All three major US indices finished the day on a record high led by the Dow Jones Industrial Average.

All three major US indices finished the day on a record high led by the Dow Jones Industrial Average Photo: EPA PHOTO Rising ‌healthcare and consumer stocks have lifted the Dow Jones Industrial Average to a record closing high, while the S&P 500 and the Nasdaq were steady, as investors took a pause from ‌the AI-led rally while cautiously watching Middle East peace talks. Subscribe now for unlimited access. or signup to continue reading EOFY SAVE 50% All articles from our website & app The digital version of Today's Paper Crosswords, Sudoku and Trivia All other in your area Fractional gains were enough to push the S&P 500 index and Nasdaq to closing record highs for the second day in a row. Banking ‌stocks were down as shares of JPMorgan Chase slid 2.4 per cent after chief executive Jamie Dimon warned expenses in 2026 could be $1 billion higher than estimated. US Secretary of State Marco Rubio said there has been some progress in negotiations with Iran toward a deal. Yet President Donald Trump said the US and Iran still have issues to resolve and Iran's Fars News has said unresolved issues remain. The Dow, which also hit closing highs on Friday and Thursday, was lifted by a rotation into healthcare and consumer stocks. Procter & Gamble shares rose 3.2 per cent. UnitedHealth climbed 1.9 per cent. A pullback ‌in chip stocks weighed ‌on the tech-heavy Nasdaq. The ⁠Dow Jones Industrial Average rose 182.60 points on Wednesday, or 0.36 per cent, to 50,644.28, the S&P 500 gained 1.24 points, or 0.02 per cent, to 7,520.36 and the Nasdaq Composite gained 18.55 points, or 0.07 per cent, to 26,674.74. "After such a large run-up in the markets, it's not surprising to me that there is a little bit of a pause," said Sean Clark, chief investment officer of Clark Capital Management Group. "There's a lot of positives to look at right now. Even though the outperformers are really being driven by tech, AI and AI-adjacent themes, I wouldn't discount the fact that the broad market is participating as well." Among the sub-indices, consumer discretionary was leading the gains, up 1.9 per cent. Meanwhile, the S&P 500 energy index fell 1.5 per cent, tracking ⁠a decline of as much as five per cent in oil prices. Tech shares dropped after reaching an all-time ‌high on Tuesday. Chip stocks were down after a strong rally. Intel fell 1.4 per cent and Marvell Technology dropped 4.6 per cent, while Qualcomm fell six per cent after sharp gains on Tuesday. Chip giant Nvidia weakened by one per cent, and the Philadelphia SE Semiconductor index ‌lost 1.4 per cent after hitting a record high on Tuesday. "Technology leadership remains difficult to ignore, with the sector continuing to push to new highs on both an absolute and relative basis compared to the broader market," said Adam Turnquist, chief technical strategist at LPL Financial. "That said, increasingly stretched momentum conditions and elevated positioning raise questions around the near-term durability of the advance." Zscaler tumbled 31.5 per cent after the cloud security firm projected fourth-quarter revenue below expectations. Among other movers, GlobalFoundries fell 9.8 per cent after Bloomberg News reported that majority owner Mubadala Investment Company was seeking to raise $1.91 billion from an unregistered block sale of GFS shares. Bath & Body Works jumped 9.7 per cent after reporting first-quarter sales and profit above expectations, while Abercrombie & Fitch advanced ‌on posting a strong quarterly profit. The S&P 500 posted 37 new 52-week highs and 8 new lows while the Nasdaq Composite recorded 169 new highs and 74 new lows. Volume on US exchanges was 18.81 billion shares, compared with the 18.78 ⁠billion average for the full session over the last 20 trading days. 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