Stocks rallied on Thursday as the possibility of the Senate passing a bill aimed at overhauling the U.S. tax code increased.
The Dow Jones industrial average surged 331.67 points to close above 24,000 for the first time, with United Technologies leading advancers on the 30-stock index.
The S&P 500 advanced 0.8 percent to close at 2,647.58 — an all-time high — with industrials and information technology among the best-performing sectors. L Brands and Kroger were the best-performing stocks in the index. The S&P 500 also had its best session since March 1.
The Nasdaq composite rose 0.7 percent to close at 6,873.97, rebounding from a 2 percent decline in the previous session. Tech giants like Facebook, Amazon, and Apple all traded higher.
"This tax-reform bill is not just about" potentially lowering taxes said JJ Kinahan, chief market strategist at TD Ameritrade. "It's also a psychological factor that Congress can get something done. That would be a positive."
Sen. John McCain said Thursday he would support the bill, making it more likely that the GOP-led Senate will pass its bill. The Senate is expected to vote later on Thursday. If the upper chamber's bill passes, the House and Senate would have to work on a new bill they can send to President Donald Trump.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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