Dow Ended above 22,000 Milestone

The Dow closed above the 22,000 milestone on Wednesday as Apple Inc. shares rallied to a record after strong earnings, while weakness in other tech stocks held back the Nasdaq and S&P 500. The Dow Jones Industrial Average rose 52.32 points, or 0.24%, to 22,016.24. The S&P 500 was up 1.22 points, or 0.05%, to 2,477.57. The Nasdaq Composite slipped 0.29 point, to 6,362.65.

Oil futures regained their footing in a choppy session to end modestly higher Wednesday as traders grappled with a smaller-than-expected decline in U.S. crude inventories but encouraging data on domestic demand. Light, sweet crude futures for delivery in September rose 43 cents, or 0.9%, to settle at $49.59 a barrel. October Brent crude gained 58 cents, or 1.1%, to $52.36 a barrel.

Tesla Inc. (TSLA) reported a narrower-than-expected second-quarter loss and sales above Wall Street expectations. Tesla said it lost $336.4 million, or $2.04 a share, in the quarter, compared with a loss of $293.2 million, or $2.09 a share, in the year-ago period. Revenue reached $2.8 billion, up from $1.3 billion a year ago.

Fitbit Inc. (FIT) posted better-than-anticipated results for the second quarter. The company reported a second-quarter loss of $58.2 million, or 25 cents a share, compared to net income of $6.3 million, or 3 cents a share, in the year-ago period. Revenue fell to $353.3 million from $586.5 million in the year-ago period.

Symantec Corp. (SYMC) reported earnings that topped Wall Street estimates and said it had sold its website security business. The company reported a fiscal first-quarter loss of $133 million, or 22 cents a share, compared to net income of $135 million, or 22 cents a share, in the year-ago period. Revenue rose to $1.18 billion from $884 million in the year-ago period.

Square Inc. (SQ)’s second quarter results beat expectations. Net loss narrowed to $16 million, or four cents a share, compared with $27.3 million or 8 cent loss a share, in the year-earlier quarter. Total revenue rose 26% to $552 million. The company raised its 2017 adjusted revenue outlook to $925 million to $935 million from $890 million to $910 million.

American International Group Inc. (AIG) reported a second-quarter profit that beat expectations. Net income rose fell to $1.13 billion, or $1.19 a share, from $1.91 billion, or $1.68 a share, in the same period a year ago. Consolidated adjusted return on equity improved to 10.5% from 7.9%.

MetLife Inc. (MET) reported second-quarter net income of $838 million, or 77 cents per share, up from $64 million, or 6 cents per share, for the same period last year. Revenue was $17.2 billion, up from $15.2 billion last year.