The Dow Jones Industrial Average has closed above 48,000 for the first time, gaining 327 points or 0.68% to finish at 48,254.82. The index also reached an intraday record, extending its gains from the previous session. The S&P 500 was little changed, up 0.06%, while the Nasdaq Composite fell 0.26%.
The rise came as investors anticipated an end to the record 43-day US government shutdown. The Senate has passed a spending bill, which now awaits a final vote in the House of Representatives, expected around 7 p.m. Eastern Time. The potential reopening has fuelled optimism that delayed economic data releases will soon resume, helping clarify the outlook for growth and employment.
Financials lead Wall Street’s advance
Financial stocks led the rally, with Goldman Sachs, JPMorgan Chase, and American Express all reaching new highs. Other economically sensitive names such as Caterpillar also advanced. The broader S&P 500 financials sector climbed nearly 1%, supported by gains in Morgan Stanley, Wells Fargo, and Bank of America.
Analysts said the market’s performance reflected confidence in a near-term resolution of the shutdown and expectations of renewed economic momentum once government operations resume.
Tech sector mixed amid valuation concerns
Technology stocks were more volatile. Advanced Micro Devices rose sharply, while Oracle and Palantir Technologies declined. Investors continued to reassess valuations across the artificial intelligence sector after months of strong gains. Although demand for AI applications remains robust, market sentiment has turned cautious as some traders take profits and rotate into other sectors.
Health care companies such as Eli Lilly and Johnson & Johnson outperformed, attracting investors seeking lower valuations and steadier earnings.
Data delays complicate Federal Reserve outlook
Economists expect the economic impact of the shutdown to be temporary but say the delay in official data releases will make it harder to gauge underlying conditions ahead of the Federal Reserve’s next policy meeting. Some agencies may release several months of data at once, including key figures on retail sales, housing, and consumer spending.
ASX set for modest gains
Australian shares are poised to open slightly higher, with ASX 200 futures up 16 points or 0.2% to 8838. Investors are watching earnings from Graincorp, Orica, Xero, Catapult Sports, and Infratil, along with Australia’s October labour force report, due at 11.30 a.m. AEDT.
