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U.S. Stocks Erase Gains as Banks, Apple Shares Retreat

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Oct. 5 (Bloomberg) -- U.S. stocks erased an early rally as optimism about a drop in the unemployment rate faded, with banks reversing gains and shares of Apple Inc. slumping.

The Standard & Poor’s 500 Index was down less than 0.1 percent at 1,460.2 at 2:58 p.m. in New York. The index rallied as much as 0.7 percent earlier, topping its best closing level in five years, following an unexpected decrease in the U.S. jobless rate to a three-year low of 7.8 percent.

The Nasdaq Composite Index erased a similar rally as Apple sank 1.9 percent to below its average price from the past 50 days.

To contact the reporter on this story: Jeff Sutherland in New York at

To contact the editor responsible for this story: Lynn Thomasson at