The Dow Jones Industrial Average rose to a record high on Tuesday as investors rotated out of chipmakers and into cyclical stocks amid declining oil prices.
The 30-stock was propelled higher 328.64 points Tuesday to finish at 51,999.67.
The S&P 500 index stumbled 42.94 points to 7,511.35.
The NASDAQ changed direction and gained 307.60 points to 26,376.34.
As oil dipped further, shares of Caterpillar led industrials higher, while JPMorgan Chase was a leader among banks higher as investors bet that lower energy prices will spur a re-acceleration in the U.S. economy. Caterpillar was up more than 2%, while JPMorgan advanced more than 3%.
SpaceX also continued to be a standout with its 9% pop, a move that added to its sharp gains since going public last week.
With its gains, SpaceX had at one point surpassed both Microsoft and Amazon in market cap during the session. The company priced its initial public offering at $135. It last traded around $210.
Pakistani Prime Minister Shehbaz Sharif said that both sides have declared the termination of their military operations on all fronts, with an official signing ceremony to take place this Friday in Switzerland.
A senior Trump administration official told media outlets that the memorandum of understanding was already signed electronically on Sunday.
Prices for the 10-year Treasury gained ground, lowering yields to 4.43% from Monday’s 4.47%. Treasury prices and yields move in opposite directions.
Oil prices weakened $3.73 to $77.02 U.S. a barrel.
Gold prices hiked $8.60 to $4,360.20 U.S. an ounce.
