The Dow Jones Industrial Average rose past 22,000 for the first time as Apple Inc. pushed to a record, while renewed strength in the euro dragged down European equities. Oil fluctuated after retreating from its brief rise above $50 a barrel.
The Nasdaq 100 Index jumped as Apple’s market cap rose above $800 billion after its sales forecast revived optimism over the iPhone. Rio Tinto Plc led the drop among basic resources shares after first-half profit missed estimates. The euro, coming off its best month since March 2016, reached a new 2 1/2-year high against the ailing dollar. Oil traded near $49 a barrel as U.S. crude stockpiles expanded, while copper dropped a second day.
The common currency’s longest rally since 2013 has been sustained by interest-rate differentials and broad dollar weakness as investors lost faith in Donald Trump’s spending plans amid an administration in disarray. With the dollar index near a two-year low, the options market shows that traders are gearing up for more euro strength, with demand growing for calls, which give the right to buy. The currency’s advance has pushed European earnings revisions into negative territory, according to Credit Suisse Group AG.
While most company results this quarter are supporting the case for a firm global economy that’s propelling equity gauges to new highs, questions remain about how long the rally can run amid stretched valuations and mixed U.S. data.