Key facts
- The Dow Jones Industrial Average hit a record closing high on Thursday.
- Healthcare and financial stocks boosted the Dow.
- A selloff in chip stocks capped the Nasdaq's gains.
- Broadcom's disappointing revenue results triggered the chip selloff.
- The S&P 500 posted muted gains.
- Initial jobless claims unexpectedly rose, and first-quarter labor costs and productivity were revised lower.
Wall Street advanced on Thursday, with the Dow Jones Industrial Average reaching a record closing high, supported by gains in healthcare and financial stocks. The S&P 500 saw more modest gains, while the Nasdaq ended nearly unchanged due to a significant selloff in chip stocks. Broadcom's disappointing revenue results triggered this decline, impacting other chipmakers. UnitedHealth shares rose after Bank of America upgraded its rating. Blackstone's stock advanced after it capped withdrawals from its private credit fund. Cybersecurity firm CrowdStrike slumped due to increased operating expenses. Investor sentiment was also influenced by progress toward ending the Iran war and a U.S.-mediated ceasefire agreement between Israel and Lebanon, though the latter was rejected by Hezbollah. Initial jobless claims unexpectedly rose, and first-quarter labor costs and productivity were revised lower. U.S. corporate layoffs announced in May jumped 11% to 97,006, with nearly 40% attributed to AI.