S&P 500 Erases Gain as Apple Leads Technology Shares Lower
U.S. stocks erased early gains as the worst slump for Apple Inc. (AAPL) in four years overshadowed improving economic data and better-than-forecast earnings at companies including Netflix Inc. and Xerox Corp.
The Standard & Poor’s 500 Index was little changed at 1,394.66 at 1 p.m. in New York after rallying 0.5 percent earlier. A gain today would be the seventh straight for the benchmark index, marking the longest rally since 2006. Apple slid 11 percent, the most on a closing basis since September 2008, and was the biggest drag on the S&P 500.
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