The S&P 500 and Nasdaq Composite rose to record highs on Wednesday as tech shares outperformed while investors continued to weigh the coronavirus’ impact on the global economy.
The broad index traded 0.6% higher, breaking above a previous all-time high of 3,385.09, while the Nasdaq gained 0.9%. Meanwhile, the Dow Jones Industrial Average was up 150 points, or 0.5%
Apple shares contributed to the gains, trading 1.6% higher. The Technology Select Sector SPDR ETF (XLK) -- which tracks the S&P 500 tech sector -- gained more than 1% to hit an all-time high. Tesla, meanwhile, jumped more than 9% after an analyst at Piper Sandler hiked his price target on the electric car maker to $928 per share from $729 per share. Tesla shares blew past the analyst’s price target, trading around $941 per share.