Stock market today: Wall Street sets more records after Shanghai's worst drop since early COVID

NEW YORK (AP) — U.S. stocks set records Wednesday after the latest wild swerves for Chinese stocks left few ripples in markets worldwide.

The S&P 500 rose 0.7% to top the all-time high it had set last week. The Dow Jones Industrial Average climbed 431 points, or 1%, to hit its own record, while the Nasdaq composite gained 0.6%.

Leading the way were cruise-ship companies, whose customers stand to benefit from the surprisingly strong U.S. job market. Norwegian Cruise Line steamed 10.9% 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%, 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.