The Bull

Wednesday 24

October, 2018 4:41 PM



Tesla gains, $1 trillion Apple lift Nasdaq

Tesla gains, $1 trillion Apple lift Nasdaq

The Nasdaq finished decisively higher on Thursday as Tesla shares enjoyed huge gains following earnings and Apple became the first private company to hit $1 trillion in market value.

Share |

03.08.2018 08:10 AM

The Nasdaq finished decisively higher on Thursday as Tesla shares enjoyed huge gains following earnings and Apple became the first private company to hit $1 trillion in market value.

The tech-rich Nasdaq Composite Index led the major indices, finishing up 1.2 percent to 7,802.69.

The Dow Jones Industrial Average slipped less than 0.1 percent to 25,326.16, while the broad-based S&P 500 rose 0.5 percent to 2,827.22.

Apple rallied 2.9 percent to finish above $1 trillion in market capitalization, the latest landmark for the iPhone maker after it posted another round of strong earnings earlier in the week.

The surge in Apple shares revealed anew how technology remained the "sector that propels the market," despite headwinds facing some prominent companies, said Gregori Volokhine, president of Meeschaert Capital Markets.

Tesla Motors, another prominent technology company, rocketed 16.2 percent higher after it reported a bigger-than-expected quarterly loss but said it would be profitable the rest of 2018.

But the Dow dipped as investors were focused on another flare-up in US-China trade tensions after President Donald Trump asked the US Trade Representative to consider increasing the proposed tariffs on $200 billion of targeted Chinese imports to 25 percent from the originally proposed 10 percent.

Wynn Resorts slumped 6.5 percent after reporting a 14.9 percent decline in revenues from its Macau resort to $543.3 million. 

United States Steel Corp plummeted 10.3 percent after the company's forecasts fell below some analyst expectations in light of higher steel prices.

Investors are looking ahead to Friday's US employment report, which is projected to show a gain of 190,000 jobs in July and unemployment dipping to 3.9 percent.
Archive
Markets
Index: Points Change Percent

PLEASE SUPPORT OUR SPONSORS, AUSTRALIA'S LEADING BROKERS:



© Copyright TheBull.com.au. All rights reserved.