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

NEW YORK — U.S. stocks set more records highs after the latest wild swerves for Chinese stocks left few ripples in markets worldwide. The S&P 500 rose 0.7% Wednesday and beat the all-time high it set last week. The Dow Jones Industrial Average added 1%, and likewise set its own record. The Nasdaq composite gained 0.6%. The relatively calm movements on Wall Street followed another manic day in China.

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.

Alphabet also kept the market's gains in check after the heavyweight stock sank 1.9%. 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.

Stocks in Shanghai tumbled 6.6% for their worst loss since February 2020, when fears were rising about a virus emanating from Wuhan and other cities in China. In Hong Kong, the Hang Seng index fell 1.4% after dropping more than 9% the day before, which was its worst loss since the global financial crisis of 2008.

That ministry is due to hold a briefing on Saturday that could provide further details on planned government outlays that so far have fallen short of what investors have been hoping for.Indexes were more stable elsewhere around the world and rose 0.9% in Japan and 1% in Germany.

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