Dow notches record-high close; traders bet on end to US government shutdown
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Traders working on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
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- Dow reached a record high, boosted by hopes of ending the US government shutdown. CFRA's Sam Stovall noted the expected return to work and data release.
- SoftBank sold Nvidia shares for $5.8 billion, and CoreWeave's shares slumped after trimming its annual revenue forecast due to data centre hiccups.
- Paramount Skydance surged almost 10% after announcing cost cuts and plans to invest $1.5 billion in its streaming and studio divisions.
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NEW YORK - The Dow Jones Industrial Average surged to a record-high close on Nov 11, lifted by progress towards ending the longest US government shutdown, while Nvidia and other artificial intelligence-related companies fell on renewed concerns about elevated valuations.
Fuelling 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.
Adding to jitters about AI-related stocks that have fuelled the market’s rally in recent years, Japanese technology investor SoftBank Group disclosed its sale of Nvidia shares for US$5.8 billion (S$7.6 billion), and the chipmaker lost almost 3 per cent in Nov 11 trading. Nvidia-backed CoreWeave’s shares slumped over 16 per cent after the cloud computing firm trimmed its annual revenue forecast due to data centre hiccups.
Sentiment was dampened by a weekly update of ADP’s preliminary payroll figures showing that private employers shed an average of 11,250 jobs a week for the four weeks ended Oct 25.
US President Donald Trump warned of an economic and national security disaster if the Supreme Court ruled against his use of an emergency powers law to impose sweeping tariffs.
The S&P 500 climbed 0.21 per cent to end at 6,846.61 points.
The Nasdaq declined 0.25 per cent to 23,468.30 points, while the Dow Jones Industrial Average rose 1.18 per cent to 47,927.96 points.
The Dow has gained almost 13 per cent in 2025, lagging the S&P 500’s 16 per cent rise and the Nasdaq’s nearly 22 per cent increase.
Ten of the 11 S&P 500 sector indexes rose, led by healthcare, up 2.33 per cent and lifted by gains of more than 2 per cent each in Eli Lilly, Johnson & Johnson and AbbVie.
Occidental Petroleum edged up 0.1 per cent after the shale producer beat third-quarter profit expectations. Paramount Skydance surged almost 10 per cent after the newly merged media firm announced more cost cuts and plans to invest US$1.5 billion in its streaming and studio divisions.
Advancing issues outnumbered falling ones within the S&P 500 by a 2.2-to-one ratio.
The S&P 500 posted 30 new highs and two new lows; the Nasdaq recorded 104 new highs and 128 new lows.
US bond markets were closed for the Veterans Day holiday. Volume on US exchanges was light, with 15.3 billion shares traded, compared with an average of 20.8 billion shares over the previous 20 sessions. REUTERS
