Updates with close of market

By Purvi Agarwal and Noel Randewich

Nov 11 (Reuters) - The Dow Jones Industrial Average notched a record high close on Tuesday, lifted by progress toward ending the longest U.S. government shutdown, while Nvidia and other artificial intelligence-related companies fell on renewed concerns about elevated valuations.

Fueling gains in the Dow and S&P 500 index, members of the U.S. House of Representatives headed back to Washington after a 53-day break for a vote that could end the shutdown, with the Polymarket betting platform fully pricing in a resolution this week.

"Expectations are that the shutdown is over. ... People will get back to work, economic data will be released once again and uncertainty will be behind us," said CFRA Chief Investment Strategist Sam Stovall.

Adding to jitters about AI-related stocks that have fueled the market's rally in recent years, Japanese technology investor SoftBank Group 9984.T disclosed its sale of Nvidia NVDA.O shares for $5.8 billion, and the chipmaker lost ground in Tuesday's trading.

Nvidia-backed CoreWeave's CRWV.O shares slumped after the cloud computing firm trimmed its annual revenue forecast due to data center hiccups.

Sentiment was dampened by a weekly update of ADP's preliminary payroll figures showing that private employers shed an average of 11,250 jobs a week for the four weeks ended October 25.

U.S. President Donald Trump warned of an economic and national security disaster if the Supreme Court ruled against his use of an emergency powers law to impose sweeping tariffs.

According to preliminary data, the S&P 500 .SPX gained 14.69 points, or 0.22%, to end at 6,847.12 points, while the Nasdaq Composite .IXIC lost 54.04 points, or 0.25%, to 23,468.40. The Dow Jones Industrial Average .DJI rose 559.33 points, or 1.19%, to 47,934.46.

With Tuesday's advance, the Dow is up about 13% in 2025.

Occidental Petroleum OXY.N gained for much of the session after the shale producer beat third-quarter profit expectations.

Paramount Skydance PSKY.O surged after the newly merged media firm announced more cost cuts and plans to invest $1.5 billion in its streaming and studio divisions.

U.S. bond markets were closed for the Veterans Day holiday.

(Reporting by Twesha Dikshit and Purvi Agarwal in Bengaluru, and by Noel Randewich in San Francisco; Editing by Maju Samuel and Richard Chang)

((noel.randewich@thomsonreuters.com))