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U.S. stocks swung between gains and losses, following the biggest weekly decline in 2012, as investors weighed Francois Hollande’s election as France’s president and Greek voters flocking to anti-bailout parties.
French Socialist Hollande, who defeated Nicolas Sarkozy, pledged to push for less austerity. His victory may sharpen tensions with key allies with Hollande advocating a more aggressive European Central Bank role. In Greece, the poll cast doubt on whether the two main parties can put together a government strong enough to implement spending cuts.
Banks in the Standard & Poor’s 500 Index gained as Warren Buffett said the nation’s lenders have “liquidity coming out of their ears” and are in better shape than European rivals.
American International Group Inc. fell 4.3 percent as the U.S. Treasury Department sold $5 billion of shares.
Walt Disney Co. (DIS) rose 1.3 percent as the movie “Marvel’s The Avengers” earned a record $200.3 million in its opening weekend.
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