US Indices end at record high as Senate approves budget plan

US Indices closed at a record high with Senate's approval of budget plan focussing on tax reduction

Oct 23, 2017 03:10 IST India Infoline News Service

Stock ExchangeThe closing hours of trading hours of Friday reported US Benchmark indices ending at record highs. The positive offset was a result of the passing of budget blueprint for the next fiscal year, by the Republican Party. The new budget would lead to a reduction in taxes.

The approval of Senate is perceived by investors as a boost to the markets, following the President Trump’s goal of reducing tax rates. Also, the investors’focus was on the quarterly performance of the companies.

Following the news built up, the Dow Jones Industrial Average ended at 23,328.6, gaining 165.6 points or 0.7%, while the S&P 500 rallied 0.5% to end at 2575.2 points. Nasdaq Composite ended up 0.4% at 6629.05 points.

Among the gainers were banks namely J.P. Morgan Chase & Co, and Citigroup, which rose by 1.4% and 0.9% respectively.

Stocks of Paypal gained by 5.5% as a report of strong quarterly earnings.

Shares of General Electric Co recovered and closed 1.1% higher.

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