Dow tops $52,000 for first time as tech buying lifts stocks

2026-06-29

The Dow Jones Industrial Average rebounded in U.S. trading on the 29th, closing up $306.63, or 0.59%, at $52,182.74. It finished above $52,000 for the first time on a closing basis and set a record high for the first time in about two weeks. A renewed buying of tech shares lifted the market.

Tech shares see buying comeback

Shares related to artificial intelligence and semiconductor stocks had drawn heavy selling the previous week amid concerns over the profitability of AI investments. The Nasdaq Composite Index, which has a heavy tech weighting, fell 4.6% in the previous week but turned higher on the 29th.

Among Dow components, Amazon.com and Caterpillar, which makes power-generation equipment for data centres, rose. Alphabet, which joined the index from the 29th, also stood out on the upside. The Financial Times reported on the 28th that its subsidiary Google was restricting the use of Gemini, the AI model for Meta Platforms. Investors increasingly viewed that as a sign of strong AI demand.

Concerns over Middle East tensions ease

Reuters reported on the 29th that the United States and Iran, which are advancing talks aimed at ending the fighting, will hold a working-level meeting in Doha, Qatar, within the next few days. That eased fears that relations between the two countries, which had been exchanging attacks through the previous weekend, would deteriorate further, providing a tailwind for stocks.

Elsewhere, Cisco Systems, IBM and Nvidia rose, while Visa and Nike also gained. Honeywell Technologies and UnitedHealth Group fell. The Nasdaq Composite reversed higher for the first time in six trading days, ending up 522.526 points, or 2.06%, at 25,820.144, according to preliminary data. Tesla, Broadcom and Advanced Micro Devices (AMD) also were bought.

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