Apple shares lift Dow, S&P to record highs
A rally in shares of Apple lifted the Dow and S&P 500 to record highs in a choppy session Monday ahead of this week’s Federal Reserve policy meeting. Bullish comments from several airlines drove investors to scoop up travel-related stocks. But others took profit in recent outperformers like banks and energy stocks as Treasury yields ticked lower.
Winthrop Capital Management portfolio manager Adam Coons:
“You’re seeing interest rates down. As they take those profits, they’re moving into fixed income which is sold off. You’re just seeing a very short-term rotation in the market now in terms of positioning.”
The Dow closed higher for a seventh straight session, up a half percent. The S&P 500 added seven-tenth percent, and the Nasdaq gained 1%.
Airlines were among the S&P’s biggest winners after Delta, Southwest and United said leisure bookings were rising. Other travel-related stocks joined the rally – Carnival and MGM Resorts among them.
Eli Lilly shares dropped 9%. Analysts said “mixed” results from a mid-stage trial on its experimental Alzheimer’s drug reduced the chances of its accelerated approval.
And Tesla shares rose 2%. No joke: CEO Elon Musk added “Technoking of Tesla” to his list of official titles in a regulatory filing.
