Dow Hits Record High as Tech Stocks Drag Down Market
The US stock market closed mixed on Wednesday as the Dow Jones Industrial Average reached another record high. The Dow gained 263.24 points, or 0.49%, to close at a new record of 54,349.12, extending its winning streak to five sessions.
The S&P 500 and Nasdaq Composite, however, fell due to losses in major technology stocks. The S&P 500 declined by 12.97 points, or 0.17%, to 7,723.55 after touching a record intraday high earlier in the session. The Nasdaq dropped 221.55 points, or 0.83%, to 26,363.44.
Nvidia rose about 3.4% after SpaceX CEO Elon Musk said the company would exclusively use Nvidia processors for its artificial intelligence computing infrastructure. However, AMD lost around 7% after its adjusted earnings narrowly beat analysts' forecasts.