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An early gain evaporates on Wall Street; Telecommunications stocks slump
NEW YORK, N.Y. – An early gain on Wall Street has faded, leaving the stock market little changed at midday.
A slump in telecommunications stocks held the market back. AT&T and Verizon each fell about 1 per cent.
Miners and other companies that make basic materials rose after news that China’s trade rebounded in July. The price of copper surged 3 per cent. China is a major importer of copper.
The Dow Jones industrial average was down six points at 15,465 as of noon. JPMorgan Chase fell the most in the Dow.
The Standard & Poor’s 500 index was up two points at 1,693.
The Nasdaq rose 16 points, or 0.5 per cent, to 3,670.
Tesla Motors jumped 16 per cent following news that the electric car maker blew past Wall Street’s estimates for its most recent quarter.
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