Stock Market

Dow jumps 250 points to record high as Apple rises and trade-war fears simmer down

The Dow Jones Industrial Average hit its first record high since January on Thursday as gains in Apple and a decrease in trade fears lifted the 30-stock index. The Dow rose 250 points as Boeing, Caterpillar and Apple outperformed. The S&P 500 also rose 0.7 percent to an all-time high, its first since late August, as materials and tech outperformed. President Donald Trump touted the S&P 500’s record in a tweet, saying, “S&P 500 HITS ALL-TIME HIGH Congratulations USA!” Art Cashin, director of floor operations for UBS, said the Dow’s record should be a bullish confirmation of the high reached by the Dow Transports last week. “That should be a Dow theory buy signal,” Cashin said. “According to the theory, the economy is supposed to be improving and therefore you have six to nine months of a higher stock market.” The Nasdaq Composite also rose 0.9 percent as Amazon gained 1.1 percent ahead of an event where they are expected to unveil new Alexa-powered devices. Apple, meanwhile, jumped 1.6 percent. Boeing and Caterpillar, two bellwethers for trade, rose 1.1 percent and 1.8 percent, respectively.

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Stocks Hit Record Highs Following Trade Deal with Mexico

Stocks jumped higher Monday following the announcement that the U.S. and Mexico have reached a new trade deal. The S&P 500 and the Nasdaq Composite both hit record highs. The Nasdaq was up 0.91 percent, while the S&P 500 rose 0.77 percent. The Dow Jones Industrial Average rose slightly more than 1 percent. News of the deal appeared to reassure investors that the Trump administration can make solid progress on trade deals. Shares of traditional U.S. automakers were some of the best performers of the day. General Motors was up 4.8 percent. Ford rose 3.2 percent. Goodyear Tire & Rubber rose 3.27 percent. Shares of Tesla, however, fell by more than 1 percent.

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Apple’s Revenue, Earnings Top Estimates

Apple Incc. delivered its best-ever revenue for the June quarter, typically its weakest period, as demand for high-price iPhones remained resilient and services like app-store sales swelled to all-time highs. The results for Apple’s fiscal third quarter show how the world’s most valuable company is finding ways to grow amid a contracting global smartphone market that is roiling its rivals. “Growth was strong all around the world,” Apple finance chief Luca Maestri said during an interview. Though iPhone sales usually weaken in the spring and summer as anticipation builds for new devices expected in September, Mr. Maestri said demand has remained consistent, particularly for the iPhone X, 8 and 8 Plus. “Customers are really valuing the features in the products,” he said. Shares of Apple, up 28% over the past year, rose 3.6% to $197.01 in after-hours trading. Apple’s move to raise iPhone prices continued to pay off in the period with sales of its flagship product rising 20% to $29.91 billion even as shipments rose less than 1% to 41.3 million. Meanwhile, the company’s services business reported record revenue of $9.55 billion, a 31% increase from a year ago, strengthening the case that Apple is in the midst of a transformation from a device-driven business into one increasingly reliant on sales of subscriptions and software. The combination drove total revenue up 17% to $53.26 billion in the latest period, above Wall Street expectations and near the high end of its own guidance. Profit rose 32% to $11.52 billion, or $2.34 a share, also above analysts’ consensus estimates. Apple signaled it expects to sustain strong iPhone sales in the current quarter with a forecast for total revenue of between $60 billion and $62 billion, which would represent a healthy 14% to 18% increase from a year ago. The expected jump reflects a small boost from a trio of new devices the company is expected to release in September, analysts say, including an update to the $999 iPhone X, its first oversize phone with an organic light-emitting diode, or OLED, display and a 6.1-inch LCD phone with facial recognition technology. The new phones are projected to be priced between $699 for the LCD device and $1,099 for the plus-size handset, according to UBS, potentially ensuring another year of higher average iPhone prices to lift Apple’s total revenue. Analysts had estimated the $999 iPhone X made up one-quarter of total iPhones sold, which helped lift average selling prices per iPhone by nearly 20% to about $724. While sales of the company’s handsets have been more pedestrian so far this fiscal year than the more than 7% increase in annual iPhone shipments many analysts forecast a year ago, features like the iPhone X’s facial recognition and edge-to-edge display have been enough to help Apple deliver modest growth and revive a China business mired in a multiyear slump. The company said revenue in Greater China, where sales tanked in 2016, rose 19% to $9.55 billion. Apple’s chief rival, Samsung Electronics Co. , hasn’t fared as well. The South Korean company, which also has raised smartphone prices to nearly $1,000, reported a big decline in mobile phone profits on Tuesday as consumers hold on to devices longer and balk at higher prices. Samsung has seen its market share in China fall as homegrown rivals like Huawei Technologies Co. increase sales.

