The S&P 500 hits a record high for the fifth consecutive day, while the Dow lags behind without a record high in 2025. Analysts attribute the Dow’s underperformance to its makeup of companies compared to the S&P 500, which has more tech exposure. The overall market is healthy, with broad participation in the stock rally.

Although the Dow missed a record by a hair’s breadth, the S&P 500 remains the more relevant index. The Dow’s price-weighted calculation, rather than market capitalization like the S&P 500 and Nasdaq, leaves it susceptible to significant swings by individual components. For example, UnitedHealth’s drop in share price has impacted the Dow.

The Dow saw a 1.3% gain for the week, while the S&P 500 and Nasdaq rallied 1.5% and 1%, respectively. The S&P 500 has surged 8.6% in 2025, with the Nasdaq up over 9% and the Dow gaining 5.5%. Despite the Dow’s underperformance, the market is in a healthy position, with potential for near-term consolidation.

Read more at Yahoo Finance: Dow left behind as S&P 500 soars to record after record. What gives?