US EditionDow, S&P 500 end at records despite US government shutdown
Investors focused on weak US employment data boosting Federal Reserve rate cut expectations while major indices finished at record highs despite the shutdown.
- On Wednesday, Wall Street stocks rose and major indices finished at record highs as investors focused on weak US employment data.
- Republicans and Democrats failed to break a budget impasse, prompting a partial US government shutdown that risks furloughing about 750,000 federal employees.
- The ADP payroll surprise showed weaker hiring as US private sector payrolls shed 32,000 jobs, while the S&P 500 closed at 6,711.20 and the Dow Jones Industrial Average at 46,441.10.
- Investors worry the shutdown could delay the Labor Department non-farm payrolls report scheduled for Friday, while Treasury yields sank after weaker hiring last month.
- Market momentum and weaker jobs data position the Fed for cuts as analysts said the weaker job market cements expectations of two more rate cuts this year, capping a September rally where the S&P 500 rose more than 3.5%.
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Shares and ETFs on CAC 40, S&P 500, Dow Jones, and Nasdaq have climbed in spite of the U.S. shutdown (budget paralysing) and poor employment figures, which boost fears about growth but give hope for lower Fed rates, appreciated by the stock exchange.
Stocks Rise to New Records Despite Shutdown
US stocks rose to more records Wednesday, as Wall Street still doesn't seem overly concerned about the latest shutdown of the US government. The S&P 500 rose 22.74 points, or 0.3%, to 6,711.20 and topped its all-time high set last week. The Dow Jones Industrial Average...
Watauga Democrat
Dow, S&P 500 end at records despite US government shutdown
Wall Street stocks rose again Wednesday, shrugging off the partial US government shutdown as major indices finished at records amid hopes for more Federal Reserve interest rate cuts.
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