Dow briefly loses grip on positive territory as weak Caterpillar, 3M offset Apple’s rally

dow briefly loses grip on positive territory as weak caterpillar m offset apples rally
Dow briefly loses grip on positive territory as weak Caterpillar, 3M offset Apple's rally

Apple’s record stock rally delivers a nearly 75-point jolt to Dow industrials in early trade

The Dow Jones Industrial Average rose early Wednesday, with gains coming predominantly from a record rise in the shares of Apple Inc., after the iPhone maker delivered better-than-expected fiscal third-quarter results late-Tuesday. The Dow was up about 61 points, or 0.3%, at 25,477, with shares of component Apple delivering a boost of about 75 points to the price-weighted benchmark. A $1 move in any one of the Dow’s 30 components translates to a 6.8-point swing. Apple Inc. on Tuesday reported its highest-ever revenue for the three months ending in June-typically a seasonally weak quarter for the tech giant, outstripping analysts expectations for revenue and profit. Meanwhile, the S&P 500 index rose 0.13% at 2,825, while the technology-heavy Nasdaq Composite Index advanced 0.8% at 7,729, with the index getting a boost from Apple. Apple’s shares were up 5.8%, or $11, at $201.20, in early morning action, representing a record for the Cupertino, Calif.-based company.

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