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U.S Stocks erased gains as optimism about a drop in jobless claims faded and a slump in Apple Inc. (AAPL) dragged down technology shares. The S&P 500 increased less than 0.1 percent to 1,432.84 at 4 p.m. in New York. The benchmark gauge fell to the lowest level in a month yesterday on concern that the global economy is slowing down. The Dow Jones Industrial Average lost 18.58 points, or 0.1 percent, to 13,326.39.

Apple, the world’s most valuable company, sank 2 percent to $628.10, erasing an earlier rally of as much as 1 percent and helping to reverse gains for technology companies as a group in the S&P 500. The iPhone maker is down 11 percent since reaching its all-time high of $702.10 on Sept. 19. Bank of America Corp. (BAC) 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.

Stocks rallied earlier today after Labor Department figures showed fewer Americans than forecast filed first-time claims for unemployment benefits last week. Applications for jobless benefits dropped 30,000 to 339,000 in the week ended Oct. 6, the fewest since February 2008. Economists forecast 370,000 claims, according to the median estimate in a Bloomberg survey.

European equities climbed earlier as Italy sold 3.75 billion euros ($4.8 billion) of its benchmark three-year bonds at 2.86 percent. Investors bid for 1.67 times the amount offered, up from 1.49 times last month. S&P yesterday cut Spain’s debt rating to one level above junk, citing economic and political risks as the government considers a second bailout. The European Union may push back the deadline for applying tougher bank-capital rules for as long as a year, after warnings from lenders that pressing ahead with the original timetable may drive up their costs, according to three people familiar with the talks.

Malaysia’s index futures spot month contract opened slightly lower this morning following a mixed performance on Wall Street Thursday. Market is likely range bound in the absence of  a clear direction. Today’s Support and Resistance  is located around 1,650 and 1,660.