How long will the good times last?
(WBEN/AP) – A big earnings gain from Apple is sending the Dow Jones industrial average above 22,000 points for the first time.
Apple soared six percent in the first few minutes of trading Wednesday, accounting for all of the Dow’s gain. Apple reported another strong quarter and released a strong forecast late Tuesday.
The milestone came a day after tweets from the President tweeted about its performance.
“Was 18,000 only 6 months ago on Election Day. Mainstream media seldom mentions!” President Trump tweeted.
Does the White House have an impact?
“I think the market is going up in anticipation that we are going to get more tax cuts and more money in our pocket,” said Mike Lomas of the Financial Guys LLC.
However, good times don’t always last.
“My guess is the market is going to look at this as a positive sometime up until the fall, and if the Republicans can not start accomplishing things by September or October I think we’re in for some volatility.”
Other factors pushing the Dow ahead include Drugmaker Illumina jumping 12 percent after beating its earnings forecasts and issuing a strong outlook.
The Dow was up 68 points, or 0.3 percent, to 22,031.
The Standard & Poor’s 500 index rose 2 points, or 0.2 percent, to 2,478.
The Nasdaq composite increased 25 points, or 0.4 percent, to 6,388.