Investors shouldn’t give credit to the surging in shares of Intel Corp. and Microsoft Corp. , after both tech-sector heavyweights reported better-than-expected earnings, for the Dow Jones Industrial Average’s gain, they should instead thank Apple Inc.’s stock rally. That’s because the combined price gain in Intel and Microsoft shares of $9.13, which would about 63 points to the Dow’s price, was being cancelled out by the combined price decline in Chevron Corp. and Merck & Co. Inc. shares after the companies’ disappointing results of $9.50, which would shave about 65 points off the Dow. So the Dow’s 22-point gain can be attributed to the $5.61, or 3.6%, gain in Apple’s stock after reports of strong iPhone X demand, which is adding about 39 points to the Dow.
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From:: Stock Market News