Wall Street Sets New Records as China Stocks Slump

US stocks set more records high on Wednesday after the latest wild swerves for Chinese stocks left few ripples in markets worldwide.

• The S&P 500 rose 40.91 points, or 0.7%, to 5,792.04 and beat the all-time high it set last week.
• The Dow Jones Industrial Average rose 431.63 points, or 1%, to 42,512 and likewise set its own record.
• The Nasdaq composite rose 108.70 points, or 0.6%, to 18,291.62.

The 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, the AP reports.

Leading the way were cruise-ship companies, whose customers stand to benefit from the surprisingly strong US job market . Norwegian Cruise Line steamed 10.9% 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 7.1%, and Royal Caribbean Group gained 5.3%. Helen of Troy, the company behind Hydro Flask water bottles and OXO kitchen tools, jumped 17.9% 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.

KinderCare Learning rose 8.9% in its debut on the New York Stock Exchange. It has over 2,400 early childhood education centers and before- and after-school sites across the country for kids aged between six weeks and 12 years. The rises helped offset a 3.4 % 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 the market's gains in check after the heavyweight stock sank 1.9%. The Department of Justice is considering asking a federal judge to break up its Google business after its search engine was declared an illegal monopoly.

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