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Business

Dow Jones surges to new all-time high

The Dow Jones Industrial Average has managed to move beyond yet another psychologically important threshold in early trading. Analysts said the renewed rally came on the back of Apple's strong quarterly results.

Just 15 minutes into trading on Wednesday, the Dow Jones index stood at slightly over 22,000 points, clearing that hurdle for the first time in its history.

The renewed surge was no doubt bolstered by a huge gain by US tech giant Apple, the latest blue-chip company in the world's largest economy to report strong earnings.

Apple had climbed almost 6 percent after announcing a 12-percent increase in quarterly net profit to $8.7 billion (7.3 billion euros).

Broad uptick

Apple was not the only big company to report strong results. Other Dow-listed firms announcing solid profits included Boeing, McDonald's and Verizon.

Watch video 01:13

Strong iPhone sales helped boost Apple

Market analyst Naeem Aslam said everything seemed to be alright when looking at the latest Dow developments.

So far, the index has gained some 11 percent since the start of the year, clearing the 20,000-point mark in late January and the 21,000-point mark on March 1, 2017.

Still-accommodative monetary policies by the Federal Reserve have helped fuel a series of records in the past couple of weeks for all three major stock indices in the US - the S&P 500 and the Nasdaq Composite in addition to the Dow Jones.

hg/tr (Reuters, AFP)

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