Markets

Dow Jones Industrial Average nears 22000-point milestone

Dow Jones Industrial Average nears 22000-point milestone

However, it should be noted that as the Dow gets higher, it becomes easier to cross a 1,000-point marker.

In European afternoon trading, the Stoxx Europe 600 was down 0.3%, dragged lower as several large banks posted disappointing results.

Apple reported better-than-expected iPhone sales, revenue and earnings per share and signaled its upcoming 10th-anniversary phone is on schedule.

The energy sector recovered 0.71%, which was the biggest decline of the day.

A day after soft economic data supported USA bond prices, Treasurys were little changed.

Overnight, the Oil price meantime fell 2 per cent, while the Copper and silver prices have also seen some weakness, which is not welcome news for the resources companies. Eurozone economic growth gathered pace in the second quarter, coming in roughly in line with economists' expectations, data showed Tuesday. The technology giant's stock climbed to an all-time high, and when some other technology companies, utilities and industrial firms joined it, that was just barely enough to take the Standard & Poor's 500 index higher as well.

The dollar rose to 110.61 yen from 110.30 yen.

Improvement in a closely watched private gauge of manufacturing in China helped Asian shares gain. In contrast, Monday's government reading slowed slightly.

The other major benchmarks - the S&P 500 and tech heavy Nasdaq - however fell in early deals, the former moving to 2,472, declining 3.54 points, while the latter lost 9.35 at 6,353. Boeing's securities grew by about half a percentage point after the news of the expected record number of aircraft orders from India.

The Wednesday morning milestone continued a streak of share price gains since January.

Australia's S&P/ASX 200 was up 0.9% after the index lagged behind once again in July.

Smaller companies, for example, were supposed to be big winners if US tax rates dropped because they tend to do more of their business domestically, and they do not have the armies of accountants that big multinational corporations use to lower their tax bills.

Australia's central bank on Tuesday warned about recent strength in the Australian dollar and left its cash rate target on hold at a record.

Wireless company Sprint surged 10.8 percent after reporting first-quarter net income of $296 million, its first gain in three years.

Bond prices inched lower.

Charter Communications Inc CHTR.O rose 5.85 percent to a record high after a source said Japan's SoftBank Group Corp 9984.T was considering an acquisition offer. South Korea's Kospi and Hong Kong's Hang Seng index each advanced 0.2%.

Jon Sindreu contributed to this article.


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