This week, the S&P 500's multiple record highs set after over a year long wait on Wall Street would not have taken so long had Apple Inc., the index's biggest constituent, not dropped deeply from its own all-time peak.
Since the S&P hit its previous record peak on May 21, 2015, the benchmark index has increased 1.55%. However, without Apple, the S&P 500 would have increased 2.63% during that time, according to the reports.
Apple has been fighting with declining demand for its iPhones and cooler sales in China than it had longed for.
Even Thursday, Apple's stock increased 1.98%, its biggest one day increase since May, it is still down by 26% from its own record peak close of $133 on Feb. 23 the previous year.
The AAPL stock became a must-own or investors after the 2007 release of the iPhone and its exceptional growth supported gains in the S&P 500. However, with market players worried by declining sales of the iPhone, that trend has reversed.
Apple, the world's biggest publicly traded firm by market capitalization, has met its still massive weight in the S&P 500 slip to 2.90% of the index from 4.03% when its stock was at its all time peak, according to S&P Dow Jones Indices.
Excluding Apple, the S&P 500 information technology index would increase 4.74 % in 2016 rather than its actual 3.01% increase.
On Thursday, U.S. stocks prolonged their run into the record books as the Dow industrials and the S&P 500 achieved another intraday high.
Stronger than anticipated outcomes from major financial institutions, along with J.P. Morgan Chase, as well as upbeat economic data, powered the increase that has added to a record run by stocks.
The S&P 500 increased 11.32 points or 0.5 percent, to end at 2,163.75, with the financial, materials, and tech sectors leading the rally. The benchmark index touched an intraday peak of 2,168.99. The index closed at an all-time high for a 4th straight day, its longest such streak since November 2014, according to the reports.
After reaching an intraday peak of 18,537.57, the Dow industrials advanced 134.29 points or 0.7 percent, to close at 18,506.41. The blue chip measure has registered its 3rd straight record close.
The Nasdaq Composite Index advanced 28.33 points or 0.6 percent, to end at 5,034.06, for its highest finish of 2016. For this year, the index increased 0.5 percent.
After a sharp drop on Wednesday, higher oil prices boosted shares of energy companies. Temporarily, investors shrugged off the BoE’s decision to leave monetary policy unchanged.
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