Investors are taking a break from the artificial intelligence (AI) trade and rotating into more conventional bank and retail stocks.
The blue-chip Dow Jones Industrial Average rose more than 900 points, or 1.8 percent, to above 51,600—a fresh intraday high.
The popular index of 30 large-cap stocks has rebounded substantially since the March selloff and is up 7 percent this year.
Scores of non-tech names bolstered the Dow Jones during the June 4 trading session, including UnitedHealth, Costco, Eli Lilly, JPMorgan Chase, and Walmart.
“Each day and week, it’s interesting to watch the rotation,” Ken Mahoney, president and CEO of Mahoney Asset Management, said in a note emailed to The Epoch Times….