The Dow Jones Industrial Average rose today, as Wall Street’s three benchmark indexes ended higher, weathering declines in megacap tech shares thanks to small-caps gains and financial shares buoyed by strong earnings.

The Dow again closed above 43,000 points, recouping losses in the previous session. The S&P 500 was a whisker away from setting another closing milestone, but ultimately closed just short.

According to preliminary data, the S&P 500 gained 27.07 points, or 0.47%, to end at 5,842.33 points, while the Nasdaq Composite gained 50.92 points, or 0.28%, to 18,366.51. The Dow Jones Industrial Average rose 338.18 points, or 0.79%, to 43,078.60.

On a broadly positive day for Wall Street, it was financial stocks which led the way.

“I think investors have rotated a little bit out of some of the big tech companies and into the big financial companies,” said Michael Kantrowitz, chief investment strategist at Piper Sandler.

He said some movement from investors made sense as the rate environment has become more conducive for bank earnings, while a lot of optimism around artificial intelligence (AI) is priced into tech companies.

Morgan Stanley jumped after it joined peers such as JPMorgan Chase in reporting strong profits following a sharp increase in investment banking revenue.

Larger regional banks, traditionally less reliant on investment banking activities, were also higher. First Horizon and U.S. Bancorp rose after reporting third-quarter results.

The broader Banks index was up, as was an index tracking regional banks.

Outside of the banks, investor attention was seen in small-cap stocks, with some rotation from expensive tech megacaps to less expensive sectors.

Both the Russell 2000 index and the S&P Small Cap 600 climbed.

While acknowledging some buying in recent days, Piper Sandler’s Kantrowitz said he was yet to be convinced of a wider rotation into small caps.

“I think people are broadening out their portfolio exposure, but still sticking with the same flavor of fundamentals,” adding people were buying high-quality small-caps but not digging into the kinds of deep-value names you would expect to attract attention if the full rotation was underway.

Among the big-tech names which dragged, Apple dipped after hitting a record high in the previous session. Microsoft and Meta Platforms also fell.

Chip heavyweight Nvidia, however, bucked the megacap slide, rising after slumping nearly 5% in the previous session.

Gains in the so-called Magnificent Seven group of tech stocks have driven most of Wall Street’s record-breaking run this year. However, with valuations increasingly stretched and a brighter economic outlook, investors have been seeking opportunities elsewhere.

Utilities led sectoral gains, with Dominion Energy’s increase among the catalysts after it was one of the power companies with which Amazon.com announced agreements for developing nuclear technology to power data centers.

Among the best-performing S&P sectors year to date, Piper Sandler’s Kantrowitz said he remains bullish on utilities as they benefit from both the higher power demand coming from AI, but also the lower interest rate environment.

The economically sensitive Transport index jumped, lifted by United Airlines after it forecast better-than-expected fourth-quarter profit and announced a $1.5-billion share buyback program on Tuesday.

Delta Air Lines and American Airlines also benefited.

Attention now turns to more corporate earnings are due through the week, along with key economic data including the retail sales and industrial production figures for September on Thursday.