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Financial Markets                      03/27 15:44

   

   NEW YORK (AP) -- U.S. stocks rose to a record Wednesday after breaking out 
of their three-day lull.

   The S&P 500 climbed 44.91 points, or 0.9%, to 5,248.49. It was the first 
gain for the index since setting its last all-time high on Thursday.

   The Dow Jones Industrial Average jumped 477.75, or 1.2%, to 39,760.08, and 
the Nasdaq composite gained 83.82, or 0.5%, to 16,399.52. Both finished a bit 
shy of their own records.

   Merck climbed 5% after federal regulators approved its treatment for adults 
with pulmonary arterial hypertension, a rare disease where blood vessels in the 
lungs thicken and narrow.

   Cintas, a provider of work uniforms and office supplies, was another force 
pushing the S&P 500 upward. It jumped 8.2% after reporting stronger profit for 
the latest quarter than analysts expected.

   Shares of Trump Media & Technology Group, meanwhile, continued their wild 
ride and rose another 14.2%. The company behind the money-losing Truth Social 
platform has zoomed well beyond what critics say is rational, as fans of former 
president Donald Trump keep pushing it higher.

   Robinhood Markets climbed 3.7% after unveiling its first credit card, which 
is reserved for its subscription-paying Gold members, along with other new 
products.

   On the losing end of Wall Street was Nvidia, which slumped to a second 
straight loss after screaming 91% higher for the year so far. It sank 2.5%, as 
some investors may have locked in profits before closing their books on the 
year's first quarter. Nvidia has been one of the biggest winners of Wall 
Street's frenzy around artificial intelligence.

   GameStop tumbled 15% after delivering a profit for the latest quarter and a 
drop in revenue from the prior year. It's the original meme stock, predating 
Trump Media by years, where its price has often moved more on the sentiment of 
smaller-pocketed investors than on traditional fundamentals like its profit and 
revenue.

   In the bond market, Treasury yields slipped on a day with few economic 
reports to shake things up.

   The yield on the 10-year Treasury fell to 4.19% from 4.23% late Tuesday.

   This week's highlight for the bond market may be arriving Friday, when the 
U.S. government releases the latest monthly update on spending by U.S. 
consumers. It will include the measure of inflation that the Federal Reserve 
prefers to use as it sets interest rates.

   Both the U.S. bond and stock markets will be closed that day for Good 
Friday. That could cause some anticipatory trades to bunch up on Thursday. It 
will be the last trading day of the year's first quarter, which could further 
roil things.

   The S&P 500 is on track for a fifth straight winning month and has been 
roaring higher since late October. The U.S. economy has remained remarkably 
resilient despite high interest rates meant to get inflation under control. 
Plus, the Federal Reserve looks set to start lowering interest rates this year 
because inflation has cooled from its peak.

   But critics say a broader range of companies will need to deliver strong 
profit growth to justify the big moves in prices. Progress on bringing 
inflation down has also become bumpier recently, with reports this year coming 
in hotter than expected.

   Still, the broad expectation among traders is for the Federal Reserve to 
begin cutting its main interest rate in June.

   Stocks generally tend to do the best when more than half the world's central 
banks are easing interest rates, according to Ned Davis Research. The world is 
not there yet, but several central banks have already begun cutting recently, 
like Switzerland's, and it could happen later this year.

   In stock markets abroad, indexes were mixed across Europe and Asia.

   Chinese stocks were some of the worst performers. Stocks tumbled 1.4% in 
Hong Kong and 1.3% in Shanghai.

   ___

   AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

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