Chip stocks boosted the Nasdaq to a new intraday high, while the Dow turned lower; pharmaceutical stocks retreated, Chinese stocks were strong, and Alibaba once rose more than 5%.
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The U.S. government shutdown is causing increasingly obvious disruptions to economic data, with major U.S. stock indexes showing mixed performance. Chip stocks have become the main driver of the market’s rise, Chinese concept stocks continue to strengthen, while pharmaceutical stocks—the main driver of gains over the previous two days—have retreated.
The U.S. government shutdown has entered its second day, and the weekly U.S. jobless claims and August durable goods orders, both originally scheduled for release on Thursday, have not been published as planned. The three major U.S. stock indexes once again opened higher collectively, but diverged in early trading: Both the Nasdaq and S&P 500 hit new intraday highs at the beginning, with the Nasdaq maintaining its gains afterward, the S&P 500 giving back most of its gains, and the Dow turning lower.
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