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Dow closes above 22,000 on 6th day of record closings

The Dow Jones Industrial Average closed above the 22,000 threshold for the first time on its sixth straight record closing on Wednesday.

The index increased 0.2 per cent on the day to 22,016.24, lifted in part by a near 5 per cent gain in Apple shares. The technology group had reported better than expected earnings after market close on Tuesday.

The new record came as the Nasdaq Composite was flat at 6,362.65 and the S&P 500 gained less than 0.1 per cent, pressured by telecommunication and energy stocks. Shares in the S&P 500 telecoms sector decreased 1.3 per cent giving up some of the dramatic 8 per cent rise in July.

Energy shares were also lower after US government data showed a smaller than expected drop in crude stockpiles last week, spurring volatility in oil prices. The US benchmark West Texas Intermediate initially dropped to a low of $48.60 a barrel after the data were released, but recovered to $49.52 — up 36 cents.

The dollar index, which measure the dollar against a basket of its peers also had a choppy day. The index fell as much as half a per cent to a two-year low, following remarks from the Federal Reserve’s Loretta Mester in favour of gradually tightening US policy given weak inflation readings. The index was just 0.15 per cent lower at 92.89 at markets close.

Elsewhere, the yield on the 10-year US Treasury note, which moves inversely to price was up just 1.3 basis points at 2.269 per cent.