Wall Street closed higher, led by a rally for Apple.
- The S&P 500 rose 45.87 points, or 0.7%, to 6,345.06 .
- The Dow Jones Industrial Average rose 81.38 points, or 0.2%, to 44,193.12.
- The Nasdaq composite rose 252.87 points, or 1.2%, to 21,169.42 .
With a 5.1% gain, Apple alone accounted for more than a third of the S&P 500's gain ahead of an announcement at the White House where it's
expected to increase its US investments by an additional $100 billion over the next four years, the
AP reports.
Trading elsewhere on Wall Street was mixed following a jumble of profit reports. McDonald's climbed 3% after reporting stronger profit and revenue for the spring than analysts expected. A meal tied to the Minecraft movie proved to be a hit for the restaurant chain. Shopify jumped 21.5% after the company, which helps businesses sell on the internet, said it made more in revenue last quarter than expected. Analysts also said the company's forecast for revenue in the current quarter suggests the strong trends are continuing. Arista Networks was one of the stronger forces lifting the S&P 500 and leaped 17.4% after the networking company delivered a bigger profit for the latest quarter than expected. Its forecast for revenue in the current quarter also topped forecasts.
They helped offset a 18.3% slump for Super Micro Computer, which gave back some of the huge gains the server maker has made recently. Super Micro came into the day with a nearly 88% gain for its stock so far this year, but it reported weaker profit and revenue for the latest quarter than analysts expected. It also gave a forecast for profit in the current quarter that fell short of what Wall Street had penciled in. Disney dropped 2.7% after its profit beat forecasts but its revenue fell short. Analysts said investors may have been looking for Disney to boost its profit forecast by a bigger amount. Chip company Advanced Micro Devices fell 6.4% after its profit for the latest quarter only matched analysts' expectations.
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