An early gain evaporates on Wall Street

An early gain evaporates on Wall Street; Telecommunications stocks slump

Associated Press
Surging mining stocks end a slump on Wall Street
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FILE -In this July 29, 2013, file photo, Trader John Santiago works on the floor of the New York Stock Exchange. Solid Chinese trade data underpinned most global stock markets Thursday, Aug. 8, 2013 though Japanese shares underperformed for the second day running as the yen rallied again.(AP Photo/Richard Drew, file)

NEW YORK (AP) -- 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 percent.

Miners and other companies that make basic materials rose after news that China's trade rebounded in July. The price of copper surged 3 percent. 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 percent, to 3,670.

Tesla Motors jumped 16 percent following news that the electric car maker blew past Wall Street's estimates for its most recent quarter.

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