Thursday

U.S. stocks erased most of their steep early losses as traders took action on reports that European leaders had reached a breakthrough on a Greek austerity plan. Investors had no shortage of negative headlines earlier in the session. A day after the Fed downgraded its assessment of the U.S. economy, oil shares tumbled when the IEA said 60 million barrels of oil would be released from emergency supplies in what it described as a necessary stopgap for lost Libyan oil exports. After slumping all session, major indexes shot up after a Greek official said the country had agreed with the International Monetary Fund and the European Union on a five-year austerity plan. DJIA -59.67 Nasdaq +17.56 S&P 500 -3.64.