Wall Street hits record high – without help from Apple

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Wall Street edged up to a record high on Wednesday as gains in consumer discretionary and energy stocks offset losses in technology heavyweight Apple Inc.

Shares of Apple dropped 0.8 percent on concerns that the company’s newly launched iPhone X is too expensive and because its availability starting in November was later than expected. With the widely held stock up 37 percent so far this year, some analysts said it was time to cash in gains.

“Apple to a certain extent is a ‘sell the news’ event,” said Art Hogan, chief market strategist at Wunderlich Securities in New York. “A great deal of expectation has been built into the stock.”

Even with Apple’s losses, the S&P 500, Dow Jones industrial average and the Nasdaq all closed at record levels, helped by other consumer stocks.