By Heard Editors
What Happened in Markets Today
The Republican-led House was set to approve a spending package that reopens the government after a record-long shutdown. The package extends funding for the federal government through Jan. 30 and includes full-year funding for the Agriculture Department, military construction and the legislative branch. The bill also includes language guaranteeing the reversal of federal layoffs initiated by the Trump administration during the shutdown-and a moratorium on future cuts.
The Dow industrials closed above 48000 for the first time, gaining 0.7%. However, big tech stocks such as Palantir, Oracle, Meta Platforms and Tesla fell, as did the Nasdaq, which declined 0.3%. The S&P 500 was little-changed. European stocks finished at fresh all-time highs, powered by the banking sector, which was long the region's Achilles heel.
Shares of Advanced Micro Devices rose 9%, leading S&P 500 gainers. The company told analysts at an event late Tuesday that it expects its sales of artificial-intelligence chips to grow at a blistering 80% annual pace over the coming few years.
Silver prices rose to a record $53.332 a troy ounce, up 5.4%. Gold also rallied. Oil prices retreated below $60 a barrel after the Saudi-led Organization of the Petroleum Exporting Countries reported the cartel had collectively pumped less oil in October than a month earlier. Global stockpiles of crude also grew in recent months, suggesting weaker demand in the market.
Atlanta Fed President Raphael Bostic said he would retire when his current five-year term expires at the end of next February, avoiding a possibly messy internal row over his reappointment. Bostic faced scrutiny three years ago after he disclosed he had failed to adhere to rules governing senior officials' personal-financial transactions. Bostic's decision to retire now comes as the Fed's seven-member board in Washington must agree to the reappointment of all 12 of the system's bank presidents to new five-year terms beginning March 1.
This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.
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(END) Dow Jones Newswires
November 12, 2025 16:53 ET (21:53 GMT)
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