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S&P 500 sets record high as Apple rallies

English.news.cn   2014-07-24 06:57:46

NEW YORK, July 23 (Xinhua) -- U.S. stocks closed mixed Wednesday, with the S&P 500 logging both record intraday and closing highs on soaring shares of Apple which unveiled its closely-watched earnings results late Tuesday.

The Dow Jones Industrial Average dropped 26.91 points, or 0.16 percent, to 17,086.63. The S&P 500 added 3.48 points, or 0.18 percent, to 1,987.01, a record closing high, after hitting a new all-time intraday high of 1,989.23 points earlier. The Nasdaq Composite Index was up 17.68 points, or 0.40 percent, to 4,473.70.

The Nasdaq outperformed the other two indices, as Apple, the biggest heavyweight in the tech-rich index, provided a boost, jumping 2.61 percent to 97.19 U.S. dollars apiece.

The iPhone maker posted quarterly revenue of 37.4 billion dollars and quarterly net profit of 7.7 billion dollars, or 1.28 dollars per diluted share, for the fiscal third quarter of 2014. Its earnings topped market expectations, but revenue trailed forecast.

Also late Tuesday, Microsoft, the world's largest software company, posted better-than-expected quarterly revenue, but missed analyst estimates on earnings mainly due to its acquisition of Nokia's struggling handset business. The tech giant's shares advanced 0.09 percent to 44.87 dollars apiece.

After Wednesday's closing bell, social networking company Facebook beat market expectations both on earnings and revenue in the second quarter of the year. The company's shares fluctuated in after-hours trading.

The Dow was dragged on by one of its components Boeing which slipped 2.34 percent to 126.71 dollars apiece as its quarterly revenue missed market consensus.

Another Dow constituent AT&T disappointed Wall Street both on its quarterly earnings and revenue shortly after the closing bell.

On the economic front, U.S. mortgage applications increased 2.4 percent for the week ending July 18 from one week earlier, according to data from the Mortgage Bankers Association.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, tumbled 5.88 percent to end at 11.52 on Wednesday.

In other markets, crude prices gained Wednesday as a government report showed that U.S. crude supplies fell last week. Light, sweet crude for September delivery moved up 73 cents to settle at 103.12 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 70 cents to close at 108. 03 dollars a barrel.

Gold futures on the COMEX division of the New York Mercantile Exchange continued to lose ground Wednesday on a stronger dollar, with the most active gold contract for August delivery down 1.6 dollars, or 0.12 percent, to settle at 1,304.7 dollars per ounce.

The U.S. dollar remained strong against most major currencies Wednesday amid lingering concerns over geopolitical tension.

In late New York trading, the euro fell to 1.3458 dollars from 1.3466 dollars in the previous session, while the dollar bought 101.54 Japanese yen, higher than 101.45 yen of the previous session.

Editor: Yang Yi
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