S&P 500 sets a record as Wall Street breaks lull

Dow Jones Average, Nasdaq composite also finish strong again.

NEW YORK — U.S. stocks rose to another record Wednesday after breaking out of their three-day lull.

The S&P 500 climbed 44.91 points, or 0.9%, to 5,248.49. It was the first gain for the index since setting its previous all-time high on Thursday.

The Dow Jones Industrial Average jumped 477.75, or 1.2%, to 39,760.08, and the Nasdaq composite gained 83.82, or 0.5%, to 16,399.52. Both finished a bit shy of their own records.

Merck climbed 5% after federal regulators approved its treatment for adults with pulmonary arterial hypertension, a rare disease in which blood vessels in the lungs thicken and narrow.

Cintas, a provider of work uniforms and office supplies, was another force pushing the S&P 500 upward. It jumped 8.2% after reporting stronger profit for the latest quarter than analysts expected.

Shares of Trump Media & Technology Group, meanwhile, continued their wild ride and rose another 14.2%. The company behind the money-losing Truth Social platform has zoomed well beyond what critics say is rational, as fans of former president Donald Trump keep pushing it higher.

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 slumped to a second consecutive loss after soaring 91% higher for the year so far. It sank 2.5%, as some investors may have locked in profits before closing their books on the year’s first quarter. Nvidia has been one of the biggest winners of Wall Street’s frenzy around artificial intelligence.

GameStop tumbled 15% after delivering a profit for the latest quarter and a drop in revenue from the previous year. It’s the original meme stock, predating Trump Media by years, and its price often has moved more on the sentiment of smaller-pocketed investors than on traditional fundamentals, such as its profit and revenue.

Meanwhile, in the bond market, Treasury yields slipped on a day with few economic reports to shake things up. The yield on the 10-year Treasury fell to 4.19% from 4.23% late Tuesday.