The Dow Jones Industrial Average scored a new record close with modest gains on Thursday as another rally in the banking and energy sectors offset weakness in tech.
The Dow climbed 0.36% to 19,191, surpassing last Friday's record of 19,152. However, the S&P 500 closed down 0.35%, and the Nasdaq fell 1.36%.
Tech names have been under pressure in recent sessions as sector rotation benefited energy and financials and disadvantaged high-momentum movers. Facebook (FB) , Amazon (AMZN) , NvidiaA (NVDA) and Microsoft (MSFT) were all lower, while the Technology SPDR ETF (XLK) slid 2.1%.
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.