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 percent 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 percent.
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 percent, to 6,901.00.
The Dow Jones Industrial Average rose 646.26 points, or 1.3 percent, to 48,704.01.
The Nasdaq composite fell 60.30 points, or 0.3 percent, to 23,593.86.
The Russell 2000 index of smaller companies rose 31 points, or 1.2 percent, to 2,590.61.
For the week:
The S&P 500 is up 30.60 points, or 0.4 percent.
The Dow is up 749.02 points, or 1.6 percent.
The Nasdaq is up 15.73 points, or 0.1 percent.
The Russell 2000 is up 69.12 points, or 2.7 percent.
For the year:
The S&P 500 is up 1,019.37 points, or 17.3 percent.
The Dow is up 6,159.79 points, or 14.5 percent.
The Nasdaq is up 4,283.06 points, or 22.2 percent.
The Russell 2000 is up 360.45 points, or 16.2 percent.
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