Stock market today: Live updates

The Dow Jones Industrial Average rose to a new record on Friday as Wall Street headed for solid weekly gains even with a U.S. government shutdown dragging on.

The 30-stock index traded higher by 446 points, or 1%. The S&P 500 advanced 0.4%, while the Nasdaq Composite inched up 0.1%, and both indexes had scored fresh all-time intraday highs during the session alongside the Dow. The small-cap Russell 2000 joined in as well, securing an fresh intraday high after rising more than 1%.

With Friday’s gains, the three leading indexes are pacing for a positive weekly finish. The broad market S&P 500 has risen more than 1% week to date, along with the 30-stock Dow, while the tech-heavy Nasdaq is up nearly 2% in the period.

The government shutdown entered its third day Friday, and while it has exacerbated underlying concerns this year about macroeconomic and policy headwinds, inflation risks and a slowing labor market, investors expect it to be short-lived, thereby limiting potential hits to the U.S. economy. Those on Wall Street also believe that the shutdown won’t stop the momentum in the artificial intelligence trade. Shutdowns have not been market-moving events in the past.

The shutdown has led to an economic data blackout, and the Labor Department’s pause on virtually all activity has blocked the Friday release of the September nonfarm payrolls report. While that removes a factor that could lend pressure to stocks, it simultaneously lessens the amount of economic data the Federal Reserve can factor into its interest rate decision at its October meeting. Markets largely expect the central bank will lower rates by a quarter percentage point then, per the CME FedWatch tool.

Stoking ongoing concerns about the jobs market, President Donald Trump has threatened massive layoffs and said Thursday the Democrats have given him an “unprecedented opportunity” to cut federal agencies. Treasury Secretary Scott Bessent also told CNBC Thursday that the current lapse in federal funding could lead to “a hit to the GDP, a hit to growth and a hit to working America.” The Congressional Budget Office estimates 750,000 federal workers will be furloughed each day.

The stoppage began after Congress failed Tuesday to reach an agreement on government funding. Top Democrats have stayed firm on their demands to pass a spending bill that would extend health-care tax credits for millions of Americans, leading to retaliation from Trump and top Republicans.