DOW PUSHES PAST 22,000

The Denver Post - - FRONT PAGE - By Mar­ley Jay

The Dow Jones in­dus­trial av­er­age closes above 22,000 points for the first time, driven by a big gain in Ap­ple. It just topped 21, 000 in March, so is 22,000 a big deal?

Be­ing the world’s most valu­able pub­lic com­pany has its priv­i­leges, like get­ting al­most all the credit for the lat­est stock mar­ket mile­stone. Ap­ple made its big­gest jump in six months Wed­nes­day, help­ing send the Dow Jones in­dus­trial av­er­age above 22,000 points for the first time.

Ap­ple’s lat­est profit and rev­enue were bet­ter than an­a­lysts ex­pected, and the com­pany’s strong sales fore­cast sug­gests it’s con­fi­dent the next iPhone will reach the mar­ket on time. The tech­nol­ogy gi­ant’s stock climbed to an all-time high, and when some other tech­nol­ogy com­pa­nies, util­i­ties and in­dus­trial firms joined it, that was just barely enough to take the Stan­dard & Poor’s 500 in­dex higher as well.

Much of the rest of the mar­ket was mixed, how­ever, and most of the com­pa­nies listed on the New York Stock Ex­change fell. Movie theater com­pa­nies tum­bled af­ter AMC En­ter­tain­ment said U.S. box of­fice grosses are sink­ing. Health care com­pa­nies turned lower as pre­scrip­tion drug distrib­u­tor Car­di­nal Health gave a weak fore­cast, mostly be­cause of fall­ing generic drug prices. Re­tail­ers and shop­ping mall op­er­a­tors also sank.

The Dow av­er­age rose 52.32 points, or 0.2 per­cent, to 22,016.24. Ap­ple was re­spon­si­ble for 48 of those points.

The Stan­dard & Poor’s 500 in­dex, a much broader mar­ket mea­sure used by most pro­fes­sional in­vestors, added 1.22 points, or less than 0.1 per­cent, to 2,477.57.

The Nasdaq com­pos­ite inched down 0.29 points to 6,362.65. The Rus­sell 2000 in­dex of smaller-com­pany stocks shed 15.43 points, or 1.1 per­cent, to 1,412.90.

“The mar­ket’s not for­giv­ing for any com­pany that misses” Wall Street pro­jec­tions, said Ed­ward Jones in­vest­ment strate­gist Kate Warne. Over­all, she said in­vestors seem pleased that com­pa­nies are re­port­ing ris­ing prof­its based on greater rev­enue and strong de­mand in­stead of stock buy­backs and other fi­nan­cial moves.

Ap­ple climbed $7.09, or 4.7 per­cent, to $157.14. That was the first time it set a record high in al­most three months. Its stock had slipped re­cently in part be­cause some in­vestors were wor­ried that pro­duc­tion prob­lems would de­lay the launch of the next iPhone, which would have hurt the com­pany’s fourth-quar­ter sales. But Ap­ple’s rev­enue es­ti­mate was bet­ter than ex­pected and greater than last year, when the iPhone 7 was re­leased.

Bench­mark U.S. crude added 43 cents to close at $49.59 a bar­rel in New York. Brent crude, the in­ter­na­tional stan­dard, picked up 58 cents to close at $52.36 a bar­rel in Lon­don. In other en­ergy trad­ing, whole­sale gaso­line fell 2 cents to $1.64 a gal­lon, heat­ing oil rose 2 cents to $1.66 a gal­lon and nat­u­ral gas held steady at $2.81 per 1,000 cu­bic feet.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.