Major U.S. markets shrugged off a federal government shutdown and weaker labor data on Wednesday, with equities and gold both pushing higher.
The Dow Jones Industrial Average edged up zero point one percent, closing at a record high for the second consecutive day. The S&P 500 gained zero point three percent, while the tech-heavy Nasdaq rose zero point four percent.
Gold futures also climbed, briefly approaching the USD4,000 per ounce mark. The precious metal hit a record USD3,922.70 during the session, continuing its upward trend amid economic uncertainty.
The U.S. government officially shut down at midnight after lawmakers failed to reach a budget deal. The deadlock, driven by a partisan standoff over healthcare funding, has closed some federal offices and could delay key economic data releases—including Friday’s crucial jobs report from the Bureau of Labor Statistics.
Adding to the economic concerns, private payroll processor ADP reported a surprise loss of 32,000 private-sector jobs in September—the steepest drop since March 2023. The data points to a softening labor market and raises fresh concerns about the resilience of the U.S. economy.
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