Stock rally continues following jobs report

Stocks jumped to start the week, adding to gains from Friday’s session that was powered by a better-than-expected jobs report. The Dow Jones Industrial Average surged 320.11 points, or 1.3%, to 24,776.59. The S&P 500 gained 24.35 points, about 0.9%, to 2,784.17. The Nasdaq Composite rose 67.81 points, or 0.88%, to 7,756.20. Chinese shares bounced despite heightened trade tensions between Washington and Beijing after each imposed major tariffs on the other’s goods last week. The Shanghai Composite ended the session 2.5%, its biggest one-day rise in 2-years. Hong Kong’s Hang Seng Index was higher by 1.5% Japan’s Nikkei ended the day up 1.21% In Europe, London’s FTSE traded 0.35% higher, Germany’s DAX gained 0.12% and France’s CAC was higher by 0.40% Stocks also rose Friday after a strong jobs report overshadowed U.S.-China tariffs. The Dow Jones Industrial Average climbed 99.74 points, or 0.41%, to 24,456.48. The S&P 500 climbed 23.21 points, or 0.84%, to 2,759.82. The Nasdaq Composite rallied 101.96 points, or 1.34%, to 7,688.39. The U.S. economy added 213,000 jobs in June with the unemployment rate rising to 4%. Wage growth remained steady at 2.7% even though hourly wages inched higher by 0.2%. Economists surveyed by Thomson Reuters expected the U.S. economy would have added 195,000 jobs in June with the unemployment rate holding steady at May’s 3.8%, which was the lowest since April 2000. Investors are looking ahead to Friday when the earnings season for banks gets underway. Citigroup, JPMorgan Chase and Wells Fargo will all report results on that day. Commodities were mostly higher.

Dow posts biggest one-day point gain since 2008

The Dow recorded its biggest one-day point gain since 2008 on Monday, as reports of trade talks between the U.S. and China reduced fears of a possible trade war. The Dow Jones Industrial Average climbed 669.40 points, or 2.84%, to 24,202.60 at the close. The Nasdaq Composite rose 227.88, or 3.26%, to 7,220.54, while the S&P 500 Index gained 70.29, or 2.72%, to 2,658.55.

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Dow ends January with a rally, extends winning streak

Wall Street moved higher Wednesday, capping a strong run in January and clinching the Dow’s best winning streak since 1959. The Dow Jones Industrial Average jumped 72 points to 26,149. The S&P 500 advanced 1.4 points to 2,823. The Nasdaq Composite was up 9 points at 7,411. Despite a pullback to start the week, the Dow and S&P 500 completed their best January performances since 2016. The indexes also posted their 10th consecutive monthly gains—the strongest run in nearly 60 years. The Nasdaq has seven straight monthly gains to its credit. “Equities continue to drift upward, achieving returns in the first four weeks of the year that are often typical for an entire year,” U.S. Bank Wealth Management chief equity strategist Terry Sandven wrote in a note to clients this week. “While year-to-date performance is superb, the data still seems supportive of higher stock prices.” Stocks pulled back slightly later in Wednesday’s session after the Federal Reserve signaled a possible interest rate hike in March. The central bank also raised its inflation forecast, encouraged by low unemployment and stronger household spending. Wednesday marked the end of the final two-day policy meeting Opens a New Window. under Chair Janet Yellen, who will be replaced by Jerome Powell in February. The yield on the benchmark 10-year Treasury bond dipped slightly to 2.722% from 2.725%. Yields fall as bond prices rise. West Texas Intermediate crude oil rose 23 cents, or 0.4%, to $64.73 a barrel. AT&T (T) shares jumped in after-hours trading, as the telecommunications giant beat Wall Street’s estimates for fourth-quarter earnings. Microsoft (MSFT) and Facebook (FB) also reported better earnings than expected.

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Dow pops 140 points, closes at record after Caterpillar and 3M earnings

The Dow Jones industrial average closed at a record on Thursday on the back of stronger-than-expected quarterly results from Caterpillar and 3M. The 30-stock index gained 140.67 points to close at 26,392.79. The Dow rose as much as 206 points but came off its highs after President Donald Trump told CNBC the dollar will get “stronger and stronger” under his leadership. The dollar index reversed losses and traded higher by 0.1 percent. The S&P 500 pared most of its gains and closed 0.1 percent higher at 2,839.25, a record. The Nasdaq composite gave up its gains and closed 0.1 percent lower at 7,411.16. Earlier, the S&P 500 and Nasdaq followed the Dow higher as a strong earnings season rolled on. “The numbers companies are releasing, along with the upbeat views from executives, is helping analysts lift their estimates and that’s helping stocks advance,” said Mark Luschini, chief investment strategist at Janney. “You [also] have strong U.S. and overseas economic growth, and that is supportive for stocks.” Shares of Caterpillar rose as much as 2.8 percent before finishing 0.6 percent higher, while 3M gained 1.9 percent. Celgene and McCormick also reported better-than-forecast quarterly earnings and sales. “This is going to be earnings-driven for the next couple of weeks,” said Tim Dreiling, regional investment director at U.S. Bank Wealth Management. “Thus far, it’s been terrific news.”

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