Dow extends winning streak as Nasdaq hits record high

U.S. stocks continued their upward trend on the 6th, with the Dow Jones Industrial Average gaining 253.38 points, or 0.5%, to close at 51,521.28. This marked the fourth consecutive day of gains for the index. The rally was driven by a broad-based buying spree as long-term Treasury yields paused their recent surge.

The Nasdaq Composite, heavily weighted with tech stocks, added 122.48 points to reach 27,599.79, setting a record closing high for the second straight session. The S&P 500 also hit an all-time high. Six of the seven 'Magnificent Seven' mega-cap tech stocks advanced, with only Meta declining, providing a significant boost to the broader market.

In the bond market, investors adjusted their positions ahead of the release of the September FOMC meeting minutes the following day. This activity helped the benchmark 10-year Treasury yield retreat from its recent peak of 5.3493% to around 5.27%. The decline in yields eased valuation pressures on equities, encouraging investors to return to the stock market.

Among individual stocks, Walmart and Amazon.com each rose 2.0%, while Microsoft gained 0.8% and Google parent Alphabet added 0.4%. However, some defensive names like UnitedHealth Group and Coca-Cola saw profit-taking, slipping 0.6% and 0.4%, respectively. The market's risk-on tone was further supported by optimism around corporate earnings, particularly from AI-related technology companies.