S&P 500 and Nasdaq Hit Record Closes; Dow Lags 5% Below Peak

The S&P 500 and Nasdaq closed at record highs, driven by investor focus on upcoming earnings reports. The Dow remains over 5% below its August 5 record, indicating a narrow market rally led by tech and growth stocks. This divergence suggests earnings season will be pivotal in determining whether the rally broadens or remains concentrated.