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Markets Right Now: Tech stocks gain; Apple hits $1 trillion

August 2, 2018

Trader Gregory Rowe works on the floor of the New York Stock Exchange, Thursday, Aug. 2, 2018. World stocks indexes are falling Thursday after the Trump administration said it will consider an even higher tax rate of 25 percent on $200 billion in imports from China, raising the stakes in the trade war between the two largest economies. (AP Photo/Richard Drew)

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

U.S. stocks shook off an early stumble and closed broadly higher, led by gains in technology companies as Apple reached $1 trillion in value.

Apple jumped 2.9 percent Thursday, adding to another big gain from a day earlier. On Tuesday the company reported strong earnings and higher prices for iPhones.

Tesla soared 16 percent after the company said it was continuing to improve production of its Model 3 and wouldn’t have to raise more money.

Industrial stocks fell after the White House said it will consider higher tariffs on Chinese imports. Boeing lost 0.9 percent.

The S&P 500 index rose 13 points, or 0.5 percent, to 2,827.

The Dow Jones Industrial Average slipped 7 points to 25,326. The Nasdaq rose 95 points, or 1.2 percent, to 7,802.

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11:45 a.m.

Stocks are clawing back from an early slide and are mixed in midday trading on Wall Street.

Technology stocks were higher Thursday as Apple became the first publicly traded company to be worth $1 trillion.

Apple jumped 2.4 percent. On Tuesday the company reported strong results and higher prices for iPhones.

Health care and consumer products makers were also higher.

Industrial companies fell as the White House threatened to raise tariffs on Chinese goods, escalating a trade war between the two economic powers. Boeing fell 1.4 percent.

The S&P 500 index edged up 1 point to 2,814.

The Dow Jones Industrial Average fell 104 points, or 0.4 percent, to 25,224. The Nasdaq composite, which is heavily weighted with technology companies, rose 39 points, or 0.5 percent, to 7,745.

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9:35 a.m.

Stocks are opening lower on Wall Street, led by declines in technology and industrial companies as the U.S. ratcheted up trade tensions with China.

Boeing fell 1.7 percent in early trading Thursday, while Broadcom is off 1.2 percent.

Safe-play stocks like utilities and real estate companies were among the few winners in early trading.

Late Wednesday the White House proposed raising planned taxes on $200 billion worth of Chinese imports to 25 percent from 10 percent, escalating a trade conflict between the world’s two biggest economies.

The S&P 500 fell 13 points, or 0.5 percent, to 2,799.

The Dow Jones Industrial Average fell 191 points, or 0.7 percent, to 25,148. The Nasdaq composite gave up 27 points, or 0.4 percent, to 7,680.

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