U.S. Stocks Fall as Tech Shares Erase RallyMost U.S. stocks fell, after the Standard & Poor��s 500 Index climbed to within two points of a closing record, as technology shares erased a rally to sell off for a third straight day.

The Standard & Poor��s 500 Index fell 0.1 percent to 1,875.66 at 4 p.m. in New York, after an earlier advance of as much as 0.6 percent. The Nasdaq Composite Index dropped 0.4 percent, reversing an earlier rally of 1 percent.

The Dow Jones Internet Composite Index lost 0.3 percent, erasing an earlier gain of 1.8 percent and adding to a 4.9 percent decline over the previous two days. Technology shares have led this year��s selloff of companies whose growth are more tied to economic swings after a rally drove valuations to about double that of the S&P 500.

The Nasdaq Composite is trading at 35 times reported earnings, compared with a multiple of 17.3 for the broad equity measure.

Source : Bloomberg