Debt ceiling plan causes stocks to trim losses
U.S. stocks pared losses, after the Standard & Poor’s 500 Index rose yesterday to a five year-high, as House Majority Leader Eric Cantor said the chamber plans to pass a temporary increase in the debt-limit next week.
Intel dropped 7% to lead technology shares down. (), the lender that gets more than half of its revenue from credit cards, sank 7.9 percent as profit missed estimates. () and () rose at least 3.1% as earnings beat estimates.