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U.S. Stocks Rise as Technology Shares Rally With Apple

U.S. stocks rose, with the Standard & Poor’s 500 Index trading near a record, as technology companies rallied after Apple Inc. results topped estimates to offset a slump in phone shares.

Apple jumped 8.2 percent, the most in two years, after selling more iPhones than analysts predicted. Verizon Communications Inc. led declines in the Dow Jones Industrial Average, and AT&T Inc. sank a second day, amid concerns that price competition is shifting wireless revenue. Qualcomm Inc. sank 3.5 percent as results fell short of forecasts. Zimmer Holdings Inc. surged 12 percent after it agreed to buy Biomet Inc. in a deal valued at $13.4 billion.