Stocks Erase Worst of Losses

Elsewhere, the CME Group (CME Quote), Freeport-McMoRan (FCX Quote) and WellPoint (WLP Quote) came in ahead of their respective Thomson First Call consensus estimates. ConocoPhillips (COP Quote) posted an earnings decline from a year ago but still exceeded forecasts.

Crude futures rose after an unexpected decline in inventory levels. The Energy Department said that crude stocks dropped by 5.3 million barrels last week. Gasoline and distillate inventories also fell, compared with expectations for slight gains. The December front-month crude contract jumped $1.83 to close at $87.10 a barrel.

Overseas markets were uniformly lower. In Asia, Hong Kong's Hang Seng eased 0.2% overnight, and Japan's Nikkei 225 was off 0.6%. In Europe, London's FTSE 100 was down 0.5%, and Germany's Xetra Dax was 0.2% lower for the day.