Dow rallies 400 points to new record with shutdown set to end Wednesday

The Dow Jones Industrial Average rose to new heights on Wednesday, extending its gains from the previous session, as Wall Street looks ahead to a potential end to the record-breaking U.S. government shutdown.

The 30-stock Dow was last up 429 points, or 0.9%, and hit a fresh intraday high in the session. The S&P 500 traded up 0.2%, while the Nasdaq Composite dropped 0.3%.

Investors are keeping an eye on Washington, as the federal government could reopen as soon as the end of this week. The Senate on Monday evening passed a spending bill that has since moved to the House of Representatives for a final vote. House Majority Leader Steve Scalise, R-La., told CNBC Wednesday that he expects the chamber to vote on the bill around 7 p.m. ET.

"We're in currently the longest closure in history," said Josh Chastant, portfolio manager of public investments at GuideStone Funds, adding that "it certainly would be welcome to start seeing" more economic data releases given signs of weakness in the labor market. "Right now, the focus is on getting over now, and then once ultimately the terms have been decided for reopening, then maybe there's something to worry about as we think about the extension into January."