Apple drives Dow above 22,000, even as other stocks struggle

Associated Press

NEW YORK

Being the world’s most valuable public company has its privileges, such as getting almost all the credit for the latest stock market milestone. Apple made its biggest jump in six months Wednesday, helping send the Dow Jones industrial average above 22,000 points for the first time.

Apple’s latest profit and revenue were better than analysts expected, and the company’s strong sales forecast suggests it’s confident the next iPhone will reach the market on time. The technology giant’s stock climbed to an all-time high, and when some other technology companies, utilities and industrial firms joined it, that was just barely enough to take the Standard & Poor’s 500 index higher as well.

Much of the rest of the market was mixed, however, and most of the companies listed on the New York Stock Exchange fell. Movie theater companies tumbled after AMC Entertainment said U.S. box office grosses are sinking. Health care companies turned lower as prescription drug distributor Cardinal Health gave a weak forecast, mostly because of falling generic-drug prices. Retailers and shopping mall operators also sank.