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US stocks trade higher on tax reform expectation

IANS  |  New York 

US stocks traded higher on Tuesday as investors continued to monitor the progress of the country's reform.

At midday, the Dow Jones Industrial Average added 8.46 points, or 0.04 per cent, to 24,298.51, Xinhua news agency reported.

The S&P 500 increased 7.76 points, or 0.29 per cent, to 2,647.20. The Nasdaq Composite Index was up 50.65 points, or 0.75 per cent, to 6,826.01.

The US Senate on Saturday narrowly passed the Republican bill to overhaul the code in decades, moving one step closer to the first major legislative victory of the Trump administration and congressional Republicans.

The House of Representatives had passed its own version of reform legislation last month, which contained significant differences from the Senate version.

Republicans currently plan to convene a conference in the next few weeks to reconcile the House and Senate versions.

Overhauling the code is a top priority of Republicans and they are hoping to send the final legislation to President Donald Trump before Christmas.

Analysts said market sentiment was boosted by the prospect of the bill, sending the Dow Jones Industrial Average to record highs on Monday.

In corporate news, shares of Bank of America rose 0.7 per cent around midday after the bank announced it would buy back an additional 5$ billion in stock. The repurchase will take place through June 2018.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 06 2017. 02:10 IST
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