Nasdaq Composite Index Closes Above 17,300 Points for First Time in History
US indices closed mixed on Tuesday, supported by strong gains in Apple stock, while investors awaited inflation data and the US Federal Reserve's interest rate decision.
The central bank is likely to leave interest rates unchanged, but will release its updated economic forecasts showing where policymakers expect rates to stand this year and over the longer term.
Performance of major US indices:
The Dow Jones Industrial Average fell 0.3%, or 120 points, on Tuesday to close below 38,800.
While the S&P 500 rose 0.3% to achieve its second record close this week, the Nasdaq Composite rose 0.9% to close above 17,300 points for the first time in its history.
Apple stocks
Apple shares jumped more than 7% on Tuesday to break above $207 for the first time ever.
The company added $215 billion to its market value in one day, regaining the second place globally from Nvidia with a market value exceeding $3.17 trillion.
These gains were supported by Morgan Stanley's affirmation of the company's stock rating at overweight and a target price of $216, with a potential of $270.
Apple's AI features make it the most distinctive digital agent for consumers, and are driving consumers to upgrade their iPhones, the bank's analysts said.
Apple unveiled new AI features aimed at making its devices more appealing, including an improved Siri virtual assistant that can answer a wider range of queries and perform more complex tasks than before. It also announced a partnership with OpenAI to integrate ChatGPT into its devices.
General Motors shares
General Motors shares rose 1.3% on Tuesday to close at their highest level in more than two years after the automaker announced a $6 billion share buyback plan.
