Bloomberg News

U.S. Stocks Erase Earlier Gains as Apple, Microsoft Slump

January 10, 2013

U.S. stocks erased earlier gains as Apple Inc. reversed a rally and Microsoft Corp. (MSFT:US) tumbled, dragging down technology shares.

The Standard & Poor’s 500 Index rose less than 0.1 percent to 1,461.39 at 11:17 a.m. in New York, after an earlier advance of as much as 0.6 percent. The Dow Jones Industrial Average fell 6.24 points, or 0.1 percent, to 13,384.27.

Apple lost less than 0.1 percent to $516.90, erasing a rally of 2.3 percent, as Piper Jaffray analyst Gene Munster cut his price target on the shares to $875 from $900. Microsoft fell 1.1 percent to $26.41.

To contact the editor responsible for this story: Jeff Sutherland at

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Companies Mentioned

  • MSFT
    (Microsoft Corp)
    • $47.66 USD
    • 0.14
    • 0.29%
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