U.S. stocks finished at record levels Thursday as investors set aside worries over the ongoing government shutdown and continued to push major indexes higher.
The S&P 500 gained 0.06 percent to end at 6,715.35. The index briefly rose 0.3 percent earlier in the day to mark a fresh intraday high. The Dow Jones Industrial Average added 78.62 points, or 0.17 percent, closing at 46,519.72. The Nasdaq Composite advanced 0.39 percent to finish at 22,844.05. Both the S&P 500 and Nasdaq closed at their highest levels on record, with the Nasdaq also touching an intraday peak.
Technology stocks provided the strongest support. Nvidia reached an all-time high, and its gains helped lift the tech-heavy Nasdaq. Shares of other large technology and semiconductor companies also advanced, extending a rally that has been driven by enthusiasm for artificial intelligence. According to The Economic Times, the so-called “Magnificent Seven” technology names continued to attract strong investor interest, while some automakers lagged.
Concerns over the shutdown weighed on sentiment but did not prevent markets from advancing. The government entered its second day of closure on Thursday after lawmakers failed to reach a funding deal by Tuesday’s deadline. The stalemate has created uncertainty around the release of official economic data, with the Bureau of Labor Statistics confirming that the September nonfarm payrolls report will not be published on Friday due to the pause in federal operations.
Private sector data pointed to signs of labor market weakness. The ADP National Employment Report earlier this week showed a decline of 32,000 jobs in September, reinforcing expectations that the Federal Reserve may cut interest rates at its meeting later this month.
Global markets also gained ground. According to Reuters, European shares joined U.S. benchmarks in rising to record levels as investors leaned on expectations of policy easing despite the budget impasse in Washington.
The key uncertainty for investors remains the duration of the shutdown. While past funding lapses have not significantly damaged equity markets, the current episode is being watched more closely given high stock valuations, elevated inflation concerns, and the potential for policy volatility.