The S&P 500 index soared by 0.9 percent, buoyed by gains from major players such as Apple and Tesla, marking a record high for the US stock market following a series of lackluster trading sessions. Wednesday saw a reversal in fortunes as all three leading stock indexes experienced an uptick, breaking a three-day stagnation period. The S&P 500, which monitors the performance of the largest 500 US companies, concluded the day with a 0.9 percent increase, surpassing last week’s peak. This surge pushes the benchmark index’s year-to-date gains to over 10 percent.
Simultaneously, the Dow Jones Industrial Average and Nasdaq Composite climbed by 1.22 percent and 0.51 percent, respectively. Notable among the corporate giants, Apple and Tesla registered gains of 2.12 percent and 1.22 percent, while semiconductor firm Nvidia Corp faced a decline of 2.5 percent.
Pharmaceutical titan Merck saw a 5 percent rise subsequent to announcing the approval of its drug Winrevair by the US Food and Drug Administration for treating pulmonary arterial hypertension. Carnival Corporation, a cruise line company, witnessed a 1 percent increase after elevating its key earnings and revenue projections and revising down its costs. Additionally, office supplies company Cintas surged by 8.2 percent after reporting better-than-expected profits for the latest quarter.
Trump Media & Technology Group, the social media company founded by former US President Donald Trump, continued its upward trajectory, advancing by 14.2 percent after an impressive 16 percent surge during its market debut the previous day.
Investors eagerly await the release of pivotal US economic data this week, including updated statistics on jobless claims, gross domestic product, and consumer sentiment.
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