U.S. Stock Markets Soar to New Heights Amidst Government Shutdown
All three major U.S. stock indexes closed at record levels on Thursday, with investors largely shrugging off concerns about the ongoing federal government shutdown that entered its second day. The S&P 500 gained 0.06% to reach 6,715.35, while the Nasdaq Composite jumped 0.39% to end at 22,844.05, and the Dow Jones Industrial Average climbed 78.62 points or 0.17% to close at 46,519.72.
The market resilience was particularly notable given the political uncertainty. The tech-heavy Nasdaq hit a new intraday record supported by gains in Nvidia shares, which also reached an all-time high as investors continued piling into the artificial intelligence giant. The Philadelphia Semiconductor Index surged 1.9%, led by Advanced Micro Devices and Intel Corporation.
Market analysts suggest the relatively muted reaction to the shutdown reflects investor confidence that the impasse will be temporary. However, Treasury Secretary Scott Bessent warned that GDP may “see a hit” as a result. Prediction markets are betting the shutdown could last approximately 11 days, with traders seeing the highest likelihood of resolution around mid-October.
Source: CNBC