The Nasdaq closed lower but the S&P 500, Dow and S&P/TSX Composite Index eked out late-session gains on Friday as investors turned the page on a roller-coaster week with economic worries, the longest-ever U.S. federal government shutdown, and sky-high tech stock valuations dampening risk appetite.
All three major U.S. stock indexes spent much of the session sharply lower, but losses shrank, with the S&P 500 and the Dow turning higher late in the day following reports of progress on the congressional impasse which has resulted in the longest federal government shutdown in U.S. history. The TSX followed along.
“A resolution to the shutdown will clearly improve sentiment, particularly at a time when the margin of error is narrow,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis. “Stocks are at all-time highs and valuations are elevated, and if the shutdown gets resolved, it’s one less…
