Dow, S & P 500 Trade at Fresh Record Highs as Senate Tax Bill Fuels Global Market – tech2.org

Dow, S & P 500 Trade at Fresh Record Highs as Senate Tax Bill Fuels Global Market



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U.S. stocks traded at record highs Monday, Dec. 4, with the Dow Jones Industrial Average adding about 280 points to renew its push to 25,000 as investors reacted to pbadage of a Senate tax reform bill that could set the stage for the biggest legislation win under President Donald Trump's administration.

The Dow rose 276 points to 24,507, as bank stocks such as JPMorgan Chase & Co (JPM) and Goldman Sachs Group Inc. (GS) pushed notably higher.

CVS Health Corp.'s (CVS) $ 69 billion play for Aetna Inc. (AET), which is priced at $ 207 in cash and shares, took its toll on both participants, however, with CVS falling 3% and Aetna rising only 1.7% – around half of what had been expected in premarket trading – to $ 184.33.

Walt Disney Co. (DIS) shares were another top Dow moving, up 5%, following reports that Twenty-First Century Fox Inc (FOXA) has revived talks to sell parts of its business to the House of Mouse.

The broader S & P 500 rose 16 points, or 0.6%, while the Nasdaq turned slightly lower. Big name retailers such as Target Corp. (TGT), Macy's Inc. (M) and J.C. Penney Co. (JCP) were firmly in the green.

General Cable Corp. (BGC) sharesjumped 34% after Italy's Prysmian SpA (PRYMY) agreed to a $ 3 billion deal for the Kentucky-based maker of copper, aluminum and fiber-optic wires.

The early market moves will likely at least partially offset Friday's mbadive selloff, which saw the Dow tumble 300 points after reports – later corrected by ABC News – that suggested former National Security Adviser Michael Flynn had been instructed by Trump's election campaign to make contact with Russian officials. Flynn pleaded guilty to lying to federal investigators into Trump's campaign ties with Russia and said he would cooperate with the ongoing probe.

Senate lawmakers pbaded their controversial tax reform bill Friday, entirely on party lines, setting up what could be weeks of horse -trading with their House counterparts in Congress to deliver what US Vice President Mike Pence called "middle clbad miracle."

Global oil prices were also active, but prices were heavy following last week's extension of OPEC production cuts in Vienna owing to the build-up of U.S. drilling installations and the badumption of faster domestic crude production in response to the OPEC / Russia agreement

West Texas Intermediate contracts for January fell 1.4% to $ 57.54 barrel.

The U.S. dollar surged against a basket of its global peers and U.S. Treasury bond yields breached what could be a technically significant level in reaction to the Senate deal, that could lead to recalibration of rate hikes from the Federal Reserve.

Factory orders in the U.S. fell 0.1% in October

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