The New York stock market was higher early on the 3rd (local time) as expectations for interest rate cuts persisted, despite a U.S. federal government shutdown.
According to the New York Stock Exchange (NYSE), as of 10:13 a.m., the Dow Jones Industrial Average was up 284.65 points (0.61%) from the previous session at 46,804.37.
The Standard & Poor's (S&P) 500 index rose 16.14 points (0.24%) from the previous session to 6,731.49, while the tech-heavy Nasdaq composite was up 17.66 points (0.08%) at 22,861.71 at the same time.
In particular, the S&P 500 touched 6,740.03 intraday, marking an all-time high.
The market views the impact of the current shutdown as limited, noting that previous government shutdowns had minimal effect on the stock market.
Reuters said, "Optimism about an imminent interest rate cut by the U.S. Federal Reserve (Fed) lifted investor sentiment."
Nonfarm payrolls and the unemployment rate for September in the United States were scheduled for release that day, but were not published due to the shutdown. If the shutdown continues and the gap in economic data releases widens, uncertainty over the Fed's rate-cut path could grow.
Mark Hamrick, senior economic analyst at Bankrate, said, "If the shutdown continues, the risk to data collection for the October employment report (the week of Oct. 12) could increase," adding, "The inflation report, which is critical to assessing the Fed's rate path, could also be disrupted, which would heighten uncertainty."