Markets Right Now: Dow has its first close above 22,000

By The Associated Press Markets Associated Press

Dow hits 22K as Apple shares rise

Dow hit an all-time high of 22K. Varney & Co. with more.

The latest on developments in financial markets (All times local):

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4:00 p.m.

The Dow Jones industrial average closed above 22,000 points for the first time, driven by a big gain in Apple on an otherwise mixed day for the market.

Health care and household goods companies fell Wednesday. Prescription drug distributor Cardinal Health dropped 8.2 percent.

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Movie theater companies plunged after AMC Entertainment gave a weak profit forecast amid a sluggish summer at the box office. AMC slumped 27 percent.

The Dow Jones industrials rose 52 points, or 0.2 percent, to 22,016. The move was almost entirely due to the jump in Apple's stock.

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The broader Standard & Poor's 500 index edged up 1 point, less than 0.1 percent, to 2,477. The Nasdaq edged down less than a point to 6,362.

More stocks fell than rose on the New York Stock Exchange.

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11:45 a.m.

A big earnings gain from Apple is sending the Dow Jones industrial average above 22,000 points for the first time, but otherwise stocks are mostly lower.

Apple soared 5 percent in midday trading Wednesday, accounting for all of the Dow's gain. Apple reported another solid quarter and released a strong forecast late Tuesday.

Other industries mostly fell, led by drops in health care and household goods companies. Prescription drug distributor Cardinal Health plunged 9.6 percent.

Movie theater companies fell sharply after AMC Entertainment gave a weak forecast. AMC's stock sank 24 percent.

The Dow Jones industrials rose 45 points, or 0.2 percent, to 22,010.

The broader Standard & Poor's 500 index fell 4 points, or 0.2 percent, to 2,472. The Nasdaq composite lost 24 points, or 0.4 percent, to 6,338.

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9:35 a.m.

A big earnings gain from Apple is sending the Dow Jones industrial average above 22,000 points for the first time.

Apple soared 6 percent in the first few minutes of trading Wednesday, accounting for all of the Dow's gain. Apple reported another strong quarter and released a strong forecast late Tuesday.

Drugmaker Illumina jumped 12 percent after beating its earnings forecasts and issuing a strong outlook.

The Dow was up 68 points, or 0.3 percent, to 22,031.

The Standard & Poor's 500 index rose 2 points, or 0.2 percent, to 2,478.

The Nasdaq composite increased 25 points, or 0.4 percent, to 6,388.