Apple surges 7.5% on earning beat, strong guidance; leads Dow near record territory

“Apple reported earnings that beat on both the top and bottom line, strong current-quarter revenue guidance, and iPhone and iPad shipments above estimates,” Evelyn Cheng reports for CNBC. “Shares gained more than 7.5 percent in morning trade and were tracking for their best day since April 2014.”

“The Dow Jones industrial Average was about 100 points below its all-time intraday high, with Apple and Boeing contributing the most to gains,” Cheng reports. “The Federal Open Market Committee is scheduled to conclude its two-day meeting with a statement at 2 p.m. ET. The Fed is not expected to raise rates, but the statement will be scrutinized for indications on the timing of the next rate hike.”

“The U.S. dollar index was mildly higher, with the euro near $1.10 and the yen weaker versus the greenback near 105.6 yen,” Cheng reports. “Overnight, Japanese Prime Minister Shinzo Abe said his government would compile a stimulus package of more than $265 billion to reflate the flagging economy.”

Read more in the full article here.

MacDailyNews Take: 😉

Apple CEO Tim Cook

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  1. Funny AAPL being credited with helping the DJIA when they are about -$188B in market cap since joining. To put this in perspective 2 other DJIA stocks have ‘helped’: XOM is +$23B and MSFT is +$95B in the same timeframe.

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