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US: Nasdaq ends at record as Apple hits US$800b landmark

Wednesday, May 10, 2017 - 06:42

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The Nasdaq rose to a fresh record on Tuesday, with Apple surpassing US$800 billion in market value, but US equities finished mostly lower on revived worries about North Korea.

[NEW YORK] The Nasdaq rose to a fresh record on Tuesday, with Apple surpassing US$800 billion in market value, but US equities finished mostly lower on revived worries about North Korea.

The Nasdaq scored its third straight record, with Apple gaining 0.6 per cent to become the first company to close above US$800 billion in market capitalisation. Tesla Motors was another strong performer, winning 4.6 per cent.

The Nasdaq Composite Index finished up 0.3 per cent at 6,120.59.

The Dow Jones Industrial Average dropped 0.2 per cent to 20,975.78, while the broad-based S&P 500 dipped 0.1 per cent to 2,396.92.

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Market voices on:

US stocks were in positive territory much of the day, but late afternoon reports that North Korea plans another nuclear test hit equities late in the session.

"Geopolitics is rearing its ugly head again," said Art Hogan, chief market strategist at Wunderlich Securities. "When we hear about nuclear tests, we certainly get concerned." United Continental gained 4.8 per cent after projecting that second-quarter passenger unit revenue would rise one to three percent compared with the year-ago level.

Rival carrier American Airlines and Delta Air Lines won 4.8 per cent and Delta Air Lines advanced 2.1 per cent.

Hotel company Marriott jumped 6.4 per cent as it projected a full-year earnings range that topped analyst expectations.

Drug maker Valeant Pharmaceuticals International surged 24.4 per cent as it reported first quarter earnings of US$628 million, up from a US$374 million loss in the year-ago period.

AFP

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