Dow Jones Industrial Average books 2nd record close of 2022 but tech stocks get whacked Tuesday

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The Dow Jones Industrial Average on Tuesday booked its second record finish in as many sessions in 2022, deepening its move to all-time highs, but the broader market finished lower, under pressure amid newfound selling in government debt that drove long-term yields higher and interest-rate sensitive information technology shares lower.

The Dow closed up about 215 points, or 0.6%, to finish at 36,799 and carved out an intraday record high at 36,934.84. The S&P 500 index ended off 3 points, or 0.1%, to close at 4,793, but established its own intraday record on Tuesday at 4,818.62.

However, the Nasdaq Composite Index was pummeled, down 1.3%, or 210 points, to reach 15,622, finishing off its weakest level in the session at 15,512.41.

In corporate stocks, shares of Ford Motor Co.  jumped over 11%, hitting a 21-year high, after the auto maker said it plans to nearly double production of its all-electric F-150 Lightning pickups at its Dearborn, Mich., facility to 150,000 trucks a year to meet “soaring customer demand.”

In economic data, the Institute for Supply Management said its December manufacturing index dropped to an 11-month low of 58.7% compared with 61.1% in November. Economists surveyed by The Wall Street Journal had expected a reading of 60%. A figure above 50% indicates an expansion in activity.

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