A bronze sculpture of a bull is displayed on Broadway in the financial district November 14, 2000 in New York City.
Chris Hondros | Hulton Archive | Getty Images
Investors continue to pile into stocks, undeterred by a government shutdown or shaky jobs data, with all three benchmarks hitting record highs Thursday.
With the Senate not meeting yesterday because of Yom Kippur, the U.S. government stayed shut for a second day. Treasury Secretary Scott Bessent told CNBC on Thursday that economic growth could take “a hit” because of the shutdown. Investors seem to have dismissed those concerns.
The jobs market already seems quite battered, at least in terms of new hirings.
Year-to-date hiring is down 58% from the same period a year ago, to hit its lowest level since 2009, based on data from outplacement firm Challenger, Gray & Christmas.Â
But the jobless level has stayed at 4.34%, according to a relatively new set of data indicators compiled by the Chicago Federal Reserve. This echoes Fed Chair Jerome Powell’s description of the economy as one that is “low fire, low hire.”
Granted, those numbers are not from the Labor Department. We’re patching together a picture from different sources. That’s like trying to recreate New York food truck Halal Guys’ famous white sauce but ending up with an ordinary mayonnaise — but it is still a spread that adds some value in the absence of the real thing.
Markets are taking all that in their stride as they scale new peaks. Joining the party was the world’s most valuable company, Nvidia, which hit an all-time. Intel — though it is still far from its high in 2021, also rose to deliver 50% gains to investors over the last month amid a series of successful tie-ups.
Tom Lee, head of research at Fundstrat, predicts that the S&P 500 could reach 7,000 by year-end. With markets looking unperturbed, that might turn out true sooner if nothing serious comes in the way of the bulls.
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Berkshire Hathaway to buy OxyChem for $9.7 billion. The deal, which will be settled in cash, will be the largest for Warren Buffett’s conglomerate since 2022, when it acquired insurer Alleghany for $11.6 billion. OxyChem is Occidental Petroleum’s petrochemical unit.
Tesla’s third-quarter deliveries rise. The Elon Musk-led company delivered 497,099 vehicles in that period, up 7% from a year ago. Meanwhile, BYD delivered 393,060 units in September alone — but that was still a 6% year-on-year fall and its first decline in 2025.
Hiring in the U.S. at its slowest since 2009. While the Bureau of Labor Statistics’ nonfarm payrolls report won’t be released because of the government shutdown, alternative reports show that the U.S. jobs market, while steady in some areas, is creaking on the hiring front.
Record highs for stocks. The three major U.S. indexes rose Thursday to close at fresh all-time highs. The S&P 500 could hit 7,000 by the end of the year, said Tom Lee. Across the Atlantic, Europe’s regional Stoxx 600 also closed at a new high, rising 0.53%.
[PRO] The factor determining which pharma company will prevail. U.S. President Donald Trump’s 100% tariffs on branded and patented drugs will undoubtedly hit pharma firms — but some could turn out to be winners in this scenario.
And finally…
Russian President Vladimir Putin during a meeting on development of ‘new regions’, annexed from Ukraine, at the Kremlin, June 30, 2025, in Moscow, Russia.
Contributor | Getty Images
Russia’s economy is creaking — and the Kremlin wants Russians to pay more for the war
Russia is set to hike taxes on businesses and consumers as the government looks for ways to support military spending while its war-focused economy creaks at the seams.
The Kremlin’s commitment to the ongoing war with Ukraine came under renewed scrutiny Monday when the finance ministry released its 2026 draft budget. The plans show defense spending next year would stay largely static, and would be funded with tax hikes amid increasingly dour growth forecasts.
— Holly Ellyatt
