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(Bloomberg) -- U.S. stocks eked out a gain to finish at a fresh all-time high as gains in defensive shares offset declines sparked by Apple Inc. Treasuries rose and the dollar fell on speculation the Federal Reserve will maintain its gradual approach to tightening.

The S&P 500 wiped out a slide of 0.5 percent to close higher for a fifth straight day. The Nasdaq Composite Index fell the most in three weeks with Apple pacing declines after a report that the iPhone maker was dialing back orders. The Cboe Volatility Index held above 10, but trimmed a jump of more than 15 percent. Ten-year Treasury yields fell to 2.31 percent and gold approached $1,290 per ounce.

American traders awoke to find the S&P 500 headed for its biggest drop since August as a host of negative headlines snapped a risk-on sentiment that had dominated in recent days. Investors sought the safest assets, from the Swiss franc to gold, amid concern over politics in New Zealand and Spain, a sharp drop in Hong Kong shares and the bad news from Apple. That sentiment faded as the U.S. day wore on, amid the prospect for higher corporate earnings and data showing firmness in the American labor market.

Terminal subscribers can read more on our markets blog.

Here are the main moves in markets:

Stocks

  • The S&P 500 Index rose less than 0.1 percent at the close in New York.
  • United Continental Holdings Inc. fell the most in eight years after the airline’s profit outlook disappointed investors.
  • EBay Inc. fell the most in two months after giving a lackluster profit forecast for the holiday quarter.
  • The Stoxx Europe 600 Index dropped 0.6 percent. 
  • The MSCI Asia Pacific Index dipped 0.2 percent.

Currencies

  • The Bloomberg Dollar Spot Index lost 0.2 percent.
  • The euro climbed 0.4 percent to $1.1833, the strongest in more than a week.
  • The British pound slipped 0.4 percent to $1.3156.
  • The Japanese yen rose 0.3 percent to 112.56 per dollar.

Bonds

  • The yield on 10-year Treasuries decreased three basis points to 2.31 percent.
  • Germany’s 10-year yield was little changed at 0.39 percent.
  • Britain’s 10-year yield decreased four basis points to 1.28 percent.

Commodities

  • West Texas Intermediate crude fell 1.3 percent to $51.36 a barrel.
  • Gold increased 0.4 percent to $1,286.32 an ounce.
  • Copper declined 0.3 percent to $3.1675 a pound.

--With assistance from Andreea Papuc Adam Haigh Sophie Caronello Randall Jensen Cormac Mullen and Robert Brand

To contact the reporter on this story: Sarah Ponczek in New York at sponczek2@bloomberg.net.

To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Jeremy Herron at jherron8@bloomberg.net, Brendan Walsh

©2017 Bloomberg L.P.

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