Apple drives Dow above 22000 even as other stocks struggle

first_imgNEW YORK (AP) — 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’s confident the next iPhone will reach the market on time. The technology giant’s stock climbed to an all-time high, and when some other technology companies, utilities and industrial firms joined it, that was just barely enough to take the Standard & Poor’s 500 index higher as well.Much of the rest of the market was mixed, however, 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 are sinking. Health care companies turned lower as prescription drug distributor Cardinal Health gave a weak forecast, mostly because of falling generic drug prices. Retailers and shopping mall operators also sank.The Dow average rose 52.32 points, or 0.2 percent, to 22,016.24. Apple was responsible for 48 of those points.The Standard & Poor’s 500 index, a much broader market measure used by most professional investors, added 1.22 points, or less than 0.1 percent, to 2,477.57.The Nasdaq composite inched down 0.29 points to 6,362.65. The Russell 2000 index of smaller-company stocks shed 15.43 points, or 1.1 percent, to 1,412.90.“The market’s not forgiving for any company that misses” Wall Street projections, said Edward Jones investment strategist Kate Warne. Overall, she said investors seem pleased that companies are reporting rising profits based on greater revenue and strong demand instead of stock buybacks and other financial moves.Apple climbed $7.09, or 4.7 percent, to $157.14. That was the first time it set a record high in almost three months. Its stock had slipped recently in part because some investors were worried that production problems would delay the launch of the next iPhone, which would have hurt the company’s fourth-quarter sales. But Apple’s revenue estimate was better than expected and greater than last year, when the iPhone 7 was released.last_img

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