NEW YORK: The Dow Jones Industrial Average surged to a record high close yesterday, lifted by progress toward ending the longest US government shutdown, while Nvidia and other artificial intelligence-related companies fell on renewed concerns about elevated valuations.
Fueling gains in the Dow and S&P 500 index, members of the US House of Representatives headed back to Washington after a 53-day break for a vote that could end the shutdown, with the Polymarket betting platform fully pricing in a resolution this week.
“Expectations are that the shutdown is over. … People will get back to work, economic data will be released once again and uncertainty will be behind us,” said CFRA Chief Investment Strategist Sam Stovall.