Dow leads Wall Street higher, investors focus on healthcare stocks
SPY•The Dow rose 1.05% to 52,513.98 as healthcare stocks led gains, while the S&P 500 added 0.31% and the Nasdaq slipped 0.03%. Small-cap and value stocks outperformed growth stocks.
1. Dow leads gains
The Dow led Wall Street higher on Tuesday as investors focused on value stocks, including healthcare, while technology lagged after rebounding a day earlier. Healthcare led gains among the S&P 500’s 11 major sector indexes and hit a record high; real estate, utilities and the Russell 2000 also outperformed.
2. Technology takes a breather
Preliminary data showed the S&P 500 gained 23.79 points, or 0.31%, to 7,714.52, while the Nasdaq Composite lost 9.05 points, or 0.03%, to 26,421.84. The Dow rose 547.95 points, or 1.05%, to 52,513.98. Investors remained skeptical about whether technology companies can monetize their AI investments, Jim Baird of Plante Moran Financial Advisors said.
3. Company movers
General Motors shares fell after the automaker signaled pressure from higher commodity costs and lower truck sales. 3M rose after expanding its data-center partnership with Amazon, issuing an Amazon subsidiary a warrant to purchase more than $521 million of 3M stock, and raising its full-year profit forecast. Equifax reported third-quarter profit above analysts’ estimates, while Hasbro raised its full-year forecasts for revenue and digital gaming.
