Apple earnings gain sends Dow above 22000

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Apple earnings gain sends Dow above 22000

Traders also shrugged off a lackluster auto sales report for the month July, which showed the Big Three automakers all missed estimates by a wide margin.

The Dow record was reached despite the turmoil at the White House, according to sources cited in the New York Post.

The stock traded 0.1 percent higher at US$59.30 as of 2.07pm in NY, after rising as high as US$60.78 and falling as low as US$57.95 earlier in the day.

'The Appleverse is expanding, with all segments growing, ' UBS analyst Steven Milunovich said.

The index is weighted by price, which means changes in pricier stocks - like Boeing and Apple - carry more weight. You combine that with low gas prices, a sense that the economy's doing well, as exemplified by the stock market.

USA stocks struggled for gains on Wednesday, but that didn't prevent the Dow from reaching new record highs on the heels of robust tech earnings.

Wall Street closed mostly in the black: The Dow Jones Industrial Average gained 0.24 per cent to close at 22,016, the S&P 500 added 0.05 per cent to close at 2,478 and the NASDAQ closed flat at 6,363.

Screen Shot 2017 08 02
Screen Shot 2017 08 02

Some investors believe corporations must start spending less on buying back shares and more on technology to improve productivity in order to justify further gains in Silicon Valley stocks, with the S&P 500 information technology index already up 23 per cent this year.

Stocks have been on a tear since President Trump got elected. This is real news!

Gains by Apple Inc. The iPhone maker leapt to an all-time high a day after reporting strong quarterly earnings and phone sales.

Genetic tools company Illumina raised its projections for the rest of the year after solid results in the most recent quarter. The company also hit a milestone of 1.2 billion iPhones sold. "The larger story is about the return of the consumers both here in the states and in the emerging markets of China and India".

Greater China, however, reported its sixth straight decline in revenue, hurt by customers switching to locally made phones.

That was less than the 195,000 gain which economists had projected; however, an upwards revision to June's reading from 158,000 to 191,000 meant Wednesday's report was in fact stronger-than-expected.

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