Dow opened at a new record high on Wednesday, with investors feeling optimistic about the likely end to the US government shutdown and positive earnings news from Advanced Micro Devices (AMD) increasing excitement about AI.
The Dow Jones Industrial Average rose by 87.8 points (0.18%) to 48,015.79. The S&P 500 gained 21.2 points (0.31%) to 6,867.77, while the Nasdaq Composite climbed 95.5 points (0.41%) to 23,563.83
There is an increased hope around ending the US government shutdown. The House Rules Committee has moved a critical funding bill forward, bringing it to the House floor for a final vote on Wednesday.
The measure, which already passed the Senate on Monday, is a major step toward ending the longest government shutdown in US history, which has disrupted services, caused widespread flight delays, and furloughed federal workers for over a month.
The committee approved the bill 8-4, and House members are set to return to Washington Wednesday afternoon to vote on it. The bipartisan, Senate-negotiated measure would fund military construction, veterans’ affairs, the Department of Agriculture, and the legislative branch through September 30, while funding the rest of the government through January 30.
However, the bill faces opposition over two controversial provisions. It excludes an extension of Affordable Care Act (ACA) subsidies, a top Democratic priority.
Without these subsidies, millions could see higher health insurance premiums next year. Democrats, including House Minority Leader Hakeem Jeffries and Democratic Whip Katherine Clark, proposed a three-year extension, but Republicans rejected it.
The bill also includes a provision allowing sitting senators to sue for $500,000 if their data was obtained without prior notification during investigations into former President Trump.
This provision is retroactive to 2022 and specifically targets phone record seizures from former special counsel Jack Smith’s January 6 probe.
