Fox Business host Charles Payne broke out in song today after the Dow Jones Industrial Average hit 20,000. Go Charles Payne ! That is the Trump Effect – GOD and President Trump give us hope!!!
TODAY, Wednesday, August 2, 2017, the Dow hit 22,016.24 mark for the first time. It was helped by Apple’s healthy quarterly iPhone sales which jumped 4.90% to a record high after the company reported strong results (up about 36% this year). But, tech stocks pulled the NASDAQ and S&P lower.
Two-Thirds of the S&P500 companies have reported their 2nd 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% of companies beat expectations.
The Dow Jones Industrial Average rose 0.24 percent to end at 22,016.24, a record high. The S&P 500 gained 0.05 percent to 2,477.57 and the NASDAQ Composite was flat at 6,362.65.
Data showed U.S. private employers added 178,000 jobs in July after adding 191,000 in June. Economists polled by Reuters expected an addition of 185,000 jobs. The more comprehensive non-farm payrolls report is due on Friday.
FOX NEWS SAID: Some investors believe corporations must start spending less on buying back shares and more on technology to improve productivity in order to justify further gains in Silicon Valley stocks, with the S&P 500 information technology index already up 23 percent this year.
“Apple, at the heart of it, has a lot of consumer exposure, and the consumer is in great shape. But we would like to see some capex” (capital expenditure for us lay people-RM), said Mike Baele, managing director at U.S. Bank Private Client Wealth Management in Portland, Oregon. Microsoft slipped 0.44 percent and Facebook lost 0.33 percent, both among the heaviest drags on the S&P 500 and the NASDAQ.