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U.S. stocks were little changed, according to a report by Bloomberg News, after the Standard & Poor’s 500 Index approached a record. The S&P 500 rose 0.1 to 1,876.32 at 1:57 p.m. in New York, after it earlier climbed 0.5 percent. The Dow average sank 23.36 points, or 0.1 percent, to 16,478.29. The Nasdaq 100 Index, which includes Apple Inc., climbed 0.8 percent.
Apple Inc. jumped 8.1 percent after the company sold more iPhones than analysts had originally predicted. U.S. stocks have repeatedly failed to climb from the S&P 500’s current level. The Standard & Poor’s 500 is a stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. The S&P 500 index components and their weightings are determined by S&P Dow Jones Indices. It differs from other U.S. stock market indices, such as the Dow Jones Industrial Average or the Nasdaq Composite index, because of its diverse constituency and weighting methodology. It is one of the most commonly followed equity indices, and many consider it one of the best representations of the U.S. stock market.
Chief equity strategist for Wells Fargo Funds Management in New York, John Manley, said in a phone interview that, “There’s no question earnings numbers were good, but there was some anticipation of it to a certain degree.” Manley helps oversee about $233 billion, and according to Bloomberg News shares that, “I still tend to think, at the end of the day, that we are going to see earnings be the more important thing that drives the market.”
The former Treasury secretary for President Bill Clinton and the head of the National Economic Council under President Barack Obama says that according to MarketWatch, it is not out of the realm of possibility that the economy could accelerate — but the acceleration could come on unstable footing. The upswing is greatly anticipated!
Image Credit: www.futuresmag.com
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