Dow, S&P 500 post record closing highs; Nasdaq eases with tech
The Dow and S&P 500 registered record closing highs on Friday even as the U.S. government shutdown went on for a third day, with interest rate-cut expectations improving as the U.S. government shutdown went on for a third day, while the Nasdaq eased.
Shares of big tech-related names mostly fell. Shares of Applied Materials were down after the chip-equipment maker late Thursday forecast a $600 million hit to fiscal 2026 revenue.
Shares of Tesla also were lower, while the S&P 500 utilities gained.
The U.S. government shutdown dragged on for a third day. Investors were still able to digest a survey by the Institute for Supply Management, which showed the services employment index contracted for the fourth consecutive month. The news underscored the case for more interest rate cuts from the Fed.
The market has historically been mostly unaffected by shutdowns but some strategists said that a longer shutdown could create more uncertainty for investors and for Federal Reserve policymakers.
According to preliminary data, the S&P 500 gained 0.47 points, or 0.01%, to end at 6,715.82 points, while the Nasdaq Composite lost 63.19 points, or 0.28%, to 22,780.86. The Dow Jones Industrial Average rose 242.00 points, or 0.52%, to 46,761.72.
Source : Reuters.com
