Dow ends more than 200 points lower, stocks skid after report on Apple’s cost-cutting plan

Stocks gave up earlier gains Monday, with the Dow ending about 216 points lower, after Bloomberg reported on cost-cutting efforts taking shape at Apple Inc., a week before the iPhone maker reports quarterly results. The Dow Jones Industrial Average
DJIA,
-0.69%
fell about 216 points, or 0.7%, to end near 31,071. The tech-heavy S&P 500 index
SPX,
-0.84%
and Nasdaq Composite Index
COMP,
-0.81%
shed about 0.8% each, according to FactSet. The Bloomberg report detailed plans by Apple
AAPL,
-2.06%
to curtail hiring and spending for some teams next year, sending shares of the technology giant down 2.1%. At the session highs, the Dow was up more than 350 points.