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U.S. Stocks Erase Gains as Apple Drops After IPhone Introduction

U.S. stocks erased gains as investors sold shares of Apple Inc. after the introduction of the new iPhone, dragging shares of technology companies lower.

The Standard & Poor’s 500 Index was little changed at 1,433.82 at 3:03 p.m. in New York. Apple lost as much as 0.7 percent, reversing a gain of as much as 1.2 percent and reaching its low of the session about two hours after unveiling the new iPhone.

U.S. shares rallied earlier after a German court cleared the way for the nation to ratify its involvement in Europe’s permanent rescue fund and investors weighed prospects for more stimulus from the Federal Reserve before the central bank releases its policy statement tomorrow.

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