Dow closes at record high, S&P 500 logs winning month, as investors shake off government shutdown concerns
Stocks closed higher on Tuesday as investors moved past worries of a potential U.S. government shutdown and logged an unusually strong September.
The S&P 500 closed up 0.41% at 6,688.46, while the Nasdaq Composite climbed 0.31% to finish at 22,660.01. The Dow Jones Industrial Average advanced 81.82 points, or 0.18%, to close at 46,397.89 — a fresh closing high.
The federal government is due to run out of funding at midnight. President Donald Trump said Tuesday about a shutdown that “nothing is inevitable, but I would say it’s probably likely.”
House Speaker Mike Johnson, R-La., also told CNBC Tuesday that he’s “skeptical” that a lapse in funding can be averted by the deadline, saying that the outcome is in the hands of Senate Minority Leader Chuck Schumer, D-N.Y., and House Minority Leader Hakeem Jeffries, D-N.Y. Jeffries, meanwhile, said on CNBC about Republicans that “if the government shuts down, it’s their decision to do it.”
For the most part, the stock market is taking the prospect of a government shutdown in stride. Historically speaking, stoppages have had a negligible impact on the market, as they seldom last for more than two weeks. However, some investors worry the impact on the U.S. economy could be especially harmful this time around, should the Trump administration go through with its threat of mass firings of federal workers, or if it lasts for longer than anticipated.
Source : Cnbc.com
