U.S. Stocks Pare Gains as Apple Leads Slump in Technology Shares

U.S. stocks pared gains as Apple Inc. (AAPL) led a retreat in technology shares that wiped out most of an early rally triggered by unexpected growth in American manufacturing.

Apple slid 1.2 percent, extending last week’s 4.7 percent tumble. Technology shares in the Standard & Poor’s 500 Index lost 0.4 percent and were the biggest drag on the index among its 10 main groups.

The S&P 500 was up less than 0.1 percent at 1,441.39 at 3:27 p.m. in New York after surging as much as 1.1 percent.

To contact the editor responsible for this story: Michael P. Regan at mregan12@bloomberg.net

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