Record highs on Wall Street as S&P 500 and Dow rise, but Nasdaq retreats

Wall Street delivered a record-setting performance on Thursday, December 11, 2025, with the S&P 500 and Dow Jones closing at new all-time highs. The Nasdaq Composite, however, slipped 0.3% as weakness in AI-related stocks weighed on the tech-heavy index.

The S&P 500 edged up 0.2%, surpassing its previous closing record from October, while the Dow Jones jumped 646 points, or 1.3%, beating the milestone it set last month.

Market sentiment was shaped largely by disappointing results from Oracle and renewed concerns about a potential AI bubble. Oracle shares plunged nearly 11% after the company reported weaker-than-expected revenue and signaled higher future spending, adding to worries about its debt load.

Investors also remained cautious about the Federal Reserve’s next move on interest rates and whether the massive investments pouring into AI chips and data centers will ultimately deliver the profits and productivity gains that optimists anticipate. These concerns triggered some of the market’s most turbulent days in October—its worst stretch since April—before a series of positive developments helped restore stability.