Apple Lifts Dow to 22k in Mixed Day; Dollar Falls: Markets Wrap

(Bloomberg) -- Most U.S. stocks fell, though Apple Inc. dragged major indexes higher, propelling the Dow Jones Industrial Average past 22,000 for the first time. Renewed weakness in the dollar weighed on small caps, while crude failed to hold above $50 a barrel.

Apple's 5 percent gain, sparked by an optimistic sales forecast, took the Dow to a record, boosted the Nasdaq 100 Index and left the S&P 500 Index little changed even as most groups fell. Tesla Inc. rose in late trading as the company burned less cash than forecast. European equities slid as a drop in industrial metals weighed on miners. The euro, coming off its best month since March 2016, continued its surge versus the ailing dollar. Oil rose as record gasoline demand allayed shale boom worries, though it settled off highs for the day.

Weakness in the dollar and the corresponding euro rally have started to dominate market moves, with the common currency's longest rally since 2013 sustained by interest-rate differentials as investors lose faith in Donald Trump's spending plans. U.S. stocks have benefited, with multinationals delivering outsize earnings at the same time European exporters have taken a hit.

Read more about the euro's remarkable run.

Friday's report on the American labor market may provide the next inflection point, as investors look for clues on the strength of the world's largest economy and the Federal Reserve's next policy move.

Terminal users can read more in our Markets Blog.

Here are some key upcoming events:

• Bank of England Governor Mark Carney may signal a more hawkish tone at its quarterly Inflation Report on Thursday. The central bank will likely keep rates on hold.
• U.S. jobs data on Friday will probably show employers added about 180,000 workers in July.

Here are the main moves in markets:

Stocks

• The S&P 500 Index rose less than 0.1 percent to 2,477.17 at 4 p.m. in New York. The Dow was higher by 0.2 percent to 22,010.30 as Apple jumped 5.5 percent. 
• The Russell 2000 Index lost 1.1 percent.
• The Stoxx Europe 600 Index fell 0.4 percent.
• The MSCI All-Country World Index was flat.

Currencies

• The Bloomberg Dollar Spot Index slipped 0.1 percent.
• The euro climbed 0.4 percent to $1.1852, the highest level since January 2015.
• The British pound advanced 0.2 percent to $1.3224, the strongest in more than 10 months.

Bonds

• The yield on 10-year Treasuries advanced one basis point to 2.27 percent.
• Britain's 10-year yield climbed two basis points to 1.24 percent, the highest in a week.
• Germany's 10-year yield gained less than one basis point to 0.49 percent.

Commodities

• West Texas Intermediate crude rose 0.9 percent to settle at $49.59 a barrel. Record demand for gasoline helped ease concerns that increasing crude production from America's shale fields will worsen a global glut.
• Gold futures retreated 0.5 percent to $1,272.20 an ounce.
• Copper was essentially unchanged at $2.88 a pound.

--With assistance from Sophie Caronello

To contact the reporter on this story: Jeremy Herron in New York at jherron8@bloomberg.net.

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Samuel Potter