The Dow Jones Industrial Average reached a new high on Tuesday, as investors shifted their focus from chipmakers to cyclical stocks amid falling oil prices.
The 30-stock index rose by 328.64 points, or 0.64%, closing at 51,999.67 and hitting a new intraday high of 52,190.29 during trading. Meanwhile, the S&P 500 declined by 0.57%, ending the day at 7,511.35, and the Nasdaq Composite fell 1.15% to 26,376.34.
Several chip stocks experienced notable losses, contributing to the Nasdaq’s decline. Advanced Micro Devices dropped over 7%, Broadcom fell 4%, Micron Technology declined 6%, and Nvidia lost more than 2%.
In addition, oil prices continued their downward trend. Brent crude futures decreased by 5.06%, settling at $78.96 per barrel, while U.S. West Texas Intermediate futures fell by 5.82% to $76.05 per barrel. This marked the first time since early March that both benchmarks settled below $80 a barrel.
Source (CNBC)
