Wall Street Notches Record Peak as Energy Gains, Tech Drops
U.S. stocks ended slightly higher on Wednesday, hitting record peaks, as gains in the energy sector counterbalanced declines in the technology sector.
The Dow Jones industrial average advanced 0.18 percent to 22,158.18, a record peak, as Chevron contributed the most gains. Meanwhile, Apple was the biggest loser in the index.
The S&P 500 climbed 0.1 percent to 2,498.37, also a record, as energy added over one percent to lead gainers. The Nasdaq composite rose 0.1 percent at 6,460.19 despite shares of Apple falling 0.8 percent.
Technology stocks were among the worst performers, slipping 0.2 percent after ending at a record peak on Tuesday.
Apple shares fell 0.8 percent on concerns that the company's newly launched iPhone X is too expensive and because its availability was later than expected. The stock held up 37 percent so far in 2017, some analysts said it was time to cash in gains.
The S&P energy index climbed after the International Energy Agency said that a global surplus of crude was starting to shrink.
Looking at individual stocks, Equifax plunged 14.6 percent and touched a more than 1-½ year low following an apology from company Chief Executive Richard Smith after a massive data breach failed to pacify investors.
Chevron Corp rose 1.5 percent, lifting the Dow, while a 1.7 percent gain in Amazon.com Inc supported the Nasdaq.
Nordstrom Inc advanced 6.0 percent after the company's founding family selected private equity firm Leonard Green & Partners to help take it private.