Key facts
- Dow Jones Industrial Average closed at a record high of 51,561.93.
- Healthcare and financial stocks led gains for the Dow.
- Broadcom's revenue miss triggered a selloff in chip stocks.
- UnitedHealth shares rose 5.2% after a rating upgrade.
- Initial jobless claims unexpectedly rose 6.1%.
- U.S. corporate layoffs increased 11% in May, with 40% attributed to AI.
Wall Street advanced on Thursday, with the Dow Jones Industrial Average reaching a record closing high of 51,561.93, a gain of 1.73%. Healthcare and financial stocks drove the Dow's gains. The S&P 500 saw more modest gains, closing up 0.41% at 7,584.31. The Nasdaq Composite ended nominally lower, down 0.09% at 26,830.96, 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.