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Dow closes above 22,000

Wednesday, August 02, 2017 - 01:26

But the didn't spread Wednesday. Weakness in tech stocks kept the Nasdaq and S&P 500 flat. Fred Katayama reports.

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Just after the opening bell, the Dow bolted past the 22,000 mark Wednesday morning and closed above that level for the first time. The blue chip index notched its sixth straight record close. But the S&P 500 and Nasdaq managed to just break even. Eric Wiegand of U.S. Bank: SOUNDBITE: ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK, (ENGLISH) SAYING: "It's natural to see some consolidation. It's been a very sharp rise particularly for the Dow over the last six sessions. Earnings have been a major propellent for the advance. We do think you're likely to see as earnings season begins to subside a greater interest on the part of investors on both fiscal and monetary policy." Driving the Dow higher: Apple. The iPhone maker leapt to an all-time high a day after reporting strong quarterly earnings and phone sales. But tech stocks Microsoft and Facebook weighed on the S&P 500 and Nasdaq. AutoNation shares dropped. Profit fell at the U.S.' largest auto retailer. After the bell, Tesla shares bolted higher. Sales of its Model S sedans and Model X SUV helped quarterly revenue more than double. In economic news, private employers added fewer jobs in July than June. The 178,000 added was less than economists had expected. Miners and banks dragged European markets lower.

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Dow closes above 22,000

Wednesday, August 02, 2017 - 01:26