NEW YORK, Oct. 1 — U.S. stocks ended higher Wednesday, with all three major indexes closing at record levels, lifted by strong performances in the healthcare and utilities sectors and growing expectations of Federal Reserve rate cuts.
The S&P 500 rose 0.3% to finish at 6,711.20. The Dow Jones Industrial Average edged up 0.1% to 46,441.10, while the Nasdaq Composite advanced 0.4% to 22,755.16.
Investors largely shrugged off the official start of a federal government shutdown and weak labor market data. A report showing a decline of 32,000 private-sector jobs in September — the sharpest drop in over two years — reinforced bets that the Fed may ease monetary policy sooner than expected.
Healthcare stocks led the market. Eli Lilly, Moderna, and Regeneron each gained more than 6% amid renewed interest in pharmaceutical manufacturing and supportive signals on drug pricing. Pfizer also rallied on optimism tied to potential direct-to-consumer initiatives.
Utilities saw substantial gains, led by a nearly 17% jump in AES after reports emerged that BlackRock’s Global Infrastructure Partners was nearing a $38 billion acquisition of the company.
In consumer stocks, Nike climbed 6.5% following a strong earnings report and resilient North American sales. Ford rose 2.6% after reporting better-than-expected third-quarter vehicle sales.
Tech and communications stocks lagged the broader market. Netflix fell 2.3% following backlash on social media, while Meta and Alphabet also posted modest declines, weighing on the sector.
Corteva shares tumbled 9% after the agricultural giant announced plans to split its seed and pesticide businesses, raising concerns over execution risks.
Among notable movers, Fermi surged 55% in its trading debut, closing at $32.53 after pricing its IPO at $21. The company focuses on power solutions for energy infrastructure and data centers.
Lithium Americas jumped 23% after the U.S. government said it would take a 5% stake in the company’s Thacker Pass lithium project, viewed as a critical component of the national clean energy strategy.
Sunrun gained 6.1% after an analyst upgrade and improved cash flow guidance for the second half of the year.
Despite political gridlock and weak employment signals, markets remained upbeat on hopes that the Fed could pivot to rate cuts. Attention now turns to the upcoming earnings season for clarity on corporate health amid ongoing economic uncertainty.
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Ten years of experience reporting. From car chases and courtroom verdicts to House fires, Holsford thrives during breaking news and finds it a privilege to help drive the conversation in Rockland County and the Greater New York Area. Born in San Bernardino, Thomas is a New York boy at heart. He received his bachelor’s degree in broadcast journalism, specializing in political science and sociology, from the University of Illinois
