Apple soaring closer to $1 trillion

NEW YORK » Apple surged to its biggest gain in a year and a half Wednesday and drew closer to $1 trillion in value after it reported stronger iPhone sales and rising prices. But losses for energy and industrial companies left major stock indexes lower.

Already the most valuable company in the U.S., Apple was the biggest gainer of any S&P 500 stock Wednesday and the technology giant finished at another record high.

That made up for a lot of losses elsewhere in the market. Investors sold industrial stocks following reports that the Trump administration is considering a higher tax rate on Chinese imports. Energy and materials companies fell with the price of oil, and metals and car companies also declined.

After the close of trading, the administration said it might put a 25 percent tax on $200 billion in imports from China. It proposed a 10 percent tax in July, shortly after it placed a 25 percent tax on $34 billion worth of imports. China again threatened to retaliate.

China can’t match the size of the tariffs the U.S. could put on Chinese exports. But Katie Nixon, chief investment officer for Northern Trust Wealth Management, said the Chinese government is already reacting to the new tariffs and the larger proposed ones by pumping more money into the economy and weakening its currency.

“They’re sending a strong signal that they cannot just withstand (tariffs), but they can manage through a period of turmoil related to the negotiations,” Nixon said.

The S&P 500 index slid 2.93 points, or 0.1 percent, to 2,813.36. The Dow Jones Industrial Average lost 81.37 points, or 0.3 percent, to 25,333.82. The Nasdaq composite added 35.50 points, or 0.5 percent, to 7,707.29,