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S&P 500 Drops as Apple Loss Offsets Dell Gain; Crops Rise
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The Standard & Poor’s 500 Index slipped from near a five-year high as Apple Inc. slumped amid concern about iPhone sales, overshadowing a rally in Dell Inc. Crops led commodity gains and Treasuries rose a second day.
The S&P 500 lost less than 0.1 percent to 1,470.68 at 4 p.m. in New York after falling as much as 0.4 percent earlier. Dell surged 13 percent, the most in four years, after the computer maker was said to be in buyout talks with private-equity firms. The yen was was down 0.6 percent at 119.70 versus the euro and weakened to 120 for the first time in 20 months. Treasury 10-year yields lost two basis points to 1.85 percent. Wheat, corn and soybeans rose at least 1.6 percent on signs of tighter supplies in the U.S.