By Joe Wallace
Could this be the day the record-long government shutdown finally ends?
The Dow industrials rallied Wednesday morning, on track to close above 48000 for the first time if gains hold. However, big technology stocks such as Palantir, Oracle, Meta and Tesla dropped, as did the Nasdaq composite.
Treasury yields also declined. Treasury Secretary Scott Bessent said in prepared remarks that the administration deserved credit for this year's rally in U.S. government bonds.
Investors are hopeful the House will pass the spending package intended to reopen the government. The bill, which extends federal government funding until Jan. 30, then goes to President Trump's desk.
The reopening would resolve one source of investor uncertainty by unleashing delayed economic data, such as the September jobs report, as soon as next week. Without official data, investors and policymakers have been flying half-blind, and have scrutinized gauges such as ADP's weekly payrolls data, which has shown the labor market weakening.
One big question is whether the Federal Reserve will cut interest rates again in December. Policymakers are split over which poses the greater threat, inflation or the weakening jobs market. Several public appearances today by Fed officials could shed some light.
In recent trading:
Among commodities, gold and silver futures rallied. Oil futures skidded after OPEC left its demand forecasts unchanged and highlighted rising inventories.
Global stocks mostly gained, with the Stoxx Europe 600 hitting a record high. Britain's stocks underperformed, and bond prices and the pound fell, amid reports of government strife.
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(END) Dow Jones Newswires
November 12, 2025 12:03 ET (17:03 GMT)
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