Dow Jones Sets Fifth Straight Record High; 22,000 In Focus
The Dow’s meteoric rise continued on Tuesday, with the benchmark index setting its fifth consecutive record high on the heels of upbeat corporate earnings.
Dow 30 Doesn’t Let Up
The Dow Jones Industrial Average added 72.80 points, or 0.3%, to close at 21,963.92. The index came within nine points of 22,000, a milestone that is becoming more likely by the day.
The Dow also rose on Monday, capping off one of its strongest months of the year. The index rose 2.5% in July, boosting its year-to-date return to nearly 11%.
Large-cap stocks were no slouch, either, with the S&P 500 Index adding 1.9% during the month. Meanwhile, rebounding tech shares lifted the Nasdaq to a 3.4% monthly return.
Apple Jumps After-Hours as Earnings Beat
Dow blue-chip and world’s most valuable company Apple Inc. (NASDAQ: AAPL) reported better than expected earnings on Tuesday, sending the stock to new record highs.
The Cupertino-based tech giant posted adjusted per-share earnings of $1.67, well ahead of expectations for $1.57. Revenues climbed to $45.4 billion on the quarter, exceeding expectations of $44.89 billion.
Apple shares were down at the start of the week amid news of an expected delay in delivering the iPhone 8 to store shelves. The next-gen iPhone is expected to be Apple’s most expensive yet. According to various reports, the asking price will start at $1,200.00.
Dollar Woes Continue
The U.S. dollar (DXY) hastened its decline at the start of the week, falling to fresh two-and-a-half year lows against a basket of major currencies. Both the euro and British pound notched solid gains as a result. On Monday, the euro climbed above $1.18 U.S. for the first time since 2014, while the pound re-took $1.32 for the first time since September.
Both currencies weakened on Tuesday. In the case of the euro, the gains may have been too much, too soon. The common currency remains in overbought territory, according to the daily RSI.
Dow Jones Industrial Average