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US President Trump and\u00a0Apple\u00a0CEO Cook announce\u00a0Apple’s $154 billion investment in US manufacturing (Reuters: Jonathan Ernst)<\/p>\nUS President Trump and\u00a0Apple\u00a0CEO Cook announce\u00a0Apple’s $154 billion investment in US manufacturing (Reuters: Jonathan Ernst)<\/p>\n
US stocks ended higher on Wednesday, led by a more than 1% gain in the Nasdaq, as Apple shares climbed after the announcement of a domestic manufacturing pledge, and as some companies delivered upbeat earnings reports.<\/p>\n
Shares of Apple jumped 5.1% and provided the biggest boost to all three of the major indexes after company announced a $154-billion domestic manufacturing pledge.<\/p>\n
It comes as President Trump pursues an aggressive tariff and trade agenda aimed at moving some manufacturing back into the United States.<\/p>\n
Apple said in February it would\u00a0spend\u00a0$769 billion in US investments in the next four years that will include a giant factory in Texas for artificial intelligence servers while adding about 20,000 research and development jobs across the country.<\/p>\n
Trump’s tariffs cost Apple $1.2 billion in the June quarter and spurred some customers to buy iPhones in late spring this year.<\/p>\n
Apple has been shifting production of products bound for the US, sourcing iPhones from India and other products such as Macs and Apple Watches from Vietnam.<\/p>\n
In addition, shares of McDonald’s rose 3% after the\u00a0fast-food restaurant’s\u00a0affordable menu drove global sales past expectations, while Arista Networks shares jumped 17.5% after the cloud networking company\u00a0projected\u00a0current-quarter revenue above estimates.<\/p>\n
“Earnings continue to come in better than expected,” said Sam Stovall, chief investment strategist at CFRA Research.<\/p>\n
He said while there is uncertainty surrounding tariffs, investors appear to be upbeat about the near term.<\/p>\n
Results are now in from about 400 of the S&P 500 companies for the second-quarter earnings season.<\/p>\n
About 80% of reports are beating analyst earnings expectations – above the 76% average of the last four quarters – and earnings growth for the quarter is estimated at 12.1%, up from 5.8% at the start of July, according to LSEG data.<\/p>\n
with Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"US President Trump and\u00a0Apple\u00a0CEO Cook announce\u00a0Apple’s $154 billion investment in US manufacturing (Reuters: Jonathan Ernst) US stocks ended…\n","protected":false},"author":2,"featured_media":49002,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[19747,7593,27265,21884,27267,7595,84,9717,3355,7598,467,4221,3351,4780,27266,3356,227,56,54,55,7181],"class_list":{"0":"post-49001","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-asian-markets","9":"tag-asx","10":"tag-asx-200","11":"tag-aud","12":"tag-australian-company","13":"tag-australian-dollar","14":"tag-business","15":"tag-dollar","16":"tag-dow-jones","17":"tag-live-blog","18":"tag-markets","19":"tag-nasdaq","20":"tag-sp-500","21":"tag-shares","22":"tag-stockmarket","23":"tag-stocks","24":"tag-tech","25":"tag-uk","26":"tag-united-kingdom","27":"tag-unitedkingdom","28":"tag-wall-street"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/49001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=49001"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/49001\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/49002"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=49001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=49001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=49001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}