U.S. Stocks Little Changed; Banks Rally
U.S. stocks were little changed as a rally in financial stocks helped overshadow growing concern that Europe may be headed into a recession and that America’s job market will remain stagnant.
Citigroup Inc. (C) and Bank of America Corp. (BAC) advanced at least 3.5 percent to pace gains among financial companies. Energy (S5ENRS) shares had the biggest decline in the S&P 500 among 10 industries as Chevron Corp. (CVX) dropped 1.2 percent. Urban Outfitters Inc. (URBN) tumbled 18 percent after its chief executive officer resigned. Supervalu Inc. (SVU) retreated 12 percent as earnings at the supermarket chain missed analysts’ estimates.