U.S. Stocks Erase Gains Amid Meeting on Greece Aid
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U.S. stocks erased gains, failing to rebound after the Standard & Poor’s 500 Index’s biggest weekly retreat since June, as investors awaited budget talks in Washington and European finance chiefs met to discuss Greek aid.
Jefferies Group Inc. jumped 14 percent after Leucadia National Corp. said it will buy the investment bank. Titanium Metals Corp. surged 43 percent after Precision Castparts Corp. agreed to buy the maker of titanium products. An S&P index of homebuilders slid 4.1 percent as D.R. Horton Inc.’s chief executive officer cautioned that weak employment growth could hurt sales of new homes. Apple Inc. slumped 0.8 percent after dropping for seven straight weeks.