“U.S. stocks erased gains, after an early rally among benchmark indexes, as optimism about an unexpected drop in the American unemployment rate faded and Apple Inc. shares slumped,” Nikolaj Gammeltoft reports for Bloomberg.
“Apple tumbled 2.1 percent, helping to reverse an early advance among technology shares. Bank of America Corp. dropped 1 percent after surging as much as 2.6 percent. Zynga Inc. slid 12 percent after cutting its forecast for full-year bookings. Avon Products Inc. climbed 7.2 percent as the door-to-door cosmetics seller said Andrea Jung will step down as executive chairma,” Gammeltoft reports. “The unemployment rate unexpectedly fell to 7.8 percent in September, the lowest since President Barack Obama took office in January 2009, as employers took on more part-time workers. The economy added 114,000 workers, in-line with economists’ estimates, and August’s growth was revised higher by 46,000 jobs to 142,000.”
Gammeltoft reports, “Apple, (AAPL) the world’s largest company by market value, dropped 2.1 percent to $652.59 today, falling below its average price from the past 50 days. The decline helped erase an advance for technology shares in the S&P 500.”
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