Dow Rallies Above 48000, Tech Stocks Take a Back Seat

Investor optimism about an expected end to the U.S. government shutdown propelled the Dow Jones Industrial Average above 48000 for the first time, setting a contrast to continued weakness in technology stocks. The prospect that the shutdown would resolve as early as Wednesday lifted large banks, airline companies and consumer products makers, reflecting anticipation that air travel-restrictions will be lifted and that government employees will start getting paid again, boosting economic activity. The Dow finished the day 0.7%, or 327 points higher, to 48254.82, its 17th record closing high of the year.