Stocks Soar as Tax Reform Gets Closer

The markets respond as Republicans prepare to pass their tax plan
By Newser Editors and Wire Services
Posted Dec 18, 2017 3:55 PM CST
Traders Michael Smyth, left, and William Lawrence work on the floor of the New York Stock Exchange   (AP Photo/Richard Drew)

(Newser) – Stocks are settling at more record highs as the Republican tax plan works its way through Congress. Banks, retailers, and small-company stocks, which would all reap outsize benefits from corporate tax cuts, rose more than the rest of the market Monday. Wells Fargo rose 1.8% and Home Depot climbed 1.2%. Snyder's-Lance, which makes pretzels and other snack foods, rose 7% after agreeing to be acquired by Campbell Soup. The Standard & Poor's 500 index rose 14 points, or 0.5%, to 2,690. The Dow Jones industrial average rose 140 points, or 0.6%, to 24,792. The Nasdaq composite rose 58 points, or 0.8%, to 6,994. Bond prices fell. The yield on the 10-year Treasury rose to 2.39%.

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