Major Stock Indices Achieve Record Highs Amid Fifth Consecutive Day of Gains

U.S. stock markets closed higher for the fifth consecutive session on Thursday, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all setting new record highs. This upward trend occurred despite the ongoing U.S. government shutdown.

In the S&P 500, Fair Isaac Corp. (FICO) led the advancers, surging 18% after announcing it would offer its FICO consumer credit scores directly to firms that sell consolidated credit reports to mortgage providers. This move aims to reduce reliance on the three nationwide credit bureaus. Consequently, shares of Equifax Inc. (EFX) and TransUnion (TRU) declined by 8.5% and nearly 11%, respectively.

The cryptocurrency sector also saw gains, with Bitcoin and other major cryptocurrencies extending their recent revival. Coinbase Global Inc. (COIN), the largest U.S. crypto exchange, saw its shares jump 7.5%, while Robinhood Markets Inc. (HOOD), which offers crypto trading, added 4.1%. Robinhood CEO Vlad Tenev predicted that the "tokenization" of real-world assets, including stocks, would significantly impact global financial markets.

Intel Corp. (INTC) shares gained 3.8% following reports that Advanced Micro Devices Inc. (AMD) is in early talks to become a customer of Intel's foundry business. Intel's stock has doubled in value since reaching its year-to-date low in April, bolstered by investments from Nvidia Corp. (NVDA), SoftBank, and the U.S. government.

On the declining side, Berkshire Hathaway Inc. (BRK.A, BRK.B) confirmed a nearly $10 billion deal to acquire the petrochemical division of Occidental Petroleum Corp. (OXY). This transaction marks Berkshire's largest deal since 2022. Shares of Occidental Petroleum fell 7.3%, while Berkshire Hathaway shares posted fractional losses.

Shares of renewable energy provider AES Corp. (AES) sank 7%, reversing gains from the previous session amid reports that Global Infrastructure Partners, owned by BlackRock, was in advanced negotiations about a potential acquisition of AES.

Tesla Inc. (TSLA) shares retreated 5.1% despite reporting third-quarter delivery numbers that exceeded Wall Street expectations. The company delivered a record 497,000 vehicles during the period, as car buyers likely accelerated their purchases ahead of the expiration of federal subsidies for electric vehicle purchases.