WALL STREET ENDS HIGHER – Tech support offset labour FS
The Nasdaq marked a record closing high with support from the technology sector while the benchmark S&P 500 barely managed to notch a record close as investors cautiously monitored private labour market data on the second day of a U.S. government shutdown.
The benchmark index’s valuation was around its highest level since 2020, with help from heavyweight technology companies including AI chip leader Nvidia and Broadcom.
With no official government data available because of the shutdown, investors were monitoring information from other sources. A report from global outplacement firm Challenger, Gray & Christmas said U.S. employers announced fewer layoffs in September but that hiring plans so far this year were the lowest since 2009. It followed the previous day’s weaker-than-expected ADP National Employment Report.
The S&P 500 gained 4.15 points, or 0.06%, to end at 6,715.35 points, while the Nasdaq Composite gained 88.89 points, or 0.39%, to 22,844.05 The Dow Jones Industrial Average rose 78.62 points, or 0.17%, to 46,519.72.
The tech sector was the biggest boost to the S&P 500 with a lot of help from chip stocks with the broader semiconductor index also hit a record high on Thursday.
