Economics
U.S. Stocks Pare Weekly Gain as Crude, Apple Slide to Halt Rally
- Apple, Facebook declines weigh down technology group
- S&P 500 still caps its strongest weekly gain since July
U.S. Stock Rally Fizzles Out to End Week
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U.S. stocks retreated as energy producers and Apple Inc. led declines, with the S&P 500 Index paring its best weekly advance in more than two months after a rally spurred by the Federal Reserve.
Equities halted the longest winning streak in seven weeks as Apple and Facebook Inc. dragged down the technology group, while tumbling crude oil sank energy shares on worries OPEC won’t reach an agreement to curb output. Apple fell in afternoon trading amid speculation over iPhone demand. Bats Global Markets Inc. soared 19 percent and Twitter Inc. climbed the most since 2013 amid deal speculation.