Update: Dow surpasses 22,000 for first time

US bank stocks rally to post-crisis high

The Dow Jones Industrial Average has passed 22,000 for the first time, after Apple climbed almost 6% to reach an all-time high of $159.75 a share.

The tech giant published strong Q3 earnings, incuding better-than-expected iPhone sales, leading to the share price jump that has pushed its market cap to a record $800bn.  As a result of this and US financial stocks also reaching levels last seen before the financial crisis, the Dow Jones climbed 0.2% to pass 22,000 points. So far this year, the index has gained 11.4% or 2,247 points. Financial stocks within the benchmark, including Citigroup, Morgan Stanley and Bank of America, have rallied a collective 8.5% this year, pushing the S&P 500 Financials index to 419.54, a level last tou...