US stock market hits record high after three-day lull

S&P 500 rises 0.9 percent as major players including Apple and Tesla see gains.

The US stock market has hit a record high after a string of downbeat trading sessions.

All three leading stock indexes rose on Wednesday, ending a three-day lull.

The S&P 500, which tracks the performance of 500 of the largest US companies, finished up 0.9 percent on Wednesday, surpassing last week’s record.

The rise leaves the benchmark index up more than 10 percent so far in 2024.

The Dow Jones Industrial Average and Nasdaq Composite rose 1.22 percent and 0.51 percent, respectively.

Among the big corporate players, Apple and Tesla climbed 2.12 percent and 1.22 percent, respectively, while semiconductor company Nvidia Corp declined 2.5 percent.

Pharmaceutical giant Merck climbed 5 percent after announcing that the US Food and Drug Administration had approved its drug Winrevair to treat pulmonary arterial hypertension.

Cruise line Carnival rose 1 percent after the company raised key earnings and revenue projections and revised its costs downward.

Cintas, an office supplies company, surged 8.2 percent after reporting a better-than-expected profit for the latest quarter.

Trump Media & Technology Group, former US President Donald Trump’s social media company, rose 14.2 percent, continuing its rally after surging 16 percent in its market debut the previous day.

Investors are anticipating the release of key US economic data this week, including updated figures on jobless claims, gross domestic product and consumer sentiment.