Dow closes at a record level | Peloton’s shares tumble nearly 15% | Cramer likes banks

The Dow Jones Industrial Average climbed about 97 points to clinch a record close at 34,230.34.

VIEW IN BROWSER | SUBSCRIBE WED, MAY 05, 2021 EVENING BRIEF AS OF WED, MAY 05, 2021 • 05:15 ET DJIA 34230.34 +0.29% +97.31 S&P 500 4167.59 +0.07% +2.93 NASDAQ 13582.42 -0.37% -51.08   Most Active DOW NAME LAST CHG %CHG AAPL 128.10 +0.25 +0.20% MSFT 246.47 -1.32 -0.53% INTC 56.85 -0.05 -0.09% S&P 500 NAME LAST CHG %CHG AAPL 128.10 +0.25 +0.20% PFE 39.97 +0.02 +0.05% AMD 77.83 -0.78 -0.99% NASDAQ NAME LAST CHG %CHG PTON 82.62 -14.08 -14.56% AAPL 128.10 +0.25 +0.20% AMD 77.83 -0.78 -0.99%   EDITOR'S NOTE The Dow Jones Industrial Average climbed about 97 points to clinch a record close at 34,230.34. The S&P 500 inched up barely 3 points to land at 4,167.59. Meanwhile, the Nasdaq Composite slumped about 0.4%, reflecting a weak day for some major tech companies.   Though Facebook, Netflix and Amazon all slid more than 1%, all eyes were on Peloton.   Shares of the interactive fitness company declined by nearly 15% after it announced voluntary recalls of its Tread+ and Tread treadmill machines over safety concerns. "I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission's request that we recall the Tread+," CEO John Foley said in a statement Wednesday. "We should have engaged more productively with them from the outset. For that, I apologize."   Bank of America downgraded Peloton after the closing bell, cutting its rating to neutral from buy.   "Our biggest concern on the news is not the potential loss of Tread+ subscribers, but the potential impact on the launch of the new lower-priced Tread," analyst Justin Post said.   But some firms were calling the dip in shares an opportunity. Baird analyst Jonathan Komp said in a note that concerns about the recall were "overblown." He added a fresh pick designation on the stock.   Stifel analyst Scott Devitt concurred, noting that the pullback could be deemed "the proverbial buying opportunity."   "We can't yet quantify the near-term impact on Peloton's business, but it's likely that this recall will have an infinitesimal long-term impact on the business," Stifel noted. Darla Mercado | CNBC Markets and Investing Editor @Darla_Mercado TOP NEWS  Dow rises nearly 100 points to close at a record amid solid earnings Clarida says the Fed is 'a long way from our goals' and tightening policy U.S. backs waiving patent protections for Covid vaccines, citing global health crisis Two Wall Street firms say to buy the dip in Peloton after treadmill recall States must refund unemployment benefits they clawed back in error, Labor Department says. It may take a year Federal judge overturns national eviction ban If crypto cracks in the summer months, this will be 'one of the easiest shorts' in the book, trader says Jeff Bezos' Blue Origin to launch first space tourism passengers on July 20 and auction off a seat Semiconductor shortage hits Ford Bronco SUV, Ranger pickup production Look out below: These stocks are set to decline, according to analysts   TOP VIDEO Josh Brown believes the Fed will have to taper before the end of 2021   CNBC PRO Cramer says he likes more stocks now 'than I can ever recall.' Here are some names   SPECIAL REPORTS Bill and Melinda Gates apparently had no prenup. Here's why you should consider one, ultra-wealthy or not U.S. moms working full-time are paid $0.75 for every dollar paid to fathers, leading to devastating economic losses   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS