World stocks higher as Apple pushes Wall Street past 22000

World stocks higher as Apple pushes Wall Street past 22000

Markets InsiderThe Dow Jones industrial average has crossed the 22,000 level for the first time, thrust by Apple's rally after its earnings outperformance.

The index of 30 of America's largest companies has climbed by 11.4 per cent this year thanks in large part to two successive quarters of impressive financial results. "But we would like to see some capex".

"The market's not forgiving for any company that misses" Wall Street projections, said Edward Jones investment strategist Kate Warne. (The S&P 500 ticked up incrementally to 2,477 and the Nasdaq ticked down a smidge to 6,362.) The Dow's record has prompted a flood of commentary and factoids.

Boeing, which generates much of its profits from its Defense, Space and Security division, has seen its shares soar more than 70 percent since Trump's election.

Illumina may also get back on an earnings growth track, rising 10% to $1.07 a share in Q3 and 45% in Q4, according to the Thomson Reuters consensus estimate.

While most analysts said that increasing competition in China and a fast-saturating smartphone market could lead to slowing growth for Apple, Raymond James' analyst Tavis McCourt said the launch of iPhone 8 could shore up demand in China. "I would not be shocked. if we saw a pullback". In other energy trading, wholesale gasoline fell 2 cents to $1.64 a gallon, heating oil rose 2 cents to $1.66 a gallon and natural gas held steady at $2.81 per 1,000 cubic feet.

Meanwhile, the latest USA jobs data offered fresh signs of strength. Last month, private US companies added approximately 178,000 jobs, emblematic of the economic growth that USA businesses are experiencing.

Mark Zandi, chief economist of Moody's Analytics, said, "The American job machine continues to operate in high gear".

On the economic front, ADP private payrolls increased a weaker-than-expected 178k in July (missing the 190k expected).

The CBOE Volatility Index (VIX - 10.23) advanced 0.19 point, or 1.9%.

"Overall sentiment remains neutral with many traders preferring to stay on the sidelines for now until at least the BoE tomorrow or even until Friday's United States non-farm payrolls data", said Markus Huber, analyst at trading firm City of London Markets.

Breadth was negative, as the tape outside of AAPL felt heavy, with 1.5 decliners for every advancing issue.



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