The S&P 500 index notched a fresh record high on Wednesday, as gains in Apple In...
- The S&P 500 index notched a fresh record high on Wednesday, as gains in Apple Inc’s shares after forecast-beating results powered a rally in technology stocks ahead of the Federal Reserve’s latest policy announcement.
The company also announced plans for a new $75 billion share buyback and bumped up its cash dividend by 5%. Analysts are now more optimistic on first-quarter earnings growth and expect a 0.5% rise compared with a 2% fall estimated at the beginning of April, according to Refinitiv data.Besides a largely upbeat earnings season, recent gains in shares have also been powered by positive economic data, a dovish Federal Reserve and signs of progress in U.S.-China trade talks.
The financials sector, which tend to benefit from a rising rate environment, dropped 0.17%, with S&P banks off 0.23%. Hilton Worldwide Holdings jumped 7.2%, the most among S&P 500 companies, after the hotel operator reported quarterly revenue above analysts expectations.
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