US stocks surge on tax plan progress, Dow/S&P set record highs
• Tax bill optimism helps offset political jitters.
• Dow and S&P set fresh record highs.
Major US equity indices started the week on a strong note as investors cheered the weekend news that Senate passed its version of a tax overhaul bill.
Hopes for a business-friendly tax overhaul and infrastructure spending had been cited as key factors behind the markets' record-setting streak over the past one year. Hence, progress on the historical tax overhaul plan would remain in the spotlight, with both the House and Senate now must agree on a single tax bill before it can be sent to the US President Donald Trump's signature.
With investors still focusing on any news over the special counsel’s probe about Russia’s alleged interference in the 2016 US presidential election, the positive trend in the markets stretched to fresh uncharted territories during the opening hour of trade on Monday.
At press time, the Dow Jones Industrial Average surged around 250-points to 24,480, while the broader S&P 500 Index added 22-points to 2,665. Meanwhile, tech-heavy Nasdaq Composite Index climbed 50-points, back to the 6,900 mark.