Pursuits
S&P 500 Erases Gains as Apple Rally Fades, Banks Fall
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The Standard & Poor’s 500 Index erased gains, sending the benchmark index lower for the fourth time in five days, as a rally in Apple Inc. faded and banks retreated.
Apple, which is forecast to sell 10 million iPhone 5s this weekend in the device’s debut, rose 0.2 percent after climbing as much as 0.9 percent. Materials producers, consumer staples, and bank stocks led losses in the S&P 500. Alcoa Inc., Coca-Cola Co. and Bank of America Corp. slipped at least 0.8 percent. Research In Motion Ltd. declined 6.5 percent as its BlackBerry service suffered disruptions in Europe.