Brazilian stocks erased early gains to close essentially flat on Wednesday, as investors around the world lost enthusiasm about the sustainability of the previous day's rebound.
Stocks in Latin America's largest economy rose early as investors continued cheering news that Citigroup Inc. made money in the first two months of the year.
But the Ibovespa index fell into negative territory before closing up just 0.03 percent at 38,805.
On Tuesday, the government announced that Brazil's economy contracted 3.6 percent in the fourth quarter of last year, compared with the previous quarter, prompting speculation the country may be heading into a technical recession.
Meanwhile Mexico's key IPC index gained 1.4 percent to close at 17,791.
Argentina's Merval ended the day up 0.01 percent at 1,004; Chile's IPSA was down 0.5 percent to 2,428; and Colombia's IGBC fell 0.5 percent to 7,735.
Markets around the world were tempered Wednesday by a sharp fall in Chinese exports last month and U.S. Treasury Secretary Tim Geithner's failure to flesh out details of his bank rescue plan.