US stocks rebound in early trade

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(Close): Stocks on Wall Street erased earlier gains following a three-day slump.

The S&P 500 - which has just recorded its worst three-day fall since November 2011 - rose 2.96 points to 1,877.70.

The Dow Jones declined 5.88 points to 16,321.07 while the Nasdaq was 13.52 points higher at 4,227.17.

Losers included shares in major US banks after they reported third-quarter results.

JP Morgan Chase shares fell 0.29% despite it reporting a $5.6bn (£3.5bn) profit for the three months to 30 September.

Wells Fargo reported third-quarter profits of $5.73bn, but its shares dropped 2.7%.

However, Citigroup shares rose 3.15% after it posted a $3.44bn profit and said it would exit consumer banking in 11 markets.

Johnson & Johnson closed down 2.13% after the healthcare firm reported third-quarter earnings of $4.75bn, beating expectations.