U.S. Stocks Erase Gains as Optimism Over Jobs Data Fades

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.

i83l3Ojf_94o U.S. Stocks Erase Gains as Optimism Over Jobs Data Fades

Apple tumbled 2.1 percent, helping to reverse an early advance among technology shares. Bank of America Corp. (BAC) dropped 1 percent after surging as much as 2.6 percent. Zynga Inc. (ZNGA) slid 12 percent after cutting its forecast for full-year bookings. Avon Products (AVP) Inc. climbed 7.2 percent as the door-to-door cosmetics seller said Andrea Jung will step down as executive chairman.

The Standard & Poor’s 500 Index fell less than 0.1 percent to 1,460.93 at 4 p.m. in New York, after climbing as much as 0.7 percent. The benchmark index increased 1.4 percent this week as U.S. economic reports topped estimates. The Dow Jones Industrial Average added 34.79 points, or 0.3 percent, to 13,610.15 today. Volume for exchange-listed stocks in the U.S. was 5.7 billion shares, or 4.6 percent below the three-month average.

“Today’s trading is a pattern we’ve seen before this week, with a strong start and then we give up gains later in the day,