It took years for the Dow to climb to 19K, but in just months it has soared to 22K and isn’t slowing down. USA TODAY
A day after the Dow Jones Industrial Average broke the 22,000 barrier for the first time in its 121-year history, global stock markets retreated Thursday.
Wall Street stock futures slipped and national indexes in Europe and Asia drifted lower as euphoria over Apple’s strong earnings that spurred the record highs faded. The iPhone maker reported better than expected income.
Ahead of the market open in New York, Dow futures were down 0.1% at 21,938.0. S&P 500 futures were also lower, down nearly 0.2% to 2,469.70.
In Europe, France’s CAC 40 fell 0.3% to 5,091.94, while Germany’s DAX was down 0.5% at 12,120.19. Britain’s FTSE 100 slipped 0.2% to 7,394.07.
Numerous factors also weighed on investor sentiment: worries over China’s rising debt; weaker commodity prices; the prospect of a hike in U.S. interest rates this year; a U.S. employment report for July that will be released Friday; and flaring tensions between Beijing and Washington over a hostile North Korea.
In Asia, Japan’s benchmark Nikkei 225 lost 0.3% to finish at 20,029.26. The Shanghai Composite skidded 0.4% to 3,272.93. India’s Sensex fell 0.5% to 32,310.37.
Oil added 14 cents to $49.72 a barrel in electronic trading on the New York Mercantile Exchange. The dollar was unchanged at 110.69 yen. The euro fell to $1.1838.
Following an announcement about legislation to overhaul the U.S. immigration system, President Donald Trump touted the record high of the Dow Jones Industrial Average, saying “we picked up four trillion dollars in net worth.” (Aug. 2) AP