Healthcare and financial heavyweights lifted the Dow to a new high Thursday, while tech lagged after Broadcom’s weak guidance. UnitedHealth Group jumped 5.2% after a Bank of America upgrade, and banks such as Goldman Sachs, JPMorgan and American Express each rose at least 3.3%. The Dow climbed 875 points, or 1.7%, offsetting earlier worries about semiconductor demand.

The S&P 500 added 0.4%, driven by a surge in its financial sector—the strongest one‑day gain since April 2025. By contrast, the Nasdaq slipped just under 0.1% after earlier falling more than 1% on the same Broadcom news. Broadcom shares plunged 13%, erasing $286 billion in market value, marking the fourth‑largest single‑day cap loss for a U.S. firm. Analysts warn the drop signals AI hype risk.

Portfolio manager Keith Buchanan of Globalt Investments said investors are turning to banks as a safe haven while AI‑infrastructure spending inflates trade volumes. He noted that financial stocks act as a buffer when tech valuations wobble. The shift keeps banks attractive to income funds, reinforcing the move toward defensive sectors amid the Dow’s record rise.