Dow and S&P 500 manage record closing highs

NEW YORK: The S&P 500 eked out a record closing high in a volatile session Friday, with interest rate-cut expectations holding up as the US government shutdown went on for a third day. The Dow also posted a record closing high, but the Nasdaq ended lower.

The S&P 500 technology sector eased, with shares of Applied Materials declining 2.7% after the chip-equipment maker late Thursday forecast a $600 million hit to fiscal 2026 revenue. Shares of Tesla were 1.4% lower, while utilities rose 1.2% and led gains among S&P 500 sectors.