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The S&P 500 was relatively unchanged after reaching a new record on Thursday as investors tried to shrug off concerns tied to a U.S. government shutdown that had entered its second day.
The Dow Jones Industrial Index recovered 79.05 points to close Thursday at 46,520.15.
The much-broader index forged ahead 4.18 points to 6,715.38, building on Wednesday’s record high,
The tech-heavy NASDAQ gathered surged 88.89 points to 22,844.05, supported by a gain in Nvidia shares, which also reached an all-time high, as investors continued to pile into the artificial intelligence giant.
The current shutdown began after top Democrats and Republicans failed Tuesday to meet the deadline to agree on a deal that would keep the government funded.
Lawmakers blamed each other for the stoppage as Democrats stayed firm on their demands to use the measure to extend health-care tax credits for millions of Americans.
The biggest question for investors is how long the current stalemate will last. It is likely to drag on for at least three days with the Senate set to be out of session Thursday in observance of Yom Kippur, making Friday the next day.
Weighing on sentiment, Treasury Secretary Scott Bessent told reporters Thursday that gross domestic product may “see a hit” as a result of the current government shutdown. His comments heightened investors’ fears that U.S. economic performance will suffer more of a blow the longer the shutdown persists.
Senators would be expected to vote again. On prediction markets, traders are betting that the shutdown could drag on for nearly two weeks.
The shutdown began after top Democrats and Republicans failed Tuesday to meet the deadline to agree on a deal that would keep the government funded. Lawmakers blamed each other for the stoppage as Democrats stayed firm on their demands to use the measure to extend health care tax credits for millions of Americans.
President Donald Trump said Thursday that Democrats have given him an “unprecedented opportunity” to cut federal agencies.
Prices for the 10-year Treasury gained a bit of ground Thursday, lowering yields down to 4.09% from Wednesday’s 4.10%. Treasury prices and yields move in opposite directions.
Oil prices shed $1.19 to $60.59 U.S. a barrel.
Gold prices slid $16.90 to $3,880.60 U.S. an ounce.
