US Stock Market Today: Dow Hits New High As Investors Ditch Tech for Broader Market; Dollar Steady

Wall Street opened mixed on Friday, with the Dow Jones Industrial Average rising to a fresh record as investors continued to exit technology stocks and move into value areas of the market. The 30-stock bluchip index soared 130 points or 0.3% to 48,835 after opening bell.

The S&P 500 and Nasdaq Composite fell 0.1% and 0.5%, respectively. The Dow and S&P 500 closed at record levels in the previous session.

The momentum in New York followed a fresh peak in Europe's Stoxx 600 after a 0.5% jump.

Nine of the eleven sectoral indices on the S&P 500 were trading in green led by materials and real estate, with only information technology and energy seeing declines.

Shares of chipmaker Broadcom were down 9% even after it beat fourth-quarter expectations and gave a strong forecast for the current quarter, saying artificial intelligence chip sales look to double. Micron Tech, Palantir and Oracle were the other tech stocks trading below their previous close.

Lululemon Athletica was the top gainer among largecaps, with the stock rising 13% after the retailer posted third-quarter results that exceeded market expectations.

US Treasury 10-year yields advanced two basis points to 4.18%.

The US dollar was steady against major currencies. The euro was flat, pound fell 0.1% and the yen shed 0.3% against the greenback.

In commodities, gold rose for a fourth day while silver extended its all-time high. Bullion jumped 1.4% to $4,341 an ounce and the white metal gained 0.8% to $64.