Apple pushes S&P 500 to record close; Dow down
July 23. 2014 8:12PM
NEW YORK (Reuters) — Stocks ended mostly higher on Wednesday, with the S&P 500 closing at a record on Apple’s bullish results, though Boeing weighed on the Dow and conflicts in Ukraine and the Gaza Strip kept the broader market’s gains in check.
Biotech stocks ranked among the day’s biggest gainers, boosted by some strong results and drug trial data. The Nasdaq Biotech index jumped 2.2 percent in its fourth straight day of gains.
Apple Inc gave one of the biggest lifts to the market, rising 2.6 percent to $97.19 as concerns faded about the iPhone maker’s margins. Dow component Microsoft Corp rose 0.1 percent to $44.87 after the company said it aimed to get its money-losing Nokia phone unit to break even within two years.
The Dow Jones industrial average fell 26.91 points or 0.16 percent, to end at 17,086.63. The S&P 500 gained 3.48 points or 0.18 percent, to close at 1,987.01, surpassing the record set on July 3. The Nasdaq Composite added 17.68 points or 0.4 percent, to 4,473.70.
While the S&P 500 ended at a record close, the Dow was kept under pressure by Boeing Co, which fell 2.3 percent to $126.71. The U.S. aircraft maker reported a 52 percent jump in quarterly profit, but investors were spooked by rising costs in its military tanker program.