Apple Earnings Push Stock Market to New Record High

Wall Street retreats after Dow breaches 22000

The Dow is trading at another record high and is approaching 22,000 points for the first time.

Apple rose 0.89% as Wall Street awaited the largest publicly listed company's quarterly report after the bell.

"When should an index be dominated by one stock?".

Other institutional investors have also recently modified their holdings of the company. JP Morgan Chase (JPM.N) rose 1.34% and Goldman Sachs (GS.N) added 0.74%.

President Trump is touting the stock market's gains as evidence that his policies are paying off. The DJIA also took out three 1,000-point markers between October 2006 and July 2007, just months before the financial crisis, according to data from Schaeffer's Senior Quantitative Analyst Rocky White.

"It is all about Apple", said Naeem Aslam chief market analyst at Think Markets.

In Europe, the Stoxx 600 Index finished the day with an advance of 0.6 percent from the previous close amid better-than-expected earnings including from Rolls-Royce.

Milestones are fun to celebrate, but they don't necessarily tell you where the market is headed next, says Lindsey Bell, an investment strategist at CFRA, a market research firm in NY.

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, according to Thomson Reuters I/B/E/S. In a typical quarter, 64 percent of the companies beat expectations.

Wall Street retreats after Dow breaches 22000
Apple Earnings Push Stock Market to New Record High

Those results may reassure investors anxious about high valuations.

The S&P 500 however is down nearly two points at 2,474, while the tech heavy Nasdaq index shed 4.30 to at stand at 6,358.

The other major benchmarks - the S&P 500 and tech heavy Nasdaq - however fell in early deals, the former moving to 2,472, declining 3.54 points, while the latter lost 9.35 at 6,353.

Meanwhile, the latest US economic data were lukewarm, bolstering US Treasuries. Economists polled by Reuters expected an addition of 185,000 jobs. On Friday the official non-farm payroll numbers are forecast to show a 180,000 increase, down from June's figure of 187,000.

Garmin rose 3.84 percent and FireEye 7.83 percent after both companies reported strong quarterly results.

Shares of Archer Daniels Midland climbed after the USA agricultural merchant reported better-than-expected earnings, bolstered by margins on sweetener and starches as well as on corn ethanol.

Advancing issues outnumbered decliners on the NYSE by 1,599 to 1,113.

Elsewhere in commodities, the December gold contract fell $1.90 U.S. to $1,273.40 USA an ounce, the September copper contract climbed about 1.7 cents to $2.89 United States a pound and the September natural gas contract lost 14.7 cents to $2.79 United States per mmBTU.

Trump signs Russian Federation sanctions bill; new law also targets North Korea, Iran
The White House's confirmation of the president's involvement piqued the interest of investigators, including Senator Mark R.

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