US stocks broke out of a three-day lull Wednesday.
- The S&P 500 rose 44.91 points, or 0.9%, to 5,248.49, beating the all-time high it set last week.
- The Dow Jones Industrial Average rose 477.75 points, or 1.2%, to 39,760.08.
- The Nasdaq composite rose 83.82 points, or 0.5%, to 16,399.52.
The Dow and Nasdaq closed just short of their own records. Trump Media and Technology Group continued its wild ride and shot 14.2% higher in its second day of trading, even as its Truth Social platform loses money.
Merck climbed 5% after federal regulators approved its treatment for adults with pulmonary arterial hypertension, a rare disease where blood vessels in the lungs thicken and narrow, the AP reports. Cintas, a provider of work uniforms and office supplies, was another big force pushing the S&P 500 upward. It jumped 8.3% after reporting stronger profit for the latest quarter than analysts expected. Robinhood Markets climbed 3.7% after unveiling its first credit card, which is reserved for its subscription-paying Gold members, along with other new products.
On the losing end of Wall Street was Nvidia, which is on track for a second straight loss after screaming 91% higher for the year so far. It sank 2.5%, as some investors may be locking in profits before closing their books for the end of the year's first quarter. Nvidia has been one of the biggest winners of Wall Street's frenzy around artificial intelligence. GameStop also tumbled after delivering a profit for the latest quarter and a drop in revenue from the prior year. It fell 15.2%. It's the original meme stock, predating Trump Media by years, where its price has often moved more on the sentiment of smaller-pocketed investors than on fundamentals like its profit and revenue.
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