Wall Street closes mixed as Apple provides the gains
InvestingOnline.com
2/08/2018, 02:41The US stocks market closed Wednesday with a mix of green and red numbers as investors were focused on trade talks and Federal Reserve rate decision. Apple rallied on upbeat earnings.
Renewed trade concerns offset strong gains in technology companies as talks on new tariffs for Chinese products hurt market sentiment.
The S&P 500 ended mostly unchanged today as the index declined 2.93 points, or 0.10%, to close the day at 2,813.36; The DJIA fell 0.32%, or 81.37 points, on Wednesday to close at 25,333.82.
The NASDAQ Composite, on the other hand, gained 0.46% or 35.49 points to finish the day ay 7,707.28. Most of the gain was fueled by Apple that rallied 5.89% on the day after a strong earnings report.
Apple reported a Q3 EPS of $2.34, improving estimates by $0.16. The Palo Alto giant had revenue of $53.3 billion, 17.4% more than the same quarter in the previous year. Revenues beat estimates by $870 million.
“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” said Tim Cook, Apple’s CEO.
Apple jumps above $200; new all-time high
APPLE daily chart August 1
Shares of Apple performed its most significant percentage increase since February 1, 2017, as the stock rose 5.89% on Wednesday. Investors welcomed an upbeat earnings report. Apple is now valued closer to the $1 trillion milestone.
While AAPL was trading down from 196.00 on the previous days, the unit opened Wednesday with a positive gap between 190.29 and 199.13. The share closed at all-time high at 201.75. The market is in wait-and-see mode ahead of the Nonfarm payrolls data that will be published Friday.
