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U.S. stocks erased losses amid speculation Federal Reserve policy makers were considering another stimulus program to prevent the nation from slipping into a recession.
The Standard & Poor’s 500 Index rose less than 0.1 percent to 1,255.21 at 1:55 p.m. in New York after losing as much as 1.6 percent in morning trading. Stocks recovered as the Wall Street Journal reported that three former top officials at the Fed believe the central bank may consider a new round of securities purchases to bolster growth.
Pacific Investment Management Co. and BlackRock Inc., which together oversee almost $5 trillion, say the U.S. economy is stalling. Bill Gross, who runs the world’s biggest bond fund at Pimco, and Peter Fisher, head of fixed income at BlackRock, have said the Fed is preparing measures to counter the slowdown.