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 is confident the next iPhone will reach the market on time. The technology giant’s stock climbed to an all-time high. Some other tech companies, utilities and industrial firms rose too, and that was just barely enough to take the Standard & Poor’s 500 index higher.
Much of the rest of the market was mixed, 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 were sinking. Healthcare companies fell as prescription drug distributor Cardinal Health gave a weak forecast, mostly because of falling generic drug prices. Retailers and shopping mall operators also fell.
The Dow rose 52.32 points, or 0.2%, to 22,016.24. Apple was responsible for 48 of those points.
The S&P 500, a much broader market measure used by most professional investors, rose 1.22 points, or less than 0.1%, to 2,477.57.
The Nasdaq composite inched down 0.29 of a point to 6,362.65. The Russell 2000 index of smaller-company stocks slid 15.43 points, or 1.1%, to 1,412.90.
“The market’s not forgiving for any company that misses” Wall Street projections, Edward Jones investment strategist Kate Warne said. Overall, she said, investors seem pleased that companies are…
click here to read more.