The Dow Jones Industrial Average traded above its record close on Thursday as a banking rally and another surge in crude prices benefited the blue-chip index.
The Dow climbed 0.4% to 19,200, trading above the record set last week. The S&P 500 was down 0.1%, and the Nasdaq fell 1%.
Banking stocks continued to rally as President-elect Donald Trump filled out his Cabinet with picks presumed to be friendly to Wall Street. Steve Mnuchin, nominated Treasury secretary on Wednesday, is a veteran banker and former executive of Goldman Sachs. Mnuchin suggested he would roll back portions of the Dodd-Frank financial rules, the 2010 legislation introduced as a measure to ensure banks were strong enough to weather future financial crises.
Other picks include industrialist billionaire Wilbur Ross for commerce secretary and millionaire Betsy DeVos for education secretary. The Washington Post suggested it could be the richest administration in modern American history, far surpassing George W. Bush's first Cabinet which had a total net worth of roughly $250 million.
Dow components Goldman Sachs (GS) and JPMorgan (JPM) rose, while Morgan Stanley (MS) , Bank of America (BAC) and Citigroup (C) were all sharply higher. The Financial Select Sector SPDR ETF (XLF) rose 1.4%.
A decline in tech stocks pulled the Nasdaq lower. Facebook (FB) shares declined 3.4% in trading Thursday.