Apple became the first US company to top $1 trillion in market value on Thursday, leading a rebound in technology stocks that helped Wall Street pare losses and turned the Nasdaq positive.
Market sentiment was also lifted by Commerce Secretary Wilbur Ross’s comment, who said the tariffs that United States is threatening to impose on Chinese goods would not be disastrous for the Asian nation.
“It’s not something that’s going to be cataclysmic,” he said in an interview with Fox Business Network, explaining that a 25% tariff on $200 billion worth of goods would equal to less than 1% of China’s economy.
Technology stocks, which were trading lower earlier in the session, rose 0.4%.
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Apple hit a record high of $207.05, crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.
“There’s a dichotomy on whether the tech run is going to continue,” said Cliff Hodge, director of investments for Cornerstone Wealth in Charlotte, North Carolina.
“The tariffs are not enough to derail the U.S. economy that is firing on all cylinders.”
The trade-sensitive industrial sector fell 0.38%. Caterpillar, Boeing and 3M fell more than 1% and weighed on the bluechip Dow Jones Industrial Average.
Financials fell 0.5%, the biggest drag on the S&P 500, as 10-year U.S. Treasury yields eased.
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