The blue chip index broke through the 24,000 milestone for the first time Thursday. The Dow and Nasdaq closed at record highs. Fred Katayama reports.
The Dow broke through the 24,000 milestone for the first time Thursday. Pushing up the blue chip index: financial stocks extending their rally into a third straight day. Investors cheered strong signs that President Donald Trump's tax-cut plan may get enough support to pass. Bruderman Brothers' chief market strategist Oliver Pursche: SOUNDBITE: OLIVER PURSCHE, CHIEF MARKET STRATEGIST, BRUDERMAN BROTHERS, (ENGLISH) SAYING: "Today, I think it was John McCain indicating that he would vote for tax reform. That gave a greater probability of it passing the Senate and then going to reconciliation with the House, which I don't think is going to be as problematic as some people are making it out to be." Treasury yields rose, pushing up shares of Goldman Sachs, and JPMorgan Chase. Oil stocks like Exxon Mobil and Chevron rallied after OPEC and non-OPEC producers agreed to extend oil output cuts until the end of 2018. The top S&P gainer: Kroger. Shares surged after the operator of supermarkets like Ralph's and Harris Tweeter issued an upbeat sales forecast for the holiday quarter. Investors also bid up Apple, Facebook and other tech stocks that were hardest hit in Wednesday's selloff. On the economic front, consumer spending slowed, and the personal consumption expenditures price index rose in October. The number of Americans filing for jobless benefits dropped for the second straight week. European shares closed lower, dragged down by consumer non-cyclical and financial stocks.