Dow ends above 22,000 milestone with help from Apple

The Dow traded and finished above the 22,000 threshold for the first time on Wednesday, with sharp gains for Apple helping the blue-chip index to notch its seventh straight daily rise as the S&P 500 and the Nasdaq struggled.

Major indexes opened higher a day after Apple Inc. AAPL, +4.73%  postedstronger-than-expected quarterly earnings and iPhone sales that met expectations. Its stock rose 4.7% and hit a record.

The tech giant is the market’s largest stock by market value, which means it has an outsize weight on the overall moves of all three major indexes.

The Dow Jones Industrial Average DJIA, +0.24% rose 52.32 points, or 0.2%, to close at 22,016.24, with gains powered largely by Apple. Earlier, the average touched an intraday high of 22,036.10.

The S&P 500 SPX, +0.05% SPX, +0.05% ended with a gain of 1.22 points, or less than 0.1%, at 2,477.57. SPX, +0.05% Telecom shares shed 1.1% as shares of AT&T Inc. T, -1.57%  declined 1.6% and Verizon Communications Inc. VZ, -1.39%  lost 1.3%.

The Nasdaq Composite Index COMP, +0.00%  finished down 0.29 point at 6,362.65.

The blue chip Dow Jones Industrial Average vaulted over the 22,000 mark for the first time on Wednesday, but investor fears about the sustainability of the gains took the shine off the round number milestone.

The rally lost momentum during the day’s trading and despite the recent run up, helped by strong earnings from Apple Inc and Boeing Co , some technical indicators were flashing warning signs.

“The market gain has been built on a narrow group of issues. That typically is not indicative of great health,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. “I would not be shocked … if we saw a pullback.”


soaring almost out of control!

“The blue chip Dow Jones Industrial Average vaulted over the 22,000 mark for the first time on Wednesday, but investor fears about the sustainability of the gains took the shine off the round number milestone.”

erm yeah..


~ by seeker401 on August 4, 2017.

3 Responses to “Dow ends above 22,000 milestone with help from Apple”

  1. I do not think the DOW goes down anymore. As long as new markets open to put all that money into floating around out there, like wars and cryptocurrency, it seems the DOW could continue to rise. Social security issues are always a scare on the market in developed countries because the birth rates are low. Yet immigration, foreign investments, and new markets might keep the money flowing. If nations can come up with billions to wage a new war, bail out banks, and give politicians all the perks, then it would seem they will find a way to fix social security but will scare the public into further submission along the way. They have to keep their political clout and make the public think they are needed somehow. If something fails, it is because the failure helps those in power.

    • only thing that will bring it down is a contagion like 2007/208..otherwise it goes to 25000?

      • Yeah a contagion will make it go down. I was being hyperbole in saying it does not go down anymore. Yet when it went down it probably cleaned house. The books got cleaned up. Power and money shifts took place. Big banks got bailed (got more money and power). The public could do nothing but watch which shows the level of power governments and banks have. It was a circus in D.C. during 2008. People debated the bail outs, etc. Yet the banks got the bail outs. The people had no control and it was a show for awhile, which actually some of that led to Trump “the outsider”. It goes to 25000 eventually, probably sooner rather than later. The higher it goes I do not think provides a good indicator of the economy. So going up I do not think materializes into public wealth.

        I am not much of economist, but I have been thinking about this the past couple days.

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