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BUSINESS Wednesday 2 august 2017
A25

Banks and tech stocks send Dow industrials closer to 22,000

By MARLEY JAY the iPhone.
AP Markets Writer Sprint had its best day this
NEW YORK (AP) — Banks year after it said it’s open
and technology compa- to combining with another
nies took U.S. stocks higher phone company or a ca-
Tuesday, and less-loved ble company. The fourth-
sectors including phone largest U.S. wireless carrier
and real estate companies also reported its first quar-
also climbed as companies terly profit in three years as
continued to report strong it cut cost and added wire-
second-quarter results. less subscribers. Sprint rose
Payment processors also 89 cents, or 11.2 percent,
made hefty gains, while to $8.87.
Sprint said it gained wire- T-Mobile USA climbed $1.41,
less subscribers and that or 2.3 percent, to $63.07
it’s open to combining with and Verizon Communica-
a competitor or a cable tions gained 49 cents, or 1
company. Royal Carib- percent, to $48.89. Phone
bean Cruises, Xerox and companies, real estate
shopping mall operator firms and utility all benefited
Simon Property Group all because bond yields fell,
climbed, while athletic ap- which made the compa-
parel maker Under Armour nies more attractive to in-
and industrial companies Traders Michael Milano, left, and John Bowers work on the floor of the New York Stock Exchange, vestors who want income.
fell after disappointing re- Tuesday, Aug. 1, 2017. Banks and technology companies took U.S. stocks higher Tuesday, and Utility company Scana con-
sults. General Motors and less-loved sectors including phone and real estate companies also climbed. tinued to rise after it said it
(AP Photo/Richard Drew)
Ford slumped on weak July will end construction of two
sales reports. which rose $1.23, or 1.3 sors to decide where an au- Tuesday, and its stock rose nuclear reactors that cus-
Some of the largest gains percent, to $93.03 and Citi- tonomous car should steer, 4.7 percent in after-hours tomers have already paid
went to companies and group, which added $1.15, and Intel agreed to buy it trading. Apple reported billions to build. Scana’s
industries that have strug- or 1.7 percent, to $69.60. for $15 billion in March. Intel earnings and revenue that South Carolina Electric &
gled this year, like real es- Intel rose as South Korean gained 88 cents, or 2.5 per- far exceeded analysts’ Gas unit and state-owned
tate investment trusts, or regulators signed off on its cent, to $36.35. forecasts, and issued a Santee Cooper say they
which have missed out deal for Mobileye. Mobil- Tech could be in for more solid outlook for the fourth have already spent $10 bil-
on the gains entirely, like eye makes software that gains Wednesday. Apple quarter, when the compa- lion on the project and that
phone companies. Randy processes information from reported a strong quarter ny is expected to launch a it could cost $20 billion to
Frederick, vice president of cameras and other car sen- after the closing bell on 10th anniversary version of finish. q
trading and derivatives at
the Schwab Center for Fi-
shift is a good sign for the Apple posts strong 3Q, provides upbeat forecast
nancial Research, said the

stock market.
“When people are will-
ing to go out and do the $49 billion to $52 billion. new features.
proverbial bargain hunt- That’s better than Apple’s If the release of the next
ing in areas that have not performance last year iPhone was going to be
outperformed as much, when its popular line of delayed until October or
that shows confidence,” iPhone 7 phones came out. even later, analysts were
he said. “The broader the The upbeat forecast is expecting Apple to lower
bull market becomes, the likely to ease concerns its revenue projections for
more sectors that partici- that production problems the current quarter to be-
pate, the more sustainable might delay the release of low $45 billion.
it becomes.” Apple’s next-generation Luca Maestri, Apple’s chief
The Standard & Poor’s 500 iPhone, which typically financial officer, declined
index rose 6.05 points, or comes out in late Septem- to comment on the timing
0.2 percent, to 2,476.35. ber. That model is expect- of the next iPhone during
The Dow Jones industrial ed to boast a higher-quali- an interview with The Asso-
average climbed 72.80 ty screen and several other ciated Press.q
points, or 0.3 percent, to A Chinese family walks out of an Apple store in Beijing, Sunday,
21,963.92. The blue chip July 30, 2017. Apple’s earnings climbed 12 percent to $8.7 billion
index closed at a record in the company’s latest quarter.
high for the fifth day in a (AP Photo/Andy Wong)
row. Nasdaq composite SAN FRANCISCO (AP) — billion.
added 14.82 points, or 0.2 Apple’s earnings climbed The fiscal third-quarter re-
percent, to 6,362.94. The 12 percent to $8.7 billion in sults announced Tuesday
Russell 2000 index of small- the company’s latest quar- exceeded analysts’ projec-
er-company stocks gained ter amid rising demand tions for the period span-
3.19 points, or 0.2 percent, for iPhones while the iPad ning from April to July 1.
to 1,428.33. snapped out of a 3-1/2- Just as importantly, Apple
Banks helped lead the year sales slump. predicted revenue for its
way. The top gainers in- Revenue increased 7 per- current quarter ending in
cluded JPMorgan Chase, cent from last year to $45.4 September will range from