Stock market today: Wall Street rises toward records after Shanghai's worst drop since early COVID
U.S. stocks rose following the latest scary swerves for Chinese markets
NEW YORK — U.S. stocks rose Wednesday following the latest scary swerves for markets in China.
The S&P 500 was up 0.7% in afternoon trading and on track to top its all-time high set last week. The Dow Jones Industrial Average was up 376 points, or 0.9%, as of 11:57 a.m. Eastern time, and the Nasdaq composite was 0.6% higher.
Leading the way were cruise-ship companies, whose customers stand to benefit from the surprisingly strong U.S. job market. Norwegian Cruise Line steamed 10.2% higher after analysts at Citi upgraded its stock and said data suggests growth for the cruise industry “has real legs” into 2025 and beyond. Carnival rose 7.6%, and Royal Caribbean Group gained 4.6%.
Helen of Troy, the company behind Hydro Flask water bottles and OXO kitchen tools, jumped 20.1% after reporting profit and revenue for the latest quarter that were better than analysts expected. That was even though the company said it's still seeing customers feeling increasingly stretched amid lingering inflation.
They helped offset a 2.4% slump for Boeing. The aerospace giant withdrew a contract offer that would have given striking workers 30% raises over four years following a break down in labor talks.
Alphabet also kept gains for indexes in check after the heavyweight stock sank 1.4%. The U.S. Department of Justice is considering asking a federal judge to break up its Google business after its search engine was declared an illegal monopoly. A breakup is one of many possible remedies under review.
The movements along Wall Street were mostly calm, as Treasury yields and oil prices held relatively steady or eased after big jumps for both helped send the S&P 500 on Monday
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