APPLE HELPS DOW TOP 22,000 POINTS
IPhone maker set to add US$43b to its valuation as stock soars
THE Dow topped 22,000 points for the first time in opening trading yesterday, bolstered by a six per cent gain in Apple, the latest blue-chip company to report strong earnings.
About three minutes into trading, the Dow Jones Industrial Average stood at 22,011.48, up 0.2 per cent and on track for its sixth-straight record close.
The broad-based S&P 500 rose 0.1 per cent to 2,477.89, while the tech-rich Nasdaq Composite Index advanced 0.4 percent to 6,390.34.
Apple Inc’s surprisingly strong quarterly results and forecast pushed the iPhone maker’s shares to a record high. Its shares were up 5.5 per cent at US$158.33 (RM678.58) in pre-market trading, and were set to add another US$43 billion to the market capitalisation of the world’s most valuable company.
The stock has gained 30 per cent this year and closed at US$150.05 on Tuesday.
At least three brokerages raised their price targets on the stock, with Barclays making the most bullish move by raising its price target by US$23 to US$146.
Apple on Tuesday reported better-than-expected thirdquarter results and indicated that its upcoming 10th-anniversary phone lineup was on schedule.
Sales of the iPad made a surprise comeback in the quarter and were up 15 per cent from a year earlier. The company also hit a milestone of 1.2 billion iPhones sold.
Revenue from emerging markets, excluding China, rose 18 per cent and remained a bright spot. Greater China, however, reported its sixth straight decline in revenue. Agencies