Pursuits
S&P 500 Erases Advance as Apple’s Plunge Overshadows Bank Rally
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The Standard & Poor’s 500 Index erased gains in the final hour of trading as a rally in bank and industrial shares wasn’t enough to overcome disappointing results at Apple Inc. and an unexpected drop in new home sales.
A gauge of homebuilders in S&P indexes slumped 3.2 percent. Apple tumbled 4.3 percent as iPhone sales missed forecasts. Netflix Inc., the largest video-subscription service, plunged 25 percent after raising doubts on user growth. JPMorgan Chase & Co. and Citigroup Inc. rose at least 1.2 percent. Boeing Co. and Caterpillar Inc. added more than 1.4 percent, pacing gains in industrial shares, after raising their earnings forecasts.