ALSO READWall Street set to open higher as beaten down tech stocks rebound Wall Street little changed as financials drop, defensive stocks gain Wall Street rises as consumer stocks gain; Fed minutes eyed Wall Street at record highs as tech stocks bounce back Wall Street at record highs on technology, health stocks strength
By Noel Randewich
(Reuters) - Wall Street closed at a record high on Wednesday as videogame makers rallied and Apple's market value climbed above $900 billion.
Take-Two Interactive Software
That sparked a rally among its competitors, with Activision Blizzard
Buoyed by optimism about the recently released iPhone X, Apple added 0.82 percent and ended with a market capitalization of $905 billion, its highest ever.
More broadly, investors remained nervous about the potential outcome of the Republican plan unveiled last week that would cut corporate taxes while eliminating a range of popular tax breaks. The bill is expected to face strong opposition from interest groups.
Republicans have yet to score a major legislative win since Trump took office in January, even though the party controls both chambers of Congress as well as the White House.
"It's a complicated, messy affair to get a tax bill passed," said Tim Dreiling, Regional investment Director for U.S. Bank Private Wealth Management, with $150 billion in assets under management.
"There is going to be some give and take before we get a final tax package to be voted on."
The S&P 500 has risen about 21 percent since the election of President Donald Trump a year ago, partly on the back of his promises to cut taxes and other business-friendly measures.
The three major indexes closed at record highs.
The Dow Jones Industrial Average <.DJI> edged up 0.03 percent to end at 23,563.36, while the S&P 500 <.SPX> gained 0.14 percent to 2,594.38.
The Nasdaq Composite <.IXIC> added 0.32 percent to 6,789.12.
Six of the 11 major S&P sectors rose, led by a 1.08-percent increase in consumer staples <.SPLRCS>.
The tech sector <.SPLRCT> was boosted 0.5 percent by a 2.17 percent rise in Qualcomm
Snapchat owner Snap
Advancing issues outnumbered declining ones on the NYSE by a 1.03-to-1 ratio; on Nasdaq, a 1.05-to-1 ratio favoured decliners.
About 7.0 billion shares changed hands on U.S. exchanges, above the 6.5 billion daily average over the last 20 sessions.
(Additional reporting by Tanya Agrawal; Editing by James Dalgleish)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)