Dow Cracks 26,000 For First Time; Apple To Bring Billions Back To U.S.
NEW YORK (CBSNewYork) -- History was made again on Wall Street Wednesday as the Dow Jones Industrial Average closed above 26,000 for the first time ever.
As CBS2's Dick Brennan reported, the benchmark is yet another notch on an already impressive record run. Fifty-two weeks ago, the Dow was trading at just below 20,000.
Meanwhile, there is some big news from Apple. A part of the Republican tax plan passed last month allows a one-time repatriation of corporate cash held abroad.
Apple has 94 percent of its total cash outside the United States, and now said it is bringing back billions – which cannot hurt the booming market.
Apple just announced on Wednesday it will bring back potentially hundreds of billions of dollars from overseas to fund investment in the U.S., and hire 20,000 people in the U.S. That is on top of the 84,000 it already has.
In a statement, Apple said: "Apple, already the largest U.S. taxpayer, anticipates repatriation tax payments of approximately $38 billion as required by recent changes to the tax law. A payment of that size would likely be the largest of its kind ever made."
Tech stocks got a boost from Apple on Wednesday, and stronger-than-expected quarterly earnings from big companies also boosted the market -- as it continues its run in record territory with various forces driving it since the inauguration of President Donald Trump.
"We're headed to 52-week highs in all the three benchmarks. A lot of that's just pro-business policies helped underpin a really rocket rally for stocks, and you know, we talked about deregulation and these tax cuts that we've seen – all that has pretty much underpinned a move higher for stocks," said Mark DeCambre, markets editor at MarketWatch.
With the stock market reaching records so often, 1,000-point moves in the Dow have become increasingly commonplace. It has been just eight trading days since the Dow had its first close above 25,000.
Meanwhile, Apple should be bringing back to the U.S., by CBS2's calculation, $245 billion. In addition, it will build a new campus in the U.S.