US Stocks Hit Record Highs Amid Shutdown
On Wednesday, Wall Street's indexes reached new record highs, driven by robust sector performance and optimism regarding a brief US government shutdown. Despite the initial day of the shutdown and disappointing private payroll figures, investors remained unfazed. The S&P 500 increased by 0.3%, the Nasdaq 100 by 0.5%, and the Dow saw a rise of 43 points.
Healthcare stocks were at the forefront of this upward trend, with significant gains noted in Regeneron (+6.7%), Moderna (+6.8%), Eli Lilly (+8.2%), and AbbVie (+5.5%). Furthermore, Pfizer's (+2.2%) recent agreement with the White House involving Medicaid drug pricing further buoyed market sentiment.
In contrast, the ADP employment report disclosed a decrease of 32,000 private-sector jobs in September, indicating a deceleration in the labor market. Meanwhile, US manufacturing activity continued its contraction for the seventh month in a row. Nonetheless, the strong performance across key sectors, particularly in healthcare, and confidence in the minimal economic impact of the shutdown, propelled US equities to these historic highs.
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