US stocks swing between gain, loss
U.S. stocks swung between gains and losses as a jump in confidence among homebuilders to a five-year high tempered concern about a worsening of Europe's debt crisis after Spanish bond yields climbed to a euro-era record. A measure of builders in S&P indexes rose 2.6%. Facebook Inc. rallied 2.4% in the one-month anniversary of its initial public offering. Anadarko Petroleum Corp. and Baker Hughes Inc. lost more than 1.5% as oil slumped amid a stronger U.S. dollar against the euro. The Standard & Poor's 500 Index gained less than 0.1% to 1,343.01 as of 11 a.m. in New York, erasing an earlier drop of as much as 0.6%. The Dow Jones Industrial Average fell 13.77 points, or 0.1%, to 12,753.40. The National Association of Home Builders/Wells Fargo confidence index rose to 29, the highest since May 2007, from a revised 28 in May that was lower than first estimated. The gauge exceeded the median estimate of 28 in a Bloomberg News survey. Spain's 10-year bond yields rose above 7%, offsetting an election win by Greece's biggest pro-bailout party. All 11 stocks in a measure of homebuilders in S&P indexes gained. Lennar Corp. added 2.9% to $26.65. KB Home advanced 2.4% to $8.19. Facebook, which last week had the first weekly advance since its initial public offering, rose 2.4% to $30.73.
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