Dow, S&P 500 manage record closing highs; Nasdaq falls in volatile session
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NEW YORK: The S&P 500 eked out a record closing high in a volatile session Friday, with interest rate-cut expectations holding up as the U.S. government shutdown went on for a third day. The Dow also posted a record closing high, but the Nasdaq ended lower. The S&P 500 technology sector eased, with shares of Applied Materials declining 2.7% after the chip-equipment maker late Thursday forecast a $600 million hit to fiscal 2026 revenue. Shares of Tesla were 1.4% lower, while utilities rose 1.2% and led gains among S&P 500 sectors. The U.S. nonfarm payrolls report for September was due for release on Friday, but was not published due to the government closure. Investors were still able to digest a survey by the Institute for Supply Management, which showed the services employment index contracted for the fourth consecutive month. The news underscored the case for more interest rate cuts from the Federal Reserve. "It certain...