The three key equity indexes closed at a record high on Wednesday as videogame makers rallied, and Apple’s market value climbed above $900 billion.
Take-Two Interactive Software jumped 10.58 percent after the videogame maker offered a stronger-than-expected revenue forecast for the holiday quarter. That sparked a rally among its competitors, with Activision Blizzard surging 5.89 percent and Electronic Arts adding 2.19 percent.
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.
The S&P 500 is now about 21 percent higher since the November election, partly on the back of campaign promises to cut taxes and other business-friendly measures.
Six of the 11 major S&P sectors rose, led by a 1.08-percent increase in consumer staples. The tech sector rose 0.5 percent, a result of a 2.17 percent rise in Qualcomm after the smartphone chipmaker launched a server processor aimed at challenging Intel. Intel declined 0.17 percent.
Snapchat owner Snap fell 14.62 percent a day after reporting much-slower-than expected advertising revenue and user growth. Snap said China’s Tencent bought a 12-percent stake in the company.
Approximately 7.0 billion shares changed hands on the major domestic equity exchanges, a number that was above the 6.5 billion share daily average over the last 20 sessions.