Friday, 1 December 2017

US stocks hit new highs amid optimism over tax reform

US stock markets made record highs on Thursday.

The Dow Jones Industrial Average surged 1.4 percent to break above 24,000 for the first time while the S&P 500 rose 0.8 percent.

The surge was attributed by some analysts to optimism over prospects for the Senate’s passage of a Republican tax-cut plan.

Canaccord Genuity's Tony Dwyer said that if the tax reform package gets passed, the S&P 500 could surge 17 percent from current levels.

“You're looking at over 3100 on the S&P 500,” Dwyer said on CNBC on Wednesday.

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