401(k) investors rejoice: Dow tops 24000 for first time

30 November, 2017, 21:00 | Author: Regina Silva
  • 401(k) investors rejoice: Dow tops 24000 for first time

The Dow Jones Industrial Average opened above the 24,000 mark for the first time on Thursday, supported by a rebound in technology stocks and progress on President Donald Trump's tax-cut plan.

Republican U.S. Senator John McCain said he would back the tax legislation under consideration by the Senate, saying he believes it will directly benefit all Americans. Tax reform was one of Trump's main talking points during his campaign previous year.

The market gains Thursday came at a time the Senate is poised to vote on its tax reform bill, which includes cutting the corporate rate from the current 35 percent.

But Jack Ablin, chief investment officer at BMO Private Bank, cautioned that lowering corporate taxes "would not be as big a boon to large companies as it would be to small companies".

The Dow Jones industrial average gained 255.93 points, or 1.1 percent, to 23,836.71.

401(k) investors rejoice: Dow tops 24000 for first time

The Nasdaq Composite was up 0.74% at 6,875 a day after posting its biggest one-day drop in more than three months.

The Standard & Poor's 500 index rose 25.62 points, or 1 percent, to 2,627.04. It has climbed as much as 150 points to 24,091.09. It has pushed the Standard & Poor's 500 up more than 17%, the technology-filled Nasdaq up almost 27% and the small-company Russell 2000 almost 14% higher.

Advancing issues outnumbered decliners on the NYSE by 1,871 to 752.

"Tech has led the rally, giving the performance advantage to the S&P 500 and the Nasdaq, but the Dow's 24,000 milestone reflects the market's (broad-based strength), suggesting further gains could lie ahead", Warne says.

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