(CNBC) -- 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 closed 0.5% higher, breaking above a previous all-time high of 3,385.09, while the Nasdaq gained nearly 0.9%. Meanwhile, the Dow Jones Industrial Average was up 115 points, or 0.4%
Apple shares contributed to the gains, closing 1.5% 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 6.5% after an analyst at Piper Sandler hiked his price target on the electric car maker to $928 per share from $729 per share.
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