“Stocks rallied on Thursday as the possibility of the Senate passing a bill aimed at overhauling the U.S. tax code increased,” Fred Imbert reports for CNBC.
“The Dow Jones industrial average surged 356 points, breaking above 24,000 for the first time, with Goldman Sachs leading advancers on the 30-stock index. The S&P 500 reached an all-time high, advancing 1 percent, with industrials and financials as the best-performing sectors,” Imbert reports. “Tech giants like Facebook, Amazon, and Apple all traded higher.”
“Sen. John McCain said Thursday he would support the bill, making it more likely that the GOP-led Senate will pass its bill,” Imbert reports. “The Senate is expected to vote later on Thursday. If the upper chamber’s bill passes, the House and Senate would have to work on a new bill they can send to President Donald Trump.”
“Tax reform was one of Trump’s main talking points during his campaign last year. After he won, expectations of lower corporate taxes grew in the stock market, helping equities jump to record highs,” Imbert reports. “Thursday also marked the last trading day of November. The Dow was on track to post its first eight-month winning streak since 1995. The S&P 500 was on track to post its longest monthly winning streak since 2007.
Read more in the full article here.
MacDailyNews Take: Obviously, we’ll have to wait for the whole thing to shake out and see the actual rates and details. It would certainly be great, and long overdue, if the U.S. can modernize U.S. corporate taxation and come up with a workable solution that benefits the country, U.S. companies and their many millions of employees.
As we’ve been saying for many years now, the U.S. corporate tax rate is obviously way too high and exceedingly anachronistic.
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