The Dow Jones Industrial Average closed at a fresh record on Tuesday, finishing at 51,999.67, up 328.64 points or 0.64%. It was the index’s second straight record close.
The celebration didn’t extend to the rest of the market. The S&P 500 fell 0.57% to 7,511.35, and the Nasdaq Composite dropped 1.15% to 26,376.34, weighed down by a selloff in technology and semiconductor stocks.
Tech takes profits, value catches a bid
Monday’s session had been a broad rally, fueled by a peace agreement between the US and Iran that sent oil prices lower and gave risk assets a tailwind. Tuesday’s action looked like the hangover.
Investors who rode the momentum into tech names, particularly in the semiconductor space, started locking in gains. Nvidia and its peers bore the brunt of the selling pressure, pulling the Nasdaq down by more than a full percentage point.
