Financials News

US stocks jump ahead of tax bill release

US stocks jump ahead of tax bill release

New York: US stocks ended higher on Friday with all three major indices closing at record highs, as investors awaited details of a Republican tax bill that is expected to be released later in the day.

The Dow Jones Industrial Average rose 143.08 points, or 0.58 per cent, to 24,651.74. The S&P 500 added 23.80 points, or 0.90 per cent, to 2,675.81, Xinhua news agency reported.

The Nasdaq Composite Index gained 80.06 points, or 1.17 per cent, to 6,936.58.

A last-minute increase to the child tax credit is the latest addition to the Republicans’ bill set to be unveiled later Friday, in a move that may secure votes for the plan after key senators wavered, according to the Market Watch.

House and Senate Republicans are planning to pass a package next week, with major elements including lower corporate and top individual tax rates.

Corporate earnings also came out positive. Shares of Costco surged 3.32 per cent to $192.73 apiece on Friday as the US retailer posted better-than-expected quarterly results.

On the economic front, US industrial production moved up 0.2 per cent in November after posting an upwardly revised increase of 1.2 per cent in October, the Federal Reserve announced on Friday.

The latest figure missed market forecast of a 0.3 per cent gain.

IANS