Apple’s record stock rally delivers a 70-point jolt to Dow industrials–but it’s not enough
The Dow Jones Industrial Average rose tentatively late-morning 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 down 12 points, or 0.1%, at 25,4396, even as shares of component Apple delivered a boost of about 70 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 was flat at 2,816, while the technology-heavy Nasdaq Composite Index advanced 0.4% at 7,698, with the index getting a boost from Apple. Apple’s shares, up 5.3%, or $10.13, at $200.41, in early morning action, representing a record for the Cupertino, Calif.-based company.