foxnews.com--(11/30/17) The Dow Jones Industrial Average crossed the 24,000-point waterline on Thursday, soaring to a new record high as the GOP tax bill continued to march forward.
The rally gained steam amid investor optimism that tax reform will soon be enacted. Senate Majority Leader Mitch McConnell (R-Ky.) on Thursday said the Senate tax bill will pass “late tonight or tomorrow,” with the endorsement of Sen. John McCain (R-Ariz.) marking a crucial hurdle. McCain was instrumental in defeating Republicans’ attempt to overturn ObamaCare.
The S&P 500 and the Russell 2000 also hit record highs on Thursday. Many believe that tax reform will add further upside to the U.S. economy. In mid-November, UBS analyst Keith Parker told FOX Business’s Stuart Varney that tax cuts are not yet baked into the market.