The Dow Jones Industrial Average was slumping in midday trade, even as one of its key components, Apple, was flirting with a close at a major psychological benchmark. The Dow was most recently off 23 points, or 0.1%, at 25,305, with worries about a fresh clash between the U.S. and China overshadowing Apple Inc.’s attempt to finish Thursday’s trade as the first U.S. company to boast a $1 trillion market value in history (not adjusted for inflation). Apple hit a share peak at $207.05 in intraday trade, enough of a climb to drive it to that closely watched level, briefly. However, declines in industrial giants Boeing Co. as well as DowDuPont Inc. and fast-food franchise McDonald’s Corp. were combining to exact a hefty toll on the price-weighted Dow. Apple’s share gain, meanwhile, was contributing about 32 points to the gauge. A $1 move in any one of the Dow’s 30 components equates to a 6.8-point swing in the blue-chip benchmark. Other indexes, notably the Nasdaq Composite and the S&P 500 index are market-cap weighted. That means, companies with gargantuan values like Apple have an outsize influence on their movement. The S&P 500 was up 0.3%, while the Nasdaq rose by 0.9%. As an aside, it is important to note that Apple’s $1 trillion value won’t be officially realized until it closes at that level, for many market participants.
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