(MENAFN- Khaleej Times)

Wall Street's main indexes gained on Monday, following signs of progress in Washington to end a record government shutdown that has stalled economic data releases and intensified concerns over the state of the economy.

On Sunday, senators advanced a House-passed bill in a procedural vote that will be amended to fund the government until January 30. If passed in the Senate, it would require House approval and President Donald Trump's signature, which could take several days.

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"The government shutdown was continuing a lot longer than people had expected. There were concerns around the economy, about flights potentially being canceled and having a wider impact to the economy," said Chris Zaccarelli, Northlight Asset Management's chief information officer.

"The negative sentiment allowed some of those bearish views of the tech sector (last week)."

Most tech stocks jumped, with Nvidia gaining 3.4%, while Alphabet and Meta Platforms added 2.5% and 1.5% each. Information technology and consumer discretionary stocks were the biggest boosts to the S&P 500 index.

Home Depot fell almost 2%, weighing on the Dow.

At 11:48 a.m. ET, the Dow Jones Industrial Average rose 7.14 points, or 0.02%, the S&P 500 gained 47.90 points, or 0.71%, and the Nasdaq Composite gained 310.37 points, or 1.35%.

The CBOE volatility index eased 0.8 points to 18.26, retreating from a three-week high touched on Friday.

The small-cap Russell 2000 gained 0.6%, while a broader semiconductor index rose 2.1%.

Airlines came under pressure as government-directed flight cuts and air traffic staffing absences continue to disrupt U.S. air travel. United Airlines and American Airlines dropped over 1% each.

On betting website Polymarket, predictions for an end to the shutdown this week stood at 85%.

The longest federal shutdown in history has created a data gap for the Federal Reserve and markets alike, leaving the dependent on private data that has given a mixed picture of the economy.

Some Fed officials reiterated their caution regarding the monetary policy decision at the central bank's next meeting, while Fed Governor Stephen Miran repeated his call for a big rate cut.

Optimism around artificial intelligence has fueled a bull run in U.S. stocks this year, but concerns around monetization and circular spending within the sector drove a bout of selling in tech stocks last week. The Nasdaq marked its worst performance in over seven months.

Meanwhile, the third-quarter earnings season approached its conclusion. Of the 446 SP 500 companies that have reported, 83% have delivered better-than-expected earnings, according to data compiled by LSEG.

Shares of health insurers dropped after the U.S. Senate struck a deal to end the 40-day federal shutdown without extending Affordable Care Act subsidies, setting up a December vote on the issue instead.

Centene fell 8.5% to the bottom of the SP 500, while Humana and Elevance Health lost about 4% each.

Metsera slumped 15% as Pfizer won a $10 billion bidding war to acquire the company.

Eli Lilly shares gained 4.9% to hit an intraday record high after Leerink Partners upgraded its rating on the stock.

Advancing issues outnumbered decliners by a 1.77-to-1 ratio on the NYSE and by a 1.65-to-1 ratio on the Nasdaq.

The S&P 500 posted 20 new 52-week highs and seven new lows, while the Nasdaq Composite recorded 75 new highs and 92 new lows.

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