US Indices Fall on Weak Earnings, But After Close Apple Records Largest Profit in Corporate History
January 28, 2015 7:00 am
Asian stocks showed some resilience on Wednesday as investors speculated as to whether the Federal Reserve could take a dovish turn in its post-meeting statement later in the session, amidst some signs that a stronger dollar was hurting U.S. corporate profits. U.S. stocks closed more than 1% lower on Tuesday as disappointing results from a number of bellwether companies pointed to weakening conditions, while an unexpected decline in durable goods orders also weighed on sentiment. However, after the market closed, Apple Inc rose 5.4% to $115 after it posted better-than-expected revenue growth, along with record sales of its iPhone line. The Dow collapsed 291 points to close at 17387, the S&P closed 27 points lower at 2029.
Against the Yen, the U.S. currency fetched 118.15 Yen, about 0.3% above late U.S. levels but still off last week’s high of 118.80. The Euro traded at $1.1340, having risen to $1.1423 on Tuesday, extending its rebound from an 11-year low of $1.1098 hit on Monday. The Australian Dollar jumped 0.7% to $0.7988 after higher-than-expected core inflation led investors to sharply scale back expectations of an interest rate cut next week
Oil fell more than 1% on Wednesday as the Dollar strengthened in early Asian trade, while an industry report showing a larger-than-expected rise in U.S. crude inventories also dragged on prices. London copper moved away from 5-1/2-year lows on Wednesday, propped up by a weaker Dollar after a drop in U.S. capital goods orders sparked talk that the Federal Reserve might push back its timeline for raising interest rates
Apple Inc quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70% rise in China sales, powering the company to the largest profit in corporate history. ARM Holdings provides the technology that powers the iPhone 6 and its stock was up 2% in early trade 1050p.
Asian stocks showed some resilience on Wednesday as investors speculated as to whether the Federal Reserve could take a dovish turn in its post-meeting statement later in the session, amidst some signs that a stronger dollar was hurting U.S. corporate profits. U.S. stocks closed more than 1% lower on Tuesday as disappointing results from a number of bellwether companies pointed to weakening conditions, while an unexpected decline in durable goods orders also weighed on sentiment. However, after the market closed, Apple Inc rose 5.4% to $115 after it posted better-than-expected revenue growth, along with record sales of its iPhone line. The Dow collapsed 291 points to close at 17387, the S&P closed 27 points lower at 2029.
Against the Yen, the U.S. currency fetched 118.15 Yen, about 0.3% above late U.S. levels but still off last week’s high of 118.80. The Euro traded at $1.1340, having risen to $1.1423 on Tuesday, extending its rebound from an 11-year low of $1.1098 hit on Monday. The Australian Dollar jumped 0.7% to $0.7988 after higher-than-expected core inflation led investors to sharply scale back expectations of an interest rate cut next week
Oil fell more than 1% on Wednesday as the Dollar strengthened in early Asian trade, while an industry report showing a larger-than-expected rise in U.S. crude inventories also dragged on prices. London copper moved away from 5-1/2-year lows on Wednesday, propped up by a weaker Dollar after a drop in U.S. capital goods orders sparked talk that the Federal Reserve might push back its timeline for raising interest rates
Apple Inc quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70% rise in China sales, powering the company to the largest profit in corporate history. ARM Holdings provides the technology that powers the iPhone 6 and its stock was up 2% in early trade 1050p.
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