Wall Street’s main stock indices opened higher on Monday as investors felt more confident due to signs that Washington was making progress toward ending the record US government shutdown. The shutdown had delayed economic reports and increased concerns about the economy.
The Dow Jones Industrial Average rose 108 points, or 0.23 percent, to 47,095.06 at the open. The S&P 500 gained 56.6 points, or 0.84 percent, to 6,785.36, while the Nasdaq Composite climbed 350.3 points, or 1.52 percent, to 23,354.85.
US Senate has voted to end the country’s longest government shutdown, which reached its 40th day on Sunday. The decision came after at least eight Democrats supported the agreement put forward by President Donald Trump and the Republicans.
With the Senate approving the spending bill, the deadlock has been broken, and the bill now goes to the House of Representatives for approval before being sent to President Trump to sign.
The deal from the Republicans would provide funding for some parts of the federal government, such as food assistance, veterans programs, and Congress, and would keep the government funded until January 30.
A vote on healthcare subsidies, which the Republicans requested, will take place by December. The agreement would also bring back federal employees who were laid off or received layoff notices and repay states that used their own money to keep federal programs running during the shutdown.
Although Republicans have a 53-47 majority in the Senate, they needed at least seven more votes to reach the 60 votes required to reopen the government. Eight Democrats agreed to support the Republican-backed bill. However, Senate Minority Leader Chuck Schumer said that he would not support it.
As part of the deal made with some Democrats, Republicans agreed to hold a vote in December on extending subsidies under the Affordable Care Act. These subsidies have been a top priority for Democrats during the funding discussions, Reuters reported.
Now that the Senate has passed the government spending bill, it moves to the House of Representatives for a vote. Once the House approves it, the bill goes to Trump for his signature in the Oval Office. After he signs it, the 41-day government shutdown will officially end.
