Close Update: Wall Street Surges to Record Highs as GOP Tax Bill Holdouts Offer Support

Close Update: Wall Street Surges to Record Highs as GOP Tax Bill Holdouts Offer Support

Wall Street surged on Friday, with all three benchmarks hitting new record highs amid investors’ optimism a tax reform package will get enough votes from lawmakers to pass and be presented before the end of the year to President Donald Trump.

Senator Marco Rubio said he will now support the bill after changes were made to the child tax credit, reversing his position from a day earlier. Late in the afternoon, Senator Bob Corker also said he would support the plan, which is due to be released later in the day. On the week, the Dow and the Nasdaq rose 1.4% while the S&P 500 gained 0.9%.

Stocks moved steadily higher, with health care, financials and tech shares leading almost all 11 sectors on the S&P 500 into the green, while nearly all of the Dow Jones Industrial Average’s 30 blue chips climbed. Economic data added support, showing that while production slowed slightly from the previous month, capacity utilization set a near 2-year high in November.

The Empire State manufacturing index fell back to 18.0 in December from 19.4 the month prior, in-line with expectations.

Consumer names were gaining after Costco’s ( COST ) first quarter earnings and sales topped the Street’s estimates. Only the energy sector flatlined, with oil prices in a narrow range as US production continues to undermine the impact of coordinated cuts by OPEC nations.

Here’s where the markets stood by the close:


Dow Jones Industrial Average was up 143.08 points (+0.58%)

S&P 500 was up 23.80 points (+0.90%)

Nasdaq Composite Index was up 80.06 points (+1.17%)


FTSE 100 was up 0.57%

Nikkei 225 was down 0.62%

Hang Seng Index was down 1.09%

Shanghai China Composite Index was down -0.8%


(+) PIXY (+79.72%) Reported a 137% increase in FY revenue

(+) EGLT (+20.79%) Gets tentative FDA approval for expanded label use for Arymo ER for pain

(+) FORM (+11.41%) Needham upgrades to strong buy, price target raised to $22

(+) DDR (+11.31%) Plans to spin off 50 assets into separately traded REIT

(+) SKX (+3.28%) Argus upgrades to buy from hold with $44 price target


(-) TROV (-41.31%) Prices stock offering at $0.30 per share and accompanying warrant

(-) VSTM (-13.97%) Priced public offering of $25 million common shares

(-) CSX (-7.64%) CEO Hunter Harrison takes medical leave

(-) APHB (-6.37%) Hires Ladenburg Thalmann to help explore strategic alternatives

(-) ORCL (-3.77%) Guides Q3 EPS below Street, BMO lowers price target

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