An opening surge Thursday sent the Dow over 24,000 for the first time ever, as the Trump administration pushes its tax reform plan.
Technology companies’ recent bounce-back helped drive the historic Wall Street morning, while banks and health care firms also showed positive signs.
The rallying suggests the economy is expanding beyond an already strong 2017.
It comes off the heels of another solid quarter in which the economy grew 3.3% between July and September, according to numbers released by the Commerce Department on Wednesday. That was the largest growth the U.S. has seen since 2014.
Trump repeats inaccurate claim he won’t benefit from GOP tax plan
The Dow has steadily climbed since President Trump was elected more than a year ago. The industrial average broke 22,000 points in August.
The commander-in-chief took credit for the market surge Thursday morning — slamming the Democrats in the process.
“The Dow just broke 24,000 for the first time (another all-time Record). If the Dems had won the Presidential Election, the Market would be down 50% from these levels and Consumer Confidence, which is also at an all-time high, would be ‘low and glum!’” he tweeted Thursday.
The industry has been monitoring what the Senate will now do with the White House’s tax proposal, which would slash the corporate rate.
House tax plan would affect tuition benefits, grad school costs
Sen. John McCain (R-Ariz.) will vote for the much-scrutinized reform package, which passed a Senate committee earlier this week, he announced Thursday.
Trading has also reportedly been bolstered by the nomination of Jay Powell to chair the Federal Reserve.
Activity went up after Powell said he’d take a gradual approach to raising consistently low interest rates, which have helped boost the strong economy.
With News Wire Services
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