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The Dow Jones Industrial Average (DJIA) caught a firm bid on Wednesday, driving into fresh record highs as investors eased back from overexposure to the AI tech rally and moved deeper into more traditional investing mainstays, primarily major banks and healthcare stocks.

The Dow Jones rose around 430 points, setting a new intraday high of 48,419 as the tech-light major index gets a boost from traders piling back into traditional investments. The Dow is now up around 4% over a four-day period after falling to 46,490 in a mild pullback from the last record swing high near the 48,000 handle.

Banking stocks push the Dow higher

The financial sector bolstered the Dow Jones, with investor favorites such as Goldman Sachs (GS), JPMorgan (JPM), and credit card company American Express (AXP) all rising to record highs. Materials and construction also added a further boost, with building darling Caterpillar (CAT) climbing as well.

Investors continue to grow leery about revenue prospects within the AI space, despite eye-watering valuations for shovel sellers during the LLM data gold rush. Advanced Micro Designs (AMD) CEO Lisa Siu claimed that she could see total AI tech demand climbing to $1 trillion per year by 2030, a lofty investment and expenditure goal for an industry where most, if not all, of the revenue is contained entirely within data center suppliers.

Short-term resolution is better than no resolution

The US government continues to grind closer toward a short-term resolution to the longest federal government shutdown in American history. A temporary stopgap bill that would fund the US government through January passed in the Senate this week, and the bill is expected to be voted on by the lower House of Representatives as soon as 19:00 EST Wednesday or 03:00 GMT Thursday.

Dow Jones daily chart

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