Key facts
- Dow Jones Industrial Average closed at a record high.
- Healthcare and financial stocks drove the Dow's gains.
- A selloff in chip stocks, led by Broadcom, capped Nasdaq gains.
- Initial jobless claims unexpectedly rose.
- U.S. corporate layoffs increased in May, with nearly 40% attributed to AI.
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 Composite ended nominally lower due to a significant selloff in chip stocks. Broadcom's disappointing revenue results triggered this decline, sending its shares down 12.6% and impacting other chipmakers. UnitedHealth shares rose 5.2% after Bank of America upgraded its rating to 'buy'. Blackstone's shares rose 7.5% after it capped withdrawals from its private credit fund. Cybersecurity firm CrowdStrike slumped 3.8% after reporting increased quarterly operating expenses. Initial jobless claims unexpectedly rose 6.1%, and first-quarter labor costs and productivity were revised sharply lower. U.S. corporate layoffs announced in May jumped 11% to 97,006, with nearly 40% attributed to AI. The Dow Jones Industrial Average rose 874.86 points, or 1.73%, to 51,561.93. The S&P 500 gained 30.63 points, or 0.41%, to 7,584.31. The Nasdaq Composite lost 23.02 points, or 0.09%, to 26,830.96. Healthcare and financial sectors saw the biggest gains, while technology shares lagged.