On Wednesday, the major stock indexes pared their losses, with the S&P 500 Index (SPX 987.53, -2.14, -0.22%) briefly in positive turf, after the government reported a large and unexpected decline in U.S. crude-oil inventories. SPX 987.53, -2.14, -0.22% 1,2001,000800600 FAJA Energy fronted gains among the S&P 500's 10 industry groups, with industrials and information technology shares leading the losses. The S&P 500 was lately down 2.69 points at 986.98. The Nasdaq Composite (COMP 1,948, -8.38, -0.43%) declined 6.83 points to 1,949.05, while the Dow Jones Industrial Average (INDU 9,194, -23.80, -0.26%) fell 12.17 points to 9,205.77. On the New York Mercantile Exchange, crude-oil futures for September delivery erased earlier losses to climb above $71 a barrel after the Energy Department reported crude supplies fell by 8.4 million barrels last week. Analysts surveyed by Platts had expected a rise of 1.1 million barrels. Read Futures Movers. The turn in crude also helped spark an about face in the price of gold, another asset class that recently has deviated from its norm and moved more or less in unison with the equities market. Read Mark Hulbert's column.

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