Stock market live updates: Rally disappears, Apple hits record, chip stocks drop

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The major stock averages gave back most of their earlier gains as Apple shares slipped from record highs set earlier in the day. The Dow — which rose more than 200 points — is up just 31 points while the S&P 500 and Nasdaq Composite are chopping around the flatline. Apple is up 1.4% after jumping 3% to start off the session. Wall Street was also looking ahead to the latest monetary policy announcement at 2 p.m.

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