Dow jumps 875 points to a record as Broadcom drags Nasdaq
Why it matters: The split session showed money rotating into health care and financials even as chip stocks sold off on AI valuation worries.
U.S. stocks finished mixed Thursday, with the Dow Jones Industrial Average surging 874.86 points, or 1.73%, to a record 51,561.93, while the S&P 500 added 0.41% and the Nasdaq Composite slipped 0.09%. Broadcom fell 12.6% after missing revenue expectations, helping drive a broader chip sell-off that weighed on the tech-heavy Nasdaq. Marvell Technology rose 4.9%, but Advanced Micro Devices, Micron Technology and Qualcomm fell between 2.6% and 7.7%. Outside tech, gains were broad: health care and financials led the S&P 500, and UnitedHealth climbed 5.2% after Bank of America upgraded the stock. Investor sentiment also got support from hopes of easing conflict involving Iran, while front-month crude prices fell on expectations tanker traffic through the Strait of Hormuz could resume.