Nasdaq Composite Index Erases Loss as Apple Gains

The Nasdaq Composite Index finished flat on Wednesday after spending most of the session in negative territory, as the broader market struggled to overcome sliding telecom shares.

The technology-focused index closed at 6,357.51, little changed from its precious close. It was up by as much as 0.5% earlier.

In terms of most active shares, 2,094 Nasdaq-listed companies reported declines Wednesday versus 886 that advanced. A total of 212 companies finishes flat. Ninety-nine shares reported all-time highs compared to 96 that posted new lows.

Wall Street’s major indexes opened higher in belated response to solid earnings data from Apple Inc. (NASDAQ: AAPL). The Cupertino-based tech giant said during its earnings call on Tuesday that iPhone sales eclipsed 1.2 billion last quarter. The stock rose 4.7% to a new record high.

Intel Corp (NASDAQ: INTC), another Dow Jones blue-chip, rose 0.8%.

On the opposite side of the ledger, Cisco Systems Inc. (NASDAQ: CSCO) fell 0.4%. Shares of Facebook Inc. (NASDAQ: FB) ended 0.3% lower.

The Dow Jones Industrial Average recorded its sixth straight record close, adding 52.32 points, or 0.2%, to 22,016.24. The broader S&P 500 Index reversed losses to close 0.1% higher at 2,477.57.

In economic data, U.S. private-sector employers added 178,000 workers last month, the ADP Research Institute reported Wednesday. That was slightly lower than the 185,000 forecast by economists and followed an upwardly revised gain of 191,000 in June.

Nearly all of the gains were concentrated in the services sector, which added 174,000 positions. Goods producing industries accounted for the remainder of the gains.

Nasdaq Composite Index

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Sam Bourgi is a financial market analyst for economiccalendar.com. He has more than six years of progressive experience in economic and financial analysis, research consulting and sectoral analysis. As a published author in government, peer-reviewed, online and industry sources, he has developed a fundamental approach to the financial markets with a broad focus on stock indices, commodities and the technology sector. He earned his Bachelor’s Degree from the University of Windsor and Master’s degree from McMaster University.