Dow Approaches 22000, Closes at Record High

S&P 500 Index

Daily September E-mini S&P 500 Index

US equities notched record highs last week, but some analysts said the tech sector might continue to face pressure from profit-taking following upbeat earnings. Honkamp Krueger Financial Services Inc. now owns 1,387 shares of the company's stock worth $296,000 after buying an additional 87 shares in the last quarter.

The 30-component Dow industrials hit the latest in a string of all-time highs on Tuesday finishing at a record and was powered on Wednesday by a rally in shares of Apple, which hit its own record at the open following better-than-expected results late-Tuesday.

In European afternoon trading, the Stoxx Europe 600 was down 0.3%, dragged lower as several large banks posted disappointing results.

Japanese equities pushed to session highs as early earnings-fueled gains were amplified in afternoon trading by a pullback in the yen.

The S&P 500 information technology index is up 22 percent year to date, leading other sectors, as investors look for growth in an otherwise low-growth environment. The pan-European Euro Stoxx 600 Index declined by 0.13%.

Economists expect the ADP report will show that the private sector added 190,000 jobs in July, according to Briefing.com.

In the Dow, gains in shares of Intel and those of Verizon, recently up 2.3 percent and 1.7 percent respectively, outweighed slides in shares of Boeing and those of Caterpillar, recently down 1.3 percent and 0.9 percent respectively.

A slightly disappointing reading on eurozone manufacturing Tuesday morning sent the euro down 0.3% to $1.1810, while United Kingdom manufacturing growth accelerated in July, initially lifting the British pound before it fell less than 0.1% to $1.3205.

CURRENCIES: The dollar rose to 110.60 yen from 110.30 yen.

In the United States, a key measure of inflation was flat in June for the second straight month, while the annual rate declined. In contrast, Monday's government reading slowed slightly. Because of. how numbers work. each one thousand point gain is less impressive than the next, because each is a smaller percentage of the total.

The other major benchmarks - the S&P 500 and tech heavy Nasdaq - however fell in early deals, the former moving to 2,472, declining 3.54 points, while the latter lost 9.35 at 6,353. In Hong Kong, the Hang Seng Index hit fresh two-year highs, rising 0.8%, moving closer to 2015's peak. They were also behind gains in Japanese shares Wednesday.

Australia's S&P/ASX 200 was up 0.9% after the index lagged behind once again in July.

And overall market breadth, or the number of winning stocks relative to losers, is weakening even as the major US indexes set record highs.

BONDS: Bond prices were little changed. The company is also planning to slash costs by cutting operating hours and staff levels while trying to boost revenue with new pricing plans and discounts. Bank of America gained 1 percent. Murata Manufacturing firmed 4.9% and Taiyo Yuden 4.4%, helping the Nikkei up 0.47%. Across the Korean strait, South Korea's Kospi edged up 0.18%. Yields fall as prices rise.

Jon Sindreu contributed to this article.

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