Key facts
- The Dow Jones Industrial Average reached an all-time high on Thursday.
- The S&P 500 also increased on Thursday.
- UnitedHealth and financial stocks supported the Dow's rise.
- Broadcom's stock fell 15% after disappointing earnings.
- Chip stocks declined following Broadcom's results.
- The Nasdaq Composite was negatively impacted by the chip stock selloff.
The Dow Jones Industrial Average achieved an all-time high on Thursday, with a significant increase of 700 points, supported by UnitedHealth and financial sector stocks. In contrast, the Nasdaq Composite experienced a decline, primarily due to a selloff in chip stocks following disappointing earnings results from Broadcom. Broadcom's stock dropped 15%, and Ciena also fell below a crucial support level. The broader S&P 500 also saw an increase. Broadcom's performance appears to have created a divergence in market performance, with industrial and financial sectors showing strength while technology and semiconductor stocks faced pressure.