Dow Climbs 255 as Tax Plan Advances

Markets finish strong
By Newser Editors and Wire Services
Posted Nov 28, 2017 3:42 PM CST
Markets Finish Strong as Tax Plan Advances
Trader John Panin works on the floor of the New York Stock Exchange, Friday, Nov. 17, 2017.   (AP Photo/Richard Drew)

US stocks powered broadly higher to reach more record highs on Wall Street, driven by big gains in banks. Bank of America jumped 3.9% Tuesday and JPMorgan Chase rose 3.5%. Banks rose after Federal Reserve chair nominee Jerome Powell said the Fed would consider easing up on financial regulations. Industrial companies also posted solid gains. Johnson Controls, for example, jumped 3.6 %.

Investors also seemed encouraged by news that a Senate committee cleared the way for a tax reform bill to go before the full Senate. The Standard & Poor's 500 index rose 25 points, or 1%, to 2,627. The Dow Jones industrial average gained 255 points, or 1.1%, to 23,836. The Nasdaq composite climbed 33 points, or 0.5%, to 6,912.

(More stock market stories.)

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