FX.co ★ US Stocks Rise to Records Despite Government Shutdown

U.S. stocks reached new heights in the afternoon trading session, undeterred by the first government shutdown in seven years, as investors speculated that it would be short-lived. The three major indexes all achieved new intraday records: the S&P 500 increased by 0.4%, the Nasdaq 100 by 0.6%, and the Dow advanced by 80 points. The rally was primarily driven by strong performances in health-care stocks, with significant gains seen in Regeneron (up 7.7%), Moderna (up 7.4%), Eli Lilly (up 9.1%), and AbbVie (up 5.3%). Optimism surrounding Pfizer's 2.2% rise, following a White House agreement, further bolstered the market. However, concerns loom as the shutdown poses a threat to the release of critical economic data, particularly with the Bureau of Labor Statistics halting operations and delaying the Friday nonfarm payrolls report. This delay, combined with ADP figures indicating a 32,000 reduction in private payrolls in September, has intensified apprehensions about a potentially cooling labor market.