Wall Street sets more records after Shanghai’s worst drop since early COVID
NEW YORK (AP) - U.S. stocks set more records highs after the latest wild swerves for Chinese stocks left few ripples in markets worldwide. The S&P 500 rose 0.7% Wednesday and beat the all-time high it set last week. The Dow Jones Industrial Average added 1%, and likewise set its own record. The Nasdaq composite gained 0.6%. The relatively calm movements on Wall Street followed another manic day in China. Stocks in Shanghai tumbled to their worst loss since February 2020 amid disappointment that the government is not offering more stimulus for the world's second-largest economy.
THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.
NEW YORK (AP) - U.S. stocks are rising toward records Wednesday after the latest wild swerves for Chinese stocks left few ripples in markets worldwide.
The S&P 500 was up 0.6% in late trading and on track to top its all-time high set last week. The Dow Jones Industrial Average was up 419 points, or 1%, and likewise on pace for a record. The Nasdaq composite was 0.5% higher, with half an hour remaining in trading.