NEW YORK (AP) - The relief that greeted reports of a possible cease fire in Ukraine faded on Wall Street, as a slide in Apple and other technology stocks tugged the U.S. stock market to a small loss Wednesday.
News that that Russia and Ukraine were close to reaching a cease-fire agreement rippled through markets early, lifting stocks in Europe and pushing up oil prices. In the U.S., the stock market headed higher at the start of trading then sagged in the afternoon.
One reason was Apple, the market's top heavyweight. The tech giant's stock slumped $4.36, or 4 percent, to $98.94 after its rival, Samsung, introduced two Galaxy smartphones with displays aimed at quick access to frequently used applications. Analysts expect Apple to unveil iPhones with bigger screens next week.
Shares in other big tech companies, including Amazon and Facebook, also fell than 1 percent or more. Of the 10 sectors in the S&P 500, technology companies lost the most.
The Standard & Poor's 500 slipped 1.56 points, a fraction of a percent, to end at 2,000.72.
The Dow Jones industrial average rose 10.72 points, or 0.1 percent, to 17,078.28. The Nasdaq composite, which is dominated by large tech companies, sank 25.62 points, or 0.6 percent, to 4,572.57.