REFILE-S&P 500 notches first record high close since October

By Noel Randewich

Dec 11 (Reuters) - The S&P 500 notched its first record high close in over a month on Thursday as investors shifted to sectors including financials and materials amid worries about the valuations of high-flying AI stocks.

The S&P 500 .SPX ended the session up 0.21% at 6,901.00 points, exceeding its previous record high close of 6,890.89 on October 29.

The Dow Jones Industrial Average .DJI also recorded a record high close, its first since November 12. The Dow added 1.34% for the session.

The S&P 500's fresh record high comes a day after the Federal Reserve cut interest rates by a quarter percentage point, and after a stumble of more than 5% in November related to fears about a potential bubble in AI-linked shares.

The S&P 500 is trading at about 22 times expected earnings, down from 23 in October but well above its average of 19 over the past 10 years, according to LSEG data.

In Thursday's session, the S&P 500 materials sector index .SPLRCM climbed over 2%, while financials .SPSY added 1.8%.

The S&P 500 technology index .SPLRCT dipped 0.55%.

The S&P 500 has risen about 17% year to date, while the tech-heavy Nasdaq index .IXIC has rallied over 22% for the year and the blue-chip Dow .DJI has climbed about 14% in the same period.

Underscoring Wall Street's rotation away from tech stocks, the S&P 500 value index .IVX added 0.6%, while the growth index .IGX slipped 0.1%.