Dow rises more than 350 points as U.S. stocks extend rally into record territory
U.S. stocks rallied on Thursday, advancing in a broad move higher as optimism grew over the prospects for a tax overhaul out of Washington. The Dow Jones Industrial Average rose 1.5%, adding more than 350 points on the day, trading at a record 24,289. The blue-chip average broke above 24,000 for the first time on Thursday. The S&P 500 rose 30 points, or 1.1%, to 2,656, also hitting a record. The Nasdaq Composite Index rose 62 points, or 0.9%, to 6,886. The day's advance was broad, with all 11 of the primary S&P 500 sectors higher on the day. Financials were among the biggest gainers, up 1.6%, with Goldman Sachs Group Inc. adding 3.5%. Industrial stocks were up 1.7%. Six of the 11 S&P sectors moved up by at least 1%. Optimism was building ahead of a Senate vote on a Republican-backed tax bill, which could take place by Thursday evening. On Wednesday, the Senate voted to open a formal debate on the proposed tax changes.