Apple leads an early advance in technology stocks

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Associated Press

Posted on July 24, 2013 at 7:00 AM

Updated Wednesday, Jul 24 at 9:07 AM

NEW YORK (AP) — Apple is leading an early advance in technology stocks on Wall Street after beating analysts' estimates for earnings and revenue.

Apple jumped 5 percent to $438 in the first few minutes of trading Wednesday. Apple shipped more iPhones in the latest quarter and said it was planning to introduce new products in the fall.

Eli Lilly, Ford and Boeing also rose after reporting profits that were better than investors were expecting.

Outside of technology stocks, the gains in the broader market were muted.

The Dow Jones industrial average was up 17 points, or 0.1 percent, to 15,585. The Standard & Poor's 500 index was up three points, 0.2 percent, at 1,695.

The technology-heavy Nasdaq composite rose more. The Nasdaq was up 22 points, or 0.6 percent, at 3,600.

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