Wall Street major indexes post closing record highs; investors pause AI rally

Rising healthcare and consumer stocks lifted the Dow Jones Industrial Average on Wednesday to a record closing high, while the S&P 500 and the Nasdaq were steady, as investors took a pause from the artificial intelligence (AI)-led rally while cautiously watching Middle East peace talks.

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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% after Chief Executive Officer Jamie Dimon warned that expenses this year 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 J. 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%. UnitedHealth climbed 1.9%.

A pullback in chip stocks weighed on the tech-heavy Nasdaq.

The Dow Jones Industrial Average rose 182.60 points, or 0.36%, to 50,644.28, the S&P 500 gained 1.24 points, or 0.02%, to 7,520.36 and the Nasdaq Composite gained 18.55 points, or 0.07%, to 26,674.74.