Dow soars 300 points higher to record as Street cheers Senate passing tax bill

U.S. stocks traded sharply higher on Monday as investor sentiment was boosted the Senate narrowly passing a major tax bill over the weekend.

The Dow Jones industrial average rose 300 points, with Boeing and Walt Disney leading advancers on the 30-stock index. The Dow also hit a record high.

The S&P 500 gained 0.7 percent, with financials and industrials as the best-performing sectors, rallying 1.9 percent and 1.8 percent, respectively. The index also reached an all-time high.

The Nasdaq composite lagged, trading just below the flatline as Facebook, Alphabet and Netflix all traded lower.

“You’re seeing tech lagging and financials leading. This is some rotation on the back of the Senate vote,” said Lindsey Bell, investment strategist at CFRA.

In the early hours of Saturday morning, Senate Republicans managed to narrowly pass a bill to revamp the country’s tax system. The final vote came out as 51-49 in favor, after Republicans had to rework the bill late on Thursday.

“Everyone who owns stock is happy with the tax bill vote,” said Trip Miller, managing partner at Gullane Capital Partners. Net-net, this is good news for Corporate America.”

The GOP, however, still need to overcome future obstacles in order for the Senate and the House to craft a joint bill, which will then be presented to President Donald Trump. Republicans hope a deal will be achieved by Christmas.

U.S. stocks traded sharply higher on Monday as investor sentiment was boosted the Senate narrowly passing a major tax bill over the weekend.

The Dow Jones industrial average rose 300 points, with Boeing and Walt Disney leading advancers on the 30-stock index. The Dow also hit a record high.

The S&P 500 gained 0.7 percent, with financials and industrials as the best-performing sectors, rallying 1.9 percent and 1.8 percent, respectively. The index also reached an all-time high.

The Nasdaq composite lagged, trading just below the flatline as Facebook, Alphabet and Netflix all traded lower.

“You’re seeing tech lagging and financials leading. This is some rotation on the back of the Senate vote,” said Lindsey Bell, investment strategist at CFRA.

In the early hours of Saturday morning, Senate Republicans managed to narrowly pass a bill to revamp the country’s tax system. The final vote came out as 51-49 in favor, after Republicans had to rework the bill late on Thursday.

“Everyone who owns stock is happy with the tax bill vote,” said Trip Miller, managing partner at Gullane Capital Partners. Net-net, this is good news for Corporate America.”

The GOP, however, still need to overcome future obstacles in order for the Senate and the House to craft a joint bill, which will then be presented to President Donald Trump. Republicans hope a deal will be achieved by Christmas.

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