Economics
U.S. Stocks Erase Gains as Optimism Over Jobless Claims Fades
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U.S. stocks erased gains as optimism about a drop in jobless claims faded and a slump in Apple Inc. dragged down technology shares.
The Standard & Poor’s 500 Index pared an advance of 0.8 percent as Apple extended its retreat from a September record to more than 10 percent. Bank of America Corp. and Morgan Stanley advanced at least 1.4 percent as energy and financial stocks posted the biggest rallies out of 10 groups in the S&P 500. Sprint Nextel Corp. jumped 14 percent as it said it’s in talks with Japan’s Softbank Corp. about a potential transaction.