Dow Hits Record High of 22000 as Trading Opens on Wednesday


Dow Hits Record High of 22000 as Trading Opens on Wednesday

The Dow Industrials breached the 22 000 mark for the first time ever on Wednesday, boosted by a rally in Apple's shares.

Apple rose 0.89% as Wall Street awaited the largest publicly listed company's quarterly report after the bell. The euro, coming off its best month since March 2016, reached a new 2 1/2-year high against the ailing dollar.

Oil prices rose as investors reacted positively to the news of the upcoming oil producers meeting next week.

Benchmark 10-year notes last rose 1/32 in price to yield 2.2496 percent, from 2.251 percent late on Tuesday.

The stock market has never been higher, and President Donald Trump would like more people to pay attention. It's been just five months since the Dow crossed 21,000 and seven months since moving past the symbolic 20,000 threshold.

"It is all about Apple", said Naeem Aslam chief market analyst at Think Markets.

Auto Nation was also under pressure after the vehicle dealer posted lower than expected third quarter earnings per share of 86 cents.

That forecast suggested that Apple could launch its newest iPhone model - expected to be called the iPhone 8 - in September, despite earlier rumors of a possible delay. Cambridge Advisors Inc. now owns 6,528 shares of the company's stock worth $1,392,000 after buying an additional 25 shares during the last quarter.

In a typical quarter, 64per cent of companies beat expectations.

The Final Word: Investors can expect a flurry of activity throughout the week, including high profile earnings and key economic data.

Through July 28, companies in the S&P 500 earned 9.1 per cent more in the second quarter compared with the year-ago period, according to Factset.

The Dow Jones Industrial Average on Tuesday has flirted with crossing the 22,000 mark, which would set another milestone for the stock market index. The S&P 500 gained 0.24% to 2,476 and the Nasdaq Composite added 0.23% to 6,363.

But that index trails the Dow industrials' year-to-date performance by nearly 10 percentage points and is more than 6 percent below its July high.

Data showed U.S. private employers added 178,000 jobs in July, after adding 191,000 jobs in June.

On Wednesday new figures showed weaker than expected USA jobs figures for July, with private sector employment rising by 178,000, rather than the 185,000 predicted by economists. The data comes ahead of the more comprehensive non-farm payrolls data on Friday.

Movie theater operators and studios declined after AMC said USA box office receipts dropped 4.4 percent in the second quarter, and it expects the third quarter to be hard as well.

A measure of 30-day volatility known as the CBOE VIX (NYSEARCA:VXX) declined 1.7% to 10.09. On the Nasdaq, 1,376 issues fell and 1,282 advanced.



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