November 12, 2025
In a recent Kiplinger report, optimism about a potential deal to reopen the federal government gave Wall Street a lift, with the Dow Jones Industrial Average closing above 48,000 for the first time ever. The Dow, which has limited exposure to tech stocks, benefited from momentum in financial and healthcare names, continuing its strong performance during the shutdown.
The House of Representatives was expected to vote Wednesday night on a spending bill that would end the 43-day government shutdown, which had stalled critical economic data releases. These data points especially around inflation and employment are vital inputs for the Federal Reserve’s policy decisions and could reshape investor expectations going into 2026. Michael Landsberg, Chief Investment Officer at Landsberg Bennett Private Wealth Management, emphasized that stock performance continues to reflect earnings strength. “There is a simple reason that stocks are up so much, and that’s because S&P earnings have handily beaten street estimates time after time this year, forcing much of Wall Street to play catch up,” he said.
Still, Landsberg noted the uncertainty ahead: “The market had been flying blind with no data, and now as the fog lifts, we will see if market positioning has been correct and it is still clear sailing or if there is a big repricing necessary.”.
Key Takeaways:
With the longest government shutdown nearing its end, markets may soon transition from navigating in the dark to reacting to a clearer set of economic indicators. Michael Landsberg’s insights remind investors that while earnings have justified current valuations so far, the return of hard data could challenge or reinforce market confidence. As Wall Street shifts focus back to inflation, labor, and Fed policy, the coming weeks may test whether the current rally has legs or if adjustments lie ahead.
Landsberg Bennett is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Some investment professionals may also be registered with Hightower Securities, LLC (member FINRA and SIPC). Advisory services are offered through Hightower Advisors, LLC. Securities are offered through Hightower Securities, LLC.
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