Stock market sets records in uncertain economy

The government shutdown, stubborn inflation and a weak jobs market have yet to derail record stock market gains on Wall Street.

A government shutdown. A weakening labor market. Stubborn inflation.

None of it has seemed to matter for the stock market. At least not yet.

Stocks closed moderately lower Tuesday, but it was the first down day in more than a week. The broad S&P 500 and tech-heavy Nasdaq indexes have seen more than 30 record closes this year. The major indexes were essentially flat Wednesday morning.

With other parts of the economy showing strain, the market gains are fueling concerns about an economy in which the wealthiest U.S. households continue to thrive even as lower- and middle-income families languish.

“It points out the bifurcation of the economy,” said Steve Sosnick, chief strategist at Interactive Brokers financial group.