Wall Street set records, even as a sell-off for Oracle and worries about a potential bubble in artificial-intelligence technology weighed on the market.
The S&P 500 edged up 0.2% Thursday to eke past the all-time closing high it set in October. The Dow Jones Industrial Average jumped 646 points and topped its own record set last month. Weakness for AI-related stocks, though, weighed on the Nasdaq composite, which fell 0.3%.
Gains for Eli Lilly, banks and smaller stocks helped offset a steep drop for Oracle, whose plans for increased spending on AI surprised analysts. Treasury yields held relatively steady in the bond market.
On Thursday:
The S&P 500 rose 14.32 points, or 0.2%, to 6,901.00.
The Dow Jones Industrial Average rose 646.26 points, or 1.3%, to 48,704.01.
The Nasdaq composite fell 60.30 points, or 0.3%, to 23,593.86.
The Russell 2000 index of smaller companies rose 31 points, or 1.2%, to 2,590.61.
For the week:
The S&P 500 is up 30.60 points, or 0.4%.
The Dow is up 749.02 points, or 1.6%.
The Nasdaq is up 15.73 points, or 0.1%.
The Russell 2000 is up 69.12 points, or 2.7%.
For the year:
The S&P 500 is up 1,019.37 points, or 17.3%.
The Dow is up 6,159.79 points, or 14.5%.
The Nasdaq is up 4,283.06 points, or 22.2%.
The Russell 2000 is up 360.45 points, or 16.2%.
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