Dow Closed at Record, Nasdaq Slumped on Weak Technology

The Dow Jones Industrial Average closed at record on Thursday following upbeat manufacturing data and rising oil prices, but the Nasdaq Composite sank as large-cap technology stocks slumped. The Dow rose 68.35 points, or 0.36%, to 19,191.93. The S&P 500 was off 7.73 points, or 0.35%, to 2,191.08. The Nasdaq Composite fell 72.57 points, or 1.36%, to 5,251.11.

Oil futures rallied Thursday in the wake of OPEC’s production-cut deal, with West Texas Intermediate crude topping $50 a barrel to end at a six-week high and Brent crude logging its best finish since August 2015. January WTI crude piled on $1.62, or 3.3%, to settle at $51.06 a barrel. February Brent crude leapt $2.10, or 4.1%, to finish at $53.94 a barrel.

The ISM manufacturing index rose to 53.2% in November from 51.9% in October. A reading above 50 indicates expansion. Meanwhile, Markit’s November final PMI index was at 54.1 compared with 53.4 in October.

The number of Americans applying for unemployment benefits over the week ended Nov. 26 jumped 17,000 to 268,000. The layoff level is still close to multidecade lows, however.