The Dow Jones Industrial Average retreated after hitting a record high on Friday, ultimately closing nearly flat. Market sentiment has remained optimistic recently, with the latest investment move by the "Stock God" Warren Buffett becoming the focus of the day's rally.

According to FactSet data, the Dow surged over 200 points in early trading, reaching an intraday record high of 45,203.52 points, surpassing the previous record of 45,073.63 points set on December 4 last year. However, as investors digested economic data, gains narrowed in the afternoon, and the index closed up just 34.86 points at 44,946.12, a rise of less than 0.1%, failing to achieve a record close. To mark its first record closing high this year, the Dow would need to surpass 45,014.04 points.

The day's biggest highlight came from UnitedHealth (UNH.US). Boosted by Berkshire Hathaway's disclosed holdings in its latest quarterly filing, UnitedHealth's stock soared nearly 12%, its largest single-day gain since November 2020. According to Dow Jones Market Data calculations, the stock contributed over 167 points to the Dow in early trading, serving as a key driver of the index's rise.

Notably, although UnitedHealth's stock has fallen more than 40% year-to-date, dropping from the top weight in the Dow components at the start of the year to ninth place, its price fluctuations still significantly impact the Dow's overall performance.

In contrast to the Dow, the other two major indices faced pressure on Friday. The S&P 500 fell 0.29%, while the Nasdaq Composite dropped 0.40%. This marks the first "divergence" among the three major U.S. stock indices in 2025, with the Dow hitting an intraday record high while the S&P and Nasdaq hovered in correction territory.

Analysts pointed out that the Dow, as a price-weighted index, is more susceptible to individual stock price fluctuations compared to the market-cap-weighted S&P 500. Timothy Chubb, Chief Investment Officer at Girard, said, "The Dow has a limited number of components and relatively narrow coverage. Combined with its price-weighted mechanism, it doesn't fully reflect the overall market value. Therefore, we don't place as much emphasis on it in our investment decisions."