The Globe and Mail reports in its Thursday edition that U.S. stocks were higher on Wednesday, with the Dow leading gains and the S&P 500 setting a closing record, paced by drug maker Merck & Co., while investors looked toward the next piece of inflation data and Federal Reserve commentary for signals on the rate path. A Reuters dispatch to The Globe reports that Canada's S&P/TSX Composite Index also closed at a record high, with the materials sector leading the charge higher. Merck & Co advanced 4.96 per cent as the best performer on the Dow after the U.S. Food and Drug Administration approved its therapy for adults suffering from a rare lung condition. The Dow now sits less than 1 per cent away from breaking the 40,000 level for the first time. Gains on the tech-heavy Nasdaq were held in check, however, by 2.5-per-cent decline in Nvidia, which lost ground for a second straight session. Shares were still up more than 80 per cent on the year, however. The Canadian benchmark index rose 194.56 points, or 0.89 per cent, to 22,107.08, eclipsing last Thursday's close of 22,087.26 -- its highest finish since 2022. The materials sector rose 2.7 per cent, although the advance was broadly based.