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The NASDAQ composite jumped to an all-time high on Thursday as dealmaking activity lifted technology and media shares.
The Dow Jones Industrials faded 25.89 points to 25,175.31, as a decline in bank stocks offset Disney's gains.
Shares of J.P. Morgan Chase dropped 1.8%, and Goldman Sachs pulled back 0.1%. Bank of America, and Morgan Stanley also fell.
The S&P 500 gained 6.86 points to 2,782.49
The NASDAQ jumped 65.34 points to 7,761.04, with Facebook also reaching a record high. Netflix and Alphabet also contributed to the index's gains.
Investors cheered dealmaking news, as shares of 21st Century Fox rose 2.1% after Comcast announced a bid to buy several major units of the media giant for $65 billion. Comcast's bid tops Disney's, who agreed to a $52.4-billion deal. Comcast shares rose 4.6% while Disney gained 1.3%
The news comes a day after a judge approved AT&T's acquisition of Time Warner. Last year, the Justice Department sued to block the merger, arguing it would potentially lead to higher prices for the consumer. AT&T shares rose 0.9%, while Time Warner gained 1%.
Shares of J.P. Morgan Chase dipped 2% and Goldman Sachs pulled back 0.5%. Bank of America, and Morgan Stanley also traded lower.
Bank stocks fell after the European Central Bank said it would hold off on raising rates until next year, sending Treasury yields lower.
Thursday's moves come after U.S. stocks closed lower after the Federal Reserve announced Wednesday a new rate hike and indicated that two other increases are possible until the end of the year. As a result, the Dow fell about 120 points as traders expect that the higher rates will bring higher costs for companies.
The Commerce Department said retail sales rose 0.8% in May, well above an economist estimate of 0.4%. That also marked the biggest gain in retail sales since November.
The U.S. Labor Department also reported that weekly jobless claims fell to a more-than-44-year-low last week, pointing to a tightening jobs market.
Prices for the benchmark for the 10-year U.S. Treasury were lower, raising yields to 2.94% from Wednesday’s 2.98%. Treasury prices and yields move in opposite directions.
Oil prices recovered 31 cents to $66.95 U.S. a barrel.
Gold prices jumped $5.20 at $1,306.50 U.S. an ounce.
