Wall Street closes higher Wednesday as Apple hits record on China AI approval

Wall Street's main indexes closed higher on Wednesday, July 15, lifted by Big Tech and a softer than expected wholesale inflation reading. The Dow Jones Industrial Average added 150.91 points (0.29 percent) to end at 52,659.18, the S&P 500 rose 0.38 percent to 7,572.43, and the Nasdaq Composite climbed 0.62 percent to 26,269.23.

Apple gained 4.01 percent to a record high after a report that it won approval to launch its generative AI features in China. Alphabet rose nearly 3 percent, and a bullish outlook from chip equipment maker ASML added to the strength. In contrast, memory chipmakers Micron and SK Hynix fell more than 7 percent.

Earlier the same day, US producer prices for June came in softer than expected, easing expectations on the Federal Reserve's rate path, a factor Iranian traders watch closely for its bearing on gold and the dollar.