The Dow Jones Industrial Average surged to a record on Tuesday as Wall Street picked lagging value stocks over momentum and tech.
The blue-chip index gained 557 points, or 1.2%, to mark its 16th closing high of the year and its first of November. The S&P 500 endured a slide in AI stocks like Nvidia to finish the day up 0.2%. The Nasdaq Composite fell 0.2%.
Wall Street continued to celebrate progress toward ending the government shutdown, though a handful of headlines in the AI space hit popular plays such as Nvidia and Vistra. The iShares Semiconductor ETF also struggled. AI stocks had rallied furiously on Monday.
Among the top funds focused on particular attributes, or factors, were dividends, value, and low-volatility ETFs.
Health care, energy, and consumer staples were the top sectors on a day when technology was the only big laggard. In other words: the Dow’s bread and butter.
The U.S. bond market was closed for Veterans Day.Meme stocks and cryptos struggled as traders shunned more speculative parts of the market.