Markets Right Now: Stocks mostly lower even as Apple surges
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Stock indexes closed broadly lower on Wall Street even as a surge in Apple’s stock moved the company closer to being worth $1 trillion.
Apple jumped 5.9 percent Wednesday, its biggest gain in a year and a half, after saying made more money from iPhone sales thanks to higher prices.
Elsewhere, losses for energy and industrial companies left major indexes lower. Anadarko Petroleum sank 4.9 percent after reporting weak results.
The S&P 500 index fell 2 point, or 0.1 percent, to 2,813.
The Dow Jones Industrial Average lost 81 points, or 0.3 percent, to 25,333. The Nasdaq composite gained 35 points, or 0.5 percent, to 7,707.
More stocks fell than rose on the New York Stock Exchange.
Bond prices fell. The yield on the 10-year Treasury rose to 3 percent.
A surge in Apple’s stock wasn’t enough to lift the broader market as energy and industrial companies slumped.
Apple was on pace for its biggest gain in a year and a half Wednesday after the company said its earnings jumped thanks to higher priced iPhones. The stock rose 5.2 percent, bringing its value closer to $1 trillion.
Energy companies fell along with oil prices. Exxon Mobil lost 1.2 percent.
The S&P 500 index fell 1 point, or 0.1 percent, to 2,814.
The Dow Jones Industrial Average slipped 30 points, or 0.1 percent, to 25,383. The Nasdaq composite gained 19 points, or 0.2 percent, to 7,691.
Bond prices fell. The yield on the 10-year Treasury rose to 2.99 percent.
U.S. stocks are rising at the opening bell as Apple surges following a strong quarterly report.
Banks are jumping Wednesday as a strong report on private company hiring sends interest rates higher.
Apple jumped 4.3 percent after it beat Wall Street’s expectations in its fiscal third quarter and forecast better-than-expected sales.
Bond yields climbed after a survey by payroll processor ADP said private U.S. businesses added 219,000 jobs in July. The yield on the 10-year Treasury note rose to 3.01 percent.
Bank of America gained 1.5 percent.
S&P 500 rose 6 points, or 0.2 percent, to 2,822.
The Dow rose 19 points, or 0.1 percent, to 25,435. The Nasdaq composite gained 36 points, or 0.5 percent, to 7,708.