Surging Banks Lead Wall Street to Highs as Tax Plan Advances
(Reuters) - Wall Street surged to record highs on Tuesday led by sharp gains in bank stocks,
and boosted by progress for a tax cut bill, strong consumer confidence data and encouraging comments from President Donald Trump’s nominee to lead the Federal Reserve.
Data showed that U. S. consumer confidence surged to a near 17-year high in November, driven by a robust labor market,
while house prices rose sharply in September in the latest encouraging reports about the U. S. economy.
The Dow Jones Industrial Average rose 255.93 points, or 1.09 percent, to 23,836.71, the S&P 500 gained 25.63 points, or 0.99 percent, to 2,627.05
and the Nasdaq Composite added 33.84 points, or 0.49 percent, to 6,912.36.
“People are trying to move in front of what they think now is likely to be some tax reform on the corporate
side," Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.
