The major averages were modestly higher with the S&P 500 closing at a record high even as the U.S. federal government started a shutdown today. The Dow Jones Industrial Average rose 43 points, or 0.09%, to finish at 46,441. The S&P 500 rose 22 points or 0.34%. The Nasdaq rose 95 points or 0.42%.

The markets had a nice return around after opening lower to start the day. Healthcare led the way higher, up 2% as the Trump Administration may be getting closer to price controls on drug prices.

In the tech space, software, chip and chip equipment stocks performed well. Oracle was higher by 2%. Micron jumped 8%, Intel rose 7% while the chip equipment stocks were all up 4% or more. Tesla rose 3% with improving demand in Europe.

The U.S. government shut down after attempts made by the Republican-controlled Senate to secure a temporary spending bill failed Tuesday. Democrats are hoping to use the measure to codify an extension of health care tax credits for millions of Americans.

Treasury yields fell on the first day of the government shutdown. The 10-year Treasury yield fell 4 basis points to 4.10%. The 30-year bond yield lost 2 basis points to 4.71%.

In the commodity space, oil was down a percent on economic worries and possible increase on OPEC production. Gold and crypto currencies were higher as a safe haven with the government shut down.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it’s usage.