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The Dow Jones Industrial Average notched its first record close above 48,000 on Wednesday, extending its gains from the previous session, as Wall Street looked ahead to a potential end to the record-breaking U.S. government shutdown.
The 30-stock index rumbled higher 326.86 points from Tuesday’s all-time high to 48,254.82.
The S&P 500 edged higher 4.31 points to close at 6,860.92
The NASDAQ withered 61.84 points to 23,406.46.
Investors are keeping an eye on Washington, as the federal government could reopen as soon as the end of this week. The Senate on Monday evening passed a spending bill that has since moved to the House of Representatives for a final vote.
House Majority Leader Steve Scalise told the media he expects the chamber to vote on the bill around 7 p.m. ET.
The Dow’s outperformance was supported by those in that sector such as Goldman Sachs, JPMorgan and American Express. All three stocks had notched fresh records during the day.
Other stocks whose fortunes are closely linked to the economy like Caterpillar also gained.
Bank shares across the broader market joined Goldman, JPMorgan and American Express in seeing a boost. Alongside those names, Morgan Stanley, Wells Fargo and Bank of America scored new highs.
Beyond the financials, the artificial intelligence trade continued its string of volatility seen this month, as uneasy sentiment remains among investors that tech valuations could be stretched after their recent surge. Advanced Micro Devices shares popped 8%, but others like Oracle and Palantir Technologies were lower.
Prices for the 10-year Treasury gained some on Wednesday, lowering yields to 4.07% from Monday’s 4.09%. Treasury prices and yields move in opposite directions. Bond markets in the U.S. were closed Tuesday for Veteran’s Day.
Oil prices retreated $2.61 to $58.43 U.S. a barrel.
Gold prices popped $84.10 to $4,200.40 U.S. an ounce.
