07.11.202521:14:59UTC+00US Stocks Erase Losses Before Close

U.S. stocks experienced a turnaround on Friday, recovering from initial declines to predominantly finish the day higher, driven by optimism that Congress was progressing toward resolving the government shutdown. The S&P 500 and Dow Jones each recorded a 0.3% increase, whereas the tech-focused Nasdaq ended nearly unchanged as major AI companies continued to feel the weight of market pressures. Despite Senate Republicans dismissing a Democratic proposal to reduce shutdown stipulations, the prevailing hopes for a potential agreement uplifted investor sentiment as the session drew to a close. The impact of halted government operations was reflected in the University of Michigan's survey, which showed consumer confidence at its second-lowest point ever in November. The consumer staples and energy sectors spearheaded the market gains, notably with Exxon Mobil, T-Mobile, and Coca-Cola each rising over 2%. Meanwhile, persistent concerns over inflated valuations of AI companies exerted pressure on the technology sector, with Tesla seeing a 4% decline and Meta and Oracle falling by 2% each.