Tech stocks bask in Apple glow, Dow eyeing 22,000

Asian technology stocks hit 17-year peaks and Wall Street's Dow index looked set to break 22,000 points on Wall Street later, as blockbuster earnings from Apple (AAPL.O) rippled out to component makers globally.

Shares in the world's most valuable company surged 6 percent after-hours to a record of more than $159, taking its market capitalisation above $830 billion. 

That should help carry the Dow through the 22,000 mark when trading resumes in New York. E-Mini futures for the Dow YMc1 were up 0.2 percent, though Europe started flat as disappointing results from Societe Generale and Commerzbank weighed on the region's bank stocks.

The U.S.-based tech giant reported better-than-expected iPhone sales, revenue and earnings per share and signalled its upcoming 10th-anniversary phone is on schedule. 

It helped dispel one of the few nagging doubts of the corporate earnings season so far - that Amazon’s lacklustre results last week might have revealed some tiredness among the giant U.S. tech and internet stocks that have been driving the stock market rally all year.

Among Asia's Apple suppliers, LG Innnotek (011070.KS) jumped 10 percent and SK Hynix (000660.KS), the world's second-biggest memory chip maker, rose 3.8 percent. 

Murata Manufacturing (6981.T) firmed 4.9 percent and Taiyo Yuden (6976.T) 4.4 percent, helping the Nikkei .N225 up 0.47 percent. 

The MSCI tech index for Asia .MIAS0IT00PUS climbed 0.9 percent to ground not trod since early 2000, bringing its gains for the year to a heady 40 percent. 

Those gains balanced losses in basic materials and energy to leave MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS steady near its highest since late 2007.

Improving data in other major economies has also served to push the greenback down nearly 11 percent from January peaks, benefiting commodities and emerging markets.