Midday Report: Crude Recovers After Surprise Inventories Drop; Apple Stumbles

U.S. stocks pull back from losses on Wednesday with the S&P 500 and Dow Jones Industrial Average turning positive.
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U.S. stocks pulled back from losses with the S&P 500 and Dow Jones Industrial Average turning positive on Wednesday. Apple (AAPL) - Get Report contributed to major losses early in the day after quarterly sales fell for the first time in 15 years. Crude oil clawed back from losses of more than 1% after a surprise drop in domestic inventories. A weekly read on crude stocks showed a drop of 600,000 barrels in the past week. New home sales moved higher in September, reaching their second-best level since the recession. However, a number of previous months were downwardly revised, pointing to a slower recovery despite red-hot demand.  Coca-Cola (KO) - Get Report  shares jumped after a smaller-than-expected drop in quarterly profit and sales. Revenue fell nearly 7% as foreign exchange weakness took a 2% hit to the topline.