March 22, 2018

Dow tops 22000 as Apple rallies; euro strengthens

02 August 2017, 07:58 | Virginia Santiago

Dow tops 22000 as Apple rallies; euro strengthens

Dow Jones industrial average trades above 22000 points for the first time

The S&P 500 increased 0.24% and the Nasdaq added 0.23%. The S&P 500 has advanced 0.2% to 2,475.50, while the Nasdaq Composite has gained 0.3% to 6,365.26. The blue-chip index has finished at records the last four days.

St. Louis Federal Reserve James Bullard is opposed to further US interest rate increases by the central bank and warned that more hikes could hinder domestic inflation from achieving the Fed's 2-percent goal, Market News International reported.

Although consumer spending increased 0.1% as expected in June, both personal income and real personal consumption disappointed with flat readings.

"The market takes the good and immediately discounts the bad", said Jake Dollarhide, chief executive officer of Longbow Asset Management. The euro, coming off its best month since March 2016, reached a new 2 1/2-year high against the ailing dollar.

A 0.22% fall in healthcare led the laggards.

Automaker Ford (F.N) fell 2.41% and General Motors (GM.N) lost 3.39% after they reported lower monthly sales. The information technology and industry sectors posted some of the strongest growth. "But the biggest catalyst in this sector is Shopify's quarter".

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Air Canada also rose $ 1.91, or 9.6%, to $ 21.74 after the airline reported its most recent results.

Apple's stock was up by more than 6% alone on Wednesday - with investor concerns about a potential delay to the iPhone 8 release apparently being eased by the company's forecasts of higher revenue in the current quarter. In particular, the company benefited from increased air traffic and lower costs.

Furthermore, the ISM's manufacturing survey registered a slightly larger-than-expected drop in July although the report indicated that the overall economy had expanded for a 98th consecutive month.

SPDR Dow Jones Industrial Average ETF (NYSE:DIA) saw some unusual options trading activity on Tuesday.

Brent crude was last down 0.2% at $52.62 a barrel after earlier gains in oil prices lifted shares of energy companies in Australia and Hong Kong.

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