Key things
- The Dow ended 0.8% higher on Friday, posting a 3.8% gain for the first half of the year.
- Tech stocks led Friday’s gains, with Apple shares rising more than 2% to surpass the $3 trillion market cap mark.
- Nike fell 2.7% after reporting its first profit loss in three years.
On the last business day of the week, month, quarter and first half, Dow Jones Industrial Average (DJIA) rose nearly 0.9%, or 315 points, led by Apple and other tech stocks.
The Dow ended the week up 2%, and the index rose 3.8% for the first half of the year. In contrast, the Nasdaq gained 2.2% for the week and 31.7% for the first half, while the S&P 500 rose 2.4% for the week and 15.9% year-to-date.
apple (AAPL) shares rose more than 2%, sending the company’s market cap swinging 3 trillion dollars, making it the only US publicly traded company to reach this level to date. Other technology stocks also gained, shares of Microsoft (MSFT), Intel (INTC) and Cisco Systems (CSCO) advances by more than 1%.
Walt Disney Stock (DIS) moved 0.6% higher after its ESPN network said it was axing 20 of its TV shows as part of a cost-cutting measure.
Nike (NKE) was the index’s worst performer, with the stock down 2.7% after reporting its first earnings miss in three years as higher costs and margins squeezed its margins.