The government shutdown hasn't stopped the stock market. Here's what may.

If the U.S. government’s latest shutdown can’t stop the stock market, what can

If the U.S. government’s latest shutdown can’t stop the stock market, what can?

Stock prices keep rising, even as the shutdown delays important economic reports that usually steer trading. The S&P 500 and Dow Jones Industrial Average set all-time highs Friday.

It’s not just Big Tech driving the market, which has often been the case in recent years. Sure, Nvidia and other darlings of the artificial-intelligence frenzy are still climbing, but almost everything on Wall Street is coming up a winner. The Russell 2000 index of smaller stocks has set a record after taking nearly four years to get back to its prior all-time high. Gold also hit a record in an unusual confluence, while the most popular U.S. bond fund is on track for its best year in at least five.

Past shutdowns have had minimal effect on the stock market or on the economy, and the bet on Wall Street is that something similar will happen again. Many professional investors expect the market to climb still more, even after a 35% surge from its low in April.

That’s not to say there aren’t risks. Much of the optimism is built on expectations for certain things to happen. If they don’t, the pretty picture on Wall Street could become much uglier. Among the potential concerns: