp. (AMR) surged 17 percent after analysts said the parent of American Airlines is unlikely to file for bankruptcy. Utility and telephone companies dropped more than 1.6 percent for the biggest declines among 10 groups in the S&P 500.
The S&P 500 slid 0.6 percent to 1,092.19 at 11:31 a.m. New York time, after losing as much as 2.2 percent. The Dow Jones Industrial Average fell 149.55 points, or 1.4 percent, to 10,505.75 today.
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