The Dow Jones Industrial Average closed up nearly 650 points, reaching a new closing high alongside the S&P 500 index, while Oracle fell 11%

Investors withdrew from some focus technology stocks and shifted to economic growth stocks. At the same time, the market digested the Federal Reserve's latest interest rate cut decision, leading to mixed performance in the U.S. stock market on Thursday. The Dow Jones Industrial Average reached new intraday and closing highs, rising 646 points or 1.3% to close at 48,704 points. Weighed down by the poor performance of Oracle (ORCL.US), which dragged down AI stocks, the Nasdaq opened down over a hundred points and closed down 60 points or 0.3% at 23,593 points. The S&P 500 index rose 14 points or 0.2% to close at 6,901 points, also reaching a new closing high alongside the Dow.

Visa (V.US) was upgraded by Bank of America, causing the stock to rise over 6%, helping the Dow to break new highs. Economic cyclical stocks like Home Depot (HD.US) rose 1.8%.

Technology stocks performed poorly, with Oracle's revenue growth of 14% in the last quarter falling short of expectations, coupled with increased capital expenditure, which heightened investors' concerns about the company's debt. The stock fell 11% for the day. Other AI stocks were also sold off, with NVIDIA (NVDA.US) and Broadcom (AVGO.US) both down over 1%. Adobe (ADBE.US) rose 2% against the trend after its earnings report.

Large technology stocks weakened, with Alphabet (GOOG.US) down over 2% and Tesla (TSLA.US) down 1%