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Nasdaq trades higher after Broadcom earnings beat estimates

The rest of the market also rose as investors turned their sights to Washington looking for clues about a tax code overhaul and a potential government shutdown

The Dow Jones industrial average rose 53 points, while the S & P 500 traded 0.1 percent higher

Senate members passed to bill on Saturday that would drastically change the US tax code if it became law. Lawmakers in the Senate must now work with House members on a joint bill that must be passed before President Donald Trump can sign it. The House had passed another tax bill in November which differs from the Senate's plan on key items.

"The House tax plan looks like a plan to the Senate version looks more like an agglomeration of bits and pieces designed to either capture needed votes (which it did) and / or be bargaining chips in negotiating with the House, "Jonathan Fenby of TS Lombard said in a note this week.

" As for reconciling the two plans, we think the House version generally wins The Wall Street has been eagerly waiting for changes to the tax code, lifting stocks to record highs as they expect most companies will likely pay less in corporate taxes.

Investors are also weighing the possibility of a government shutdown. If lawmakers fail to craft a deal on government spending by the end of the week, the federal government could close until a deal is struck. President Donald Trump said Wednesday to shutdown "could happen."

But Randy Frederick, vice president of trading and derivatives at Charles Schwab, said he is not worried about a government shutdown adversely affecting the market. "After the last three shutdowns, the market has actually gone up," he said.

In corporate news, Sage Therapeutics skyrocketed 75 percent after announcing positive results from Phase 2 testing of its depression drug known as SAGE-217.

Shares of Shake Shack jumpe more than 7 percent after the fast-casual dining restaurant reported better-than-expected quarterly results.

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