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Both indexes have retreated slightly in the past week but are still not far off all-time highs, with earnings for the most recent quarter continuing to come in ahead of analyst expectations. "I think people are now focusing on the macro news, especially on the jobs report".

But Apple's gains were not enough to prop up the broader US stock indexes, with the benchmark S&P 500 and Nasdaq both lower.

US stocks ended mixed for the last week as investors digested a batch of corporate earnings reports and the latest Federal Reserve announcement after its monetary policy meeting.

A measure of 30-day volatility known as the CBOE VIX (NYSEARCA:VXX) declined 1.7% to 10.09. It has more companies, and it's weighted by market cap rather than by stock price.

The Dow industrials rose 46 points, or 0.2%, to 22010, on track for its seventh straight session of gains. The shares that have had the biggest impact on the average were those of Boeing (380.29 points), McDonald's (171.14 points) and UnitedHealth Group (166.35 points), according to CNBC.

The stock is in position to set new records on Wednesday. A divergence in the transportation and industrial indices, if it persists, can signal a potential pullback in the market.

Neil Wilson, senior market analyst at ETX Capital, said: "It's not just Apple - earnings are delivering across the board for United States equities".

The Dow Jones managed to lead the pack on the gains received yesterday, the S&P 500 trails on the back with a whopping 0.24% increase yesterday and closes at 2476.35 with a total of 6.05 points increase, the index was also greatly influenced by financial stocks performance.

Investors should also never get overly confident, no matter how strong the stock market is acting, warns U.S. Trust's Quinlan.

Positive earnings have been boosting markets since early July.

"The bull market is sort of broadening out and people are taking a few profits off the table on some of these stocks that have done exceedingly well", said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas. Nwam LLC bought a new stake in shares of SPDR Dow Jones Industrial Average ETF during the second quarter worth about $215,000. Health care companies turned lower as prescription drug distributor Cardinal Health gave a weak forecast, mostly because of falling generic drug prices.

"The market isn't without issues as it relates to valuations which are full if not somewhat expensive", said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. For example, A 10% change in 3M's $204 stock will add more points to the Dow than a 10% change in Cisco's $31 stock.

There is also the summer seasonality to take into account.


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