Investing.com -- U.S. stocks rose moderately on Wednesday, as the Dow Jones Industrial Average closed higher for a ninth consecutive session matching its longest winning streak since March, 2013.
Buoyed by stellar gains from Microsoft Corporation (NASDAQ:MSFT), the Dow also hit all-time record high of 18,622.01, posting a record intra-day high for the eighth time in nine sessions. The Dow closed at 18,595.03%, up 36.02 or 0.19%, also recording a record closing-high for the ninth consecutive trading day.
The NASDAQ Composite index added 53.56 or 1.06% to 5,089.93, while the S&P 500 Composite index gained 9.24 or 0.43% to 2,173.02. Much like the Dow, the S&P 500 also hit record intra-session and closing highs on Wednesday. On the S&P 500, six of 10 sectors closed in the green as stocks in the Technology and Health Care industries led. Stocks in the Utilities sector lagged, closing down by 0.46% on the session. Meanwhile, the NASDAQ remains approximately approximately 2.5% from all-time record highs, after rallying from a subdued performance this spring.
The top performer on the Dow was Microsoft, which surged 3.23 or 6.08% to 56.32, posting one of its strongest one-day sessions since October. On Tuesday, Microsoft (NASDAQ:MSFT) topped analysts' earnings and revenue estimates after sales among its closely-watched cloud product more than doubled on the quarter. For the three-month period, Microsoft's sales for its Azure, cloud-based segment surged 102% extending sharp gains from its previous quarter. Further gains in Microsoft were limited after the tech giant offered forward guidance for the first quarter of 2017 that fell below analysts' expectations. The worst performer was Walt Disney Company (NYSE:DIS), which fell 1.21 or 1.22% to 98.26. Earlier on Wednesday, a TripAdvisor Inc (NASDAQ:TRIP) survey found that Orlando is currently the most expensive city to visit in the U.S.
Microsoft was also the biggest gainer on the NASDAQ, just ahead of Incyte Corporation (NASDAQ:INCY), which added 4.10 or 4.95% to 86.92. The worst performer was Twenty-First Century Fox A Inc (NASDAQ:FOXA), which lost 0.76 or 2.72% to 27.00. Fox shares fell considerably on Wednesday due to continued speculation that the ouster of Fox News head Roger Ailes is imminent amid a slew of sexual harassment allegations.
The top performer on the S&P 500 was Cintas Corporation (NASDAQ:CTAS), which surged 9.61 or 9.86% to 107.03. Cintas shares popped after the business services company said its revenue rose 11% over its fourth quarter of the year, driven by climbing uniform rental and facility services sales. The worst performer was Kellogg Company (NYSE:K), which plunged 4.69 or 5.39% to 82.29. Kellogg shares slid on Wednesday after rumors of a merger with Kraft Heinz collapsed earlier in the day.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 1,991-984 margin.