Wall Street closes day mixed with Dow at record high and Nasdaq lower
Major equity indexes couldn't paint a clear picture on Wednesday as the Nasdaq Composite recorded losses despite the fact that the Dow Jones Industrial Average surpassed the 22K threshold for the first time.
Apple's better-than-expected second quarter earnings report and iPhone sales data, which were released after the closing bell on Tuesday, allowed its shares to gain nearly 5% on Wednesday and pushed the Dow Jones Industrial Average to a record high. The index closed the day higher for the sixth time in a row at 22,016.24, up 0.24%, or 52.32 points. However, the Nasdaq Composite and the S&P 500 failed to take advantage of that as Facebook, Alphabet (Google) and Microsoft's losses offset the potential earnings.
Commenting on Apple's earning data, "Apple, at the heart of it, has a lot of consumer exposure, and the consumer is in great shape. But we would like to see some capex," Mike Baele, managing director at U.S. Bank Private Client Wealth Management in Portland, Oregon, told Reuters.
After spending a big portion of the session in the red, the S&P 500 added 0.06% to close at 2,473.75 with a late push. Finally, the Nasdaq Composite dropped 0.05%, or 2.9 points, to finish the day at 6,353.36.
According to the latest data published by Reuters, two-thirds of S&P 500 companies have reported their second-quarter earnings so far and 72% of them have beaten Wall Street's expectations.
Headlines from the U.S. session:
- Forex today: dollar keeps getting it and the euro bulls love it
- Fed's Williams: Appropriate to start b/sheet adjustment this autumn
- Fed’s Williams: US growth rate potential likely around 1.5% for foreseeable future
- GDP report was a bounce back in business investment in new equipment - Wells Fargo
- U.S. yield curve flattest since July 26 - Reuters
- US Dollar Index tumbles to 92.35, fresh 1-year low
- EU's Juncker: Ready to retaliate if needed over new U.S. sanctions on Russia
- Fed's Mester: Factors in place for rise in US inflation
- EIA: U.S. commercial crude oil inventories decreased by 1.5 mln barrels
- ISM NY: Current Business Conditions came in at 62.8 in July
- US: Private sector employment increased by 178,000 jobs from June to July - ADP