UPDATE: Apple's stock decline is blunting a record climb by the Dow industrials
The Dow Jones Industrial Average was trading in record territory on Wednesday, but its climb was being hamstrung by a downturn in shares of Apple Inc. Shares of the Cupertino, Calif.-based iPhone maker were down 0.8% or $1.13. A $1 swing in any one of the price-weighted Dow's 30 components translates to a move of 6.89 points. The Dow touched a fresh intraday record in early trade at 22.663.35, but the decline in Apple was muting gains in 3M Co. (MMM) and UnitedHealth Group Inc. (UNH). Apple's share decline came as investors anticipated the debut of a fresh gadget lineup (http://www.marketwatch.com/story/pixel-launch-will-test-google-hardware-strategy-and-apple-rivalry-2017-10-02) from Apple rival Alphabet-parent Google Inc. (GOOGL)(GOOGL), including its Pixel phones. Overall, the Dow was up 11 points, or 0.1%, at 22,653, the S&P 500 index was trading flat at 2,533, while the technology-laden Nasdaq Composite Index was down 0.2% at 6,525.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires