Apple shares powered the Dow past the new milestone. As Fred Katayama reports, strong corporate earnings, not politics, drove the blue chip index higher.
The Dow surged past the 22,000 mark Wednesday for the first time. It happened right after the opening bell. It took just five months for the blue chip index to gain 1,000 points. Powering the Dow: strong earnings from Apple. The iPhone maker's shares jumped to an all-time high. U.S. President Donald Trump tried to take credit, tweeting Tuesday that the Dow was at 18,000 when he won on Election Day. But PNC Asset Management's Bill Stone says earnings, not politics, drove the Dow to the latest milestone. SOUNDBITE: BILL STONE, GLOBAL CHIEF INVESTMENT STRATEGIST, PNC ASSET MANAGEMENT, (ENGLISH) SAYING: "Some people at the beginning attributed it to politics but now of course, everyone would say there's no way that could possibly be the case. And so, really, though when you look at it, I would say it's really been the fundamentals, and you might be surprised I say that, but it's really been earnings. We've had earnings grow very strongly." Nearly three fourths of the major companies reporting second quarter earnings so far have beaten Wall Street's expectations. The Dow has risen 11 percent so far this year, matching the S&P 500's gain but trailing the tech-fueled Nasdaq.