U.S. Stocks Pare Losses as Phone Companies, Consumer Shares Rise

U.S. stocks pared losses as phone companies and consumer staples rose while banks rebounded, offsetting a decline in industrial shares sparked by a report showing an unexpected contraction in manufacturing.

The Standard & Poor’s 500 Index fell 0.1 percent to 1,361.45 at 1:34 p.m. New York time, after dropping as much as 0.5 percent earlier.

U.S. equities retreated earlier as the Institute for Supply Management’s index declined to 49.7 in June, worse than the most-pessimistic forecast in a Bloomberg News survey. Figures less than 50 signal contraction. Separate data showed euro-area manufacturing output contracted for an 11th straight month, while Chinese manufacturing indexes slipped to seven-month lows.

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