The Dow and S&P 500 finished at record highs again after falling at the start of Wednesday’s trading session as Wall Street shrugged off the long-term implications of a federal government shutdown and its impact on the US economy.

The Dow Jones Industrial Average posted a modest gain of 43 points to finish at 46,441 after wavering between gains and losses.

The S&P finished above 6,700 for the first time while the Nasdaq Composite rose nearly 100 points, or 0.4%

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The gains came just one day after the market closed out a strong September, with the S&P 500 up more than 3.5% for the month.

Processing firm ADP reported that private-sector employers cut 32,000 jobs in September, missing economists’ forecast for a 45,000 gain.

The decline was the steepest since March 2023.

Adding to the blow, ADP revised its August reading to a 3,000 job loss from an originally reported 54,000 increase.

With the Labor Department shuttered during the shutdown, the September nonfarm payrolls report will not be released, leaving traders reliant on private surveys.

“The market seemed to be looking for a reason to sell off after bucking the seasonal weakness we tend to experience in September,” Jay Woods, chief market strategist at Freedom Capital Markets, told CNBC.

“While the shutdown was expected, the lack of progress and urgency to a resolution has investors concerned.”

Meanwhile, gold prices hit fresh all-time highs above $3,900 an ounce Wednesday as investors fled risk assets, while the dollar slid 0.2% to 97.61, putting it on pace for its worst annual drop since 2003.

The surge marked gold’s 39th record this year, fueled by safe-haven demand and a weakening greenback that has already lost 10% in 2025.

The S&P 500 has generally weathered past government shutdowns with limited damage.

During the five-day shutdown in November 1995, the index rose 1.36%, an average daily gain of 0.27%.

Weeks later, another government shutdown ensued — this one lasting 14 days from December 1995 into January 1996. During that funding gap, the S&P saw a smaller 0.16% total increase, translating to a nearly flat daily return of 0.01%.

Here's what we know about the government shutdown

• The Trump administration revealed in a court filing that more than 4,000 federal workers were fired on October 10 as a result of the ongoing partial government shutdown. 
• The bulk of the layoffs took place at the Treasury Department and the Department of Health and Human Services, where approximately 1,446 and up to 1,200 employees, respectively, were fired, according to reports. 
• Airports across the country have experienced delays this week because of a shortage of controllers.
• President Trump said on October 11 that he would use his authority as commander in chief to pay military troops despite the government shutdown.
• The shutdown began on Oct. 1 after Democrats rejected a short-term funding fix and demanded that the bill include an extension of federal subsidies for health insurance under the Affordable Care Act.

During the October 2013 government shutdown, which stretched for 14 trading days, the S&P 500 advanced 3.17% overall, or 0.23% per day on average.

In January 2018, a two-day shutdown led to a 0.81% gain for the index, with daily returns averaging 0.4%.

The longest shutdown in modern history, which ran for 22 trading days from December 2018 through January 2019, coincided with a sharp rebound in equities.

The S&P 500 surged 10.43% over the period, averaging daily returns of 0.47%.