Stocks Hit Record Highs Despite Government Shutdown

On Oct. 3, 2025, Wall Street's major indexes — the S&P 500, Dow Jones Industrial Average and Nasdaq — notched record closing highs and capped a winning month even as the U.S. federal government entered a shutdown. Trading showed only modest intraday moves (the Dow swung roughly 11–29 points while the S&P and Nasdaq were down about 0.1% intraday) as investors focused on private labor data. ADP's private‑payroll report showing job losses helped push Treasury yields lower, with the two‑year around 3.56–3.61% and the 10‑year near 4.11–4.13%. Economists noted that past shutdowns have generally had limited market effects but warned that large‑scale federal layoffs would add a unique risk. Market commentary also flagged the possibility that continued equity gains and institutional flows could spill into crypto assets such as Bitcoin and Ether as investors seek diversification amid policy uncertainty.