Dow Hits Fresh Record as Oil Retreats, S&P 500 and Nasdaq Ease
The Dow Jones Industrial Average rose 182 points on Wednesday to a new record, helped by gains in consumer and retail names as oil prices pulled back. By contrast, the S&P 500 slipped 0.1% and the Nasdaq Composite fell 0.3%, with declines in cybersecurity stocks limiting broader upside.
The Dow’s advance was led by Procter & Gamble, which jumped more than 3%, and Home Depot, up more than 2%, giving the 30-stock index enough lift even as other major benchmarks softened.
Lower oil prices provided an additional tailwind for sentiment. US crude fell more than 3% to below $91 a barrel after Iran’s state television said Tehran is committed to restoring commercial traffic through the Strait of Hormuz to pre-war levels within one month, Reuters reported. The White House, however, rejected the Iranian media report as a “complete fabrication.”
In single stocks, Micron—which surged 19% on Tuesday to top $1 trillion in market value for the first time—was up less than 1%. The previous session’s rally was fueled by a bullish UBS call arguing the stock could more than double, citing long-term supply agreements by memory makers to support AI deployment. Investors have increasingly favored memory chip producers as a key way to gain exposure to the AI-driven bull market, with South Korea’s SK Hynix also reaching a $1 trillion valuation overnight.
Source : Newsmaker.id
