Dow Soars Over 750 Points to Record High as Tech Stocks Tumble

The Dow Jones Industrial Average (DJIA) surged over 750 points to hit an all-time high of 52,615 on Thursday, as investors looked beyond tech stocks.

Despite a decline in tech-heavy Nasdaq Composite by 0.4%, the DJIA index was lifted by gains from healthcare and industrial goods stocks, such as Johnson & Johnson, UnitedHealth Group, Merck, Caterpillar, and Boeing.

Micron Technology's blowout third-quarter results helped limit the downside in the Nasdaq, with its shares up nearly 12% at the time of writing.

The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) Index, rose 4.1% in May on an annualized basis, the highest level since October 2023.