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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 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 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 climbed over 2%, while financials added 1.8%.

The S&P 500 technology index dipped 0.55%.

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

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