Wall Street ends higher despite government shutdown threat
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World equity markets climbed to a record on Friday as the U.S. dollar held near three-year lows and a US government shutdown loomed, while US Treasury yields continued their ascent to hit their highest levels since September 2014.
Democratic Senate leader Chuck Schumer met with President Donald Trump at the White House to search for ways to avert a U.S. government shutdown, but Schumer said afterward that disagreements remained as the clock ticked toward a midnight deadline to pass a funding bill.
The White House/VCG Photo

The White House/VCG Photo

Legislation to stave off an imminent federal government shutdown encountered obstacles in the Senate on Thursday night, despite the passage of a month-long funding bill by the House of Representatives hours earlier.
Without an infusion of new money, no matter how temporary, hundreds of thousands of “non-essential” federal workers may be put on furlough, while “essential” employees, dealing with public safety and national security, would continue working.
“Whatever immediate concern the government shutdown brings to the market, I think it will swiftly overcome,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.
Equity markets have historically shrugged off government shutdowns.
Wall Street rose on Friday, led by gains in consumer stocks.
The S&P 500 and the Nasdaq hit record closing highs, while the Dow ended the day higher after trading in a narrow range.
Yields on the 10-year U.S. government note hit a three-year high as weakness in overnight trading led the debt to test key technical support levels, before the higher yields attracted new buyers.
Oil prices retreated and snapped a four-week streak of gains, as a bounce-back in U.S. production outweighed ongoing declines in crude inventories.
Source(s): Reuters