[UPI]
[UPI]

New York stocks closed mixed Wednesday, with the Dow Jones Industrial Average setting an all-time high for the third consecutive session while the NASDAQ and S&P 500 fell on weakness in technology shares. SpaceX led the declines, tumbling nearly 14% as concerns mounted over the cost of its massive AI investment push.

The Dow rose 263.24 points, or 0.49 percent, to close at 54,349.12 on the New York Stock Exchange on Wednesday, marking its third straight record closing high.

The S&P 500 fell 12.97 points, or 0.17 percent, to 7,723.55, while the tech-heavy NASDAQ Composite dropped 221.55 points, or 0.83 percent, to close at 26,363.44.

Large-cap technology stocks were mixed. Nvidia rose 3.43 percent to $219.22 after SpaceX announced plans Wednesday to build a space-based data center using Nvidia chips. Apple also edged up 0.52 percent.

SpaceX tumbled 13.62 percent to close at $108.27 despite reporting earnings that beat market expectations, as investors grew increasingly worried about the cost burden of its expanding AI investment. That was the lowest closing price since the company's listing. The share price sits roughly 20 percent below its IPO price of $135 and has fallen more than 50 percent from its intraday all-time high of $225.64 reached in June.


sjy@heraldcorp.com