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Principale » Wall St climbs on rising tax-cut hopes; Nasdaq breaks above 7000

Wall St climbs on rising tax-cut hopes; Nasdaq breaks above 7000

19 Décembre 2017

According to news reports, the Republican-led Congress is expected to vote as early as Tuesday on a plan that would slash the federal corporate tax rate to 21 percent from 35 percent.

Wall Street closed at record highs amid sustained optimism about the likelihood of lower corporate tax rates as the Republican tax bill moved closer to passage. The utilities index .SPLRCU was the lone decliner, with a drop of 0.9 percent.

At the close of the cash market, the benchmark S&P 500 Index settled at 2690.16, up 14.35 or +0.54%, the blue chip Dow Jones Industrial Average rose 24792.20, up 140.46 or 0.57% and the tech-based NASDAQ Composite ended the session at 6996.68, up 60.10 or +0.87%.

Besides the three indexes, the Nasdaq 100.NDX and the S&P 100.OEXA also hit record intraday highs.

The S&P 500 is up 451.33 points, or 20.2 percent.

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The Nasdaq is up 1,611.64 points, or 29.9 percent. Penn National dipped about 5 percent, while Pinnacle's shares were flat. Investors have been buying stocks in anticipation of the tax deal so they may use the signing of the bill into law as a reasonable excuse to book profits.

Shares of Amplify Snack BETR.N soared 71.6 percent to $12.01 after Hershey HSY.N said it would buy the SkinnyPop popcorn maker in a $1.6 billion deal. Hershey rose 0.6 percent.

Casino operator Penn National Gaming (PENN.O) said it would buy Pinnacle Entertainment (PNK.O) in a $2.8 billion deal.

Twitter TWTR.N jumped 11 percent after JPMorgan said it expects the company to post double-digit daily average user growth in 2018.

Advancing issues outnumbered decliners on the NYSE by 2,149 to 708.

Wall St climbs on rising tax-cut hopes; Nasdaq breaks above 7000